AMP Limited (AMP):
Tighter qualification standards for financial advisers from the beginning of next year would see a further cut in the numbers of Australia’s 25,000-strong adviser industry, AMP head of advice Jack Regan said yesterday. Mr. Regan, who will speak at AMP’s annual gathering of financial advisers starting in Sydney today, said the financial advice industry was set for its biggest ever change with the introduction of tougher professional standards from January next year. This included a requirement for new entrants to have an appropriate degree, a move towards compulsory industry exams and advisers needing to sign up to a new code of ethics.
Commonwealth Bank of Australia (CBA):
Confidential documents reveal Commonwealth Bank stressed to the anti-money-laundering regulator it was making a “significant investment” in its compliance systems and reporting breaches “in a timely manner”, just months before it was hit with legal action alleging huge reporting failures. Austrac filed a 600-page legal suit in the Federal Court in August last year, alleged the bank breached anti-moneylaundering and counter-terrorism financing legislation more than 50,000 times. The bank has denied it had any knowledge of the charges levelled against it until the statement of claim was filed in court and subsequently became public.
Lendlease Group(LLC):
Property giant Lendlease has struck a $2.6 billion partnership with the Canada Pension Plan Investment Board to invest in its emerging pipeline of build to rent residential projects in London in what is its biggest investment partnership in the sector. The initial investment will be in the $779m phase of new homes for private rental at Lendlease’s pounds $4bn Elephant Park development at Elephant & Castle in London. CPPIB will invest $606 million for an 80 per cent stake with Lend Lease retaining the balance
Macquarie Group Limited (MQG):
Commodity price fluctuations, President Donald Trump’s US tax cuts and an extreme cold snap in North America are some of the reasons Macquarie Group shares will rally 10 per cent this year. According to UBS analyst Jon Mott, who just returned from a summer break, Macquarie shares will finish the year at $110, up from their current $100 level. Mott, a long time Macquarie watcher, has a “buy” call on the investment bank. The tax cuts passed by US Congress in December have taken the company tax rate from 35 to 21 per cent from the start of January. Macquarie, which operates significant bond trading, asset management, infrastructure investment and consulting divisions, gets about 30 per cent of its revenue from the Americas — the US, Canada and Latin America.
Mirrabooka Investments Limited (MIR):
Small and mid-cap fund manager Mirrabooka Investments is sitting on the sidelines as it navigates the stretched valuations at the smaller end of the market, but says the coming reporting season may present some buying opportunities. “Some of the multiples we’re seeing in this part of the market are certainly elevated against historical levels. We’re holding 10 per cent cash at the moment, which is quite high for us. We can find plenty of good companies; we’re just struggling a little bit with values,” managing director Mark Freeman told The Australian
National Australia Bank Limited (NAB) & Australia And New Zealand Banking Group Limited (ANZ):
NAB and ANZ are believed to have hired McGrathNicol to monitor the troubled owner of Freedom Furniture, Steinhoff International Holdings. Steinhoff has been at the centre of a probe by German regulators in a situation that caused its market value to collapse late last year, and as a result, the Australian banks have become nervous. As reported by this column, a beauty parade was launched by the lenders last year, and it now appears that McGrathNicol ousted PPB, FTI Consulting and Korda Mentha to win the role working for the financiers. McGrathNicol did not comment.
OZ Minerals Limited(OZL):
OZ Minerals has forecast stronger copper output from its South Australia mine over the next two years after hitting its production target for a third year running in 2017. The Australian miner (OZL) said Wednesday the outlook for copper is positive, with strong demand enhanced by increased use of electric cars, buses and trains and further development of renewable energy sources, which each use high volumes of the metal. It lifted its guidance for copper production over 2018 and 2019 by 15,000 metric tons, but said it had lowered its target for gold output from the Prominent Hill mine by about 20,000 troy ounces as it prioritises higher margin copper.
Platinum Asset Management Limited(PTM):
One of Australia’s most astute stock pickers is turning his back on Chinese internet stocks while supporting emerging themes like electric cars and China’s efforts to clean up pollution, while making a surprising foray into the 170-year-old German industrial conglomerate Siemens. Kerr Neilson, the billionaire founder and CEO of Platinum Asset Management, has been gradually increasing the cyclical tilt of his international portfolios to benefit from synchronised global economic growth, while reducing exposure to some of the high-flying Chinese growth stocks, notably the internet plays like Baidu, Tencent and 58.com. At the same time, Mr Neilson has warned of a potential “bust” in bitcoin that could ripple through all asset classes.
