Pinned straw:
- Release Date: 10/09/24 18:19
FIRB approval received for $1.3 billion minority stake sale in Onslow Iron haul road Mineral Resources Limited (ASX: MIN) (MinRes or Company) is pleased to announce that the Foreign Investment Review Board has provided unconditional approval for the sale of a 49% interest in the Onslow Iron haul road (Haul Road) to investment funds managed by Morgan Stanley Infrastructure Partners (MSIP) for total expected proceeds of $1,300 million.
At 28th Aug: FY24 net debt of ~$4b)
Kudos to BHP kept away from the lithium theme Read below:
Buying BHP shares? Here's why the ASX 200 miner won't be digging up lithium (fool.com.au)
Published July 28, 2023 12:11 pm AEST
But Slattery said BHP shares won't be getting an exposure to lithium. As The Australian Financial Review reports, that's because the big miner doesn't believe it can construct lithium mines at the same large scale and accompanying low costs that have made its iron ore and coal segments so profitable.
BSc, Physics
MSc, International Management
Experience:
Geraldine Slattery, President Australia, leads BHP’s Australia business comprising Iron Ore, Copper, Nickel, Metallurgical and Energy Coal operations in Western Australia, South Australia, Queensland and New South Wales.
Prior to her current role, Geraldine was President of the BHP Petroleum business headquartered in the US with Assets across the Americas, Caribbean, Australia and North Africa.
In her 30 years with BHP, Geraldine has progressively taken on more complex technical, commercial and business leadership roles in Australia, the UK and the Americas, establishing a reputation for creating value through empowered, safety, performance and growth-oriented teams. She also has extensive experience of working with partners, communities and governments in diverse jurisdictions.
Geraldine began her career in project engineering roles in Europe and Australia, within the refining and pharmaceutical sectors.
Schizophrenic market day...
Both MIN (+17%) and PLS (+13%) are suddenly good again!
Disc: Own both
MIN's announcement today about the FIRB approval of the sale of 49% of their Onslow Haul Road to investment funds managed by Morgan Stanley Infrastructure Partners (MSIP) for total expected proceeds of $1,300 million / $1.3 billion (being $1.1 billion within a couple of weeks, and $200 million later once Onslow is running near full capacity) plus reducing some discretionary spending (FIRB-Approval-and-Business-Update.PDF), was nothing unexpected - as in: it's what we all expected would happen - FIRB don't block overseas part-ownership of transport infrastructure in Australia - the Australian government welcomes it - unlike Graincorp where it was about foreign interests controlling our exports - not just the movement of those exports while still within Australia - however because MIN are now coming off such a low base (of just over $30), a +$5 move is +17%, whereas if their share price had moved up by the same dollar value just three (3) months ago - when MinRes was trading between $66 and $68/share, this move (in dollars) would have been a +7.5% move. It's still a significant move any way you look at it, and it MIGHT mean we've hit the bottom, but I don't think so. Not yet.
Wih PLS, we could well have seen the bottom, but it's still not in a sustained uptrend yet, just a bounce off a recent new low, and PLS is over 20% shorted, so when it does rise, we often get some short covering which builds on the rise. I'd be more convinced if we saw them string 3 or 4 days of rises together however.
