Latest news with #BHP
Sky News AU
11 hours ago
- Business
- Sky News AU
NSW Labor picks former Liberal premier Dominic Perrottet for top government position
NSW Labor Treasurer Daniel Mookhey has recruited former Liberal Premier Dominic Perrottet to bolster the government's investment strategies. The Saturday Telegraph revealed Mr Perrottet, a former Treasurer and later Premier would serve as the newest member of the NSW Treasury Corporation board known as T-Corp. The call was made by NSW Treasurer Daniel Mookhey. Mr Perrottet served as the state's 46th Premier from 2021-23 following the resignation of former Premier Gladys Berejiklian. He is currently working in Washington DC for Australian multinational mining and metals corporation BHP as head of corporate and external affairs. TCorp is the financial services partner to the NSW public sector, providing investment management and financial management solutions and advice to the government. With $117bn of assets under its management, TCorp also serves as the NSW government's sovereign investment manager. TCorp further acts as the central borrowing authority for the state with a balance sheet of $198bn. Mr Perrottet is the only former politician on the board, with the majority of members coming from a banking, superannuation and auditing background. It is believed Mr Perrottet will sit on the board while continuing his role at BHP. Mr Mookhey met with the former premier during his trip to Washington DC four months ago, with Mr Perrottet writing on his LinkedIn at the time that the two spoke about matters that were 'critical to both the US and Australia.' 'Yesterday I had the privilege of hosting NSW Treasurer Daniel Mookhey at the BHP Washington DC office for an important and timely discussion about issues that are critical to both the US and Australia,' Mr Perrottet wrote. 'It was a great opportunity for us to bring together business and opinion leaders as well as policymakers at a dynamic time to discuss the trends shaping the US market, the importance of critical minerals in the energy agenda, and the global competition for capital investment. 'The event underscored the importance of international collaboration and strategic engagement in navigating economic challenges and opportunities. It was a valuable platform for exchanging ideas and building partnerships that will benefit both countries.' However, Mr Perrottet is not the only former NSW Liberal figure to take up a post with a Labor government, with ex treasurer and energy minister Matt Kean appointed as chair of the federal Climate Change Authority by Prime Minister Anthony Albanese last year. Mr Kean who passed legislation to cement NSW's net zero emissions reduction targets said the CCA was 'close' to handing down its recommendation to the federal government on the highly anticipated 2035 carbon reduction targets.
Perth Now
a day ago
- Business
- Perth Now
Major banks tumble as sharemarket seesaws
Australia's sharemarket seesawed throughout Friday's trading before eventually falling, as investors sold down the major banks and moved into the mining sector. The benchmark ASX 200 index fell during Friday's reading with shares dropping 36.60 points or 0.43 per cent to 8,514.20 The broader All Ordinaries also dropped and is trading down 29.90 points or 0.34 per cent to 8,743.70. BHP, RIO, Fortescue soared on a strong day for the miners. Picture NewsWire/ Gaye Gerard. Credit: News Corp Australia On a mixed day for Australia's largest sectors the major miners soared, while the banks and healthcare stocks fell by 1.51 and 1.41 per cent respectively. CBA had its biggest fall in almost nine weeks, slumping 2.8 per cent to $185.36. The other major banks followed with NAB dropping 1.6 per cent to $39.26, while Westpac fell 1.9 per cent to $33.90 and ANZ dropped 1.8 per cent to $29.20. Shares in CSL slipped 2.3 per cent to $234.34 while Sigma Healthcare fell nearly 2 per cent and is now trading at $2.95 a share. Overall, eight of the 11 sectors were lower, with just materials, information technology and telecommunications finishing in the green. The major iron ore miners soared on the back of a jump in the underlying commodities price. BHP closed 3.90 per cent higher to $37.53, Rio Tinto climbed 4.59 per cent to $108.97 and Fortescue Metals gained 3.55 per cent to $15.46. The Australian dollar lifted slightly and is now buying at 65.48 US cents. Despite the falls, the ASX 200 gained 0.1 per cent for the week NewsWire / Max Mason-Hubers Credit: News Corp Australia In company news, Woolworths announced it was shutting down its online retailer MyDeal from September 30 as it looks to focus on Big W Market and Everyday Market. AMP chief economist and head of investment strategy Shane Oliver said shares have climbed the wall of worry, as Trump tries to build a New World Order. 'Fortunately, Trump backed down on the worst of his tariffs for now and the Middle East threat has fizzled leaving US, global and Australian shares just 0.7 per cent or less below record highs and on track for another financial year of strong returns helped by strong profit growth in the US and central bank rate cuts elsewhere, including in Australia.' He also highlights the market is set to enter a traditionally strong period in the coming days. 'July is normally a strong month for shares and a break to record highs could be imminent,' Mr Oliver said. However, volatility is likely to remain high as US and Australian shares are expensive and Trump's tariff threat will likely increase again. Mr Oliver said the 9th July tariff deadline was rapidly approaching and some countries likely to see hikes beyond 10 per cent tariffs. In an announcement to the ASX, Woolworths estimates the cost of closing the online business will be between $90m and $100m, including payments for outstanding equity and staff redundancies. PointsBet said they will be at the bottom of the range for previous guidance. Earlier in the year the business projected revenues of between $260-270 million and earnings before interest, tax, depreciation and amortisation of between $11- $14 million for the 2025 financial year. Reece shares slumped 18.7 per cent to $14.12 after the plumbing and bathroom supplier told the market earnings will fall into the range of $548-$558m down from $681m last year.
