Clive Palmer bids for coal port expansion at reef

Maverick federal MP Clive Palmer has sought permission from the Queensland government to take over one of Australia’s most controversial and environmentally sensitive port developments, according to The Australian.

Waratah Coal, a wholly owned subsidiary of Palmer’s Mineralology, wants to acquire the $3 billion T2 expansion of the Abbot Point coal terminal (requiring dredging and dumping of spoils within the Great Barrier Reef Marine Park) surrendered by BHP in November.

Big miners rein in costs

March-quarter exploration and production reports from the resources sector flooded in last week to meet the end of-April deadline and the reports contained the usual mix of the good, bad and ugly.

The good news was around the industry’s success in reining in costs in response to lower commodity prices and the absence of wet season-related impacts that have dogged the industry in past years.

Tony Poli’s bonus share windfall adds to takeover payday

The huge payday Aquila Resources executive Tony Poli and his shareholders are set to receive includes a large chunk of bonus or “free” shares – accumulated over a decade, according to the Australian Financial Review.

Aquila was the subject of a $3.40 per share bid by Aurizon and Baosteel on Monday, valuing Poli’s stake in the company he helped float in 2004 at slightly more than $400 million.

Included in that stake, as is the case with every Aquila shareholder that has backed the company since its $600,000 float in 2000, are a large number of bonus shares.

Starting at the end of 2004, Aquila undertook each year until 2010 the awarding of bonus shares at nil cost to each shareholder.