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West Australian
6 days ago
- Business
- West Australian
Inflation winds whip up extra costs for Northern Star Resources
Inflationary pressures across Northern Star Resources' assets in WA and Alaska will add about $100 an ounce to the precious metal miner's cost of production. Higher royalty costs and tariff assumptions associated with its Pogo operations will contribute about $40/oz to the increase as Northern Star targets production of between 1.7 million ounces and 1.85moz for the financial year. The 5 per cent jump is set to take the Stuart Tonkin-led company's all-in cost for FY26 to between $2300/oz and $2700/oz, with expectation of improving costs throughout the year. Adding to the cost will be sustaining capital of about $750m across its production centres. Reporting its latest quarterly results on Thursday, Northern Star said it delivered record annual group underlying free cash flow of $536 million for the 12 months to the end of June, with net mine cash flow of $1.19 billion. The Yandal and Pogo operations both recorded quarterly and annual net mine cash flow. Gold sold for the year came in within the group's revised guidance at 1.634moz at all-in costs of $2163/oz. Average realised prices for the June quarter were $4483/oz, generating revenue of $1.99b 'The June quarter completes a constructive year of growth investments to position our largest asset, KCGM, for sustained future success,' Mr Tonkin said. 'We remain committed to unlocking the full potential of our production centres and are confident the investments made during FY25, including the acquisition of the Hemi deposit, will deliver significant value for shareholders.' The $1.3b Hemi project in the Pilbara was picked up in Northern Star's massive $5b takeover of De Grey Mining at the end of 2024. The price is believed to be a global record for a gold company without a mine in production, and comes during a period of consistent high prices for the metal. Gold has climbed about a third this year, as uncertainty around US President Donald Trump's aggressive attempts to reshape global trade and conflicts in Ukraine and the Middle East sparked flight to havens. The precious metal has consolidated within a tight range over the past few months, though this week's gains of about 2.5 per cent have pushed prices to trade about $US80 short of April's record high above $US3500/oz. It is currently trading at around $US3422/oz. Earlier this month Northern Star secured approval for Hemi from the Environmental Protection Authority, subject to conditions regarding its water usage, flora and fauna disturbances, cultural heritage impacts and rehabilitation progress. Once up and running — and coupled with increased output from an $1.5b expanded mill at its famed Super Pit in Kalgoorlie — Northern Star is poised to become a global top 10 producer by the end of the decade. It ended the year with cash and bullion of $1.9b.
9 News
03-07-2025
- Business
- 9 News
Microsoft lays off 4 per cent of global workforce, impacting thousands of jobs
Your web browser is no longer supported. To improve your experience update it here Microsoft says it is laying off about 9000 workers, its second mass layoff in months and its largest in more than two years. The tech giant began sending out layoff notices today that hit the company's Xbox video game business and other divisions. Among those losing their jobs are 830 workers tied to Microsoft's US headquarters in Redmond, Washington, according to a notice sent to state officials. Microsoft says it is laying off about 9000 workers, its second mass layoff in months and its largest in more than two years. (Getty) contacted Microsoft Australia to ask how many Australian workers the lay-offs would impact. It was unable to provide a number but issued a statement saying the company would continue to "implement organisational changes necessary to best position the company for success in a dynamic marketplace". Microsoft said the cuts will affect multiple teams around the world, including its sales division, part of the "organisational changes". The company won't say the total number of layoffs except that it was about 4 per cent of the workforce it had a year ago. A memo to gaming division employees today from Xbox CEO Phil Spencer said the cuts would position the video game business "for enduring success and allow us to focus on strategic growth areas". Xbox would "follow Microsoft's lead in removing layers of management to increase agility and effectiveness," Spencer wrote. Microsoft employed 228,000 full-time workers as of June 2024, the last time it reported its annual headcount. Its latest layoffs would cut fewer than 4 per cent of that workforce, according to Microsoft. The tech giant began sending out layoff notices that hit the company's Xbox video game business and other divisions. (Getty) But it has already had at least three layoffs this year and it's unlikely that new hiring has matched the amount lost. Either way, a 4 per cent cut would amount to somewhere in the range of 9000 people. Until now, this year's biggest layoff was in