West Australian
a day ago
- Business
- West Australian
Macquarie's latest nickel downgrade further dampens hopes of revival for BHP's suspended Nickel West
Macquarie Group has again downgraded its prognosis for nickel and by virtue increased the probability BHP's idle Nickel West is going to shut permanently. The Australian investment bank published its quarterly commodities price forecasts on Friday, which casts even more doubt on the ability of Western Australia's largest nickel mining and refining operation — Nickel West — to come back to life. Macquarie is predicting a tonne of nickel will now be $US14,500 by the end of this year, compared to the $US15,500/t price it had anticipated in a previous update three months ago. The medium and longer-term forecasts for the battery metal have also taken another whack. Nickel is slated to average $US14,625/t in 2026, then $US16,500/t in 2027, $US17,500/t in 2028 and $US19,000/t in 2029. In its March update, Macquarie projected $US16,500/t, $US17,000/t, $US19,000/t and $US20,000/t over the next four years. Macquarie in December was pencilling in $US20,000 for 2028, which has now been slashed to $US17,500/t. Macquarie — known colloquially as the 'millionaires factory' for the huge pay packets its legion of investment bankers receive — stated its repeated nickel downgrades reflect 'a likely structural over-supply' of nickel from new refineries in China and Indonesia. 'The pace of growth in class 1 production remains high, fed by ongoing rises in production of Indonesian low-cost MHP (mixed hydroxide precipitate),' it stated. 'Over-supply has led to the closure of over 500,000 tonnes per annum of non-Indonesian production since 2020 and pressure for further closures remains, but prices may have to have one final push to the downside to induce that. 'The overall market is closer to balance due to large scale production cuts.' BHP in July last year announced its WA Nickel arm, which sustained 3000 jobs and counted the Nickel West mining operations as its centrepiece, would be put into care and maintenance. The Big Australian will decide whether to shut the operation for good by February 2027. When BHP made its care and maintenance decision Nickel West's break-even cost was about $US20,000/t. BHP Australia boss Geraldine Slattery said the mining giant had 'sufficient conviction' the nickel prices would stage a comeback towards the end of the decade and beyond, implying a predicted price materially above $US20,000/t. Nickel has dropped from $US17,100/t to $US15,200/t over the past year, heaping more pressure on WA's last major nickel operation — Glencore's Murrin Murrin. 'Virtually all the world's laterite ores now come from just three countries, Indonesia, the Philippines and New Caledonia,' Macquarie stated on Friday.
