Shares in Mineral Resources (MinRes) surged following the announcement of a $1.2 billion lithium deal with South Korean conglomerate POSCO. The agreement will see Mineral Resources sell a 30 per cent stake in its lithium division to POSCO, a move expected to reduce China’s dominance in the Australian lithium market. Mineral Resources is a diversified resources company with extensive operations in mining services, iron ore, lithium and energy. POSCO is a South Korean steel-making company.
In other news, investment firm Firmus, led by Oliver Curtis, has enlisted a Wall Street duo in preparation for its upcoming IPO, which could deliver substantial returns for backers such as Regal and Ellerston Capital. Meanwhile, ANZ is undergoing a significant restructure, resulting in the departure of its risk and compliance chiefs, Guy Boyd and Jason Humphrey.
Elsewhere, former CFMEU boss John Setka has reportedly been arrested, while Woodside is strengthening its presence in Louisiana with a sponsorship deal with Louisiana State University Tigers, backing its $27 billion liquid gas project. Economists are warning that relying on interest rate cuts to boost the economy could lead to lower living standards.
