Hedge fund Baupost takes stake in Liquefied Natural Gas

Seth Klarman's hedge fund Baupost has become the latest US investor to pile onto the share register of aspiring US LNG terminal developer Liquefied Natural Gas Ltd, whose shares have more than tripled in the past two months, according to the Sydney Morning Herald.

Baupost now holds a 6.69% stake in Perth-based LNG Ltd, which is developing the $US3.5 billion ($A3.7 billion) Magnolia LNG export terminal in Louisiana, according to a substantial shareholder notice lodged on Thursday.

LNG Ltd has seen a massive surge in its market value as the market became aware of the progress it is making at Magnolia LNG, which chief executive Maurice Brand says has the potential to be among the first five US gas export ventures to start shipments, subject to approvals.

Baosteel fumes over MinRes manoeuvres in Aquila fight

China’s Baosteel is furious over Perth firm Mineral Resources’ manoeuvring in the $1.4 billion takeover fight for iron ore hopeful Aquila Resources, sources close to the steel giant say, according to the Australian Financial Review.

Turkey flies as mining destination

Turkey proves that it is sometimes necessary to take the good with the bad when it comes to resources jurisdictions, reports The Australian.

This week Gulf Mines Corp (GMC) pronounced Turkey as “one of the world’s most promising and dynamic mining destinations”.

This is despite that its safety standards lag world’s best practice which last month’s death toll of 301 at the Soma coal mine illustrates.