KordaMentha set to call for Moly-Cop joint lead managers
Arrium's administrator KordaMentha has brought forward plans to appoint joint lead managers on the slated $1.5 billion-plus listing of Arrium's grinding media business Moly-Cop, according to the Australian Financial Review.
A request for proposal is poised to hit pigeon-holes with two JLM positions up for grabs.
A face-to-face pitching process will start by next week, sources said.
Iron ore miners are more than breaking even
UBS analysts estimate that Fortescue requires the iron ore price to be $US32 per tonne for the company to break even, according to the Australian Financial Review.
That estimate assumed the Australian dollar was worth $US0.75. The Australian currency was worth $US0.7618 on Wednesday morning, meaning Fortescue's break-even price was likely to be slightly higher than $US32 per tonne.
The UBS analysts noted that Fortescue would be generating more than $US500 million in free-cash-flow per quarter at recent iron ore prices, “which should enable it to continue to de-gear comfortably”
Aussie mining shares have soared in comparison to UK stock
It was one of the biggest trades in the market during the mining boom, and now the share price "spreads" for BHP Billiton and Rio Tinto are in rare territory once more, according to the Sydney Morning Herald.
The dual-listed structure that both miners operate under gives investors a choice between buying shares in the companies' Australian stock or their UK stock.