INVESTMENTS

REA makes $9b play for UK property platform

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 14 & 17 : 3-Sep-24

News Corporation-backed online property listings company REA Group told investors on Monday that it is considering making a takeover bid for UK property platform Rightmove, noting clear similarities between the two companies. Rightmove is currently worth Stg4.4 billion ($8.5 billion), suggesting that any bid by REA Group would need to be worth at least $9 billion. Commenting on the prospect of a bid for Rightmove by REA Group, Morningstar analyst Roy van Keulen said it could be viewed as an attempt by REA to stave off a future international competitor.

CORPORATES
REA GROUP LIMITED – ASX REA, RIGHTMOVE.CO.UK LIMITED, MORNINGSTAR PTY LTD, NEWS CORPORATION – ASX NWS

Mining giant BHP eyes Indonesia after nickel collapse

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Original article by Duncan Evans
The Australian – Page: 19 : 21-Aug-24

BHP is believed to be holding talks with the Indonesian government regarding an investment in the nation’s nickel industry. The Indonesia Nickel Mining Association’s secretary-general Meidy Katrin Lengkey says the discussions about "specific investment opportunities" have being going on for "several months". Indonesia’s move to ramp up its nickel production with Chinese backing contributed to BHP’s decision to mothball its nickel operations in Western Australia.

CORPORATES
BHP GROUP LIMITED – ASX BHP, INDONESIAN NICKEL MINING ASSOCIATION

Woodside swoops with US gas deal

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Original article by Colin Packham
The Australian – Page: 15 & 19 : 23-Jul-24

Woodside Energy will increase its presence in the US after securing a $US1.2bn ($1.79bn) deal to acquire Tellurian, which is developing an LNG export terminal in Louisiana. Tellurian’s Driftwood terminal is expected to have annual export capacity of about 27.6 million tonnes, which is significantly higher than Woodside’s annual production in Australia. Woodside expects to make a final investment decision on the Driftwood project by the end of 2025, and says the facility could be operational before the end of this decade. Tellurian is said to have invested more than $US1bn in the project to date.

CORPORATES
WOODSIDE ENERGY GROUP LIMITED – ASX WDS, TELLURIAN INCORPORATED

Rio Tinto says all systems go for Simandou

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Original article by Nick Evans
The Australian – Page: 15 & 18 : 17-Jul-24

Rio Tinto has advised that the Simandou iron ore project has received final approval from the Guinean and Chinese governments. Rio Tinto is investing $US6.2bn in the development of mine, port and rail infrastructure at the Simandou project, while its share of annual production will be about 27 million tonnes. Meanwhile, Rio Tinto has indicated that a Pilbara iron ore train derailment in May affected shipments and production during the June quarter; the company shipped 158.3 million tonnes of iron ore in the first half of 2024, which will require a big increase in the second half to meet its full-year guidance of 323 to 338 million tonnes.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Chinese nab stake in Forrest-backed rare earths play

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Original article by Brad Thompson
The Australian Financial Review – Page: 21 : 10-Jul-24

A Hong Kong-based subsidiary of China’s JL Mag Rare-Earth Company will acquire a 9.8 per cent stake in Australian-listed Hastings Technology Metals . JL Mag will receive 19.6 million shares in the rare earths explorer via the $7m investment, while it will also gain a seat on Hastings’ board. Hastings notes that the JL Mag deal is below the threshold for the Foreign Investment Review Board’s current guidelines for investments in the critical minerals sector.

CORPORATES
HASTINGS TECHNOLOGY METALS LIMITED – ASX HAS, JL MAG RARE-EARTH COMPANY LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Sev.en abandons its bid for ownership of Coronado

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Original article by Glen Norris
The Australian – Page: 15 & 18 : 26-Jun-24

Coronado Global Resources has advised that private equity firm Energy & Minerals Group has terminated a deal to sell a 51 per cent stake in the coal miner to Prague-based Sev.en. The $1.5bn deal had been slated to be completed on 22 June, but Coronado notes that amongst other things it had not received approval from the Foreign Investments Review Board by the deadline. The price of metallurgical coal has also fallen sharply since Sev.en launched its bid for control of Coronado in September, prompting doubts that the deal would proceed.

CORPORATES
CORONADO GLOBAL RESOURCES INCORPORATED – ASX CRN, ENERGY AND MINERALS GROUP, SEV.EN GLOBAL INVESTMENTS

Paladin’s $1.25bn bid for Canadian explorer

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Original article by Nick Evans
The Australian – Page: 15 & 19 : 25-Jun-24

Paladin Energy is offering 0.1076 of its shares for every share in Canada-based Fission Uranium, valuing the target at $1.25bn. Fission’s assets include the Patterson Lake South project in the province of Saskatchewan, which Paladin has described as one of the best ndeveloped uranium projects. Paladin is also preparing to resume production at its Langer Heinrich uranium mine in Namibia. Shares in uranium producers have rallied in response to a demand-driven surge in the uranium price over the last year.

CORPORATES
PALADIN ENERGY LIMITED – ASX PDN, FISSION URANIUM CORPORATION

Investment tax break call falls on deaf ears

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Original article by Brad Thompson
The Australian Financial Review – Page: 6 : 19-Jun-24

The federal government has declined to state its position on whether companies with links to China will be eligible to receive production tax credits. Resources Minister Madeleine King says the main purpose of this incentive is to encourage the downstream processing of critical minerals in Australia. She acknowledged that China-based Tianqi is doing this at its Kwinana lithium processing plant in Western Australia. Chinese Premier Li Qiang visited the plant on Tuesday, accompanied by Prime Minister Anthony Albanese. Li has told China’s state-run media that he hopes for a "fair and non-discriminatory" business environment for Chinese companies that have assets in Australia.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE AND RESOURCES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, TIANQI LITHIUM CORPORATION

Miner seeks fair go on tax breaks

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Original article by Brad Thompson, Andrew Tillett
The Australian Financial Review – Page: 1 & 19 : 18-Jun-24

Tianqi Lithium CEO Frank Ha says the Chinese company expects to be treated the same as other foreign investors when it comes to getting access to the tax incentives that the federal government is offering to the critical minerals sector. Tianqi Lithium pioneered lithium processing in Australia, with Ha speaking as the company prepares to host Prime Minister Anthony Albanese and Chinese Premier Chinese Premier Li Qiang at its lithium hydroxide plant south of Perth on Tuesday; his call for Tianqi Lithium to get access to the tax incentives is backed by mining billionaire Andrew Forrest.

CORPORATES
TIANQI LITHIUM CORPORATION

$4.3b takeover ends 62 years of CSR on ASX

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Original article by Simon Evans
The Australian Financial Review – Page: 14 : 14-Jun-24

CSR shareholders have approved its $4.3 billion takeover by France-based Saint-Gobain, with their endorsement coming two days after the bid was approved by the Foreign Investment Review Board. The takeover gives Saint-Gobain ownership of brands such as Monier roof tiles, Gyprock plasterboard and Hebel building blocks. Some investors were unhappy about that the low price that Saint-Gobain was paying to secure control of CSR, but chairman John Gillam says the offer price of $9 per share was in the top third of the valuation range in an independent expert’s report.

CORPORATES
CSR LIMITED – ASX CSR, SAINT-GOBAIN, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD