Woodside CFO upbeat on prospects for Kitimat LNG

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 23-Apr-19

Woodside Petroleum and Chevron plan to increase the proposed capacity of their Kitimat LNG project in British Columbia from 10 million tonnes a year to 18 million tonnes, and add a third production train. Woodside CEO Sherry Duhe says it is too soon to know whether Chevron’s acquisition of Anadarko Petroleum will impact on the Kitimat project. She has also downplayed concerns about a fall in LNG spot prices in Asia, citing factors such as increased global supply and a warmer-than-expected winter in the northern hemisphere.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, CHEVRON CORPORATION, ANADARKO PETROLEUM CORPORATION, ENN GROUP, CANADA. NATIONAL ENERGY BOARD, CITIGROUP PTY LTD

Japan Inc splashes out on Dulux

Original article by Perry Williams
The Australian – Page: 17 : 18-Apr-19

Directors of DuluxGroup have endorsed a cash offer of $9.80 per share from Japan-based Nippon Paint, which values the deal at $3.8bn. DuluxGroup CEO Patrick Houlihan says the deal will allow the Melbourne-based company to sell its products in more international markets, following the recent launch of its Selleys range in Indonesia. Nippon Paint has stressed that DuluxGroup will retain its branding and leadership team.

CORPORATES
DULUXGROUP LIMITED – ASX DLX, NIPPON PAINT, SELLEYS CHEMICAL COMPANY PTY LTD, PARCHEM CONSTRUCTION PRODUCTS PTY LTD, CRAIG AND ROSE, JAPAN POST COMPANY LIMITED, TOLL HOLDINGS LIMITED, MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, ORICA LIMITED – ASX ORI

‘They’re all gamblers’: high-stakes Crown still in play

Original article by Sarah-Jane Tasker
The Australian – Page: 1 & 6 : 11-Apr-19

Shares in Crown Resorts fell 9.1 per cent to $12.77 on 10 April, after US-based Wynn Resorts withdrew from takeover talks. However, observers believe that Crown is open to other offers and that another bid from Wynn cannot be ruled out. Crown’s largest shareholder James Packer is said to be keen to exit the casinos business, with an industry observer suggesting that he would be a "willing seller" at around the price that had been proposed by Wynn.

CORPORATES
CROWN RESEARCH INSTITUTES, WYNN RESORTS LIMITED, WHITE FUNDS MANAGEMENT PTY LTD

Packer’s deal goes bust

Original article by Sarah-Jane Tasker, John Ferguson
The Australian – Page: 1 & 6 : 10-Apr-19

US-based Wynn Resorts has advised that it will not proceed with a potential takeover bid for Australian-listed Crown Resorts. The two groups are believed to have been holding confidential talks for several months, and Crown informed the ASX of the negotiations on 9 April. Wynn Resorts has cited the "premature disclosure" of these discussions for its decision to cease all negotiations with Crown. Businessman James Packer, who has a 46.1 per cent stake in Crown, would have emerged with a 10 per cent stake in Wynn Resorts if the deal had proceeded.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, WYNN RESORTS LIMITED

Lynas caves in over local processing

Original article by Paul Garvey
The Australian – Page: 17 & 20 : 9-Apr-19

Dylan Kelly of CLSA estimates that Lynas Corporation will incur costs of about $100m if it shifts the ‘cracking and leaching’ part of its rare earths processing operation from Malaysia to Australia. Malaysian Prime Minister Mahathir Mohamad recently signalled that Lynas will be able to keep its processing plant open provided that early-stage processing is carried out in Australia. Lynas suitor Wesfarmers committed to undertaking this stage of processing in Australia in talks with the Malaysian Government.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC, WESFARMERS LIMITED – ASX WES, MALAYSIA. DEPT OF THE PRIME MINISTER, CLSA AUSTRALIA PTY LTD, GREENCAPE CAPITAL PTY LTD, JAPAN AUSTRALIA RARE EARTHS, JAPAN OIL GAS AND METALS NATIONAL CORPORATION, SOJITZ CORPORATION

Chinese investment at decade low

Original article by Michael Smith
The Australian Financial Review – Page: 11 : 8-Apr-19

Chinese investment in Australia in 2018 fell by 36.3 per cent, according to a report by KPMG and the University of Sydney. The fall was despite Chinese global outbound direct investment rising by 4.2 per cent in 2018. Chinese-state owned companies are being directed to invest in Belt and Road infrastructure projects in Asia and central Europe, while private companies are focusing on healthcare and technology transactions.

