Break it Down: New World Resources fields premium $185M offer to acquire Arizonan copper
Stockhead's Break it Down brings you today's leading market news in under 90 seconds.
In this episode, host Tylah Tully unpacks the latest from New World Resources (ASX:NWC) and a premium $185 million acquisition offer from London-based Central Asia Metals (LON: CAML) to snap up NWC and its Antler copper project in the Grand Canyon State of Arizona.
New World says it wasn't the only offer on the table, so tune in to hear why the company was unanimous in recommending its acceptance and what's coming next.
While New World Resources is a Stockhead advertiser, it did not sponsor this content.
Originally published as Break it Down: New World Resources fields premium $185M offer to acquire Arizonan copper
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ABC News
8 hours ago
- ABC News
America's economic and political chaos has implications for Australia
The gripping stoush between Donald Trump and Elon Musk was emblematic of America's slide into a kind of corrupt flakiness. Yesterday's decision to call in the National Guard to put down immigration protests in Los Angeles was equally gripping, but much more serious. Californian governor Gavin Newsom called it "purposefully inflammatory", which looks spot on. Remember Trump's use of emergency declarations to impose tariffs. Meanwhile, tanks were rolling into Washington DC ahead of the big autocracy-esque military parade on June 14, which happens to be the president's birthday. America has become a bewildering blend of the ridiculous and the deadly serious, and the implications of this for Australia are profound. The unserious nature of the place is reflected in the nation's president and richest person fighting in public: picture Anthony Albanese and Gina Rinehart abusing each other on social media. But that analogy falls well short because only two weeks ago Musk was a close adviser and effectively a member of cabinet, responsible for the closure of significant government programs, tens of thousands of retrenchments from the federal public service and a full re-ordering and centralising of government data on all Americans. Now, Musk is outside the tent, as they say, weeing in, except it's a torrent, including ferocious opposition to Trump's "One Big Beautiful Bill". That 1,038-page bill with its ludicrous official title, and all sorts of unrelated things thrown in so it would be hard for Congress to reject each bit, was an earlier sign that the United States has become a bit of a joke and not a serious country anymore. What's not a joke is that the oligarch Musk obviously thought he had bought the presidency and is complaining now that having spent $US300 million getting Trump elected, the guy is not doing what he is told. "Such ingratitude," he posted on X. In response, Trump threatened to terminate Musk's government contracts, not because they're bad contracts but because he's "disappointed" with Musk. As economist Paul Krugman wrote on Substack: "The point is that both men start from the presumption that the US government is an entirely corrupt enterprise, with the president in a position to hand out personal favours or engage in personal acts of vengeance." Examples of America's unseriousness have been building to the point where the US isn't even a comprehensible ally, let alone a reliable one, or a safe place to invest — global investors are now steadily reducing their exposure to American assets. The tariffs on the ridiculously named "Liberation Day", April 2, were a hastily assembled mess. The ones other than the arbitrary 10 per cent "base tariff" were calculated with a simple sum using each country's trade deficit, which was plainly bonkers, and included uninhabited islands as well as tiny countries that had virtually no trade with the US. And then, a week later, they were replaced by a whole new set of tariffs. Then Trump complained that China won't do a deal, having been whacked with the threat of a 145 per cent tariff, which was reduced to 30 per cent for no apparent reason. Then Trump asked for a phone call with Xi Jinping, got it, and then meekly chickened out, confirming his TACO nickname (Trump Always Chickens Out). Trump met German Chancellor Friedrich Merz last week and, with cameras rolling, Merz noted that the following day, June 6, would be the 80th anniversary of D Day. "That was not a pleasant day for you," said Trump. "This is not a great day." Merz replied: "This was the liberation of my country from Nazi dictatorship." Oh, right. Last Wednesday, without warning, Trump banned citizens of 12 countries from travelling to the US. Before