Aeris Resources Ltd (AIS):
Aeris Resources Limited says its negotiations with Glencore about buying an underground copper mine in central-western New South Wales remain ongoing. The CSA Mine – operated by Glencore – employs more than 300 people near Cobar Shire, about 450km east of Broken Hill. "The Company will update the market if and when any formal agreement in entered into in relation to the proposed acquisition." An Aeries announcement from March said the current offer for the mine was $US575m. $US50m of that comprised shares with the rest cash, plus a royalty for Glencore (which is listed in London and brought Xstrata). The deal will likely then be subject to shareholder approval.
AirXpanders Inc (AXP):
Shares in AirXpanders have been voluntarily suspended at 3.5 cents as it works out how to resolve breaching its banking covenants. AirXpanders sells breast implants filled with carbon-dioxide. On Friday AirXpanders went into a trading halt as it expected to breach lending covenants because it will not reach minimum net revenue requirements. It is expecting revenue of between $US1.65 million and $US1.75 million. The company has spoken to its lenders, who are expected to waive the violation, but "there is no guarantee that future covenant violations (if any) will similarly be waived" and AirXpanders does not know if it will reach minimum revenue requirements in the future. It is considering a capital raising and will resume trading after, but cannot say how long it will be until it gets approval to raise money. The suspension is expected to last until 6 May at least.
BHP Group Ltd (BHP):
BHP Group is reviewing its production and unit cost guidance for this fiscal year as a result of flooding at Port Hedland in the aftermath of Tropical Cyclone Veronica. BHP said its initial estimate is a reduction in iron-ore production of around 6 million to 8 million tonnes. The company said there wasn’t any major damage to its operations at Port Hedland, but isolated flooding on site and on sections of the rail line leading into the facility had limited train movements. Port Hedland is operating at reduced rates and it isn’t expected to return to full capacity until later this month, BHP said. “We are engaging with our customers and intend to meet our contractual commitments,” BHP said.
Domain Holdings Australia Ltd (DHG):
The future of online real estate group Domain outside of Australia's biggest cities is being discussed as part of Nine Entertainment Co's sell-off of 160 regional and community newspapers. Bidders are currently in the due diligence phase of the auction process for Nine's regional news business known as Australian Community Media (ACM), with April 24 marking the cut-off date for a second round of offers. A deal is expected to be done by the end of the month. Sources close to the sales process say that during negotiations some bidders have raised what the deal will mean for Domain. Nine owns 59 per cent of Domain and is the owner of this masthead. Since Macquarie Capital opened up the data room for the regionals sale earlier this year, Nine chief executive Hugh Marks has been in contact with former Domain chief executive Antony Catalano.
Fortescue Metals Group Ltd (FMG):
Fortescue Metals Group said it has approved a $US2.6 billion ($A3.6bn) magnetite iron ore project in Western Australia that will help it to increase sales of higher-grade iron ore increasingly in demand from China’s mammoth steel industry. The project forecasted to produce 22 million tonnes of high-grade 67 per cent-iron magnetite concentrate annually from early next decade, with Taiwan’s Formosa Plastics Corp and China Baowu Steel Group Corp. Last year, Fortescue said it would spend more than $US1 billion to construct the new Eliwana mine, also in the Pilbara region, as part of a drive to export a higher-grade of material than the 58 per cent ore it typically sells. “When combined with the Eliwana development, (Iron Bridge) will increase Fortescue’s average product grade and provide the ability to deliver the majority of our products at greater than 60 per cent Fe, consistent with our long-term goal,” said Fortescue’s chief executive Elizabeth Gaines.
Incitex Pivot Ltd (IPL):
Incitec Pivot warns its first half earnings will be up to 33 million lower than previously forecast due to drought and flood. Fertiliser sales across eastern Australia are 200,000 tonnes lower in the first half of 2018-19 than they were the previous year "and it seems unlikely at this stage that there will be any substantial recover of those lost volumes in the second half", the company told the market this morning. This will takes about $20 million from first half earnings. It also said a flood rail line, which it previously advised would cost $100 million, would actually cost about $60 million in the first half, and $100 million for the full financial year. And Incitec Pivot has reviewed its singe super phosphates manufacturing operations in Victoria and decided to close its Geelong plant at a cost of $13 million. However, the primary distribution centre in Portland will remain open. And the ammonia plant in Louisiana, US, which had a carbon dioxide removal problem has been repaired. But the plant had to be shut again in March due to problems with compressor electronic controls.
