Australian shares experienced gains near midday AEDT, buoyed by strong performances in the mining sector. Arafura Resources led the charge, with shares jumping 7 per cent following the announcement of a $154 million grant from the Australian government’s critical minerals program. Alcoa also saw a significant surge in its share price, contributing to the overall positive market sentiment. Arafura Resources is focused on developing its rare earths project, Nolans, in the Northern Territory. The company aims to become a major supplier of neodymium and praseodymium (NdPr) oxide, essential materials for electric vehicles and renewable energy technologies.
In other news, Donald Trump reportedly told Australian ambassador Kevin Rudd that “all’s forgiven” after previously criticising Rudd’s past remarks about him. This occurred after Rudd received a cabinet room rebuke, though the timing coincided with a successful White House meeting between Trump and Prime Minister Anthony Albanese, who received praise from Fox News for securing a critical minerals agreement.
Elsewhere, Healthscope is set to offload the Northern Beaches Hospital to the NSW government for $190 million, amidst pressure from lenders and landlords. The company is currently in the final stages of searching for a new owner. Additionally, a report indicates that top-end CEO salaries in family offices are shrinking, with base pay now generally ranging from $500,000 to $625,000, plus bonuses.
Finally, the Australian Energy Market Operator (AEMO) has warned that households need to share batteries to effectively manage the cost of transitioning to net zero emissions.
