Glencore eyes $1 billion train sale
Debt-pressed Glencore has opened discussions about the sale of its highly strategic Hunter Valley train business in a move that could profoundly reshape the competitive framework of the national coal export chain, according to the Australian Financial Review.
Glencore, which is Australia's biggest thermal coal producer and which draws slightly more than half of its 98 million tonnes of annual production from its Hunter Valley mine complex, got into the train business back in 2010.
Sodexo wins $2.5b contract to manage FIFO camps for Rio Tinto iron ore division
French group Sodexo was chosen on Wednesday to run all of the villages for Rio's iron ore division in the Pilbara region of Western Australia, in a deal estimated to be worth $2.5 billion over its 10-year life, according to the Sydney Morning Herald.
The decade term is much longer than the traditional three- or five-year contracts to run the FIFO villages, and is one of several ways Rio and Sodexo were able to strike a deal competitive for both parties.
Mineral exploration companies jump ship from ASX
The erosion of struggling mineral exploration companies from the Australian Securities Exchange picked up pace in the December quarter, with 25 companies delisting, entering administration or switching their focus to another industry, according to the Australian Financial Review.
On the back of low commodity prices, investors have predominantly turned away from junior resources stocks, with the exception of a number of gold and lithium plays, prompting cash-strapped companies to act.
