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Asia

Southern Cross Electrical Raises Fiscal 2026 EBITDA Outlook; Secures AU$150 Million of Work Awards; Launches Capital Raising Initiatives

Southern Cross Electrical Engineering (ASX:SXE) said it is raising its profitability outlook for fiscal 2026 after securing more than AU$150 million of new work awards, according to a Monday filing with the Australian bourse.The awards include one for its Heyday subsidiary for initial electrical and communications works on the first stage of Nextdc's (ASX:NXT) S4 Data Centre at Horsley Park, New South Wales, as well as one for its Trivantage Manufacturing unit to supply low voltage switchroom skids for a facility in Western Sydney.Lastly, the company's SCEE Electrical subsidiary secured a master construction agreement for electrical, instrumentation and controls works from Rio Tinto (ASX:RIO).Southern Cross now expects underlying fiscal 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least AU$75 million, up from previous guidance of at least AU$72 million.The company also issued fiscal 2027 EBITDA guidance of at least AU$100 million, representing a 33% increase on the outlook for the current fiscal year.Additionally, Southern Cross is launching a AU$150 million fully underwritten institutional placement at an indicative range of AU$3.85 to AU$4 per share, as well as a AU$15 million non-underwritten share purchase plan. The company is also increasing an existing bank guarantee facility to AU$100 million from AU$75 million, adding a new revolving credit facility of AU$50 million to fund working capital needs, and signed a new AU$50 million facility to fund future acquisitions.Following the completion of these capital initiatives, the company expects to have pro forma liquidity of about AU$308.8 million, it said.Southern Cross also appointed Peter Bierton to the newly created role of chief operating officer, effective Aug. 24. Bierton most recently served as the CEO of Mainmark, a ground engineering and asset preservation company.Trading in the company's shares was halted.Nextdc's shares were up almost 4% in recent Monday trade, while Rio Tinto's shares gained roughly 2%.

ASX:NXTASX:RIOASX:SXE
Asia

ASX Preview: Australian Shares Set to Rise as Oil Gains on Iran-Israel Tensions; James Hardie Industries Faces Victoria Class Action Alleging Disclosure Breaches

Australian shares are poised to rise on Tuesday as oil prices gained amid renewed Middle East tensions following exchanges of strikes between Iran and Israel and concerns over supply disruptions through the Strait of Hormuz.The move comes despite an agreement by the Organization of the Petroleum Exporting Countries to increase output targets.Overnight, the S&P 500 and the Nasdaq Composite rose 0.3% and 0.9% respectively, while the Dow Jones Industrial Average fell 0.2%.In the macroeconomy, investors are eyeing the Westpac-Melbourne Institute Consumer Sentiment Index and National Australia Bank Business Confidence Index.In corporate news, James Hardie Industries (ASX:JHX) has been served with a group proceeding in the Supreme Court of Victoria on behalf of investors who acquired securities between May 21, 2025, and Aug. 19, 2025, alleging breaches of Australian corporate and consumer law relating to forward-looking statements about its forecast financial performance.Rio Tinto (ASX:RIO) said Tuesday it is increasing its annual community investment commitment in Canada by 30% through its Rio Tinto Canada Fund, bringing total annual funding to CA$13 million to support community-led initiatives across the country.Australia's benchmark index fell 0.7% or 61 points to close at 8,625.10 on June 5.

ASX 200ASX:JHXASX:RIO
Asia

Rio Tinto Raises Annual Canada Community Investment by 30% to CA$13 Million

Rio Tinto (ASX:RIO) said Tuesday it is increasing its annual community investment commitment in Canada by 30% through its Rio Tinto Canada Fund, bringing total annual funding to CA$13 million to support community-led initiatives across the country.The fund supports initiatives focused on wellbeing, education, healthcare innovation, mental health, compulsive behaviors and food security, alongside partnerships such as Breakfast Club of Canada, the company said in a statement.

ASX:RIO
Asia

Rio Tinto's Acquisition of Remaining Energy Resources of Australia Shares Approved by Federal Court

Rio Tinto's (ASX:RIO) acquisition of the remaining shares in Energy Resources of Australia (ASX:ERA) has been approved by the Federal Court of Australia, a Friday judgment disclosure by the court showed."Having considered the evidence before me and Zentree's objections (and, to the extent they differ, those of the other objecting shareholders). I am satisfied that the terms set out in the Notice give a fair value for the shares in ERA," the judgment said.Energy Resources of Australia said it will need time to review the judgment and prepare its market response, and the trading halt on its shares will remain in place until the earlier of it releasing a disclosure about the proceedings or the start of trading on June 9, according to a Friday Australian bourse filing.The company's shares fell 2% in recent Friday trade.