Jervois Mining Ltd (JRV):
Cobalt developer Jervois Mining says it will buy out Canada-based Ecobalt Solutions for $C57.6 million ($60.9 million) in order to expand its geographical footprint into the United States. As part of the acquisition, each common share of eCobalt will be exchanged for 1.65 common shares of Jervois, representing an implied offer price of 36 Canadian cents per eCobalt share, a near 11-per cent premium to the Canadian company’s last close. The merger gives Jervois Mining access to Ecobalt’s Idaho Cobalt Project - a high grade cobalt deposit located in the US state of Idaho. Cobalt, which is mined as a by-product of copper and nickel, is all the rage of late as demand for the metal has risen exponentially for use in batteries for electric vehicles, which automakers consider the future of transportation.
Macquarie Group Ltd (MQG):
Macquarie Group has been hit with a fifth lawsuit for underpaying its financial advisers, which brings the total claimed to at least $12 million, with more pain looming as additional former staff mull legal action. The latest lawsuit was lodged with the Federal Circuit Court on Friday by a group of 20 advisers who worked for subsidiary Macquarie Bank for up to 30 years. In a statement of claim filed with the court, the advisers claim Macquarie failed to pay the minimum wage set out in the finance sector award, and also breached the Fair Work Act by failing to fork out holiday pay and other entitlements including leave loading and compassionate leave pay. Macquarie has already settled two similar matters involving former advisers within its private wealth division.
Oil Search Ltd (OSH):
Oil Search has advised its PNG LNG Project has entered into a mid-term LNG sale and purchase agreement with Singapore’s Unipec for the supply of approximately 0.45 million tonnes of LNG per annum (MTPA) over a four-year period. Managing director Peter Botten said the contract was the final mid-term sale and purchase agreement the project had been seeking to secure, following similar agreements with PetroChina and BHP totally 0.9MTPA over 2018 to 2023. “These SPAs add to the 6.6 MTPA committed under long-term contracts to JERA, Osaka Gas, Sinopec and CPC and take total contracted volumes from the Project to approximately 7.9 MTPA,” he said. “Oil Search believes that the PNG LNG Project now has an appropriate mix of long-term contracts, mid-term contracts and sales on the spot market.”
Seek Ltd (SEK):
Former Commonwealth Bank chief executive Ian Narev has been appointed chief operating officer of online jobs advertiser Seek. The New Zealander will also lead the company's Asia Pacific and Americas operations and will, according to chief executive Andrew Bassat, bring a "deep strategic thinking ability and an excellent understanding of the disruptive impact of technology". Mr Narev, who will start on April 29, left CBA a year ago after the lender was accused of breaching money-laundering and terrorism-funding laws in a case that led to the largest fine in Australian corporate history.
(Source: AIMS)
Aeris Resources Limited says its negotiations with Glencore about buying an underground copper mine in central-western New South Wales remain ongoing. The CSA Mine – operated by Glencore – employs more than 300 people near Cobar Shire, about 450km east of Broken Hill. "The Company will update the market if and when any formal agreement in entered into in relation to the proposed acquisition." An Aeries announcement from March said the current offer for the mine was $US575m. $US50m of that comprised shares with the rest cash, plus a royalty for Glencore (which is listed in London and brought Xstrata). The deal will likely then be subject to shareholder approval.
AirXpanders Inc (AXP):
Shares in AirXpanders have been voluntarily suspended at 3.5 cents as it works out how to resolve breaching its banking covenants. AirXpanders sells breast implants filled with carbon-dioxide. On Friday AirXpanders went into a trading halt as it expected to breach lending covenants because it will not reach minimum net revenue requirements. It is expecting revenue of between $US1.65 million and $US1.75 million. The company has spoken to its lenders, who are expected to waive the violation, but "there is no guarantee that future covenant violations (if any) will similarly be waived" and AirXpanders does not know if it will reach minimum revenue requirements in the future. It is considering a capital raising and will resume trading after, but cannot say how long it will be until it gets approval to raise money. The suspension is expected to last until 6 May at least.
BHP Group Ltd (BHP):
BHP Group is reviewing its production and unit cost guidance for this fiscal year as a result of flooding at Port Hedland in the aftermath of Tropical Cyclone Veronica. BHP said its initial estimate is a reduction in iron-ore production of around 6 million to 8 million tonnes. The company said there wasn’t any major damage to its operations at Port Hedland, but isolated flooding on site and on sections of the rail line leading into the facility had limited train movements. Port Hedland is operating at reduced rates and it isn’t expected to return to full capacity until later this month, BHP said. “We are engaging with our customers and intend to meet our contractual commitments,” BHP said.
Domain Holdings Australia Ltd (DHG):
The future of online real estate group Domain outside of Australia's biggest cities is being discussed as part of Nine Entertainment Co's sell-off of 160 regional and community newspapers. Bidders are currently in the due diligence phase of the auction process for Nine's regional news business known as Australian Community Media (ACM), with April 24 marking the cut-off date for a second round of offers. A deal is expected to be done by the end of the month. Sources close to the sales process say that during negotiations some bidders have raised what the deal will mean for Domain. Nine owns 59 per cent of Domain and is the owner of this masthead. Since Macquarie Capital opened up the data room for the regionals sale earlier this year, Nine chief executive Hugh Marks has been in contact with former Domain chief executive Antony Catalano.