REA Group Ltd (REA):
Real estate guru John McGrath has quit the board of digital property advertising company REA Group after a near 19 year tenure. A statement issued by REA Group which operates realestate.com.au and realcommercial.com.au, said Mr McGrath had stepped down from the board on January 16. It follows struggles with his own McGrath Estate Agents, which last year saw its share-price plunge on the back of a 25 per cent profit downgrade, leading to speculation about its future as a publicly listed company.
Sirtex Medical Limited(SRX):
Sirtex (SRX) expects underlying first-half earnings of $34 million, the company told the ASX on Wednesday — a 16 per cent improvement on the first half of 2016/17 — due to improved cost control, while full year earnings is now expected to be $75m to $85m, compared to $61.5 million last year. Shares in the company, which produces microspheres used in liver cancer treatment, were up 15.97 per cent to $18.15 at 10.39am (AEDT) — their highest level since March 2017.
South32 Limited(S32):
Mining group South32 said today its second-quarter metallurgical coal output dropped 43 percent due to an outage at its Appin mine in Australia, while raising its full-year output forecast for South African manganese operations. Production of coal used in steelmaking fell to 788,000 tonnes in the December quarter from 1.39 million tonnes a year earlier, but was still up 60 percent on the previous quarter and beat a UBS forecast of 746,000 tonnes, following a partial restart of the Appin mine in August. The Appin operations account for about 60 percent of overall production. December quarter manganese ore output rose 21.8 percent from a year ago. Zinc production was down 62.3 percent over the period, while nickel output increased 12.2 percent. South32 raised its full-year output forecast for its South African Manganese operations by 8 percent due to strong market demand and a record December quarter performance, but stood pat on guidance for all other operations.
The A2 Milk Company Limited (A2M):
Dairy producer The A2 Milk Company is dramatically expanding its presence in the United States, rolling out its A2 products across some 5,000 stores kicking off this month. The company says sales levels its initial markets of California and the US southeast support a swing into the rich north-eastern states, reaching a potential 60 million milk drinkers. It says it has been accepted into major retailers and starting in January it will increase its US presence from 3,600 stores to 5,000. "Sales velocities are now achieving sustainable levels in California, the South East region and select natural retail chains, which supports the expansion into an additional region," the company said in a statement on Wednesday. A2 Milk will be on the shelves of a range of new major US retailers, including Shoprite, Safeway and H-Mar, in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, New Hampshire, Massachusetts, Vermont and Maine, or some 20 per cent of the US milk market by volume.
Wesfarmers Limited(WES):
Wesfarmers produced 3 million tonnes in the December quarter, in line with the quarter previous and contributing to a 16.1 per cent increase in annual coal production of 8.4m tonnes. Metallurgical coal production fell 6.2 per cent on a quarterly basis, while that of steaming coal rose 11.2 per cent. Quarterly overburden removal fell 14.6 per cent on the same basis, Wefarmers attributing the decline to a high base set in the previous quarter.
Woolworths Group Limited (WOW):
Woolworths chief executive Brad Banducci is in New York hearing pitches from technology start-ups that could help to bulk up WooliesX, the supermarket’s new tech hub, as he pinpoints IT as a force about to transform retailing. He said it was still “too early to tell” what Amazon’s impact had been on the nation’s $300 billion retail sector during Christmas. Mr Banducci was at Microsoft’s flagship store in New York overnight for an event that allowed executives, technology experts and retail professionals to watch presentations from a dozen retail technology entrepreneurs spruiking a host of applications.
Auckland International Airport Limited(AIA):
Auckland International Airport will sell its quarter-stake in the Cairns and Mackay airports in North Queensland to its fellow investors for $370 million, almost three times what it paid eight years ago. The airport operator this month said it was considering selling the holdings and on Tuesday said it would offer its 25 per cent stake in North Queensland Airports to the Australian transport hub’s existing investors. All NQA investors are entitled to maintain their current holdings and Perron Investments and The Infrastructure Fund have already agreed to accept the entire offer.