ASX:ERAASX:RIO
Asia

ASX Preview: Australian Shares Set to Rise; Big Miners Urge Government to Back Stronger Stance Against China's Iron Ore Buying Power

Australian shares are poised to rise on Friday as oil prices retreated sharply on easing Middle East supply fears after a reported Israel-Lebanon ceasefire raised hopes of wider diplomatic progress in the region despite ongoing uncertainty over flows through the Strait of Hormuz.Overnight, the S&P 500 and the Dow Jones Industrial Average rose 0.4% and 1.7%, respectively, while the Nasdaq Composite fell 0.1%.In the macroeconomy, investors are awaiting a speech by Reserve Bank of Australia Deputy Governor Andrew Hauser.Australia's labor account report is due at 11:30 am Sydney time.In corporate news, Rio Tinto Group (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG) are urging the Albanese government to consider policy responses to China's increasing consolidation of iron ore purchasing power, warning that the shift is reshaping pricing dynamics in Australia's most valuable export market, the Australian Financial Review reported on Friday.Atlas Arteria (ASX:ALX) continued to recommend that shareholders reject the off-market takeover bid by Diamond Infraco, an IFM Global Infrastructure Fund subsidiary, for 100% of the stapled securities that it does not already own in the company.Australia's benchmark index fell 1.1% or 99.6 points to close at 8,686.10 on Thursday.

ASX 200ASX:ALXASX:BHPASX:FMGASX:RIO
Asia

Market Chatter: Big Miners Urge Government to Back Stronger Stance Against China's Iron Ore Buying Power

Rio Tinto Group (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG) are urging the Albanese government to consider policy responses to China's increasing consolidation of iron ore purchasing power, warning that the shift is reshaping pricing dynamics in Australia's most valuable export market, the Australian Financial Review reported on Friday.The push targets the China Mineral Resources Group (CMRG), a state-backed buyer set up in 2022 that now handles about 70% of China's iron ore imports, boosting Beijing's bargaining power, pressuring contract prices, and tightening negotiations with major suppliers amid concerns of a structural shift in market power, per the report.CMRG said it wants to close the profit gap between Chinese steelmakers and iron ore producers, but Australian miners attribute weak margins to China's steel overcapacity, reviving debate over whether greater miner coordination should be permitted despite competition law limits.The federal government has avoided intervening in pricing, with Resources Minister Madeleine King saying iron ore prices are set by producers and buyers, and that critical minerals policies are not intended to influence bulk commodity prices.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:BHPASX:FMGASX:RIO
Asia

BHP Group, Rio Tinto Shares Fall 3% as Exports from Guinea Iron Ore Project Increase

Shares of both BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) fell 3% in early trading on Thursday after exports from Guinea's Simandou iron ore project rose in May, according to a media report.Shipments from the project's Morebaya port were 2.2 million tonnes in May, compared with shipments of 1.3 million tonnes in April, according to ship tracking data from Kpler, the Australian Financial Review (AFR) reported on Thursday.The project is expected to ship 120 million tons per year once at full capacity.Traders are waiting to see if supply from Simandou will displace those from Australia and Brazil or merely add to the market.

ASX:BHPASX:RIO
Asia

BHP Group, Rio Tinto Advance as Copper Prices Hit Record High

BHP Group (ASX:BHP) shares rose past 2% in recent Wednesday trade, and Rio Tinto Group (ASX:RIO) gained nearly 2%, as copper prices posted a new record high.Both stocks reached an all-time high earlier in the trading session.Copper futures settled at $6.6495 a pound on Tuesday, and the benchmark price has now risen 38% compared with a year earlier, The Wall Street Journal reported.

ASX:BHPASX:RIO
Asia

Update: Rio Tinto Group Begins Commissioning Nearly $2 Billion AP60 Smelter Expansion in Canada

(Updates to add stock movement in the last paragraph)Rio Tinto Group (ASX:RIO) started commissioning its $1.5 billion AP60 aluminum smelter expansion at Complexe Arvida in Quebec, with start-up work having commenced in March and full 96-pot operations targeted for completion by the end of year, the company said on May 29 after hours.The project will increase AP60's annual aluminum capacity by about 160,000 tonnes to around 220,000 tonnes while replacing output from older Arvida potrooms scheduled for closure in June.The expansion is expected to support about 100 permanent jobs, generate over 1,500 construction jobs, and contribute more than $1 billion in economic benefits to Quebec.The company's shares rose past 1% in recent Monday trade.