Fortescue Metals Group Ltd (FMG):
Fortescue Metals Group said it has approved a $US2.6 billion ($A3.6bn) magnetite iron ore project in Western Australia that will help it to increase sales of higher-grade iron ore increasingly in demand from China’s mammoth steel industry. The project forecasted to produce 22 million tonnes of high-grade 67 per cent-iron magnetite concentrate annually from early next decade, with Taiwan’s Formosa Plastics Corp and China Baowu Steel Group Corp. Last year, Fortescue said it would spend more than $US1 billion to construct the new Eliwana mine, also in the Pilbara region, as part of a drive to export a higher-grade of material than the 58 per cent ore it typically sells. “When combined with the Eliwana development, (Iron Bridge) will increase Fortescue’s average product grade and provide the ability to deliver the majority of our products at greater than 60 per cent Fe, consistent with our long-term goal,” said Fortescue’s chief executive Elizabeth Gaines.
Incitex Pivot Ltd (IPL):
Incitec Pivot warns its first half earnings will be up to 33 million lower than previously forecast due to drought and flood. Fertiliser sales across eastern Australia are 200,000 tonnes lower in the first half of 2018-19 than they were the previous year "and it seems unlikely at this stage that there will be any substantial recover of those lost volumes in the second half", the company told the market this morning. This will takes about $20 million from first half earnings. It also said a flood rail line, which it previously advised would cost $100 million, would actually cost about $60 million in the first half, and $100 million for the full financial year. And Incitec Pivot has reviewed its singe super phosphates manufacturing operations in Victoria and decided to close its Geelong plant at a cost of $13 million. However, the primary distribution centre in Portland will remain open. And the ammonia plant in Louisiana, US, which had a carbon dioxide removal problem has been repaired. But the plant had to be shut again in March due to problems with compressor electronic controls.
Jervois Mining Ltd (JRV):
Cobalt developer Jervois Mining says it will buy out Canada-based Ecobalt Solutions for $C57.6 million ($60.9 million) in order to expand its geographical footprint into the United States. As part of the acquisition, each common share of eCobalt will be exchanged for 1.65 common shares of Jervois, representing an implied offer price of 36 Canadian cents per eCobalt share, a near 11-per cent premium to the Canadian company’s last close. The merger gives Jervois Mining access to Ecobalt’s Idaho Cobalt Project - a high grade cobalt deposit located in the US state of Idaho. Cobalt, which is mined as a by-product of copper and nickel, is all the rage of late as demand for the metal has risen exponentially for use in batteries for electric vehicles, which automakers consider the future of transportation.
Macquarie Group Ltd (MQG):
Macquarie Group has been hit with a fifth lawsuit for underpaying its financial advisers, which brings the total claimed to at least $12 million, with more pain looming as additional former staff mull legal action. The latest lawsuit was lodged with the Federal Circuit Court on Friday by a group of 20 advisers who worked for subsidiary Macquarie Bank for up to 30 years. In a statement of claim filed with the court, the advisers claim Macquarie failed to pay the minimum wage set out in the finance sector award, and also breached the Fair Work Act by failing to fork out holiday pay and other entitlements including leave loading and compassionate leave pay. Macquarie has already settled two similar matters involving former advisers within its private wealth division.
Oil Search Ltd (OSH):
Oil Search has advised its PNG LNG Project has entered into a mid-term LNG sale and purchase agreement with Singapore’s Unipec for the supply of approximately 0.45 million tonnes of LNG per annum (MTPA) over a four-year period. Managing director Peter Botten said the contract was the final mid-term sale and purchase agreement the project had been seeking to secure, following similar agreements with PetroChina and BHP totally 0.9MTPA over 2018 to 2023. “These SPAs add to the 6.6 MTPA committed under long-term contracts to JERA, Osaka Gas, Sinopec and CPC and take total contracted volumes from the Project to approximately 7.9 MTPA,” he said. “Oil Search believes that the PNG LNG Project now has an appropriate mix of long-term contracts, mid-term contracts and sales on the spot market.”
Seek Ltd (SEK):
Former Commonwealth Bank chief executive Ian Narev has been appointed chief operating officer of online jobs advertiser Seek. The New Zealander will also lead the company's Asia Pacific and Americas operations and will, according to chief executive Andrew Bassat, bring a "deep strategic thinking ability and an excellent understanding of the disruptive impact of technology". Mr Narev, who will start on April 29, left CBA a year ago after the lender was accused of breaching money-laundering and terrorism-funding laws in a case that led to the largest fine in Australian corporate history.
(Source: AIMS)
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