May, when Microsoft began laying off about 6000 workers, nearly 3 per cent of its global workforce and its largest job cuts in more than two years. The cutbacks come as Microsoft continues to invest huge amounts of money in the data centres, specialised computer chips and other infrastructure needed to advance its AI ambitions. The company anticipated those expenses would cost it about $US80 billion ($121 billion) in the last fiscal year. Its new fiscal year began on Tuesday. Microsoft just last month cut another 300 workers based out of its Redmond headquarters, on top of nearly 2000 who lost their jobs in the Puget Sound region in May, most of them in software engineering and product management roles, according to information it sent to Washington state employment officials. Microsoft says it is laying off about 9000 workers, its second mass layoff in months. (Getty) Microsoft's chief financial officer Amy Hood said on an April earnings call that the company was focused on "building high-performing teams and increasing our agility by reducing layers with fewer managers". The company has repeatedly characterised its recent layoffs as part of a push to trim management layers, but the May focus on cutting software engineering jobs has fueled worries about how the company's own AI code-writing products could reduce the number of people needed for programming work. Microsoft CEO Satya Nadella said earlier this year that "maybe 20, 30 per cent of the code" for some of Microsoft's coding projects "are probably all written by software". The latest layoffs, however, seemed centred on slower-growing areas of the company's business, said Wedbush Securities analyst Dan Ives. "They're focused more and more on AI, cloud and next-generation Microsoft and really looking to cut costs around Xbox and some of the more legacy areas," Ives said. "I think they overhired over the years. This is Nadella and team making sure that they're keeping with efficiency and that's the name of the game in Wall Street." The trimming of the Xbox staff follows Microsoft's years-long expansion of the business surrounding its gaming console, culminating in 2023 with the $US75.4 billion acquisition of Activision Blizzard — the California-based maker of hit franchises like Call of Duty and Candy Crush. Before that, in a bid to compete with Sony's PlayStation, it spent $US7.5 billion to acquire ZeniMax Media, the parent company of Maryland-based video game publisher Bethesda Softworks. Many of those game studios, which have locations across North America and Europe, were struggling with the layoffs, according to social media posts from employees who announced they were looking for new jobs. World national Microsoft jobs USA Sydney New South Wales CONTACT US
The Advertiser
03-07-2025
- Business
- The Advertiser
Thousands of jobs go as Microsoft trims workforce again
Microsoft says it is laying off about 9000 workers, its second mass axing in months and its largest in more than two years. The tech giant began sending out lay-off notices on Wednesday that hit the company's Xbox video game business and other divisions. Among those losing their jobs are 830 workers tied to Microsoft's headquarters in Redmond, Washington, according to a notice sent to state officials on Wednesday. Microsoft said the cuts will affect multiple teams around the world, including its sales division, part of organisational changes needed to succeed in a "dynamic marketplace". The company won't say the total number of lay-offs except that it was about four per cent of the workforce it had a year ago. A memo to gaming division employees from Xbox CEO Phil Spencer said the cuts would position the video game business "for enduring success and allow us to focus on strategic growth areas". Xbox would "follow Microsoft's lead in removing layers of management to increase agility and effectiveness," Spencer wrote. Microsoft employed 228,000 full-time workers as of June 2024, the last time it reported its annual headcount. Its latest lay-offs would cut fewer than four per cent of that workforce, according to Microsoft. But it has already had at least three lay-offs this year and it's unlikely that new hiring has matched the amount lost. Either way, a four per cent cut would amount to somewhere in the range of 9000 people. Until now, this year's biggest lay-off was in May, when Microsoft began laying off about 6000 workers, nearly three per cent of its global workforce and its largest job cuts in more than two years. The cutbacks come as Microsoft continues to invest huge amounts of money in the data centres, specialised computer chips and other infrastructure needed to advance its AI ambitions. The company anticipated those expenses would cost it about $US80 billion ($A120 billion) in the last fiscal year. Its new fiscal year began on Tuesday. Microsoft's chief financial officer Amy Hood said on an April earnings call that the company was focused on "building high-performing teams and increasing our agility by reducing layers with fewer managers". The trimming of the Xbox staff follows Microsoft's years-long expansion of the business surrounding