Rinehart's US bets near $5b, spill into Canadian copper, uranium
The mining magnate's portfolio grew by about $900 million to $4.7 billion in the three months to the end of June, according to filings with the US Securities and Exchange Commission from Rinehart's private company Hancock Prospecting.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
10 hours ago
- ABC News
Tariffs are beginning to push US prices higher, says BlueScope CEO
BlueScope chief executive, Mark Vassella told The Business he's seen the impact of US tariffs on prices but the full impact is yet to play out.
Sydney Morning Herald
12 hours ago
- Sydney Morning Herald
Pacgold snaps up Queensland gold-antimony project
ASX-listed Pacgold Limited has added some serious sparkle to its exploration portfolio after locking in a farm-in agreement to acquire up to 100 per cent of the St George gold-antimony project in northern Queensland's Hodgkinson Province. Pacgold now holds the reins to a massive 905-square-kilometre patch 450 kilometres northwest of Cairns, which has barely been touched by modern exploration despite old-time miners hauling out stibnite – the host rock for antimony - running at a jaw-dropping 60 per cent from shallow pits and adits. Adding to the project's credentials, and as part of the company's own due diligence, Pacgold has also picked up several rock chips, including one running at 66.6 per cent stibnite, a second grading 49.4 per cent stibnite and a third standout sample clocking in at 16.35 per cent stibnite with 10.1 grams per tonne (g/t) gold. A nearby prospect, Poppy, coughed up a jaw-dropping rock chip grading 112g/t gold and 17.5 per cent stibnite, suggesting the system has more than a little firepower left in the tank. 'Pacgold is advancing its flagship Alice River gold project and is now adding the complimentary St George gold and antimony project to the company's growth strategy.' Pacgold Limited managing director Matthew Boyes Under the terms of the agreement, Pacgold will gain full ownership of the project through a staged pathway. To get the ball rolling, the company has paid $200,000 in cash and 10 million shares to vendor Hardrock Mineral Exploration. Stage one will be completed and 51 per cent of the project will change hands when Pacgold has spent $250,000 on the ground in the first 12 months and $1.5m within 24 months. The stage two milestone to boost the company's holding to 80 per cent will be met if Pacgold completes a bankable feasibility study on a resource of at least 200,000 ounces gold equivalent before August 2031. Pacgold can then elect to go to full ownership within one year of the feasibility, after an independent valuation determines a suitable payment for the remaining 20 per cent. Hardrock will retain a 2.5 per cent net smelter return royalty on antimony and 1.5 per cent on gold, with Pacgold able to buy back half at fair value.
Sydney Morning Herald
12 hours ago
- Sydney Morning Herald
ASX hits record high; BlueScope slumps; Kalia Resources soars 2900%
Welcome to your five-minute recap of the trading day. The numbers The Australian sharemarket closed at a record high on Monday, as stocks in the financial and communications sectors moved higher and investors cheered updates from market heavyweights Lendlease and REA Group. The S&P/ASX 200 rose by 20.7 points or 0.2 per cent, closing at 8959.30, a record high, after the bourse hit a fresh record high every day last week. Seven sectors gained, led by communications services, three sectors declined, and the utilities sector was unchanged. The Australian dollar was fetching US65.15¢ at 5.14pm AEST. The lifters Construction giant Lendlease surged 6.7 per cent as it said it returned to profitability in the June year, posting $225 million in net profit after tax, after a $1.5 billion loss a year ago. The company – which experienced a period of upheaval, including asset sales and cutting staff – will pay full-year dividends of 23c per share, an increase of 44 per cent compared with the 2024 financial year. Real estate listings business REA Group jumped 4.5 per cent after the company appointed Cameron McIntyre as its new chief executive, replacing the retiring Owen Wilson, who will become chair of REA India. McIntyre arrives at REA with relevant experience, having run ASX-listed CAR Group, operators of automotive listings platform Carsales for the past six years. Little-known resources stock Kaili Resources surged by an extraordinary 2900 per cent after an announcement on Friday afternoon that it had received permission for drilling in South Australia to test for potential rare earth elements. The company, which had a market capitalisation of $5 million at the start of the day, pointed to the announcement in response to an ASX price query.
