In brief

Brambles has received clearance from the US Federal Trade Commission to proceed with its $1.3 billion acquisition of IFCO, an Amsterdam-based supplier of plastic crates.

• Mar 26, 2011

What goes up . . .

Junior iron ore player Golden West Resources has fallen 26.2 per cent in December after surging 156.7 per cent in November. The sell-off follows the miner's quarterly activity report which shows negative cash flow of $3.5 million for the quarter endi...

• Dec 10, 2009
• Justin Bailey

• Market Wrap

Golden West Resources (GWR)

Shares in Golden West Resources have fallen more than 20 per cent in December, after surging 156.7 per cent in November.

• Updated Dec 9, 2009
• Justin Bailey

Briefs

Uranium price warning

• Oct 16, 2008
• Michael Vaughan, Vesna Poljak, Carrie LaFrenz, Michael Vaughan, Staff reporter

• Street Talk

Street Talk

Two-horse race for FreightLink

• Aug 18, 2008
• Edited by Michael Vaughan (michael.vaughan@afr.com.au)

Briefs

Golden West targeted

• Aug 13, 2008
• Julie-anne Sprague; Paul Garvey; Simon Evans; Sue Mitchell; Michael Vaughan; Staff reporter

Rio to invest $2.25bn in Brazil mine expansion

Rio Tinto (RIO) The diversified mining giant has said it will invest $US2.15 billion ($2.25 billion) in a major expansion of its Corumba iron ore mine in Brazil, as it attempts to expand its iron ore production beyond the Pilbara region. The company said the expansion would boost production at the mine from 2.4 million tonnes to 12.8 million tonnes, with new production due to start in 2010. The latest investment brings the company's total investment in its iron ore business since 2003 to $US11 billion, Rio Tinto said. Rio's shares gained $2.35, or 2 per cent, to close at $121.50 on Wednesday. Lihir Gold (LGL) The gold producer has revealed a 27 per cent increase in group gold production over the three months to June, during a quarter in which it completed a merger with Equigold. The company said its Bonriko project in Ivory Coast will be producing by the end of next month, adding to its operating mines at Lihir Island and Mt Rawdon. Lihir also said its Ballarat project would begin commercial production in the December quarter. Following the merger with Equigold, the company now expects to produce more than 850,000 ounces in 2008. Shares in Lihir closed at $2.81 on Wednesday, down 2.8 per cent for the day. Golden West Resources (GWR) The iron ore explorer has announced a considerable increase in mineral resources at its flagship Wiluna West Iron Project in Western Australia. The company said the Wiluna West resource was now the second-largest in the emerging mid-west iron ore province. Golden West said it expected a further increase in resources at the site in two weeks when it will receive a consultant's report and additional drilling information. The total inferred mineral resource at Wiluna West is now 119 million tonnes grading 58.9 per cent iron, from the previously reported resource of 86 million tonnes grading 60.1 per cent iron. Shares in the company fell 2.8 per cent to $1.75 on Wednesday.

• Jul 30, 2008
• Patrick Commins

Portman tries to shake up Golden West

Portman Mining's chief executive, Richard Mehan, believes there would be benefits from a merger with Golden West Resources but has ruled out a near-term takeover bid for its smaller rival.

• Jul 14, 2008
• Michael Vaughan

Briefs

Auckland airport takes off

• Jul 1, 2008
• Vesna Poljak; Paul Garvey; Jo Clarke; Neil Shoebridge; Ayesha de Kretser; Sue Mitchell