its gaming console, culminating in 2023 with the $US75.4 billion ($A115 billion) acquisition of Activision Blizzard - the California-based maker of hit franchises like Call of Duty and Candy Crush. Microsoft says it is laying off about 9000 workers, its second mass axing in months and its largest in more than two years. The tech giant began sending out lay-off notices on Wednesday that hit the company's Xbox video game business and other divisions. Among those losing their jobs are 830 workers tied to Microsoft's headquarters in Redmond, Washington, according to a notice sent to state officials on Wednesday. Microsoft said the cuts will affect multiple teams around the world, including its sales division, part of organisational changes needed to succeed in a "dynamic marketplace". The company won't say the total number of lay-offs except that it was about four per cent of the workforce it had a year ago. A memo to gaming division employees from Xbox CEO Phil Spencer said the cuts would position the video game business "for enduring success and allow us to focus on strategic growth areas". Xbox would "follow Microsoft's lead in removing layers of management to increase agility and effectiveness," Spencer wrote. Microsoft employed 228,000 full-time workers as of June 2024, the last time it reported its annual headcount. Its latest lay-offs would cut fewer than four per cent of that workforce, according to Microsoft. But it has already had at least three lay-offs this year and it's unlikely that new hiring has matched the amount lost. Either way, a four per cent cut would amount to somewhere in the range of 9000 people. Until now, this year's biggest lay-off was in May, when Microsoft began laying off about 6000 workers, nearly three per cent of its global workforce and its largest job cuts in more than two years. The cutbacks come as Microsoft continues to invest huge amounts of money in the data centres, specialised computer chips and other infrastructure needed to advance its AI ambitions. The company anticipated those expenses would cost it about $US80 billion ($A120 billion) in the last fiscal year. Its new fiscal year began on Tuesday. Microsoft's chief financial officer Amy Hood said on an April earnings call that the company was focused on "building high-performing teams and increasing our agility by reducing layers with fewer managers". The trimming of the Xbox staff follows Microsoft's years-long expansion of the business surrounding its gaming console, culminating in 2023 with the $US75.4 billion ($A115 billion) acquisition of Activision Blizzard - the California-based maker of hit franchises like Call of Duty and Candy Crush. Microsoft says it is laying off about 9000 workers, its second mass axing in months and its largest in more than two years. The tech giant began sending out lay-off notices on Wednesday that hit the company's Xbox video game business and other divisions. Among those losing their jobs are 830 workers tied to Microsoft's headquarters in Redmond, Washington, according to a notice sent to state officials on Wednesday. Microsoft said the cuts will affect multiple teams around the world, including its sales division, part of organisational changes needed to succeed in a "dynamic marketplace". The company won't say the total number of lay-offs except that it was about four per cent of the workforce it had a year ago. A memo to gaming division employees from Xbox CEO Phil Spencer said the cuts would position the video game business "for enduring success and allow us to focus on strategic growth areas". Xbox would "follow Microsoft's lead in removing layers of management to increase agility and effectiveness," Spencer wrote. Microsoft employed 228,000 full-time workers as of June 2024, the last time it reported its annual headcount. Its latest lay-offs would cut fewer than four per cent of that workforce, according to Microsoft. But it has already had at least three lay-offs this year and it's unlikely that new hiring has matched the amount lost. Either way, a four per cent cut would amount to somewhere in the range of 9000 people. Until now, this year's biggest lay-off was in May, when Microsoft began laying off about 6000 workers, nearly three per cent of its global workforce and its largest job cuts in more than two years. The cutbacks come as Microsoft continues to invest huge amounts of money in the data centres, specialised computer chips and other infrastructure needed to advance its AI ambitions. The company anticipated those expenses would cost it about $US80 billion ($A120 billion) in the last fiscal year. Its new fiscal year began on Tuesday. Microsoft's chief financial officer Amy Hood said on an April earnings call that the company was focused on "building high-performing teams and increasing our agility by reducing layers with fewer managers". The trimming of the Xbox staff follows Microsoft's years-long expansion of the business surrounding its gaming console, culminating in 2023 with the $US75.4 billion ($A115 billion) acquisition of Activision Blizzard - the California-based maker of hit franchises like Call of Duty and Candy