South32 offloads Colombia nickel mine Cerro Matoso to global industrial conglomerate CoreX
The deal will see CoreX — established by Turkish billionaire Robert Yuksel Yildirim in 2024 — pay nominal consideration and assume economic and operating control of Cerro Matoso, including all current and future liabilities.
Announcing the deal on Monday, WA-based South32 said the transaction followed a strategic review in response to structural changes in the nickel market.
CoreX will make future cash payments of up to $US100m, including up to $US80m of price-linked consideration based on future production and nickel prices, as well as up to $US20m, in four equal payments, based on permitting milestones within the next five years for the Queresas and Porvenir North project.
'The transaction is consistent with our strategy and will further streamline our portfolio toward higher margin businesses in minerals and metals critical to the world's energy transition,' outgoing South32 chief executive Graham Kerr said.
'Cerro Matoso has a long and proud history in Colombia. Over the coming months we will work with the Buyer, our workforce, the local communities, government, customers and suppliers to support a successful transition of ownership.'
More to come.
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The Advertiser
2 hours ago
- The Advertiser
Parents back push to expand child care subsidy options
A push to expand Australia's childcare subsidy to include more care options has the support of parents, advocates and politicians as the government remains focused on improving standards at existing centres. A bill empowering authorities to strip funding from childcare operators who fail to meet safety standards, among other measures, was this week fast-tracked during the first sitting of the 48th federal parliament. Operators who fall down on quality, safety and compliance standards could be cut out of subsidies, which typically cover a large proportion of parents' fees, and also blocked from opening new centres. Education Minister Jason Clare says he doesn't want to see funding removed and that the legislation should more compel providers to improve standards in the wake of recent abuse cases. The crackdown is part of the government's promise to guarantee universal access to early education and while welcomed by parents and advocates, there are also calls for a national early-childhood commission to ensure consistent oversight and accountability. Advocacy group For Parents has gone a step further, launching a petition calling on the government to provide equitable support for families who choose alternatives to centre-based care. In an economy where most families need both parents to work, there should be more choice when it comes to childcare, says co-founder Cecelia Cobb. "This is about giving families more freedom because the way that the subsidy currently works is that centre-based childcare is the only option many can afford," she told AAP. "There is a huge potential for additional workplace participation, as lots of people delay going back to work until they can get into their preferred centre." The childcare subsidy is predicted to exceed $16.2 billion in 2025/26 and helps families manage childcare costs but access and the amount depend on specific eligibility criteria. Yet services such as BubbaDesk and CoWork Creche, which combine co-working spaces with flexible childcare, are not supported by the subsidy. While the price per day is based on the average of local daycare centres, the lack of subsidy means many parents cannot afford to use the service. "The demand is huge as traditional daycare doesn't always fit with people's needs," BubbaDesk founder Lauren Perrett said. "When you become a parent, you wonder why close-proximity care hasn't been built into traditional office spaces - it's a no-brainer. "Parents are delaying their return to work and considering not returning at all because they don't feel their kids are safe in out-of-home care and the instinct is to keep our babies close." Illawarra-based mum Jenna Bush placed her baby girl Grace on multiple childcare waitlists when she was born but received few placement offers. The one place she was offered and toured gave her the "ick" and she could not bring herself to enrol Grace there. Instead, she started using BubbaDesk as she was able to work remotely from the co-working space. "Being in close proximity and having that contact to her throughout the day gives me that peace of mind," she said. "But financially, even though I can claim some of the co-working part through tax, reducing that fortnightly payment would be really helpful if the subsidy was expanded." Liberal senator Maria Kovacic is among those backing the For Parents petition. She says it's not about "tearing down" formal childcare centres. "Expanding the subsidy in the way these families are calling for would not only deliver flexibility," she told parliament on Wednesday. "It would (also) begin to recognise in a tangible way the value of informal care and the unpaid labour that holds up our economy and our communities." A push to expand Australia's childcare subsidy to include more care options has the support of parents, advocates and politicians as the government remains focused on improving standards at existing centres. A bill empowering authorities to strip funding from childcare operators who fail to meet safety standards, among other measures, was this week fast-tracked during the first sitting of the 48th federal parliament. Operators who fall down on quality, safety and compliance standards could be cut out of subsidies, which typically cover a large proportion of parents' fees, and also blocked from opening new centres. Education Minister Jason Clare says he doesn't want to see funding removed and that the legislation should more compel providers to improve standards in the wake of recent abuse cases. The crackdown is part of the government's promise to guarantee universal access to early education and while welcomed by parents and advocates, there are also calls for a national early-childhood commission to ensure consistent oversight and accountability. Advocacy group For Parents has gone a step further, launching a petition calling on the government to provide equitable support for families who choose alternatives to centre-based care. In an economy where most families need both parents to work, there should be more choice when it comes to childcare, says co-founder Cecelia Cobb. "This is about giving families more freedom because the way that the subsidy currently works is that centre-based childcare is the only option many can afford," she