Australia / New Zealand

S&P Global Ratings changed the outlook of Australia's Woodside from "stable" to "negative" after the company made a final decision on investment for $17.5 billion in its Louisiana liquefied gas project. The rating agency stated that Woodside's decision to move forward with the project, without a substantial sell-down of the offtake exposure, has reduced the headroom for ratings. The agency has affirmed Woodside's 'BBB+ long-term issuer rating' and 'BBB+ long-term issuer ratings'. The Australian oil and Gas Company approved an LNG project worth billions of dollars in Louisiana earlier this week. They were confident that the U.S. government would be...

Amitava Mukherjee, chairman of the Indian miner NMDC, said that it is looking for coking coal assets in Indonesia and Australia. Coking coal is a key ingredient used to make iron ore and styrene. India, which is the second largest producer of crude iron and steel in the world, imports 85% of coking coal. More than half of Australia's coking-coal imports are accounted for by the country. Mukherjee stated that the company views this as an opportunity for business. The negotiations (for explorations) are at different stages. Due to confidentiality, he did not reveal the specifics of these discussions. NMDC,...

Ampol, Australia's largest fuel retailer, reported on Wednesday a drop of 49% in its first-quarter refinery margins at its Lytton Refinery in Queensland. The company cited a decline in Singapore refining profits -- a key indicator for Asia. The company reported that its Lytton Refinery margin dropped to $6.07 a barrel in the first three months, from $11.80 a barrel last year. The Lytton Refinery's quarterly production dropped by 5.7%, to 1.30 billion, due to the ten-day delay in production to prepare for Cyclone Alfred. The oil refineries have seen their profitability fall due to the slowing of economic growth...

The Australian share market posted marginal gains Tuesday, supported mainly by energy stocks and mining companies. However, the gains were limited, as consumer discretionary firms suffered due to U.S. China trade tensions, and domestic political uncertainties. The S&P/ASX 200 Index held steady, with a 0.2% gain at 7,766.80 by 1232 GMT. The iron ore price and metals prices have been strong, helping to extend gains for a fourth straight session. Shares in industry giants Rio Tinto BHP and Fortescue increased between 0.5% to 1.5%. Energy stocks gained more than 1% on the back of higher oil prices due to tariff...

New Zealand and Australia announced on Thursday that they were each working with other countries on a potential joint response to bolster free trade in the face of a barrage U.S. Tariffs. Christopher Luxon, the New Zealand Prime Minister, said that he spoke with leaders from Singapore, Vietnam, and Malaysia as well as with the head of the executive of the European Union about international trade. Luxon, in a speech he gave on Thursday, floated the idea that members of the European Union and Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) could work together. The global trade system has been...

Peabody Energy announced on Tuesday that it is reviewing all options in relation to its $3.78 Billion acquisition agreement with Anglo American, for some of the Australian steelmaking coal assets. This was after an ignition incident at a mine. The deal was signed in the last year, and it was expected to be completed by mid-2025. Media reports claim that production at Anglo American Moranbah North Mine, located in Queensland's Bowen Basin, Australia, was suspended last week after an underground fire broke-out at the mine. Peabody stated that it is in constant communication with Anglo American, to better understand its...

The "Buy Canadian' movement has sent new waves of concern to the U.S. consumer companies who had hoped to sell their products in Canadian retail stores. Jessica Hung, CEO of California-based Parasol Co, said that the company has been working with a distributor since January to increase sales to new retailers, including convenience shops, in Canada. Hung said that the distributor, whom she declined to identify, had stopped working on the deal in early March due to the growing anti-American sentiment? Canada. Hung, referring the distributor, said that "they were instructed by a retail to pause any American-brand launch." They...

Paladin Energy, an Australian uranium company, announced on Friday that it temporarily suspended operations at its Langer Heinrich Mine due to heavy rains in Namibia. This sent its shares to a record low of over a week. Paladin stated that the severe weather has caused access to the mine to be severely restricted and all activities suspended. The Langer Heinrich Mine, which is owned by 75% of the company, is an important contributor to its production. As of 2339 GMT the shares of Australia's largest pure-play uranium mining company fell by as much as 8,9%, reaching their lowest level since...