Avanco Resources Limited(AVB):
Avanco Resources is set to add to its suite of Brazilian copper assets, with the company believed to be close to announcing a deal with Brazilian mining giant Vale. Avanco, which already has the Antas copper mine in production in Brazil’s Carajas region, is understood to have agreed to acquire an early stage copper deposit from Vale. It requires work to upgrade the existing resource base to the standards required under Australia’s Joint Ore Reserves Committee code, but it is understood the potential prize is at least as big as, if not bigger than, Avanco’s Pedra Branca deposit. Pedra Branca, also in Carajas, hosts a 10.48 million tonne resource grading 2.8 per cent copper and 0.7 grams per tonne gold. It is part of a Vale divestment program of its base metals assets. Avanco has previously been linked to a potential sale of Vale’s undeveloped Furnas deposit, but that is said to have been put on hold.
Bellamy’s Australia Limited(BAL):
Infant formula maker Bellamy's Australia has lifted its full-year profit guidance after better-than-expected sales in China during the first half. Bellamy's said it was revising its revenue growth target from between 15 per cent and 20 per cent to 30 per cent and 35 per cent, while earnings margin would lift from between 17 per cent to 20 per cent to a higher rate of 20 per cent to 23 per cent. Bellamy's said its first-half revenue would be higher than the second half due to higher winter consumption in China and Chinese New Year, the impact of sales from "platform events" and more Chinese label sales shifting to the first half of 2018 related to delays in its Chinese registration for its branded products. Bellamy's also revealed it was buying the remaining 10 per cent of the Camperdown Powder cannery it did not previously own for $3.6 million in scrip, subject to securing a key approval for Chinese registration of Bellamy's branded products.
BT Investment Management Limited(BTT):
BT Investment Management has announced it increased its funds under management by $2.3 billion to $98.1bn for the quarter to 31 December, helped by a weaker Australian dollar over the period. The dollar, weaker relative to the British Pound and to the US Dollar over the quarter, had a positive effect to the tune of $300m on the company’s overall funds under management.
Mcgrath Limited(MEA):
Harcourts has dismissed talk that surfaced in the market late last year that it is about to launch a takeover for the listed McGrath Estate Agents. But that doesn’t mean that the rival player would not be interested in the stock at the right price. Both McGrath and Harcourts say that no discussions have been held about any transaction. Before Christmas, McGrath was trading at 53.5c after listing in 2016 at $2.10, but more residential properties potentially hitting the market this year could aid the performance of the real estate group. The understanding is that founder John McGrath, who still owns 25.92 per cent of the stock, would be eager to privatise the business but needs a backer to do so. Private equity would likely be needed to support any takeover by a smaller player such as Harcourts and they would need the blessing of Mr McGrath himself.
Orocobre Limited(ORE):
Brisbane-based mineral resources company Orocobre has called on the services of UBS to raise more than $350 million to fund its Argentina lithium project. Orocobre (ORE) will embark on a $79m raise via a 1 for 20 pro-rata accelerated renounceable entitlement offer with retail entitlements trading on the Australian Securities Exchange. It will also be undertaking a 15 per cent placement to its existing partner Toyota Tsusho Corp for $282m at $7.50 per share. The placement is at a 17 per cent premium to Orocobre’s 30 day Volume Weighted Average Price of $6.43. The funds will be used to fund phase two of its Olaroz lithium project in Argentina.
Qube Holdings Limited(QUB):
The ACCC has formally questioned Qube’s $100 million acquisition of container handler MCS and gained undertakings from the company to operate the businesses separately pending a final ruling. Back in 2010 the ACCC blocked a previous attempt to combine MCS with what is now a division of Qube but the market has changed since then. The business stores and handles empty containers around the Port of Botany Bay and Qube will argue new competitors have now emerged. These include DP World, which plans its own rail and container services in the area, and Aurizon which operates a site at Enfield among others. The ACCC monitors activity around the port closely ahead of Qube’s formal opening of its $2 billion Moorerebank facility next year. No date was placed on the ACCC review pending a final decision because the acquisition was completed late last year.
Rio Tinto Limited(RIO):
Rio Tinto has met its iron ore export target for 2017, but its Mongolian copper venture has been hit with a fresh tax grab by the host government. Rio set a new quarterly record by shipping 90 million tonnes from Western Australia the three months to December 31. That result took the company's 2017 exports to 330.1 million tonnes; eclipsing its goal of shipping around 330 million tonnes. Rio chief executive Jean-Sebastien Jacques said the record shipments in the quarter, when exports ran at an annualised rate of 357 million tonnes, was a testimony to the increasing flexibility in Rio's rail networks, which have been the bottleneck in recent years.
