Investors back Rio expansion push

Former BHP Billiton chairman Don Argus is backing the aggressive expansion strategies of BHP and Rio Tinto, saying trading giant Glencore will have to pay “dearly in a premium” to force a merger with Rio, according to the Australian Financial Review.

The views of Argus are backed by one of Rio’s biggest shareholders, the Australian Foundation Investment Company, with managing director Ross Barker saying the miner is well managed and expressing doubts about the rationale of a deal.

Indigenous leader slams ANU ban

An aboriginal leader who worked with a mining company blacklisted by Australian National University for allegedly poor indigenous policies said the company’s executives had won over the traditional owners of the company’s Nova nickel deposit by treating them with respect and integrity, according to the Australian Financial Review.

The Ngadju people “saw that as a genuine intent by Mark [Bennett] and his team – ie Sirius – to come to fair and equitable outcome”, said Tony Shaw, a West Australian indigenous consultant.

He dismissed assertions by ANU consultants CAER that Sirius did not meet policy commitments to indigenous rights, free prior and informed consent, indigenous social impact, indigenous employment, skill development and educational support.

BC Iron ready to sweep up IOH

BC Iron now owns more than 90% of Kerry Stokes' Iron Ore Holdings, giving it the right to compulsorily acquire the remaining shares, according to the Sydney Morning Herald.

The acquisition of the billionaire's iron ore vehicle is almost complete after BC Iron last night increased its stake in Iron Ore Holdings beyond 90%.

Launched almost two months ago, the $250 million deal had to survive a precipitous 19% slide in the iron ore price and two time extensions, but will now safely proceed toward a full takeover with the outstanding shares to be compulsorily acquired.