The Securities Regulator said that Australia's Federal Court ordered superannuation funds Active Super and SuperSuper to pay A$10,5 million ($6.70m) in penalties for misleading statements about their environmental credentials. The Federal Court found Active Super guilty in June of misleading statements about its environmental, governance, and social credentials. The Australian Securities and Investments Commission filed a lawsuit in 2023 against Active Super to challenge the fund's claim that it had divested itself from gambling, coal, oil tarsands and Russian investments. ASIC reported on Tuesday that Active Super had direct and indirect investments in SkyCity Entertainment Group and Russian company Gazprom...

The shares of Viva Energy Group plunged by 25% on Tuesday to their lowest level ever as the Australian fuel retailer missed its full-year profit forecasts and warned that challenging trading conditions will weigh on first-half earnings. The stock price dropped by nearly A$1 billion (635 million dollars) after it was listed in July 2018. This wiped out almost A$1 billion of the market capitalisation for the company, which is now A$2.86 Billion. Viva Energy’s underlying profit fell 20% to A$254.2 in 2024. This was below Visible Alpha’s consensus estimate of A$260.6, which had been provided. "Group performance has been...

Ampol, an Australian fuel retailer, saw its shares fall by nearly 10% after the company reported a sharp decline in annual profits and declared its lowest dividend in over a decade. Ampol announced a final dividend per share of 5 Australian Cents, down from 120 Aucents a year ago. This is also below Visible Alpha’s consensus estimate, which was 7 Aucents. As of 0010 GMT the shares of the company had fallen 4.3%, while the benchmark index was down by 0.6%. Ampol reported a net profit of A$234.8 (149.5) million on a replacement-cost basis for the period ended December 31...

Anglo American announced on Tuesday that it would sell its nickel mining business to an MMG Ltd unit listed in Hong Kong for up to $500m. A broader restructuring is underway to focus its operations on iron ore and copper. Nickel business in Brazil includes two ferronickel projects and two greenfields. Anglo will receive $350 million upon completion, up $100 million as a price-linked gainout, and an additional $50 million for potential project development, according to a company statement. Together, the assets produce around 38,000 metric tonnes of nickel each year. In January, the metal's price fell to a record...

A government official revealed on Monday that the Indian government had discussed with banks an order by a court to cancel JSW Steel’s four-year old buyout of Bhushan Steel and Power, and was finalising its response. The Supreme Court nullified JSW’s takeover of Bhushan Steel four years ago, under the country’s insolvency laws, and ordered its liquidation. This affected the deal’s bankers who had been paid. "I've already discussed (the order with) all lenders." We have taken a stance, we've studied the judgement and we've gotten our lawyers' opinion on the judgment," M Nagaraju said, secretary of India's Department of...

Metservice, the New Zealand government's weather forecaster, said that most severe weather warnings in New Zealand had been lifted by Friday. Wellington, New Zealand's capital, was hit with the strongest winds it has seen in over a decade. Schools and offices were closed and flights cancelled. In the Canterbury region in the middle South Island, heavy rainfall caused flooding and landslides. A few people were forced to evacuate. As there is still flooding on the surface and road closures, both Christchurch City and Selwyn District are in a state of emergency. Selwyn District Council stated in a post on Facebook...

The U.S. Department of Defense has transferred control of an artificial intelligence program created by the U.S. Government that predicts the supply and prices of critical minerals to a non profit organization, which is assisting miners and manufacturers in striking supply deals. The Open Price Exploration for National Security AI Metals program, launched by the U.S. Department of Defense in late 2023, is an effort to counter China’s sweeping control of critical minerals, as reported last summer. Rob Strayer is the president of the Critical Minerals Forum, which includes more than 30 mining firms, manufacturers, and investors, including Volkswagen. They...

Rio Tinto announced on Thursday that 19,35% of shareholders voted in favor of a review of their dual-listed company structure. According to UK regulations, the company would have been required to consult with more shareholders if a vote was cast of more than 20%. Palliser Capital, an activist investor, has been campaigning for Rio Tinto to merge the London-listed and Sydney-listed companies into one holding company in Australia. Palliser claims that removing the current structure would unlock value of $28 billion for Rio Tinto London shareholders. The AGM in London on April 3 was a vote by British shareholders of...

