Kingston offloads PNG gold mine to Ok Tedi in $95m transaction
Kingston said it would sell Misima to Ok Tedi Mining under a deal that could eventually be worth up to $95 million to the Australian group, depending on whether future gold production milestones were achieved.
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West Australian
7 minutes ago
- West Australian
Ryan Daniels: Inside Harley Reid's contract talks and the multi-million dollar offers on the table
It wasn't quite high-powered Wall Street execs in Armani suits, marching in to close a billion-dollar deal — but the stakes, in a footy sense, were just as high. Harley's Melbourne-based manager Nick Geischen rolled into town, and while he didn't utter the words 'Show Me the Money', he didn't need to. The phrase was emanating from his $24 million smile. It's been a hectic week in Harley-world, with a somewhat surprising shift in the situation. Earlier this year, the Eagles put forward multiple contract options to Harley's team. Three, five, seven-year deals — a pick-your-own-adventure approach. Nothing came of it. which had people thinking — he's gone. Even before the Eagles drafted him, there was talk Harley would bail. That the Eagles would be better off trading the pick. Victorian journalist Sam McLure now famously declared 'they won't pick him, Mitch (Cleary)' — suggesting West Coast would be better off passing on one of the most prodigious talents the draft has seen in years — just to avoid the inevitable messy exit. It's always been perceived as a matter of when Harley will leave, not if . Then, the twist. Geischen had come bearing gifts — a proposal for West Coast. An 11-year deal. $2.2 million per year, on average. $24 million all up. The largest deal in AFL history. More money per year than Australian cricket captain Pat Cummins. Unprecedented numbers across the board. While it sounds like monopoly money, in 11 years, $2.2 million won't be as crazy as it sounds right now. By then, Harley will be 32 and potentially edging out of his prime — but with the growth of the AFL's salary cap, he might end up a bargain at some stage. Remember, back in 1994 Alastair Lynch signed a ten-year deal for $1 million — at $100,000 per season, people lost their minds at the money. By the time Lynch retired, he was woefully underpaid. As part of this proposed deal, Harley would have the option to leave after two years. If not, he'd be here until the end of 2037. Let that sink in. In 2037 we might actually have flying cars and robot slaves. Or we'll be slaves to the robots. I'll be 54 years old. Bring me a pair of warm slippers, a glass of prune juice, and cap it off with a few episodes of Murder She Wrote. Maybe my idea of what it's like to be 54 is a little dated — but you get the point — 2037 is an eternity away. Harley's people bringing this to the table signals his intention to stay — if terms can be agreed. So, what's changed? Nothing, really. All along we've heard Harley, the Eagles, even his management declare the young midfielder was taking his time, happy in Perth. In recent weeks Reid's form has elevated, he's exhibiting an edge, leadership around the club. He's forming strong bonds with teammates. My understanding is he's told Andrew McQualter he wants to stay. At 20, he's living on his own, cooking, cleaning, he's got a dog. He's handling the media/fan pressure superbly. Some 20-year-olds can barely remember to flush the toilet. This kid is settled. Credit to the Eagles for an environment where a country kid from the other side of Australia feels comfortable, happy. Saying that, nothing is guaranteed here. The new proposal isn't quite a gun to the head, an ultimatum — but it's not miles off it. This is how keeping Harley Reid looks. If that's too rich, there will be other suitors. It's a fairly simple situation — other than the overwhelming commitment. That's the holdup, if there is one. No one saw this coming. Not even the Eagles. The deal, or at least the sheer enormity of it, has blindsided West Coast. They've taken a pause. In the month following the contract proposal landing in their inbox, there's been no response. Some meals take a lot longer to digest, and this is like going to a steak joint and being served an entire cow. Don't panic Eagles fans, they know what they have in Harley. They love him. If they believe they've found the sun which all other planets can rotate around, that he could be their Dustin Martin, their Patrick Dangerfield, then they need to do it. Maybe it's a slight variation of this proposed deal, a happy compromise, but they can't get too cute here. Harley could be the AFL's best player within a few years. Yes, a deal that long, with that kind of financial commitment comes with risk. In my opinion, it's a risk worth taking. This kid is special. He wants to be here and he's box office. After a disastrous four years at the West Coast Eagles, the signature of Harley Reid would be a significant victory and a sign that things might finally be turning around. Years of endless chat about a move back to Victoria for Harley, now the Eagles have a chance to keep their man. They just need to sign on the dotted line.
Sky News AU
7 minutes ago
- Sky News AU
‘We will not allow that to be diminished': Labor removes ban on US beef imports
National Farmers Federation president David Jochinke discusses Labor's removal of a ban on US beef imports. 'Australian biosecurity rules are put into place to not only protect our production, our farmers, but also our consumers,' Mr Jochinke told Sky News host Steve Price. 'We will not allow that to be diminished. 'We have called … to have an inquiry to ensure that these standards are rigorous enough.'
West Australian
37 minutes ago
- West Australian
Federal Government and other creditors facing $300m wipeout on failed mineral sands projects
The Federal Government and other creditors of mineral sands miner Strandline Resources are facing a $300 million wipeout even with the sale of the collapsed company's flagship WA project to Japanese group Iwatani. Iwatani, which already owns South West mineral sands miner Doral, is proposing to take control of the mothballed Coburn mine near Shark Bay from receivers with a $15m cash offer that would see secured creditors repaid less than 5¢ in every dollar they are owed. The deed of company arrangement for Coburn, if approved by creditors next week, would crystallise a loss of about $160m for the project's biggest backer, the government-owned Northern Australia Infrastructure Facility. A statutory report by administrators Cor Cordis into the collapse of Strandline and its operating subsidiary Coburn Resources reveals NAIF is owed $167m, having advanced a final $5m just three months before the miner collapsed in February. With bondholders owed $94m and NAB nearly $17m, secured creditors alone are on the hook for Coburn for $277.5m. Under the DOCA, they would likely collectively recover less than $10m, while 224 unsecured mainly trade creditors would share just $1.5m to settle another $49m of claims. Subject to clarification about which company actually employed them, the deed funds would also be used to pay $5 million in outstanding entitlements owed to nearly 170 employees. The ASX-listed Strandline was put into administration on February 21 after its backers ran out of patience with protracted efforts to address Coburn's poor operating performance and restructure the group's hefty debt. Receivers from McGrathNicol took control of the mine under an almost simultaneous appointment by the secured creditors. Strandline spent $260m developing Coburn to exploit a large tonnage, but low-grade deposit, about 300km north of Geraldton. It entered commercial production in November 2022 but struggled from the start, falling well short of the targets assumed in the feasibility study that underpinned the development. Directors sheeted home blame to various factors, including design and construction flaws, unreliable equipment, labour shortages, and higher-than-expected handling and operating costs. However, administrators Thomas Birch and Jeremy Nipps added that Coburn never produced enough to do better than break even. Strandline and Coburn, they said, 'were reliant on funding from lenders to bridge their collective working capital deficit in circumstances where operations were never generating sufficient cash or gross profit'. Iwatani's was one of two proposals received by McGrathNicol after a sale campaign, with the receivers opting for the Japanese company, partly because its offer was better, it had more certainty and it 'would see the continuation of the Coburn project after a short period of care and maintenance'. Iwatani could not be immediately contacted on Friday.