told AAP. "There is a huge potential for additional workplace participation, as lots of people delay going back to work until they can get into their preferred centre." The childcare subsidy is predicted to exceed $16.2 billion in 2025/26 and helps families manage childcare costs but access and the amount depend on specific eligibility criteria. Yet services such as BubbaDesk and CoWork Creche, which combine co-working spaces with flexible childcare, are not supported by the subsidy. While the price per day is based on the average of local daycare centres, the lack of subsidy means many parents cannot afford to use the service. "The demand is huge as traditional daycare doesn't always fit with people's needs," BubbaDesk founder Lauren Perrett said. "When you become a parent, you wonder why close-proximity care hasn't been built into traditional office spaces - it's a no-brainer. "Parents are delaying their return to work and considering not returning at all because they don't feel their kids are safe in out-of-home care and the instinct is to keep our babies close." Illawarra-based mum Jenna Bush placed her baby girl Grace on multiple childcare waitlists when she was born but received few placement offers. The one place she was offered and toured gave her the "ick" and she could not bring herself to enrol Grace there. Instead, she started using BubbaDesk as she was able to work remotely from the co-working space. "Being in close proximity and having that contact to her throughout the day gives me that peace of mind," she said. "But financially, even though I can claim some of the co-working part through tax, reducing that fortnightly payment would be really helpful if the subsidy was expanded." Liberal senator Maria Kovacic is among those backing the For Parents petition. She says it's not about "tearing down" formal childcare centres. "Expanding the subsidy in the way these families are calling for would not only deliver flexibility," she told parliament on Wednesday. "It would (also) begin to recognise in a tangible way the value of informal care and the unpaid labour that holds up our economy and our communities." A push to expand Australia's childcare subsidy to include more care options has the support of parents, advocates and politicians as the government remains focused on improving standards at existing centres. A bill empowering authorities to strip funding from childcare operators who fail to meet safety standards, among other measures, was this week fast-tracked during the first sitting of the 48th federal parliament. Operators who fall down on quality, safety and compliance standards could be cut out of subsidies, which typically cover a large proportion of parents' fees, and also blocked from opening new centres. Education Minister Jason Clare says he doesn't want to see funding removed and that the legislation should more compel providers to improve standards in the wake of recent abuse cases. The crackdown is part of the government's promise to guarantee universal access to early education and while welcomed by parents and advocates, there are also calls for a national early-childhood commission to ensure consistent oversight and accountability. Advocacy group For Parents has gone a step further, launching a petition calling on the government to provide equitable support for families who choose alternatives to centre-based care. In an economy where most families need both parents to work, there should be more choice when it comes to childcare, says co-founder Cecelia Cobb. "This is about giving families more freedom because the way that the subsidy currently works is that centre-based childcare is the only option many can afford," she told AAP. "There is a huge potential for additional workplace participation, as lots of people delay going back to work until they can get into their preferred centre." The childcare subsidy is predicted to exceed $16.2 billion in 2025/26 and helps families manage childcare costs but access and the amount depend on specific eligibility criteria. Yet services such as BubbaDesk and CoWork Creche, which combine co-working spaces with flexible childcare, are not supported by the subsidy. While the price per day is based on the average of local daycare centres, the lack of subsidy means many parents cannot afford to use the service. "The demand is huge as traditional daycare doesn't always fit with people's needs," BubbaDesk founder Lauren Perrett said. "When you become a parent, you wonder why close-proximity care hasn't been built into traditional office spaces - it's a no-brainer. "Parents are delaying their return to work and considering not returning at all because they don't feel their kids are safe in out-of-home care and the instinct is to keep our babies close." Illawarra-based mum Jenna Bush placed her baby girl Grace on multiple childcare waitlists when she was born but received few placement offers. The one place she was offered and toured gave her the "ick" and she could not bring herself to enrol Grace there. Instead, she started using BubbaDesk as she was able to work remotely from the co-working space. "Being in close proximity and having that contact to her throughout the day gives me that peace of mind," she said. "But financially, even though I can claim some of the co-working part through tax, reducing that fortnightly payment would be really helpful if the subsidy was expanded." Liberal senator Maria Kovacic is among those backing the For Parents petition. She says it's not about "tearing down" formal childcare centres. "Expanding the subsidy in the way these families are calling for would not only deliver flexibility," she told parliament on Wednesday. "It would (also) begin to recognise in a tangible way the value of informal care and the unpaid labour that holds up our economy and our communities." A push to expand Australia's childcare subsidy to include more care options has the support of parents, advocates and politicians as the government remains focused on improving standards at existing centres. A bill empowering authorities to strip funding from childcare operators who fail to meet safety standards, among other measures, was this week fast-tracked during the first sitting of the 48th federal parliament. Operators who fall down on quality, safety and compliance standards could be cut out of subsidies, which typically cover a large proportion of parents' fees, and also blocked from opening new centres. Education Minister Jason Clare says he doesn't want to see funding removed and that the legislation should more compel providers to improve standards in the wake of recent abuse cases. The crackdown is part