News

16 Mar

Moody’s downgrades FMG, Russian billionaire sells shares

Russian billionaire Viktor Rashnikov is thought to have sold just under a sixth of his roughly 5% stake in Fortescue Metals Group, while credit agency Moody’s has  downgraded the miner’s rating. The Australian reported this week that Rashnikov, through his company Magnitogorsk Iron and Steel, took advantage of a bounce in Fortescue’s share price last week

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10 Mar

Fortescue surges on iron ore price, Vale talks

Fortescue Metals Group has enjoyed a significant share price bounce this week after it announced joint venture talks with Vale, and news from China drove iron ore prices upwards. ASX shares in Fortescue closed on Tuesday at $2.79 – up 29% over the last week. The Pilbara miner’s success was driven in part by the

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11 Dec

Fluor buys Stork

[ad_1] Fluor’s Sibur Polymer & Polypropylene Production Complex. Photo: Fluor Engineering company Fluor has acquired Netherland’s-based manufacturing and service provider Stork B.V. for €695 million (A$1.05 billion). The New York-listed Fluor announced its acquisition to the market on December 7, 2015. “The acquisition of Stork is consistent with Fluor’s goal to further enhance our integrated

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07 Dec

First Roy Hill shipment framed by slumping iron ore price

[ad_1] First Roy Hill iron ore ship the MV Anangel Explorer being loaded at Port Hedland. Photo: Roy Hill In the same week iron ore slipped below US$43 a tonne, the first shipment of iron ore has been loaded from Gina Rinehart’s Roy Hill mine in Western Australia’s Pilbara Region. Rinehart, who according to Forbes

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22 Jul

Mixed signals from Atlas boss following tough equity raising

[ad_1] Atlas Iron raised less than half of its $180m equity raising target over the window which ended last week, but managing director David Flanagan told shareholders he was “delighted” with the result. “This is an outstanding result for Atlas shareholders, for the 700 people who rely on Atlas for work and for the state

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01 Jul

Two cement silo collapses, four dead

[ad_1] Last week, ABHR looked at Cement Australia’s collapsed silo at Osborne near Port Adelaide. Two other cement silo collapses this year have had far deadlier results. Plus, more expert commentary on why silos fail. Bar a beetroot red face from embarrassment, Cement Australia got away lightly from its Port Adelaide silo collapse. While the

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17 Jun

Is iron ore’s price upturn reversing?

[ad_1] It was a disappointing offshore session for iron ore with the commodity falling for the third straight session, down 3.7% to US$62.10. According to Business Spectator, iron ore for immediate delivery to the port of Tianjin in China had fallen from its previous close of US$64.50. At issue were “ongoing concerns about the strength

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17 Jun

Not much appetite for Bis Industries’ debt

[ad_1] Banks and investors holding debt in off-road load and haul specialist Bis Industries are reported to be seeking to offload their debt at 85c in the dollar. According to The Australian’s DataRoom column, giant Japanese lender Mizuho called for bids for its debts at 85c in the dollar but was “met with an anaemic

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10 Jun

Port of Darwin bidders mull bid documents

[ad_1] According to the AFR’s StreetTalk column, potential bidders for the Port of Darwin have been absorbing the contents of a 220-page information memorandum and have until June 29 to submit first round bids. Sale documents indicate that the NT Government is not running a traditional auction where the best heeled bidder with the cheapest

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10 Jun

Iron ore up but views diverge on way ahead

[ad_1] Iron ore is up for six straight days to US$64/t. However, one financial firm sees longer term gloom and more mine closures, while another sees a rally to US$80 by year’s end. In a report this week, Goldman Sachs says that it expects the iron ore price rally, which has seen prices lift around

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