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Resources, Commodities, Business and Politics

February 25, 2024

Gold and Dow rise; Copper and Bitcoin fall; US sides with Russia re Ukraine war, as Donald Trump meets with Emmanuel Macron

Markets

Australian Dollar: $0.6354 USD (down $0.0007 USD)
Iron Ore Mar Spot Price (SGX): $108.30 USD (up $US0.10 USD)
Oil (WTI): $70.68 USD (up $0.28 USD)
Gold Price: $2,948.72 USD (up $12.73 USD)
Copper (CME): $4.5105 USD (down $0.3855 USD)
Bitcoin: $94,206.61 USD (down 1.66% in last 24 hours)
Dow Jones: 43,562.45 as at 3.29pm NY time (up 134.43 points on Friday's close)

News

Ukraine, US close to a deal over nation's natural resources

Ukraine's Deputy Prime Minister Olha Stefanishyna says it and the US are close to concluding a deal that would see the US get a share of Ukraine's mineral resources. The deal is seen as a vital part of US President Donald Trump's plans to broker a ceasefire agreement in regard to Russia's three-year war against Ukraine. It is understood that the US will commit to a "free, sovereign and secure" Ukraine and a "lasting peace" as part of the deal, and that the US will state that anyone who acted adversely against Ukraine during the conflict should not derive any benefit from its reconstruction. (RMS)

News

Trump wants half of Ukraine's rare earth minerals

President Donald Trump is pushing for a 50 per cent share of Ukraine's critical minerals as compensation for US aid during the Russia-Ukraine war. The US Geological Survey lists 50 elements as being critical minerals, while a subcategory of critical minerals is rare earth elements (REEs), with REEs essential for things such as mobile phones, electric vehicles and missile guidance systems. Ukraine has 24 of the 32 minerals identified as critical by the EU, of which 17 are REEs. Ukraine has the largest reserves of critical minerals of the wholly European nations, along with having around five per cent of global reserves.

News

How Australia, with friends, can secure its place in critical minerals

Australia is part of the US's Minerals Security Partnership, which was established by then President Joe Biden in 2022 with a view to promoting responsible mineral production and processing among partner countries. The return of Donald Trump and the potential for him to extend his tariffs to processed or refined critical minerals could unintentionally harm Australia's contribution to the partnership and discourage it from moving up the critical minerals supply chain.

Discouraging Trump from imposing tariffs on processed or refined critical minerals is one way by which Australia can ensure the future of its critical minerals industry, along with seeking stronger reciprocal investment from allies, ensuring that critical minerals, defence and industrial policies are better aligned, and making sure it has a strategy to sustain key production during downturns.

News

The new US policy pillars

Rare earths and associated minerals are a key element of the new US foreign policy under President Donald Trump, as seen with its discussions with Ukraine over US access to Ukraine's rare earths as part of Trump's plan to settle the war with Russia. Trump's strategy is heavily influenced by Elon Musk, who believes strongly in the importance of rare earths and their associated minerals to the US. Australia has a vital interest in the discussions between the US and Ukraine, as it does with Ukraine's use of drones. Like Ukraine, Australia has neighbours with far larger populations and much bigger armies, and it should adapt Ukraine's drone use for its own needs. Like the US, Australia needs to begin aligning its defence policy with its national interest, while China has reminded Australia of the dire state of its naval and air defence equipment by sailing ships near Australia's coastline.

(Roy Morgan Summary)

News

Negative energy of minority

Woodside Energy's North West Shelf LNG project has generated $40bn in royalties and excise over the last four decades. However, a $30bn proposal to extend the project's operating life until 2070 remains in doubt; the Western Australian government granted final environmental approvals in late 2024, but federal Environment Minister Tanya Plibersek recently delayed a decision on whether to approve the expansion. The Greens and teal independents have indicated that rejecting the expansion will be a key condition for them in supporting Labor to form a minority govenment if the upcoming federal election results in a hung parliament.

News

PM's 'green dream' future vanishes into thin air

The federal government's Future Made in Australia policy is badly planned and badly executed. Labor is promoting it as a plan to create new jobs and opportunities by maximising the economic and industrial benefits of moving towards net zero emissions. In reality, it is a repackaging of several existing off-budget schemes that have been grouped together around a questionable theme. The irony is that at the same time as the government is promoting its FMIA plan, several large manufacturers are either exiting Australia or have flagged their intention to do so. (RMS)

News

Court challenge to Nauru removal

Home Affairs Minister Tony Burke announced recently he had struck a deal with Nauru that sees it receive three violent non-citizens from Australia, including a murderer. The deal was struck on the back of new legislation that allows the deportation of unlawful non-citizens to a third country under a paid agreement, with the legislation enacted in response to the High Court's 2023 ruling that indefinite detention was unlawful. In what represents the first challenge to the new third country removal powers, an Iraqi man convicted over an "aggravated" kidnapping is fighting the federal government's bid to deport him to Nauru on the grounds his visa was wrongfully cancelled.