Huge price increases boost iron ore producers

BHP Billiton (BHP)/Rio Tinto (RIO) Shares in Australia's biggest miners were buoyed by an announcement overnight that China's steelmakers would pay as much as 96.5 per cent more for their iron ore this year. A month-long stalemate finally ended with the Chinese accepting a deal that sees them pay 79.88 per cent more for iron ore fines and 96.5 per cent more for lump ore. Rio Tinto said the two figures worked out to an 85 per cent average price increase for its products, considering it sells about 25 per cent lump and 75 per cent fines. BHP remained quiet as it usually waits for all its customers to agree on a price before making an official announcement. Steelmakers in South Korea and Japan are expected to fall into line with the deal agreed to by China's Baosteel. The value of Australia's iron ore exports is expected to increase to about $30 billion based on the Australian Bureau of Agricultural and Resource Economics' latest commodity statistics report. BHP closed up $1.28, or 2.9 per cent, at $45.88 on Tuesday, while Rio was up $4.17, or 3 per cent, to $141.75. Golden West Resources (GWR) After applying to the Foreign Investment Review Board to increase its stake to 19.9 per cent, Australia's third-largest iron ore miner, Portman Mining, said on Tuesday it had secured 17.55 per cent of Golden West Resources. The Cleveland Cliffs subsidiary previously held 14.9 per cent of Golden West. Golden West was the object of a failed takeover attempt by Fairstar Resources, which dragged on for almost a year before ending with no result. Portman Mining told the Australian Securities Exchange on May 30 that it had no intention of making a bid for Golden West at the time, rather it wanted to secure an increased stake in the iron ore hopeful as a "strategic investment". Golden West Resources is hoping to develop the Wiluna West iron ore project in Western Australia's mid-west region. It shares lost 5¢ to $2 on Tuesday. Origin Energy (ORG) Origin Energy shares rose on Tuesday when the UK-based BG Group returned to Australia to table a $13.8 billion hostile bid. The Queensland-based gas company was moments from accepting the same $15.50 a share all-cash offer just last month, before Malaysian LNG giant Petronas inked an agreement with Santos that appeared to represent a substantial premium to the BG offer. BG said in a statement that the $US2.5 billion ($2.6 billion) Petronas-Santos deal "is not a directly relevant pricing benchmark" for Origin, given it does not have an integrated LNG scheme. Origin shares closed up 90¢, or 5.8 per cent, at $16.42 on Tuesday.

• Jun 24, 2008
• Ayesha de Kretser

Fairstar's Golden West dreams end

The protracted, often farcical and sometimes bizarre takeover bid by exploration minnow Fairstar Resources for iron ore junior Golden West Resources has come to an end.

• Jun 13, 2008
• Paul Garvey

Golden West Resources (GWR)

Fairstar Resources' hostile takeover offer for Golden West Resources came unstuck last week after iron ore miner Portman snapped up 10 per cent of the company after buying shares owned by Fairstar but subject to equity finance contracts with defunct stockbroker Opes Prime. Portman, 80-per cent-owned by US-based Cleveland Cliffs and operator of the Koolyanobbing iron ore mine in Western Australia, has since topped up its stake in Golden West to 12.6 per cent. Fairstar, which had accumulated 36.6 million shares or 33.22 per cent of Golden West, is pursuing the return of the 10 million shares pledged to ANZ Nominees on behalf of Opes Prime but acknowledged the outcome might not be known for some time. Meanwhile, Golden West, whose key asset is the Wiluna West iron ore project in WA, said Portman's investment signalled a vote of confidence in the company and it planned to meet with representatives in the near future. Golden West shares surged to $1.53 from 96.5 on Friday amid expectations Portman would boost its stake in the company.

• Apr 7, 2008
• Yvonne Ball

Portman seizes a Golden opportunity

The Opes Prime collapse has allowed iron ore miner Portman to snatch a 10 per cent stake in Golden West Resources from the explorer's hostile suitor, Fairstar Resources, effectively torpedoing Fairstar's takeover bid.

• Apr 5, 2008
• Paul Garvey

Fairstar runs aground

Fairstar Resources's hopes of reviving its hostile bid for its larger rival Golden West were in tatters yesterday after the Perth-based miner admitted it was exposed to the collapse of Opes Prime Stockbroking.

• Apr 3, 2008
• Ingrid Mansell and Jo Clarke

• Opinion

Rear Window

Golden West directors' drama

• Feb 21, 2008
• Edited by Andrew White (rearwindow@afr.com.au)