ASX:RIO
Asia

Rio Tinto Group Begins Commissioning Nearly $2 Billion AP60 Smelter Expansion in Canada

Rio Tinto Group (ASX:RIO) started commissioning its $1.5 billion AP60 aluminum smelter expansion at Complexe Arvida in Quebec, with start-up work having commenced in March and full 96-pot operations targeted for completion by the end of year, the company said on May 29 after hours.The project will increase AP60's annual aluminum capacity by about 160,000 tonnes to around 220,000 tonnes while replacing output from older Arvida potrooms scheduled for closure in June.The expansion is expected to support about 100 permanent jobs, generate over 1,500 construction jobs, and contribute more than $1 billion in economic benefits to Quebec.

ASX:RIO
Asia

Shares of Australian Mining Majors Show Mixed Performance After JPMorgan Raises Iron Ore Price Estimate

Major Australian mining stocks returned a mixed performance in recent Tuesday trade after JPMorgan increased its long-term iron ore price estimate.Shares of Rio Tinto Group (ASX:RIO) and Fortescue (ASX:FMG) gained less than 1%, while BHP Group (ASX:BHP) was fractionally lower.JPMorgan analyst Lyndon Fagan said the bank raised its long-term real iron ore price forecast to $90 per tonne from $80, and also increased its near-term price estimate by about 5%, the Australian Financial Review reported.The bank reportedly cited increasing cost inflation, weaker ore quality, and a Chinese steel market that has been more resilient than anticipated.JPMorgan continues to prefer BHP and Rio Tinto, saying their valuations are still reasonable even after gains in their share price this year, while maintaining a cautious stance on Fortescue, according to the report.

ASX:BHPASX:FMGASX:RIO
Asia

ASX Biggest Gainers

Here are the ASX-listed companies with the biggest gains on Friday.Alcoa Corp (ASX:AAI): +4%, AU$93.22South32 (ASX:S32): +4%, AU$4.29Capstone Copper (ASX:CSC): +3%, AU$13.81James Hardie Industries (ASX:JHX): +3%, AU$28.97Evolution Mining (ASX:EVN): +3%, AU$12.18Rio Tinto (ASX:RIO): +2%, AU$186.03NEXTDC (ASX:NXT): +2%, AU$14.91SGH (ASX:SGH): +2%, AU$41.81Lynas Rare Earths (ASX:LYC): +2%, AU$18.92Pilbara Minerals (ASX:PLS): +2%, AU$6.28

ASX 200ASX:AAIASX:CSCASX:EVNASX:JHXASX:LYCASX:NXTASX:PLSASX:RIOASX:S32ASX:SGH
Asia

Monadelphous Group Wins New Contracts Totaling AU$120 Million

Monadelphous Group (ASX:MND) secured new construction and maintenance contracts in the resources and renewable energy sectors, totaling AU$120 million, according to a Friday filing with the Australian bourse.The company won a five-year panel contract with Rio Tinto (ASX:RIO) for mobile crane and lifting services across its Pilbara port and mine facilities in Western Australia, and a three-year contract to continue providing multidisciplinary sustaining capital services, the filing said.The company also secured a contract for the construction of a battery energy storage system at Fortescue's Cloudbreak mine site, with work expected to be completed in the second half of the year.Additionally, the company was appointed to a panel to provide structural and mechanical maintenance services for Port Waratah Coal Services at the Port of Newcastle, New South Wales, for three years, per the filing.

ASX:MNDASX:RIO
Asia

Rio Tinto Group Hits Pilbara Iron Ore Shipment Milestone

Rio Tinto Group (ASX:RIO) reached a milestone of shipping 8 billion tonnes of iron ore to international markets from Western Australia's Pilbara region, the company said Wednesday.The company hit the milestone after six decades of continuous operations in the Pilbara, with its first shipment from the region departing in August 1966 for Japan.

ASX:RIO
Asia

Rio Tinto Group Appoints Trudi Charles as Chief Legal Officer

Rio Tinto Group (ASX:RIO) has appointed Trudi Charles as chief legal officer, governance and corporate affairs, starting Aug. 1, succeeding Isabelle Deschamps, according to a Thursday Australian bourse filing.Charles is currently deputy general counsel and senior vice president, legal, supply, trading, and shipping at BP, where she has spent over 20 years in various senior legal roles across its downstream and supply, trading, and shipping businesses, the filing added.Before joining BP, Charles spent almost eight years with Herbert Smith Freehills Kramer in London and Hong Kong, per the filing.

ASX:RIO
Asia

Rio Tinto Enters 30-Year Power Purchase Agreement With Yindjibarndi Energy

Rio Tinto Group (ASX:RIO) signed a 30-year power purchase agreement with Yindjibarndi Energy for the first stage of the Jinbi solar project in Western Australia's Pilbara region, according to a Monday statement.As per the deal, Yindjibarndi will supply 100% of the electricity generated by Jinbi to Rio Tinto once operational, supporting the decarbonization of Rio's iron ore operations in the Pilbara.Construction on the project is now starting, with full commercial operations expected in mid‑2028.The first stage of the project entails a 75-megawatt alternating current (MWac) solar facility, with an option to expand to 150 MWac, including the potential addition of battery energy storage systems subject to regulatory approvals.Shares of Rio Tinto gained 1% in recent Monday trade.