News

Negative energy of minority

Woodside Energy's North West Shelf LNG project has generated $40bn in royalties and excise over the last four decades. However, a $30bn proposal to extend the project's operating life until 2070 remains in doubt; the Western Australian government granted final environmental approvals in late 2024, but federal Environment Minister Tanya Plibersek recently delayed a decision on whether to approve the expansion. The Greens and teal independents have indicated that rejecting the expansion will be a key condition for them in supporting Labor to form a minority government if the upcoming federal election results in a hung parliament.

News

PM's 'green dream' future vanishes into thin air

News

MinRes forced to defend disclosure standards

Mineral Resources has been issued with a number of questions by the ASX in relation to its half-year results, which it released last week. Mineral Resources announced it had recorded a loss of $807 million, compared to a net profit after tax of $530 million for the previous corresponding period, and the ASX queried whether the market had been fully informed ahead of the release of its results. It is not the first time that Mineral Resources has been called on to defend its disclosure standards, as it deals with the fallout from various scandals involving MD Chris Ellison that include tax evasion. (RMS)

Media Man

Roy Morgan wins Media Man 'News Services Company Of The Month' award

Grok wins Media Man 'AI Service Of The Month' award

X wins Media Man 'Platform Of The Month' award

Sky News Australia wins Media Man 'News Outlet Of The Month' award (Australia)

Mining, Energy and Resources: Australia

February 7, 2025

Forrest blasts executives over 'most stupid' deal

Kid Shelleen is the private investment vehicle of billionaire Paul Tudor Jones. It is suing Fortescue over a proposed joint bid to acquire a number of coal and gas-fired power stations in the US that never eventuated. The two companies had planned to convert the stations so that they could produce clean-burning hydrogen fuel, but their relationship soured and Fortescue went on to make an unsuccessful unilateral takeover bid for the assets. It refused to pay Kid Shelleen for due diligence costs, and Kid Shelleen is suing Fortescue for $US6.25 million ($9.95 million) compensation. Fortescue has been forced to hand over internal documents, emails and messages as part of the litigation process.

(Roy Morgan Summary)

'Too late' to avert costly gas crisis

The Australian Energy Market Operator has previously warned that the east coast is likely to face a gas shortfall by 2028, and potentially during the winter months of 2025. Woodside Energy's CEO Meg O'Neill believes that a gas shortage in Victoria is now inevitable, and she says political ideology has been given priority over "sensible energy investment". The state government has in recent months sought to speed up the approvals process for new gas projects, but there are concerns that Victoria will need to import LNG.

News

Gupta empire hit for $84m in damages as debt facility delayed

A subsidiary of Sanjeev Gupta's Liberty Group was hit with US52.8 million in damages as a result of a judgment by London's High Court in late January, with the judge in question noting that Gupta made a deliberate decision to stop participating in the case because he could no longer afford to do so. Meanwhile, a $US100 million debt facility that Gupta's GFG Alliance was hoping would provide fresh capital for its Whyalla steelworks is still to be signed off, weeks after it was initially expected.

News

High Court win over billionaire's company

Law firm Atanaskovic Hartnell and Birketu have been involved in a lengthy legal battle, with Birketu being the private company of billionaire businessman Bruce Gordon, with the battle ending in favour of Atanaskovic Hartnell. The dispute commenced in 2017 when a lawyer impersonated Gordon's son and asked Deutsche Bank to transfer more than $9 million into his own bank account, and the dispute has made its way through a number of courts, ending up in the High Court. The two sides settled the central issue in the case some time ago, but were in dispute over whether Birketu should pay Atanaskovic Hartnell's pay costs. Despite arguing that the law firm had incurred them acting for itself, the High Court ruled in favour of Atanaskovic Hartnell, and directed Birketu to pay it more than $500,000.

News

REA Group

REA Group has posted net earnings of $314m for the first half of 2024-25, which is 26 per cent higher than previously. The real estate listings group's revenue was 20 per cent higher at $873m. CEO Owen Wilson is upbeat about the outlook for the housing market, noting that the number of properties listed for sale has risen by three per cent year-on-year. He also expects strong growth in listings during the first quarter of 2025. Meanwhile, Wilson has advised that he will step down in the second half of 2025, after six years at the helm.

News

Truck crashes on MinRes iron ore haul road pile up

Mineral Resources has reported that a multi-trailer truck carrying iron ore rolled over on its Onslow Iron haul road on Saturday, with the road used to ship iron ore from MinRes' mines in Western Australia to port. There had been four crashes on the road between August and November, with the latest collision coming just a week after MinRes CEO of mining services Mike Grey said he did not expect to see any more crashes on the Onslow road. The collision represents the latest setback for MinRes, whose MD and founder Chris Ellison is being investigated by the Australian Securities & Investments Commission over claims of company wrongdoing that were sparked after a paper reported details of an offshore tax evasion scheme that benefited him and other MinRes executives.