CORPORATES
KPMG AUSTRALIA PTY LTD, UNIVERSITY OF SYDNEY, CDH INVESTMENTS FUND MANAGEMENT COMPANY, SIRTEX MEDICAL LIMITED, YUHU GROUP (AUSTRALIA) PTY LTD, DALIAN WANDA GROUP COMPANY LIMITED, ENN GROUP, SANTOS LIMITED – ASX STO

ANZ set for growth as it turns corner in Asia

Original article by James Eyers
The Australian Financial Review – Page: 17 & 20 : 5-Apr-19

The ANZ Bank has been progressively rebuilding its institutional banking business in Asia, which has been its key focus in the region since abandoning retail banking growth plans. ANZ now boasts about 6,500 institutional customers in Asia, compared with some 28,000 at its peak, while staff numbers in the region have been reduced from 8,000 to 6,000 and there was a 16 per cent reduction in costs during 2017-18.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, HSBC HOLDINGS PLC, STANDARD CHARTERED BANK PLC, CITIGROUP INCORPORATED, GREENWICH ASSOCIATES PTY LTD

Rinehart, Forrest and big miners sweet on Ecuador

Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 25-Mar-19

Sunstone Metals CEO Malcolm Norris expects there to be a lot of gold and copper discoveries in Ecuador in the next 10 years. Norris, secured the Cascabel tenement in Ecuador some years ago when he was in charge of SolGold, which owns 85 per cent of Cascabel. SolGold recently launched a hostile takeover bid for Cornerstone Capital, which has a 15 per cent stake in Cascabel. Cornerstone has spurned the takeover bid and criticised SolGold for what it stated were ongoing delays with releasing information about Cascabel.

CORPORATES
SUNSTONE METALS LIMITED – ASX STM, SOLGOLD PLC, BHP GROUP LIMITED – ASX BHP, NEWCREST MINING LIMITED – ASX NCM, CORNERSTONE CAPITAL RESOURCES INCORPORATED, FORTESCUE METALS GROUP LIMITED – ASX FMG, HANCOCK PROSPECTING PTY LTD

Gindalbie accepts $39m takeover

Original article by Paul Garvey
The Australian – Page: 20 : 12-Mar-19

Directors of iron ore junior Gindalbie Metals have recommended that shareholders accept a $39m takeover offer from China-based Ansteel. Gindalbie and Ansteel are joint venture partners in the Karara magnetite mine in the Mid-West region of Western Australia, and Gindalbie wrote down the value of its 48 per cent stake in the project to zero in 2014. Gindalbie also intends to demerge its Coda Minerals subsidiary.

CORPORATES
GINDALBIE METALS LIMITED – ASX GBG, ANSHAN IRON AND STEEL COMPANY, CODA MINERALS LIMITED, ATLAS LEAD GENERATION PTY LTD, BCI MINERALS LIMITED – ASX BCI

Newcrest’s $1.1bn North American bet

Original article by Paul Garvey
The Australian – Page: 20 : 12-Mar-19

Newcrest Mining CEO Sandeep Biswas says more acquisitions are possible following an $US806.5m ($1.1bn) deal to acquire a 70 per cent stake in the Red Chris gold-copper mine in Canada. Red Chris is currently an open-cut mine, but it has the potential to yield significantly more gold and copper by using block caving. Newcrest is also widely considered to be a contender to acquire from Barrick Gold and Newmont Mining if their proposed merger proceeds.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, BARRICK GOLD CORPORATION, NEWMONT MINING CORPORATION, IMPERIAL METALS CORPORATION, NORTHERN STAR RESOURCES LIMITED – ASX NST, OCEANAGOLD CORPORATION – ASX OGC, EVOLUTION MINING LIMITED – ASX EVN, ST BARBARA LIMITED – ASX SBM