that, he posted that "Because of Tariffs, our Economy is BOOMING!", which is plainly divorced from reality. The Bureau of Economic Analysis had announced a week earlier that the US economy contracted by 0.2 per cent in the March quarter, and a few hours later, the OECD predicted that growth in the United States will decline from 2.8 per cent in 2024 to 1.6 per cent in 2025 and 1.5 per cent in 2026. At about the same time, the Congressional Budget Office released an assessment of the impact of the tariff policy, saying it would raise inflation and slow economic growth as consumers bear the cost of them. The CBO also produced an analysis of the "One Big Beautiful Bill", which it said would add $US2.4 trillion to the deficit over the next decade because the $US1.3 trillion in spending cuts won't fully offset the $US3.7 trillion in tax cuts. By the way, the Big Beautiful Bill also contains a "revenge" provision that would allow the US government to impose extra taxes on foreign investors whose home countries have policies America doesn't like, which is not the sort thing that's going to endear a country to foreign investors. As a result of all this, the "American exceptionalism" that was the foundation of global investment and finance for decades, is over. Does that mean the US dollar will lose its place as the world's reserve currency, a position it has held since 1944? Probably not, but its monopoly is under threat. As exceptionalism dims, there will be a shift towards other currencies, mainly the euro and, to some extent, the Japanese yen and Chinese yuan. The US dollar still accounts for 58 per cent of global foreign exchange reserves, and the euro is second at 20 per cent. The fact that gold is hitting new record highs, and the euro has appreciated 15 per cent this year, shows that central banks and global investors are looking for foreign exchange alternatives. The US dollar has about half of SWIFT transactions (it's the global banking communications network), with the euro second at 22 per cent. While the US dollar is used in 55 per cent of global trade, the euro is next at 30 per cent. There is no complete alternative for the US dollar in sight at this stage, but that could change, and even a 10 per cent reduction in its use in trade, foreign exchange and banking would have a meaningful impact on asset valuations in the US, including shares. Australian Prime Minister Anthony Albanese is due to meet Trump later this month, and like other heads of state who have ventured into the White House, he could quite easily take a beating in the Oval Office, on camera. Trump seems to think Australia has a ban on American beef, which isn't true, but the Australian PM could still find himself arguing biosecurity with an aggressively uncomprehending American president. Beyond that meeting, Australia needs to rethink its relationship with the United States. We've done quite well maintaining a wary, non-trusting trade relationship with China. We now need a wary, non-trusting security alliance with the US, if that's even possible. Alan Kohler is finance presenter and columnist on ABC News and he also writes for Intelligent Investor.
News.com.au
18 hours ago
- News.com.au
Musk wants to kick all residents out of this tiny Texas town
Elon Musk wants to build a city on Mars. And now, a tiny Texas town is getting a serve of what life in his personal utopia may be like. Last month, the tech billionaire took control of Boca Chicha Village, a community of about 500 people on the Lone Star State's southeastern corner. About 260 of them work for his company, SpaceX. The world's richest man has already built a launch facility there, with its Super Heavy Starship program providing regular fireworks displays over the adjoining Gulf of Mexico. Musk has already renamed the town Starbase. And he has sweeping plans for its future role as a staging point for his lofty Mars colonisation project. Musk has detailed his dream of building a massive industrial complex to churn out 500 massive rockets for launch from five adjoining launch pads by 2033. But the locals are already getting in the way. And Musk is in a hurry. 'The City is required by Texas law to notify you of the following: THE CITY OF STARBASE IS HOLDING A HEARING THAT WILL DETERMINE WHETHER YOU MAY LOSE THE RIGHT TO CONTINUE USING YOUR PROPERTY FOR ITS CURRENT USE.' So reads the first memo issued to town residents last week. Put simply, homeowners in what was a quiet beachside community until recently are facing eviction. Starbase city 'Our goal is to ensure that the zoning plan reflects the City's vision for balanced growth, protecting critical economic drivers, ensuring public safety, and preserving green spaces,' the memo reads. 