News.com.au
2 days ago
- Business
- News.com.au
Lunch Wrap: ASX jumps early as iron ore, coal and lithium miners all catch a bid
Miners muscle ASX up, lithium glows again
 Reece pipes burst on profit alert
 Wall St inches to record, Nvidia flirts with $3.8 trillion The ASX came out swinging this morning, jumping a lively 0.6% out of the gates before easing off to a 0.1% gain by eastern lunch time. Wall Street set the stage overnight with a solid session. The S&P 500 closed just three points shy of its all-time high, and the Nasdaq rallied 1%. Nvidia briefly flirted with an outrageous US$3.8 trillion valuation before pulling back. Over at Tesla HQ, yet another Musk confidant has left the building. Omead Afshar, who was overseeing major ops and considered one of Elon's inner circle, has departed. No word yet on why. Back to the ASX where miners had a field day this morning. BHP (ASX:BHP) surged 3.5%, Rio Tinto (ASX:RIO) rocketed up 4%, and Fortescue (ASX:FMG) flexed 3% as iron ore futures rebounded thanks to demand hopes in China. Elsewhere, coal stocks got a warm lift as Beijing's heatwave, nudging 40 degrees, gave prices a gentle shove off the floor. Lithium stocks also lit up again, building on Thursday's jolt after Vanguard was revealed as a major new holder in Pilbara Minerals (ASX:PLS). PLS rose another 7% this morning, and IGO (ASX:IGO) lifted 5%. This where things stood at about 12:40pm AEST: In other large caps news, giant plumbing supplier Reece (ASX:REH) was hammered more than 14% after warning that earnings will fall to around $548-558 million for FY25, down from $681 million last year. Blame soft volumes in Aussie and Kiwi housing markets, and a flat US construction scene where interest rates and affordability are squeezing new builds. Wesfarmers (ASX:WES) made a big move with its Bunnings landlord, BWP Trust. It's selling its 100% stake in BWP Management for $142.6 million, a deal that also resets a bunch of Bunnings leases. WES' shares were up 0.5%. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 27 : Security Description Last % Volume MktCap RAN Range International 0.003 150% 4,079,177 $939,290 PAB Patrys Limited 0.002 100% 393,635 $2,365,810 CYQ Cycliq Group Ltd 0.003 50% 1,010,692 $921,033 TKL Traka Resources 0.002 50% 1,000,000 $2,125,790 AGY Argosy Minerals Ltd 0.021 40% 38,072,195 $21,838,814 D3E D3 Energy Limited 0.150 36% 486,632 $8,742,251 C7A Clara Resources 0.004 33% 416,670 $1,764,813 MGU Magnum Mining & Exp 0.004 33% 125,231 $3,364,953 MTB Mount Burgess Mining 0.004 33% 4,666,403 $1,055,108 UNT Unith Ltd 0.009 29% 745,055 $8,601,498 SRL Sunrise 1.150 28% 521,713 $98,653,611 SPX Spenda Limited 0.007 27% 2,695,727 $25,383,685 PPG Pro-Pac Packaging 0.019 27% 192,827 $2,725,316 AN1 Anagenics Limited 0.005 25% 332,587 $1,985,281 AUK Aumake Limited 0.003 25% 5,129 $6,046,718 VML Vital Metals Limited 0.003 25% 2,542,129 $11,790,134 IMU Imugene Limited 0.014 23% 24,298,669 $82,137,229 8IH 8I Holdings Ltd 0.011 22% 11,749 $3,133,448 HTG Harvest Tech Grp Ltd 0.018 20% 2,939,494 $13,439,201 BLZ Blaze Minerals Ltd 0.003 20% 333,000 $4,446,160 ID8 Identitii Limited 0.006 20% 950,537 $3,890,068 IXR Ionic Rare Earths 0.012 20% 7,586,172 $52,674,258 LCL LCL Resources Ltd 0.006 20% 3,527,039 $5,996,286 SHP South Harz Potash 0.003 20% 1,050,000 $2,756,822 Shares in plastic pallets specialist Range International (ASX:RAN) doubled after it won appeals in the Indonesian Tax Court, wiping out tax bills from 2018 related to withholding and VAT issues. The court ruled in full favour of Range's local subsidiary, bringing the payable amount down to zero. The board said it's a big win that brings much-needed certainty as it focuses on growing the business. Argosy Minerals (ASX:AGY) has locked in a spot sales deal to sell 60 tonnes of high-grade lithium carbonate from its Rincon Project in Argentina. The sale price is pegged to SMM battery-grade pricing, with 30% paid upfront and the rest before shipping from Buenos Aires. Argosy says it's stoked with the strong demand, and reckons it's in a solid spot to benefit from the EV sector's comeback, especially given how few producers are hitting this level of purity. Sunrise Energy Metals (ASX:SRL) has struck more high-grade scandium at its Syerston project in NSW, following a 125-hole drilling campaign across April and May. Early results from 49 of those holes show strong, continuous hits, with grades up to 1123ppm. The new zones remain open in multiple directions and are expected to feed into a fresh resource upgrade for the company's upcoming feasibility study. With China recently clamping down on scandium exports, Sunrise reckons it's sitting on one of the biggest and highest-grade scandium resources in the world. