Futures contracts for the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index are pointing to a flat open on Monday morning with South32 Ltd (ASX: S32) buying the remaining stake in Arizona Mining Inc (TSE: AZ).
Here’s the key headline data:
Australian Dollar ($A) (AUDUSD): 74.44 US cents
Dow Jones (DJI): down 0.3%
Oil (WTI): $US64.34 per barrel
Gold: $US1,282 per ounce
Australian Investing News
Making news in Australia today, mining company South32 announced the acquisition of the remaining shares in Canada’s Arizona Mining Inc (TSE: AZ) for $US1.3 billion. According to an ASX filing, South32 will buy the remaining 83% of shares in Arizona Mining via a plan of arrangement.
“Our all cash offer for Arizona Mining will allow us to optimise the design and development of one of the most exciting base metal projects in the industry,” South32 CEO Graham Kerr said. “We have been a major shareholder in Arizona Mining since May 2017 and an active participant in the Hermosa Project with representation on the operations committee and a nominee on the board of directors.”
Also in the news, mining contractor business Ausdrill Limited (ASX: ASL) announced the appointment of Mark Norwell as CEO. Mr Norwell was the Executive General Manager of Strategy & Growth at Thiess. He will commence in the role on 17 September 2018.
Natural gas export terminal owner Liquefied Natural Gas Ltd (ASX: LNG) announced an extension to the engineering, procurement and construction contract at its Magnolia project in the USA. The $US4.35 billion contract is now valid through to 31 December 2018.
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