'You are receiving this notice because you own the above-listed property that will be located in the 'Mixed Use District' and will be impacted if the zoning ordinance is approved.' Residents must submit any comment in writing before 3pm, June 22. The proclamation will be discussed at an open hearing the following day - three days after the SpaceX rezoning plans are revealed. It was not the outcome residents expected. Boca Chica Village was corporatised as Starbase on May 3. The small community, situated some 30km from the nearby Brownsville city, voted 212 votes for and six against accepting SpaceX's offer to turn it into a company town. A promised $15 million shopping centre, increased trade and new housing developments proved appealing. That's despite SpaceX launches causing its beach - once a popular holiday and camping destination - to be regularly evacuated for safety concerns. The town is now run by SpaceX employees and investors. Musk's rocket business already has a dominating presence. Established in 2012, its adjoining facility now draws 3400 full-time employees from the surrounding region. The Texas state government is keen to assist. It approved the commercial takeover of the town. SpaceX can now set its own standards and community statutes while ignoring local environmental regulations. (SpaceX is already facing more than $A250,000 in Environmental Protection Agency fines for illegally dumping pollutants into a local waterway). The Republican-dominated state this week amended legislation to enable SpaceX - not elected Cameron County district officials - to close the beach, surrounding roads (including a State Highway) and coastal waters at the drop of a hat. Local fishermen, indigenous communities, county officials and environmentalists oppose the move. Lofty ambitions Musk has resigned his post as Special Government Employee overseeing the Trump administration's Department of Government Efficiency (DOGE). He even swapped out of his usual 'Make America Great Again (MAGA)' shirt into an 'Occupy Mars' outfit to mark the occasion. After failing to make inroads in a promised $US1 trillion of efficiency savings and creating substantial chaos along the way, he's now waging a war of words with his former employer over the future of the US economy. That means he has more time to commit to the source of his wealth - the embattled electric vehicle company Tesla. And to his dream of leaving his worldly troubles behind. It went off with a bang. His ninth attempt to launch a prototype Starship Heavy - the 122m tall behemoth behind all his plans - last week ended in flaming pieces. But, during his three months as a public servant, Musk secured several new defence contracts for his thriving space business. And that potentially means more work for Starbase City. Musk's Florida and Texas launch facilities are already undergoing significant upgrades. Starbase City's BFR (Big F****** Rocket) production facility is getting an enormous robotic assembly plant. Components will be inserted at one end of the 'Gigabay' hangar, and a glistening new Starship Heavy will come out the giant double doors at the other. Musk has promised to send at least five of these enormous rockets to Mars in 2026. Each is supposed to carry 10 tonnes of cargo to plant a supply cache of critical components on the Red Planet's surface. By 2029, SpaceX aims to have 20 Starship Heavy's capable of carrying 75 tonnes each. The idea is to deliver the heavy vehicles and materials needed to construct a landing pad robotically. This must ramp up in 2031 when a fleet of rockets is scheduled to deliver 100 landers, each carrying 150 tonnes of prefabricated habitats, supplies - and the first human colonists. By 2033, Musk's vision is for 500 Starship Heavy's, each carrying 300 tonnes. These will surge to Mars with everything needed to build his independent, self-sustaining - corporately run - colony. Musk says he may consider boarding one of his rockets himself; 'Especially if I'm getting old, I'll do it. Why not?' However, he told a 2022 interview he was somewhat more down to Earth. 'I think there's some non-trivial chance of dying, so I'd prefer to take that chance when I'm a bit older and see my kids grow up … Rather than right now, where little X is only two-and-a-half. I think he'd miss me.' Any Martians occupying his intended landing site, however, may face eviction …
ABC News
a day ago
- ABC News
JD Vance labels Elon Musk's accusation against Trump a 'huge mistake'
The US vice-president says a 'blood feud' between Donald Trump and Elon Musk is bad for the country.