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 27 : Code Name Price % Change Volume Market Cap ALR Altair Minerals 0.002 -33% 200,000 $12,890,233 EEL Enrg Elements Ltd 0.001 -33% 600,001 $4,880,668 VN8 Vonex Limited. 0.017 -29% 455,824 $18,062,485 AVD Avada Group Limited 0.100 -29% 389,209 $11,890,904 SRJ SRJ Technologies 0.005 -29% 1,835,411 $4,239,047 TYX Tyranna Res Ltd 0.003 -25% 149,950 $13,153,701 BPH BPH Energy Ltd 0.007 -22% 582,995 $10,964,095 SPQ Superior Resources 0.004 -20% 4,171,733 $11,854,914 BUR Burleyminerals 0.043 -17% 440,303 $9,420,700 FCT Firstwave Cloud Tech 0.010 -17% 645,337 $20,562,224 TMK TMK Energy Limited 0.003 -17% 15,184 $30,667,149 STG Straker Limited 0.410 -15% 63,720 $30,882,864 ODE Odessa Minerals Ltd 0.006 -14% 2,500,000 $11,196,728 VAR Variscan Mines Ltd 0.006 -14% 34,482 $5,480,004 REH Reece Limited 14.940 -14% 1,156,323 $11,214,285,382 NXS Next Science Limited 0.069 -14% 134,187 $23,372,819 RAS Ragusa Minerals Ltd 0.013 -13% 168,980 $2,138,982 RMI Resource Mining Corp 0.013 -13% 520,385 $11,016,800 ICE Icetana Limited 0.056 -13% 459,450 $34,036,858 OVT Ovanti Limited 0.007 -13% 102,767,780 $24,044,120 PGY Pilot Energy Ltd 0.007 -13% 47,159 $17,269,280 SW1 Swift Networks Group 0.007 -13% 594,985 $7,179,604 WBE Whitebark Energy 0.004 -13% 136,794 $2,749,334 LKY Locksleyresources 0.078 -11% 11,442,772 $16,133,333 A11 Atlantic Lithium 0.160 -11% 30,498 $124,766,516 IN CASE YOU MISSED IT Spartan Resources (ASX:SPR) is targeting resource growth at the Dalgaranga project as drilling produces gold up to 163.67g/t from a hanging wall zone 193.7m deep. Uvre (ASX:UVA) has unearthed rock chips up to 18.4g/t gold at the Waitekauri project, a flagship asset UVA is acquiring through the purchase of Otagold. LAST ORDERS New World Resources (ASX:NWC) is enjoying somewhat of a bidding war over its shares, with Central Asia Metals Plc countering Kinterra Capital's takeover offer at A$0.057 per share with its own revised bid at $0.062 each. Management says neither company has declared its offer to be best and final as of yet, meaning shareholders are not required to take any action at present. Aura Energy (ASX:AEE) is a step closer to securing funding after the publication of an Environmental and Social Impact Assessment (ESIA) for the Tiris uranium project on the US International Development Finance Corporation's website. MD and CEO Andrew Grove said it was a reflection of the company's efforts to align the project's development plans with international best practices and the expectations of global financiers as Tiris moves toward a final investment decision. At Stockhead, we tell it like it is. While New World Resources and Aura Energy are Stockhead advertisers, they did not sponsor this article.
Yahoo
2 days ago
- Business
- Yahoo
BHP faces UK contempt charge for funding case over Brazil dam collapse
LONDON (Reuters) -BHP faces a full contempt of court hearing in Britain for funding litigation to try to prevent some Brazilian municipalities suing the mining giant over one of Brazil's worst environmental disasters, London's High Court ruled on Thursday. Thursday's ruling is the latest development in long-running litigation over the collapse in 2015 of the Mariana dam in southeastern Brazil that was owned and operated by BHP and Vale's Samarco joint venture. Judge Adam Constable said it was arguable that BHP, the world's biggest miner by market value, funded Brazilian litigation to stop the municipalities suing in London "with the purpose ... of interfering with the administration of justice". It is not yet known when the contempt hearing will take place. BHP, meanwhile, awaits judgment in a London lawsuit that the claimants' lawyers have valued at up to 36 billion pounds ($49.3 billion). A BHP spokesperson said the ruling did not determine the merits of the contempt application made by the municipalities that it "will continue to vigorously defend". Lawyers representing the claimants suing BHP – which include more than 600,000 Brazilians, 46 local governments and around 2,000 businesses – welcomed the decision as "a significant step forward in holding BHP to account". The dam burst and unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests, polluted the length of the Doce River – and led to one of the largest lawsuits in English legal history. The trial began in October and finished in March. Judgment on whether BHP can be held liable for the collapse is pending. BHP denies liability and says the case duplicates legal proceedings and reparation and repair programs in Brazil. In the trial's first week, Brazil signed a 170 billion reais ($30.6 billion) compensation agreement with BHP, Vale and Samarco.