Crush. Microsoft says it is laying off about 9000 workers, its second mass axing in months and its largest in more than two years. The tech giant began sending out lay-off notices on Wednesday that hit the company's Xbox video game business and other divisions. Among those losing their jobs are 830 workers tied to Microsoft's headquarters in Redmond, Washington, according to a notice sent to state officials on Wednesday. Microsoft said the cuts will affect multiple teams around the world, including its sales division, part of organisational changes needed to succeed in a "dynamic marketplace". The company won't say the total number of lay-offs except that it was about four per cent of the workforce it had a year ago. A memo to gaming division employees from Xbox CEO Phil Spencer said the cuts would position the video game business "for enduring success and allow us to focus on strategic growth areas". Xbox would "follow Microsoft's lead in removing layers of management to increase agility and effectiveness," Spencer wrote. Microsoft employed 228,000 full-time workers as of June 2024, the last time it reported its annual headcount. Its latest lay-offs would cut fewer than four per cent of that workforce, according to Microsoft. But it has already had at least three lay-offs this year and it's unlikely that new hiring has matched the amount lost. Either way, a four per cent cut would amount to somewhere in the range of 9000 people. Until now, this year's biggest lay-off was in May, when Microsoft began laying off about 6000 workers, nearly three per cent of its global workforce and its largest job cuts in more than two years. The cutbacks come as Microsoft continues to invest huge amounts of money in the data centres, specialised computer chips and other infrastructure needed to advance its AI ambitions. The company anticipated those expenses would cost it about $US80 billion ($A120 billion) in the last fiscal year. Its new fiscal year began on Tuesday. Microsoft's chief financial officer Amy Hood said on an April earnings call that the company was focused on "building high-performing teams and increasing our agility by reducing layers with fewer managers". The trimming of the Xbox staff follows Microsoft's years-long expansion of the business surrounding its gaming console, culminating in 2023 with the $US75.4 billion ($A115 billion) acquisition of Activision Blizzard - the California-based maker of hit franchises like Call of Duty and Candy Crush.
Perth Now
03-07-2025
- Business
- Perth Now
Thousands of jobs go as Microsoft trims workforce again
Microsoft says it is laying off about 9000 workers, its second mass axing in months and its largest in more than two years. The tech giant began sending out lay-off notices on Wednesday that hit the company's Xbox video game business and other divisions. Among those losing their jobs are 830 workers tied to Microsoft's headquarters in Redmond, Washington, according to a notice sent to state officials on Wednesday. Microsoft said the cuts will affect multiple teams around the world, including its sales division, part of organisational changes needed to succeed in a "dynamic marketplace". The company won't say the total number of lay-offs except that it was about four per cent of the workforce it had a year ago. A memo to gaming division employees from Xbox CEO Phil Spencer said the cuts would position the video game business "for enduring success and allow us to focus on strategic growth areas". Xbox would "follow Microsoft's lead in removing layers of management to increase agility and effectiveness," Spencer wrote. Microsoft employed 228,000 full-time workers as of June 2024, the last time it reported its annual headcount. Its latest lay-offs would cut fewer than four per cent of that workforce, according to Microsoft. But it has already had at least three lay-offs this year and it's unlikely that new hiring has matched the amount lost. Either way, a four per cent cut would amount to somewhere in the range of 9000 people. Until now, this year's biggest lay-off was in May, when Microsoft began laying off about 6000 workers, nearly three per cent of its global workforce and its largest job cuts in more than two years. The cutbacks come as Microsoft continues to invest huge amounts of money in the data centres, specialised computer chips and other infrastructure needed to advance its AI ambitions. The company anticipated those expenses would cost it about $US80 billion ($A120 billion) in the last fiscal year. Its new fiscal year began on Tuesday. Microsoft's chief financial officer Amy Hood said on an April earnings call that the company was focused on "building high-performing teams and increasing our agility by reducing layers with fewer managers". The trimming of the Xbox staff follows Microsoft's years-long expansion of the business surrounding its gaming console, culminating in 2023 with the $US75.4 billion ($A115 billion) acquisition of Activision Blizzard - the California-based maker of hit franchises like Call of Duty and Candy Crush.
Herald Sun
27-06-2025
- Business
- Herald Sun
Can lithium demand cause Wildcat bounce?