（Source: AIMS）
Tighter qualification standards for financial advisers from the beginning of next year would see a further cut in the numbers of Australia’s 25,000-strong adviser industry, AMP head of advice Jack Regan said yesterday. Mr. Regan, who will speak at AMP’s annual gathering of financial advisers starting in Sydney today, said the financial advice industry was set for its biggest ever change with the introduction of tougher professional standards from January next year. This included a requirement for new entrants to have an appropriate degree, a move towards compulsory industry exams and advisers needing to sign up to a new code of ethics.
Commonwealth Bank of Australia (CBA):
Confidential documents reveal Commonwealth Bank stressed to the anti-money-laundering regulator it was making a “significant investment” in its compliance systems and reporting breaches “in a timely manner”, just months before it was hit with legal action alleging huge reporting failures. Austrac filed a 600-page legal suit in the Federal Court in August last year, alleged the bank breached anti-moneylaundering and counter-terrorism financing legislation more than 50,000 times. The bank has denied it had any knowledge of the charges levelled against it until the statement of claim was filed in court and subsequently became public.
Lendlease Group(LLC):
Property giant Lendlease has struck a $2.6 billion partnership with the Canada Pension Plan Investment Board to invest in its emerging pipeline of build to rent residential projects in London in what is its biggest investment partnership in the sector. The initial investment will be in the $779m phase of new homes for private rental at Lendlease’s pounds $4bn Elephant Park development at Elephant & Castle in London. CPPIB will invest $606 million for an 80 per cent stake with Lend Lease retaining the balance
Macquarie Group Limited (MQG):
Commodity price fluctuations, President Donald Trump’s US tax cuts and an extreme cold snap in North America are some of the reasons Macquarie Group shares will rally 10 per cent this year. According to UBS analyst Jon Mott, who just returned from a summer break, Macquarie shares will finish the year at $110, up from their current $100 level. Mott, a long time Macquarie watcher, has a “buy” call on the investment bank. The tax cuts passed by US Congress in December have taken the company tax rate from 35 to 21 per cent from the start of January. Macquarie, which operates significant bond trading, asset management, infrastructure investment and consulting divisions, gets about 30 per cent of its revenue from the Americas — the US, Canada and Latin America.
Mirrabooka Investments Limited (MIR):
Small and mid-cap fund manager Mirrabooka Investments is sitting on the sidelines as it navigates the stretched valuations at the smaller end of the market, but says the coming reporting season may present some buying opportunities. “Some of the multiples we’re seeing in this part of the market are certainly elevated against historical levels. We’re holding 10 per cent cash at the moment, which is quite high for us. We can find plenty of good companies; we’re just struggling a little bit with values,” managing director Mark Freeman told The Australian
National Australia Bank Limited (NAB) & Australia And New Zealand Banking Group Limited (ANZ):
NAB and ANZ are believed to have hired McGrathNicol to monitor the troubled owner of Freedom Furniture, Steinhoff International Holdings. Steinhoff has been at the centre of a probe by German regulators in a situation that caused its market value to collapse late last year, and as a result, the Australian banks have become nervous. As reported by this column, a beauty parade was launched by the lenders last year, and it now appears that McGrathNicol ousted PPB, FTI Consulting and Korda Mentha to win the role working for the financiers. McGrathNicol did not comment.
OZ Minerals Limited(OZL):
OZ Minerals has forecast stronger copper output from its South Australia mine over the next two years after hitting its production target for a third year running in 2017. The Australian miner (OZL) said Wednesday the outlook for copper is positive, with strong demand enhanced by increased use of electric cars, buses and trains and further development of renewable energy sources, which each use high volumes of the metal. It lifted its guidance for copper production over 2018 and 2019 by 15,000 metric tons, but said it had lowered its target for gold output from the Prominent Hill mine by about 20,000 troy ounces as it prioritises higher margin copper.
Platinum Asset Management Limited(PTM):
One of Australia’s most astute stock pickers is turning his back on Chinese internet stocks while supporting emerging themes like electric cars and China’s efforts to clean up pollution, while making a surprising foray into the 170-year-old German industrial conglomerate Siemens. Kerr Neilson, the billionaire founder and CEO of Platinum Asset Management, has been gradually increasing the cyclical tilt of his international portfolios to benefit from synchronised global economic growth, while reducing exposure to some of the high-flying Chinese growth stocks, notably the internet plays like Baidu, Tencent and 58.com. At the same time, Mr Neilson has warned of a potential “bust” in bitcoin that could ripple through all asset classes.
