News Wrap

IN THIS morning’s News Wrap: Australia still part of Tom Albanese's future; Minority shareholders double down on ERA; and Rinehart says kids' claims ‘dishonest’.

Lou Caruana

Australia still part of Tom Albanese's future

Former Rio Tinto chief executive Tom Albanese says Australia will remain part of the plan for his soon to be expanded company, Vedanta Resources, as it embarks on an $US11 billion merger with Cairn India, according to the Sydney Morning Herald.

Vedanta's only exposure to Australia is through the historic Mt Lyell copper mine on the west coast of Tasmania, which was shut down last year after three deaths there in the space of six weeks.

Minority shareholders double down on ERA

The uranium miner beside Kakadu National Park may have lost 70% of its value in the past week, but that has not stopped the company's second-biggest shareholder increasing his stake in recent days, according to the Sydney Morning Herald.

In a potentially significant move, Singapore hedge fund manager Richard Magides has grown his stake in Energy Resources of Australia (ERA) during the four trading days since the company announced it would not proceed with a crucial mine expansion.

Rinehart says kids' claims ‘dishonest’

Lawyers for Hancock Prospecting chief Gina Rinehart say claims by her eldest children that she secretly transferred mining assets out of a family trust were a “dishonest case that was dishonestly made”, according to the Sydney Morning Herald.

Rinehart's barrister Bruce McClintock, SC, told the Federal Court Wednesday Rinehart disputed the case brought by John Hancock and Bianca Rinehart.

topics

loader