'Garimpeiro' columnist Barry FitzGerald has covered the resources industry for 35 years. Now he's sharing the benefits of his experience with Stockhead readers. Will battery energy storage systems bring forward the day when the lithium market flips from over to undersupply, putting a rocket under lithium prices and ASX lithium stocks in the process? It could well be the case, with the previously under-appreciated demand growth from BESS known to be a key reason behind Rio Tinto's (ASX:RIO) dive in to the lithium space, as the renewable energy sector gets both bigger and smarter. Its $10bn acquisition of Arcadium was classic straw hats in winter stuff by Rio, given the beaten-up lithium prices at the time, which are still to find a bottom. But if it's right about BESS, Rio's move into lithium may well prove to have been sweetly timed. BESS is the new high growth driver for lithium battery demand. It wasn't that long ago that a new solar or wind farm would be built without battery storage. Now utility-scale systems sit alongside renewable energy sources to improve efficiency, providing grid stability benefits as well. BESS demand is not as big as the electric vehicle sector, but its growth rate in 2024 was a phenomenal 51%. Demand growth from the EV sector was a none too shabby 26% off a higher base. High demand growth rates from EVs and BESS have continued in 2025. Combine the two and the question of when lithium demand again outstrips supply comes into sharp focus. Some forecasters suggest a supply deficit could emerge by the end of next year. It was a supply deficit that drove lithium prices to a crazy $US80,000/t ($US6,000/t for concentrates of the intermediate raw material spodumene) in late 2022. Prices are now back at $US8400/t and $US620/t respectively. Struggle town It is struggle town for all but the (very) low cost producers and means that the incentive to bring on new mines and expand existing operations to meet the growth in demand has been extinguished for the time being. That too feeds into the suggestion that the supply deficit and happier days of higher prices could be closer than equity markets think. No one is forecasting a return of prices to the boom time conditions of 2022. But there doesn't need to be for ASX-listed lithium stocks to get off the floor. That comes through in a lithium sector update (June 20) by Argonaut's Hayden Bairstow. His price targets for lithium producers and developers he follows are all well above prevailng market prices even though the price targets have been cut due to lower spodumene prices. 'We believe a (spodumene) price recovery is likely to be rapid once the market swings to a modest deficit, but the cycle is likely to be shorter given the volume of brownfield capacity that can be brought online, largely in Australia,'' Bairstow said. He now expect spot spodumene prices to peak at $US1500/t in late 2026, which is likely to trigger a re-start of existing capacity. A return to a balanced market is then forecast for 2027 before the widening deficit pushes prices higher in the long-term ($US1600/t). Wildcat pick Of the stocks mentioned by Bairstow it was Wildcat Resources (ASX:WC8) that caught Garimpeiro's eye. It was trading mid-week at 14c for a market cap of $187 million. Bairstow has it as a ''spec buy'' and has set a 40c price target. Wildcat is advancing its Tabba Tabba project in the Pilbara towards production. A pre-feasibility study is due for completion in the coming quarter. It's a world-class hard rock discovery weighing in at 74.1Mt grading 1% lithia with exploration upside. Garimpeiro mentioned Wildcat back in December when it was a 20c stock on the basis that projects like Tabba Tabba will be needed to meet the wave of demand coming for lithium from EVs and BESS. His timing for an acknowledgement from the share market that stocks like Wildcat had been oversold was obviously a bit off. But here we are with the lithium demand scenario now being juiced up by BESS. The company itself sees value in its stock as it has just announced a $5 million on-market share buyback. It is an unusual thing for a developer to do, but in Wildcat's case having $60 million in the till makes it a no-brainer given the current share price level. There is also a takeover overlay to the stock. Mineral Resources (ASX:MIN) has an 18% stake which it acquired in November 2023 for 85c a share. MinRes is a 50% partner in the big Wodgina lithium mine about 87km by road from Tabba Tabba. MinRes is busy sorting out its balance sheet and would likely entertain a bid for its stake at prices much higher than the current market price. But it could also decide, like Rio, that lithium represents a high growth opportunity and that Tabba Tabba needs to be part of its lithium story given its proximity to Wodgina. Originally published as Barry FitzGerald: Why Wildcat may the BESS buy as lithium demand goes through the roof
