CORPORATE DIVESTITURE

Big Glencore shareholders united on coal

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 30-Jul-24

Glencore CEO Gary Nagle initially proposed demerging its coal division in early 2023. However, some large shareholders want the global mining group to retain its coal assets, including its coking and thermal coal mines in NSW and Queensland. Australian coal shipments accounted for 52 per cent of Glencore’s earnings in 2023, although it also owns coal mines in Colombia, South Africa and Canada. Glencore recently completed the acquisition of Teck Resources’ coal mines in Canada.

CORPORATES
GLENCORE PLC, TECK RESOURCES LIMITED

Anglo boss eyes healthy coal exit

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Original article by Nick Evans
The Australian – Page: 17 & 20 : 17-Feb-20

Anglo American will decide whether to sell its remaining coal mines by the end of 2020, says CEO Mark Cutifani. He notes that thermal coal now accounts for less than five per cent of group EBITDA, after selling a number of thermal coal mines in recent years. However, he adds that finding buyers for thermal coal mines has become more challenging, given that other mining companies are exiting the sector.

CORPORATES
ANGLO AMERICAN PLC, BHP GROUP LIMITED – ASX BHP, GLENCORE PLC

No bargains from gold mergers: PwC

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Original article by Nick Evans
The Australian – Page: 17 & 20 : 5-Jun-19

The Super Pit gold mine in Western Australia is among the assets that could potentially be offered for sale in the wake of the latest round of mergers in the gold sector. Northern Star Resources and Evolution Mining are among the Australian gold producers that acquired assets at a discount during the previous spate of mergers in the sector. However, Chris Dodd of PwC says potential buyers cannot expect a significant discount this time around.

CORPORATES
NORTHERN STAR RESOURCES LIMITED – ASX NST, EVOLUTION MINING LIMITED – ASX EVN, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, NEWMONT MINING CORPORATION, GOLDCORP INCORPORATED, BARRICK GOLD CORPORATION, RANDGOLD RESOURCES LIMITED, ST BARBARA LIMITED – ASX SBM, ATLANTIC GOLD CORPORATION

Bid on Newmont frees Kalgoorlie sale

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Original article by Jacob Greber
The Australian Financial Review – Page: 10 : 27-Feb-19

Kerry Smith of Haywood Securities says the super pit gold mine in Western Australia is among the assets that could be sold if Barrick Gold’s takeover bid for Newmont Mining Corporation succeeds. Analysts have suggested that Newcrest Mining could be among the potential buyers of the super pit, and media reports in Canada have claimed that Barrick has recently held talks with Newcrest regarding asset sales in Australia.

CORPORATES
BARRICK GOLD CORPORATION, NEWMONT MINING CORPORATION, NEWCREST MINING LIMITED – ASX NCM, HAYWOOD SECURITIES, JP MORGAN AND COMPANY INCORPORATED, RANDGOLD RESOURCES LIMITED, GOLDCORP INCORPORATED, RENAISSANCE MACRO

Woodside offers fix on Sunrise deadlock

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 19-Oct-18

ConocoPhillips advised in late September that it had entered into an agreement to sell its stake in the Greater Sunrise venture to the Timor-Leste government for $US350 million. Woodside Petroleum and the other members of the venture have pre-emption rights over the stake, and Woodside CFO Sherry Duhe says a decision on whether to do so will be made soon. Timor-Leste is insisting that gas from Greater Sunrise is processed onshore, but Woodside CEO Peter Coleman has reaffirmed that an onshore plant would not meet its investment hurdles. He said a way around this dilemma would be for Woodside to only invest in the offshore part of the project. Woodside has reported a 25.4 per cent increase in sales for the September quarter.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, ROYAL DUTCH SHELL PLC, OSAKA GAS COMPANY, TOKYO GAS COMPANY LIMITED, KANSAI ELECTRIC POWER COMPANY INCORPORATED

Grasberg a done deal for Rio and Indonesia

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 13-Jul-18

Freeport McMoran has entered into a heads of agreement with the Indonesian Government to reduce its stake in the Grasberg copper mine from around 91 per cent to just under 50 per cent. Control over its divested stake will be assumed by the state-owned PT Indonesia Asahan Aluminium Persero. Rio Tinto does not have a direct stake in Grasberg, but it owns the rights to a certain amount of the mine’s production, and it could potentially benefit from the change of ownership to the tune of more than $US3bn ($4.1bn).

CORPORATES
RIO TINTO LIMITED – ASX RIO, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED, PT INDONESIA ASAHAN ALUMINIUM, NEWCREST MINING LIMITED – ASX NCM

Coal mining crisis to hit at home

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Original article by Amanda Saunders, James Chessell
The Australian Financial Review – Page: 1 & 4 : 10-Dec-15

Anglo American CEO Mark Cutifani has revealed plans to offload or close 35 of its mines worldwide and significantly reduce its global workforce. At least four of the group’s Australian mines are expected to be affected by the restructuring, although Anglo American is likely to retain the majority of its metallurgical coal mines in Australia. Anglo American will also abandon its progressive dividend policy, and shareholders will not receive a dividend payment in 2015 and 2016.

CORPORATES
ANGLO AMERICAN PLC, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, SOUTH32 LIMITED – ASX S32, UBS HOLDINGS PTY LTD, PENGANA CAPITAL LIMITED, GLENCORE PLC, ANTAMINA, CERREJON, SAMARCO MINERACAO SA, MITSUI AND COMPANY LIMITED