Iron ore juniors in firing line
The sharp fall in iron ore prices could have junior miners on tenterhooks again, following a rout in the commodity's price that has battered the Australian iron ore sector and laid siege to the federal budget, according to the Australian Financial Review.
Fortescue Metals Group rained pain on workers at its Cloudbreak mine site yesterday, laying off 200 people with hundreds more jobs expected to go in coming weeks as the miner chases cost savings.
Senex Energy cuts output forecast as spending is reduced
Evidence of the hit to smaller players from the plunge in the oil price is rapidly mounting, with Cooper Basin player Senex Energy cutting full-year production guidance, while AWE posted a massive 46% slide in quarter-on-quarter revenues, according to the Sydney Morning Herald.
Senex shares dived almost 9% after the company advised that output for 2014-15 would be roughly flat at between 1.36 million and 1.41 million barrels of oil equivalent, down from an earlier forecast of at least 1.4MMboe. Production last financial year was 1.38MMboe.
BHP investors prepare to hold tight on South32
BHP’s big investors have backed the spin-off of South32 ahead of next week's vote on the demerger, but will wait and see how the new stock trades before deciding whether to add to their stakes or sell down, according to the Sydney Morning Herald.
One of BHP's biggest shareholders, Aberdeen Asset Management, is voting for the demerger, and says it is prepared to be patient and hold.