of the government's promise to guarantee universal access to early education and while welcomed by parents and advocates, there are also calls for a national early-childhood commission to ensure consistent oversight and accountability. Advocacy group For Parents has gone a step further, launching a petition calling on the government to provide equitable support for families who choose alternatives to centre-based care. In an economy where most families need both parents to work, there should be more choice when it comes to childcare, says co-founder Cecelia Cobb. "This is about giving families more freedom because the way that the subsidy currently works is that centre-based childcare is the only option many can afford," she told AAP. "There is a huge potential for additional workplace participation, as lots of people delay going back to work until they can get into their preferred centre." The childcare subsidy is predicted to exceed $16.2 billion in 2025/26 and helps families manage childcare costs but access and the amount depend on specific eligibility criteria. Yet services such as BubbaDesk and CoWork Creche, which combine co-working spaces with flexible childcare, are not supported by the subsidy. While the price per day is based on the average of local daycare centres, the lack of subsidy means many parents cannot afford to use the service. "The demand is huge as traditional daycare doesn't always fit with people's needs," BubbaDesk founder Lauren Perrett said. "When you become a parent, you wonder why close-proximity care hasn't been built into traditional office spaces - it's a no-brainer. "Parents are delaying their return to work and considering not returning at all because they don't feel their kids are safe in out-of-home care and the instinct is to keep our babies close." Illawarra-based mum Jenna Bush placed her baby girl Grace on multiple childcare waitlists when she was born but received few placement offers. The one place she was offered and toured gave her the "ick" and she could not bring herself to enrol Grace there. Instead, she started using BubbaDesk as she was able to work remotely from the co-working space. "Being in close proximity and having that contact to her throughout the day gives me that peace of mind," she said. "But financially, even though I can claim some of the co-working part through tax, reducing that fortnightly payment would be really helpful if the subsidy was expanded." Liberal senator Maria Kovacic is among those backing the For Parents petition. She says it's not about "tearing down" formal childcare centres. "Expanding the subsidy in the way these families are calling for would not only deliver flexibility," she told parliament on Wednesday. "It would (also) begin to recognise in a tangible way the value of informal care and the unpaid labour that holds up our economy and our communities."
Perth Now
3 hours ago
- Perth Now
Parents back push to expand child care subsidy options
A push to expand Australia's childcare subsidy to include more care options has the support of parents, advocates and politicians as the government remains focused on improving standards at existing centres. A bill empowering authorities to strip funding from childcare operators who fail to meet safety standards, among other measures, was this week fast-tracked during the first sitting of the 48th federal parliament. Operators who fall down on quality, safety and compliance standards could be cut out of subsidies, which typically cover a large proportion of parents' fees, and also blocked from opening new centres. Education Minister Jason Clare says he doesn't want to see funding removed and that the legislation should more compel providers to improve standards in the wake of recent abuse cases. The crackdown is part of the government's promise to guarantee universal access to early education and while welcomed by parents and advocates, there are also calls for a national early-childhood commission to ensure consistent oversight and accountability. Advocacy group For Parents has gone a step further, launching a petition calling on the government to provide equitable support for families who choose alternatives to centre-based care. In an economy where most families need both parents to work, there should be more choice when it comes to childcare, says co-founder Cecelia Cobb. "This is about giving families more freedom because the way that the subsidy currently works is that centre-based childcare is the only option many can afford," she told AAP. "There is a huge potential for additional workplace participation, as lots of people delay going back to work until they can get into their preferred centre." The childcare subsidy is predicted to exceed $16.2 billion in 2025/26 and helps families manage childcare costs but access and the amount depend on specific eligibility criteria. Yet services such as BubbaDesk and CoWork Creche, which combine co-working spaces with flexible childcare, are not supported by the subsidy. While the price per day is based on the average of local daycare centres, the lack of subsidy means many parents cannot afford to use the service. "The demand is huge as traditional daycare doesn't always fit with people's needs," BubbaDesk founder Lauren Perrett said. "When you become a parent, you wonder why close-proximity care hasn't been built into traditional office spaces - it's a no-brainer. "Parents are delaying their return to work and considering not returning at all because they don't feel their kids are safe in out-of-home care and the instinct is to keep our babies close." Illawarra-based mum Jenna Bush placed her baby girl Grace on multiple childcare waitlists when she was born but received few placement offers. The one place she was offered and toured gave her the "ick" and she could not bring herself to enrol Grace there. Instead, she started using BubbaDesk as she was able to work remotely from the co-working space. "Being in close proximity and having that contact to her throughout the day gives me that peace of mind," she said. "But financially, even though I can claim some of the co-working part through tax, reducing that fortnightly payment would be really helpful if the subsidy was expanded." Liberal senator Maria Kovacic is among those backing the For Parents petition. She says it's not about "tearing down" formal childcare centres. "Expanding the subsidy in the way these families are calling for would not only deliver flexibility," she told parliament on Wednesday. "It would (also) begin to recognise in a tangible way the value of informal care and the unpaid labour that holds up our economy and our communities."