ASX:RIO
Asia

ASX Midday Sector Update: Materials Stocks Lead Broad Market Gains

Materials stocks were leading gainers in midday trading on Friday, with a rise of 2.4%, as all other sectors were also in the green following a strong rally in the US and a decline in the price of Brent crude.Sector heavyweights BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) both advanced around 3%.EQ Resources (ASX:EQR) fell nearly 9% after saying it will not proceed with a proposed acquisition of Tungsten Metals Group following a review of strategic priorities.

ASX 200ASX:BHPASX:EQRASX:RIO
Asia

DevEx Resources Defines Exploration Pipeline at Northern Territory Uranium Project; Shares Jump 8%

DevEx Resources (ASX:DEV) defined a pipeline of uranium discovery opportunities across its Nabarlek uranium project in the Northern Territory, with drill-ready targets defined at the Big Radon, KP, Sandfire, and Nabarlek North prospects, according to a Wednesday Australian bourse filing.It incorporated recently acquired tenements from Alligator Energy (ASX:AGE) and Rio Tinto (ASX:RIO), and integrated geophysical, geological, and drilling datasets across its expanded portfolio.Drilling at Nabarlek is scheduled to start in June, comprising an initial campaign of around 15,000 meters across 66 holes, as well as an additional 2,000 meters at Murphy West. The mining firm has secured sufficient diesel supply to support the planned campaign.Its shares rose 8% in recent trading on Wednesday.

ASX:AGEASX:DEVASX:RIO
US Markets

Aluminum of China's Q1 Profit Jumps 56% Amid Aluminum Output Boost

Aluminum of China (SHA:601600, HKG:2600), or Chalco, saw its first-quarter attributable profit jump over 50% as aluminum production bolstered despite the ongoing war in Iran.The aluminum producer's Hong Kong shares rose 2% and Shanghai shares rose 1% during the Friday's afternoon trade.Chalco's net profit attributable to shareholders jumped 56% to 5.53 billion yuan from 3.54 billion yuan a year earlier, according to a Hong Kong bourse filing on Thursday.Earnings per share rose 57% to 0.322 yuan from 0.205 yuan.Revenue increased 4.9% to 58.5 billion yuan from 55.8 billion yuan in the prior year.The year-ago figures were adjusted due to the acquisition of a controlling stake in Ningbo Algra Energy. Chalco acquired 56.6% of Algra Energy through its subsidiary, Chalco Zhengzhou Nonferrous Metals Research Institute.Chalco continued to expand its global mineral assets as it agreed to buy 67% of Brazil's Companhia Brasileira de Aluminio. The deal was made with Australia-listed miner Rio Tinto (ASX:RIO), which acquired the remaining 33% of the Brazilian company.Rio Tinto's chief executive officer, Jérôme Pécresse, said the acquisition "provides the opportunity to grow our bauxite and alumina supply chain in the Atlantic region."Moreover, Chalco is likely to benefit from the ongoing Middle East conflict as China's metals and minerals sector made gains from the external changes the disruption brought.China's aluminum output surged after the U.S. and Israel launched attacks against Tehran in March as alumina --- the main raw material for aluminum --- was rerouted to the mainland. Data from the customs showed that alumina imports increased 87% month on month to 338,000 tons in March, almost 30 times higher than a year earlier, according to an April 21 report on Bloomberg News.The closure of the Strait of Hormuz hindered the alumina imports to the Middle East, which accounted for 9% of the global aluminum supply, the report said.

ASX:RIOHKG:2600SHA:601600
Asia

Energy Resources Says Court Hearing of Rio Tinto's Application for Compulsory Acquisition of Its Shares Completed in February, Shares Fall 25%

Energy Resources of Australia (ASX:ERA) said the court hearing of Rio Tinto's (ASX:RIO) originating motion seeking approval for its proposed compulsory acquisition of the remaining shares in the firm was completed in February, and the court decision was pending, according to a Friday Australian bourse filing.Rio acquired more than 98% of Energy Resources' shares and initiated the process to compulsorily acquire the remaining Energy Resources shares on April 11, 2025.After the objection period expired on May 19, 2025, Rio Tinto confirmed that 123 shareholders, representing around 43% of the shares subject to the acquisition, lodged formal objections. As this exceeded the 10% threshold, the acquisition could not go ahead without court approval.Progressive rehabilitation of the Ranger project area in the Northern Territory continued during the March quarter, the filing added.Its shares fell 25% in recent trading on Friday.

ASX:ERAASX:RIO

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