[ad_1] GrainCorp will back the proposed transition of co-operative grain handling business CBH to a commercial structure, and a subsequent listing on the ASX. In a move proposed last week by Australian Grains Champion (AGC), CBH members could garner up to $1bn in cash, and valuable, tradeable shares through a float process. “This is a considerable
Read More[ad_1] Ship loading iron ore at Port Hedland. Photo: Fortescue Metals Group Iron ore has closed at more than US$50 a tonne for the first time since October 27 this week, after a slight slowdown in iron ore production was met with increased output in the Chinese steelmaking sector. The commodity, which is vastly important to
Read More[ad_1] The North Star mill, which is now 100% owned by BlueScope. Graphic: BlueScope Significant cost cutting measures and a favourable Aussie Dollar have led BlueScope Steel to a net profit after tax of more than $200m in the first half, a five-year high. BlueScope’s NPAT figure of $200.1m, announced on Monday, is a $107.4m
Read More[ad_1] BHP’s WA iron ore president will leave the business. Photo: Laing O’Rourke BHP Billiton will conduct a major shake-up to its leadership group after it announced a US$5.7bn (A$7.8bn) loss in the first half of the 2015/16 financial year. The mega-miner announced the significant after-tax loss off the back of a revenue figure of
Read More[ad_1] Struggling steel and mining consumables manufacturer Arrium has struck a more than billion-dollar recapitalisation deal with American private equity firm Blackstone, in a move it hopes will help it manage its growing debt pile “in a low iron ore price environment”. The South Australian steel business announced on Monday it had secured a deal whereby
Read More[ad_1] Pacific National container at Chullora. Photo: Cameron Boggs In a new twist to the saga of a prospective foreign acquisition of Australian ports and rail heavyweight Asciano, competing parties Qube and Brookfield have announced talks to form a joint takeover bid. Qube, which has held the high ground over Brookfield since Asciano had an $88 million change of
Read More[ad_1] Prasad Srinivasamurthy, head of Brambles’ new Silicon Valley digital offshoot. Charles Macdonald – Sydney February 23, 2016 Keeping track of the location and condition of its 250 million pallets is a monumental challenge for Brambles. Its opening of a Silicon Valley office and hiring of a software expert to run it suggests that the
Read More[ad_1] Asciano chief executive John Mullen. Photo: Greg Dickins Australian port and rail giant Asciano will pay an $88 million break fee to back out of a takeover bid from Canadian infrastructure fund Brookfield, so it can fully support a rival bid from Qube Holdings. Asciano had recommended Brookfield’s bid over Qube’s counter-offer for several
Read More[ad_1] Photo: Rio Tinto Oliver Probert – Sydney February 17, 2016 Rumour has it two of the world’s biggest miners are looking into significant acquisitions, with Rio Tinto said to be eyeing Alcoa’s alumina business, and Glencore reportedly interested in snapping up struggling iron ore miner Atlas Iron. A report in Monday’s The Australian suggests
Read More[ad_1] The iron ore sector has been savaged by the commodity slump. Oliver Probert – Sydney February 17, 2016 Anglo-Australian mining giant Rio Tinto has announced a $1.1bn impairment over the potentially massive Simandou iron ore project in Guinea, citing uncertainties in the market. The $1.1bn impairment for Simandou – once positioned by Rio as
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