REA Group Ltd (REA):
Real estate guru John McGrath has quit the board of digital property advertising company REA Group after a near 19 year tenure. A statement issued by REA Group which operates realestate.com.au and realcommercial.com.au, said Mr McGrath had stepped down from the board on January 16. It follows struggles with his own McGrath Estate Agents, which last year saw its share-price plunge on the back of a 25 per cent profit downgrade, leading to speculation about its future as a publicly listed company.
Sirtex Medical Limited(SRX):
Sirtex (SRX) expects underlying first-half earnings of $34 million, the company told the ASX on Wednesday — a 16 per cent improvement on the first half of 2016/17 — due to improved cost control, while full year earnings is now expected to be $75m to $85m, compared to $61.5 million last year. Shares in the company, which produces microspheres used in liver cancer treatment, were up 15.97 per cent to $18.15 at 10.39am (AEDT) — their highest level since March 2017.
South32 Limited(S32):
Mining group South32 said today its second-quarter metallurgical coal output dropped 43 percent due to an outage at its Appin mine in Australia, while raising its full-year output forecast for South African manganese operations. Production of coal used in steelmaking fell to 788,000 tonnes in the December quarter from 1.39 million tonnes a year earlier, but was still up 60 percent on the previous quarter and beat a UBS forecast of 746,000 tonnes, following a partial restart of the Appin mine in August. The Appin operations account for about 60 percent of overall production. December quarter manganese ore output rose 21.8 percent from a year ago. Zinc production was down 62.3 percent over the period, while nickel output increased 12.2 percent. South32 raised its full-year output forecast for its South African Manganese operations by 8 percent due to strong market demand and a record December quarter performance, but stood pat on guidance for all other operations.
The A2 Milk Company Limited (A2M):
Dairy producer The A2 Milk Company is dramatically expanding its presence in the United States, rolling out its A2 products across some 5,000 stores kicking off this month. The company says sales levels its initial markets of California and the US southeast support a swing into the rich north-eastern states, reaching a potential 60 million milk drinkers. It says it has been accepted into major retailers and starting in January it will increase its US presence from 3,600 stores to 5,000. "Sales velocities are now achieving sustainable levels in California, the South East region and select natural retail chains, which supports the expansion into an additional region," the company said in a statement on Wednesday. A2 Milk will be on the shelves of a range of new major US retailers, including Shoprite, Safeway and H-Mar, in New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, New Hampshire, Massachusetts, Vermont and Maine, or some 20 per cent of the US milk market by volume.
Wesfarmers Limited(WES):
Wesfarmers produced 3 million tonnes in the December quarter, in line with the quarter previous and contributing to a 16.1 per cent increase in annual coal production of 8.4m tonnes. Metallurgical coal production fell 6.2 per cent on a quarterly basis, while that of steaming coal rose 11.2 per cent. Quarterly overburden removal fell 14.6 per cent on the same basis, Wefarmers attributing the decline to a high base set in the previous quarter.
Woolworths Group Limited (WOW):
Woolworths chief executive Brad Banducci is in New York hearing pitches from technology start-ups that could help to bulk up WooliesX, the supermarket’s new tech hub, as he pinpoints IT as a force about to transform retailing. He said it was still “too early to tell” what Amazon’s impact had been on the nation’s $300 billion retail sector during Christmas. Mr Banducci was at Microsoft’s flagship store in New York overnight for an event that allowed executives, technology experts and retail professionals to watch presentations from a dozen retail technology entrepreneurs spruiking a host of applications.
Auckland International Airport Limited(AIA):
Auckland International Airport will sell its quarter-stake in the Cairns and Mackay airports in North Queensland to its fellow investors for $370 million, almost three times what it paid eight years ago. The airport operator this month said it was considering selling the holdings and on Tuesday said it would offer its 25 per cent stake in North Queensland Airports to the Australian transport hub’s existing investors. All NQA investors are entitled to maintain their current holdings and Perron Investments and The Infrastructure Fund have already agreed to accept the entire offer.