West Australian
11 hours ago
- West Australian
Ryan Daniels: Inside Harley Reid's contract talks and the multi-million dollar offers on the table
It wasn't quite high-powered Wall Street execs in Armani suits, marching in to close a billion-dollar deal — but the stakes, in a footy sense, were just as high. Harley's Melbourne-based manager Nick Geischen rolled into town, and while he didn't utter the words 'Show Me the Money', he didn't need to. The phrase was emanating from his $24 million smile. It's been a hectic week in Harley-world, with a somewhat surprising shift in the situation. Earlier this year, the Eagles put forward multiple contract options to Harley's team. Three, five, seven-year deals — a pick-your-own-adventure approach. Nothing came of it. which had people thinking — he's gone. Even before the Eagles drafted him, there was talk Harley would bail. That the Eagles would be better off trading the pick. Victorian journalist Sam McLure now famously declared 'they won't pick him, Mitch (Cleary)' — suggesting West Coast would be better off passing on one of the most prodigious talents the draft has seen in years — just to avoid the inevitable messy exit. It's always been perceived as a matter of when Harley will leave, not if . Then, the twist. Geischen had come bearing gifts — a proposal for West Coast. An 11-year deal. $2.2 million per year, on average. $24 million all up. The largest deal in AFL history. More money per year than Australian cricket captain Pat Cummins. Unprecedented numbers across the board. While it sounds like monopoly money, in 11 years, $2.2 million won't be as crazy as it sounds right now. By then, Harley will be 32 and potentially edging out of his prime — but with the growth of the AFL's salary cap, he might end up a bargain at some stage. Remember, back in 1994 Alastair Lynch signed a ten-year deal for $1 million — at $100,000 per season, people lost their minds at the money. By the time Lynch retired, he was woefully underpaid. As part of this proposed deal, Harley would have the option to leave after two years. If not, he'd be here until the end of 2037. Let that sink in. In 2037 we might actually have flying cars and robot slaves. Or we'll be slaves to the robots. I'll be 54 years old. Bring me a pair of warm slippers, a glass of prune juice, and cap it off with a few episodes of Murder She Wrote. Maybe my idea of what it's like to be 54 is a little dated — but you get the point — 2037 is an eternity away. Harley's people bringing this to the table signals his intention to stay — if terms can be agreed. So, what's changed? Nothing, really. All along we've heard Harley, the Eagles, even his management declare the young midfielder was taking his time, happy in Perth. In recent weeks Reid's form has elevated, he's exhibiting an edge, leadership around the club. He's forming strong bonds with teammates. My understanding is he's told Andrew McQualter he wants to stay. At 20, he's living on his own, cooking, cleaning, he's got a dog. He's handling the media/fan pressure superbly. Some 20-year-olds can barely remember to flush the toilet. This kid is settled. Credit to the Eagles for an environment where a country kid from the other side of Australia feels comfortable, happy. Saying that, nothing is guaranteed here. The new proposal isn't quite a gun to the head, an ultimatum — but it's not miles off it. This is how keeping Harley Reid looks. If that's too rich, there will be other suitors. It's a fairly simple situation — other than the overwhelming commitment. That's the holdup, if there is one. No one saw this coming. Not even the Eagles. The deal, or at least the sheer enormity of it, has blindsided West Coast. They've taken a pause. In the month following the contract proposal landing in their inbox, there's been no response. Some meals take a lot longer to digest, and this is like going to a steak joint and being served an entire cow. Don't panic Eagles fans, they know what they have in Harley. They love him. If they believe they've found the sun which all other planets can rotate around, that he could be their Dustin Martin, their Patrick Dangerfield, then they need to do it. Maybe it's a slight variation of this proposed deal, a happy compromise, but they can't get too cute here. Harley could be the AFL's best player within a few years. Yes, a deal that long, with that kind of financial commitment comes with risk. In my opinion, it's a risk worth taking. This kid is special. He wants to be here and he's box office. After a disastrous four years at the West Coast Eagles, the signature of Harley Reid would be a significant victory and a sign that things might finally be turning around. Years of endless chat about a move back to Victoria for Harley, now the Eagles have a chance to keep their man. They just need to sign on the dotted line.