The gold price has stabilized after reaching a new record high. There are early signs of consolidation in the wake of a rally fueled by fears about Donald Trump's policies on trade. The price of gold slipped to $3,287.72 per ounce, a 6.1% drop from its all-time high of $3,500.05 on April 22, a decline that was accompanied by a decline in the number. Spot gold has still risen 30% since its low price of $2,536.71 per ounce in November 2014, the day after Trump won the election over former Vice President Kamala Harris. World Gold Council data shows that...

Rio Tinto failed to modernise its agreement with the Aboriginal group on whose land it mines iron ore. The group claimed that Rio Tinto had not fulfilled a five-year-old commitment when it destroyed a significant Aboriginal heritage site. Rio Tinto has pledged to reform their business practices following the destruction of 46,000 year old rock shelters at Juukan Gorge in Western Australia for an iron ore mining in 2020. The destruction led to a public outcry and investor anger, a government investigation and the eventual departure of its CEO and Chair. Deanna McGowan, of the Robe River Kuruma Aboriginal Corporation,...

A U.S. delegation led by an ex-official of the Trump administration is scheduled to visit Greenland next week to explore potential investment opportunities within the vast natural resources on this Arctic island. Since Donald Trump's inauguration in January, the U.S. has become more interested in Greenland. This self-governing territory is a Danish territory. The increased interest has caused tensions between Washington and Copenhagen. Trump has refused to exclude the possibility of taking Greenland militarily if Denmark refuses to sell it. This is the first visit by a delegation from the private sector to the Arctic Island since Jens-Frederik Nielsen, the...

To navigate the increasingly complex West African landscape, international mining companies should look at joint ventures with partners local and dual listing on regional stock exchanges. In West Africa, military-led governments have shattered the mining industry by rewriting contracts and detaining executives. They also suspended operations in order to gain greater control of natural resources. The threat of jihadist attacks on mining companies has also increased, and some exploration activities have been suspended. Adama Soro is the president of West African Federation of Chambers of Mines. He said that big miners need to adapt and meet governments' increasing demands for...

ASX, the Australian stock exchange operator, announced on Sunday that they had begun a process to implement their rules for shareholder approvals of mergers and purchases. The ASX announced its decision to review the listing process a day before fibre-cement manufacturer James Hardie said it would conduct a shareholder vote prior to making any decisions to change its ASX listings status. Investors in Australia recently called for a review of the listing rules. They argued that it is unfair that companies are able to issue shares without shareholder approval. James Hardie proposed to acquire AZEK for $8.75 billion, and they...

The Australian centre-left Labor Government pledged on Thursday an initial investment A$1.2 billion (roughly $763 million) in order to establish a strategic reserve for critical minerals. It is looking to create a different supply chain within a Chinese dominated market. The Prime Minister Anthony Albanese said that the reserve, which is expected to be established in nine days, would use the mineral deposits of the country and increase its economic resilience. Albanese stated in a press release that "we need to do more" with the natural resources needed by the world, which Australia can provide. After President Donald Trump imposed...

A group of investors called for the review of Australia's listings rules. They claimed it was "unreasonable", that companies could issue large amounts of shares without shareholder approval to fund acquisitions. Investors wrote to the Australian Stock Exchange on Wednesday, stating that James Hardie's proposed $8.75 billion purchase of AZEK would dilute the interests of existing AZEK shareholders and "irreversibly alter their rights" without a vote. Investors, including top pension funds AustralianSuper and UniSuper and institution investors Schroder Investment and Fidelity Australia, called on ASX to require shareholder approval for any share issuance over a certain threshold and for listing...

Australian shares closed higher on Thursday, as miners benefited from higher commodity prices. Domestic rate-cut bets were not deterred by the rebound in jobs. The S&P/ASX 200 Index rose by 0.7%, closing at 7,813. The benchmark index recovered from a two week losing streak caused by U.S. president Donald Trump's sweeping Tariffs. It closed the holiday-shortened weekend 1.4% higher. As iron ore prices rose on strong near-term demand, miners gained 1.5% and lifted the benchmark. BHP was the only major miner to rise 1.2%, despite a decline in third-quarter production of iron ore from Western Australia operations, which fell from...