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Hedge fund making 20% a year for last decade targets uranium M&A

Published: 25 Jun 24

A top performing hedge fund is betting the pullback in uranium producer NexGen Energy will be short lived, as the industry’s growing appeal leaves the startup well placed for a potential takeover. Melbourne-based L1 Capital’s flagship Long Short Fund is up 20% per annum since inception, the best performing Australia-based strategy for that 10-year period, according to data compiled by Zenith Investment Partners, a research firm. While NexGen’s stock struggled this year after a 53% surge in 2023, L1’s head of research Amar Naik says he isn’t tempted to trim the position.

Czech tycoon’s takeover of Sydney-listed coal miner falls through

Published: 25 Jun 24

The owner of a majority stake in Sydney-listed metallurgical coal producer Coronado Global Resources terminated its sale to Czech tycoon Pavel Tykac’s Sev.en Global Investments. The Energy and Minerals Group said on Tuesday it wouldn’t proceed with the sale of its 51% stake after conditions in a September agreement, including approval by Australia’s Foreign Investment Review Board, hadn’t been met by a June 22 deadline.

ASX-bound Cobold to house EMC’s expanded uranium interests

Published: 25 Jun 24

Emerging resources company Everest Metals Corporation (EMC) has announced the expansion of its uranium portfolio with the acquisition of the Mukinbudin project, in Western Australia. The Mark Caruso-led company will acquire the Mukinbudin project from Crucible Resources. It will then transfer the new project, as well as its two Northern Territory uranium projects – Amadeus and Georgina – to unlisted Cobold Metals.

Paladin’s uranium deal signals M&A push for rich Canadian deposits

Published: 25 Jun 24

Paladin Energy’s C$1.14-billion offer to buy Canadian mining firm Fission Uranium is all about geography. The all-stock deal will give Australia’s Paladin operational control of one of the most advanced mining projects in western Canada’s Athabasca Basin, a remote area in Saskatchewan that’s loaded with high-grade uranium. Fission’s asset is expected to open in 2029 and produce an annual average of 9.1-million pounds of the metal over a decade.

OceanaGold receives $30m for Blackwater sale

Published: 24 Jun 24

Toronto-listed OceanaGold has completed the previously announced sale of its interest in the Blackwater project, in New Zealand, following the receipt of all required regulatory approvals. As consideration for the sale, OceanaGold received $30-milion in cash and expects to record an aftertax accounting gain of about $10-million in the second quarter.

Eskom issues tender for 26 large transformers to panel of five selected suppliers

Published: 24 Jun 24

Eskom reports that it has appointed five transformer companies to a panel of suppliers that will compete for upcoming contracts for a total of 101 large-scale transformers that will be installed over the coming four years as part of its Transmission Development Plan (TDP). The suppliers were not immediately named in the statement, with Eskom saying only that most of the five suppliers were “local with an international footprint” and had been selected following an open tender issued on March 14.

Kore’s share price falls amid ongoing discussions on EPC

Published: 24 Jun 24

Johannesburg- and London-listed Kore Potash’s share price on the JSE and the LSE fell by more than 20% on June 24, after the company reported ongoing discussions with regard to the engineering, procurement and construction (EPC) proposal and draft EPC contract with PowerChina International Group. The potash development company revealed that further important issues had been raised about completion and performance guarantee tests, which now needed to be further discussed and agreed on with PowerChina.

Rolls-Royce to lead hydrogen-fuelled combustion engine development project in Germany

Published: 24 Jun 24

Rolls-Royce Power Systems, the Germany-based business of UK-based global major power and propulsion systems group Rolls-Royce, has announced that it is leading a consortium of German companies and research institutes, in a three-year joint project to develop a highly-efficient hydrogen combustion engine to drive stationary combined heat and power systems. The engine would be a “first-of-a-kind” development, stated the group. “We are convinced that combustion engines will remain an essential part of the provision of a reliable energy supply during the energy transition,” explained Rolls-Royce Power Systems CEO Dr Jörg Stratmann. “We are making them climate-friendly with sustainable fuels. That’s why we at Rolls-Royce are investing in the development of the next generation hydrogen engines.”

Invicta reports increase in operating profit despite challenges

Published: 24 Jun 24

In its audited consolidated results for the financial year ended March 31, investment holding and management company Invicta Holdings reports that its operating profit grew by 8% to R702-million, with cash generated by operations increasing by 28% to R818-million, with a focus on reducing debt. “Notwithstanding the challenging environment, we are extremely proud of how our businesses performed during the year. In particular, the resilience of our management teams and the robust nature of our consumable parts businesses shone through,” expresses Invicta CEO Steven Joffe.

Hyprop expects higher full-year tenant revenue in South Africa, Eastern Europe

Published: 24 Jun 24

Shopping centre-focused real estate investment trust Hyprop Investments continues to make progress on key priorities having been set for the 2024 financial year ending June 30, including operational improvements. The company advises in a pre-close operational update issued on June 24 that in the five months ended May 31, the company started implementing its acquisition of Table Bay Mall, which increases the group’s exposure and footprint in the Western Cape.