July 29, 2008
July 29th (Steel Guru) – It is reported that Royal Boskalis Westminster has been awarded a EUR 145 million contract by Rio Tinto for the expansion of its iron ore port facility at Cape Lambert in Western Australia. The contract is due to be completed in the second half of 2010.
The assignment includes the dredging of new berth pockets, turning and departure basins and an access channel and will be executed with a combination of cutters and hoppers. The contract is conditional on Rio Tinto obtaining various approvals, including environmental.
Boskalis officials said that “Global demand for maritime infrastructure continues to be strong. Specifically, large scale projects in such as Cape Lambert are driven by the strong demand for energy and natural resources. Boskalis can successfully capitalize on these developments through its global presence and its selective contracting policy.”
Mr Peter Berdowski CEO of Boskalis said that “As a consequence of the recently acquired projects in Dubai and Australia, our fleet is well utilized through 2009. The margins on these new projects are healthy despite increases in operational cost items such as fuel and steel. Furthermore, the margin development on current projects is in line with our previous expectations.”
July 24, 2008
July 24th (Business Spectator) – Australiasian Resources Ltd’s shares have surged 32.6 per cent to $1.585 after it announced it had received a $327 million takeover proposal from Billionaire Clive Palmer, who is planning to establish a new Australian resources group.
The iron ore miner said it had received a takeover proposal from Mr Palmer’s company Resource Development International Ltd (RDI), which already holds a 66.37 per cent stake in Australasian.
Under the proposal, RDI has placed a notional price of $2.20 on each Australasian share. Shareholders who accept the offer would be paid in RDI shares.
Mr Palmer wants to create a resources group to rival BHP Billiton and Rio Tinto and plans to list RDI, and if successful complete its merger with Australasian, by late 2008.
Australasian has been working to develop its proposed $2.7 billion iron ore mine, Balmoral South, in Western Australia with Chinese company Shougang Corp, which has a significant investment in the miner of 6.36 per cent.
It has been reported that Mr Palmer is seeking Chinese investment for his company, and would approach Shougang and Baosteel, seeking financial interest.
RDI will have a portfolio that includes iron ore, with a 10-billion tonne iron ore resource in the Pilbara, nickel, including the proposed Gladstone nickel project and steel mill, and other energy interests.
Through a strategic alliance MEO Australia is set to become the core of the new group’s energy division, while keeping a separate listing.