Avanco Resources Limited(AVB):
Avanco Resources is set to add to its suite of Brazilian copper assets, with the company believed to be close to announcing a deal with Brazilian mining giant Vale. Avanco, which already has the Antas copper mine in production in Brazil’s Carajas region, is understood to have agreed to acquire an early stage copper deposit from Vale. It requires work to upgrade the existing resource base to the standards required under Australia’s Joint Ore Reserves Committee code, but it is understood the potential prize is at least as big as, if not bigger than, Avanco’s Pedra Branca deposit. Pedra Branca, also in Carajas, hosts a 10.48 million tonne resource grading 2.8 per cent copper and 0.7 grams per tonne gold. It is part of a Vale divestment program of its base metals assets. Avanco has previously been linked to a potential sale of Vale’s undeveloped Furnas deposit, but that is said to have been put on hold.
Bellamy’s Australia Limited(BAL):
Infant formula maker Bellamy's Australia has lifted its full-year profit guidance after better-than-expected sales in China during the first half. Bellamy's said it was revising its revenue growth target from between 15 per cent and 20 per cent to 30 per cent and 35 per cent, while earnings margin would lift from between 17 per cent to 20 per cent to a higher rate of 20 per cent to 23 per cent. Bellamy's said its first-half revenue would be higher than the second half due to higher winter consumption in China and Chinese New Year, the impact of sales from "platform events" and more Chinese label sales shifting to the first half of 2018 related to delays in its Chinese registration for its branded products. Bellamy's also revealed it was buying the remaining 10 per cent of the Camperdown Powder cannery it did not previously own for $3.6 million in scrip, subject to securing a key approval for Chinese registration of Bellamy's branded products.
BT Investment Management Limited(BTT):
BT Investment Management has announced it increased its funds under management by $2.3 billion to $98.1bn for the quarter to 31 December, helped by a weaker Australian dollar over the period. The dollar, weaker relative to the British Pound and to the US Dollar over the quarter, had a positive effect to the tune of $300m on the company’s overall funds under management.
Mcgrath Limited(MEA):
Harcourts has dismissed talk that surfaced in the market late last year that it is about to launch a takeover for the listed McGrath Estate Agents. But that doesn’t mean that the rival player would not be interested in the stock at the right price. Both McGrath and Harcourts say that no discussions have been held about any transaction. Before Christmas, McGrath was trading at 53.5c after listing in 2016 at $2.10, but more residential properties potentially hitting the market this year could aid the performance of the real estate group. The understanding is that founder John McGrath, who still owns 25.92 per cent of the stock, would be eager to privatise the business but needs a backer to do so. Private equity would likely be needed to support any takeover by a smaller player such as Harcourts and they would need the blessing of Mr McGrath himself.
Orocobre Limited(ORE):
Brisbane-based mineral resources company Orocobre has called on the services of UBS to raise more than $350 million to fund its Argentina lithium project. Orocobre (ORE) will embark on a $79m raise via a 1 for 20 pro-rata accelerated renounceable entitlement offer with retail entitlements trading on the Australian Securities Exchange. It will also be undertaking a 15 per cent placement to its existing partner Toyota Tsusho Corp for $282m at $7.50 per share. The placement is at a 17 per cent premium to Orocobre’s 30 day Volume Weighted Average Price of $6.43. The funds will be used to fund phase two of its Olaroz lithium project in Argentina.
Qube Holdings Limited(QUB):
The ACCC has formally questioned Qube’s $100 million acquisition of container handler MCS and gained undertakings from the company to operate the businesses separately pending a final ruling. Back in 2010 the ACCC blocked a previous attempt to combine MCS with what is now a division of Qube but the market has changed since then. The business stores and handles empty containers around the Port of Botany Bay and Qube will argue new competitors have now emerged. These include DP World, which plans its own rail and container services in the area, and Aurizon which operates a site at Enfield among others. The ACCC monitors activity around the port closely ahead of Qube’s formal opening of its $2 billion Moorerebank facility next year. No date was placed on the ACCC review pending a final decision because the acquisition was completed late last year.
Rio Tinto Limited(RIO):
Rio Tinto has met its iron ore export target for 2017, but its Mongolian copper venture has been hit with a fresh tax grab by the host government. Rio set a new quarterly record by shipping 90 million tonnes from Western Australia the three months to December 31. That result took the company's 2017 exports to 330.1 million tonnes; eclipsing its goal of shipping around 330 million tonnes. Rio chief executive Jean-Sebastien Jacques said the record shipments in the quarter, when exports ran at an annualised rate of 357 million tonnes, was a testimony to the increasing flexibility in Rio's rail networks, which have been the bottleneck in recent years.
（Source: AIMS）
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