Future Fund ditches Dexus as manager of its Melbourne Airport stake
Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.
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AU Financial Review
7 hours ago
- AU Financial Review
Future Fund ditches Dexus as manager of its Melbourne Airport stake
Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.
West Australian
8 hours ago
- West Australian
Everest-US Defence partnership opens funding for WA rubidium play
Everest Metals has secured a seat at a high-level table after being accepted onto the United States Department of Defence's (DoD) Defence Industrial Base Consortium, thanks to its Mt Edon rubidium project in Western Australia's Mid West region. Consortium membership will support Everest's research to advance its high-grade Mt Edon rubidium processing technology as the company bids to become Australia's first rubidium supplier. The consortium is managed by US-based Advanced Technology International. Membership opens the door to prototyping opportunities, streamlined contracts and direct collaboration with US defence initiatives. Management is confident Everest will gain access to non-dilutive DoD funding through its membership, which would allow it to capitalise on a red-hot critical minerals market and future strategic US alliances. The company says the development will supercharge Mt Edon, where a maiden inferred resource of 3.6 million tonnes at 0.22 per cent rubidium oxide holds more than 7900t of the scarce critical mineral. The real kicker for Everest is not the resource, but its patented direct rubidium extraction (DRE) technology, which has a staggering 97 per cent recovery rate. The company believes it can refine its technology with partners Edith Cowan University and the CSIRO, through a commercial pilot plant planned for next year. Everest has grant applications in with the Minerals Research Institute of Western Australia, which, added to consortium funding, gives management the confidence to scale up its pilot plant vision while reducing any reliance on shareholder capital. Rubidium is fetching a hefty US$1170 (A$1810) per kilogram for carbonate and is a linchpin for defence, aerospace and high-tech applications, including in night vision imaging, atomic clocks and medical sedatives. With global demand projected to soar from US$4.46 billion (A$6.9B) in 2023 to US$7.2B by 2032 and China's grip on supply tightening, Everest's Mt Edon project could be perfectly timed to meet US calls for a secure, Western-aligned rubidium source. The project's granted mining lease in the Paynes Find Greenstone Belt, 420 kilometres northeast of Perth, means the company has cleared another operational hurdle. Everest says shallow pegmatites start from surface at Mt Edon and are primed for an open-pit mining scenario. With a high-grade resource, proven extraction technology and a direct line to US defence priority spending, Everest is shaping up as a critical minerals frontrunner. The company will now gear up for its pilot plant development and further testwork, as it sorts through an array of non-dilutive funding opportunities in the global critical minerals landscape. Is your ASX-listed company doing something interesting? Contact:
Perth Now
9 hours ago
- Perth Now
CBA soars, BHP falls in mixed day on ASX
Commonwealth Bank closed at a record high on Thursday, but it was not enough to lift the broader market as weaker than expected job figures and fears of the possibility the US would strike Iran weighed on the local market. The ASX 200 closed marginally lower for the third straight day down 7.50 points or 0.09 per cent to 8,523.70. The broader All Ordinaries also finished down on Thursday, dropping 16.50 points or 0.19 per cent to 8,741.40. Australia's dollar slumped 0.66 per cent against the US dollar and is now buying 64.64 US cents. On a mixed day of trading the ASX fell despite the banking sector soaring NewsWire / Jeremy Piper Credit: News Corp Australia Seven of the 11 sectors were lower with large falls in materials, information technology and utilities offsetting strong gains out of the financials and consumer discretionary sectors. Shares in Australia's largest lender CBA soared during early trading as high as $183.23 before settling at $182.85. This beat the previous record close of $182. NAB shares also finished heavily in the green up 1.06 per cent to $39.12, Westpac soared 1.73 per cent to $33.59 and ANZ jumped 0.31 per cent to $29.13. Offsetting a bounce in the financials were falls in the materials sector. BHP slumped 1.98 per cent to $36.13, Rio Tinto sank 2.31 per cent to $103.55 and Fortescue decreased 1.73 per cent to $14.77. Gold miners also slipped after a strong run with Northern Star Resources falling 0.97 per cent to $20.38 and Evolution Mining plunged 4.54 per cent to $7.78. The market seesawed throughout Thursday's trading and was up slightly before the announcement of Australia's job figures. The market slipped on unexpected job figures. NewsWire / Damian Shaw Credit: News Corp Australia In a surprise to the market, 2500 fewer Australians were employed in May compared to April. Betashare chief economist David Bassanese said Thursday's employment data was no smoking gun for a rate cut. 'My base case remains that the RBA will hold fire on rates until the release of the June quarter CPI in late July,' he said. 'If the result confirms a continued decline in trimmed mean inflation to 2.6 per cent in line with RBA expectations, the RBA will likely cut policy rate by 0.25 per cent in August – so households may just need to wait another few weeks for further mortgage relief.' The market also traded lower on fears as to whether the US would strike Iran, a move that Tehran warns would lead to retaliation on US interests in the area. 'I may do it, I may not do it,' US President Donald Trump told reporters outside the White House. 'I mean, nobody knows what I'm going to do.' In company news fashion retailer KMD Brands which owns Kathmandu and Rip Curl fell 3.77 per cent to $0.26 after telling the market warmer autumn weather had a negative impact on sales. WiseTech Global shares also fell 1.87 per cent to $106.89 on the back of news directors Charles Gibbon and Michael Gregg would leave the board.