News

We're pawns in chess game

Australia risks becoming a pawn war in the tariff battle between the US and China that began during the presidency of Joe Biden and which looks set to continue under Donald Trump, with many Australian mining companies likely to be impacted. These firms are discovering deposits of conventional minerals that also contain strategic rare earth metals, with the economics of developing these deposits partly dependent on whether the companies can get access to these additional strategic minerals via smelting, with China having imposed restrictions on the export of these minerals to the US that have come from its smelters. One mining company set to be affected by this war is the Roy Morgan-controlled Haoma, which has large deposits that contain gold, copper and strategic minerals. It can extract the gold using its 'Elezac' process, but the other concentrates require smelting. Previously, these would have gone to China, but if the 'war' continues, Haoma could lose significant value.

News

Beach Energy sticks with gas strategy

Beach Energy released its latest financial results on Thursday, with the oil and gas producer reporting an underlying net profit of $237 million for the six months to 31 December, up 37 per cent. However, investors were disappointed by its lower than expected $0.03 per share interim dividend and a conservative production outlook, with its shares down by as much as 4.9 per cent in morning trading. Beach announced in June 2024 that it would expand into gas storage and peaking power generation, and CEO Brett Wood said that Victoria's growing energy crisis has reinforced that decision.

(Roy Morgan Summary)

Media Man

Roy Morgan wins Media Man 'News Services Company Of The Month' award

Gina Rinehart upgrades her airport (and email signature)

By Mark Di Stefano

September 23, 2024

What’s the point of being the country’s wealthiest person if you can’t make unilateral changes to drab office life that give you a cute little thrill?

Take Gina Rinehart, who treats her Hancock Prospecting workforce to all sorts of perks. There’s the high salaries. But also the $100,000 cash gifts she draws out in a random ballot for workers on her birthday each year.

Rinehart recently appears to have hijacked the email signatures of her Hancock underlings (something she does quite regularly).

Under their names and contact now sits a gargantuan goose to announce her National Mining Day, which will be held at Santos’ Moomba plant in November. (AFR)
@FinancialReview

Full article and coverage via subscription to The Australian Financial Review

https://afr.com/rear-window/gina-rinehart-upgrades-her-airport-and-email-signature-20240923-p5kcsp

Energy, Resources And Mining News: Australia

September 30, 2024

Exports shock on ore to hit $39bn

Treasurer Jim Chalmers is set to reveal a final budget surplus of $15.8bn for 2023-24; this is $6.4bn higher than was forecast in the budget on 14 May. Chalmers claims that Labor's second successive surplus is solely due to lower government spending. However, falling commodity prices are set to weigh on the budget bottom-line in coming years. Revised government forecasts show that resources and energy export earnings will fall to $372bn in 2024-25, compared with $415bn in 2023-24; the value of iron ore exports is forecast to fall to $107bn in 2024-25, down from $138bn in 2023-24. Nickel and lithium export earnings are also expected to fall sharply.

(Roy Morgan Australia)

News

Minister told ERA wouldn't sue over lease

Federal Resources Minister Madeleine King moved to formally cancel Energy Resources of Australia's long-standing lease on the Jabiluka uranium deposit in late July. The Northern Territory government subsequently rejected ERA's application to renew the lease. It has been revealed that King's advisers had told her that ERA would be unlikely to pursue legal action if the Jabiluka lease was cancelled, given that major shareholder Rio Tinto opposes mining at Jabiluka without the consent of the traditional owners. ERA launched a Federal Court challenge to King's ruling in early August, claiming that it was denied procedural fairness.

(Roy Morgan Summary)

News

Telco turned miner vies for desert gas

Australian-listed Jade Gas Holdings has a market capitalisation of about $70m. However, one broker has suggested that this could potentially rise to around $500m due to its coal-seam gas project in Mongolia. Jade Gas was initially listed on the ASX as a Telstra reseller called Westel Group, before transitioning to a resources group. Meanwhile, Jade Gas is under scrutiny for commissioning Hong Kong-based DWK to undertake a drilling program at its Mongolian tenements; it claimed that DWK had been drilling gas wells for a decade, but documents show that the company had not been registered when Jade announced the contract in June.

(Roy Morgan Summary)

News

Federal police drop foreign bribery investigation into Australian miner

September 28, 2024
The Australian Federal Police launched an investigation into foreign bribery allegations against Sundance Resources in 2016. However, an AFP spokeswoman has advised that the probe has failed to yield sufficient admissable evidence to refer criminal proceedings to the Director of Public Prosecutions. The police investigation centred on allegations that Sundance had bribed government officials in the Republic of Congo between 2006 and 2008 in order to advance its Mbalam-Nabeba iron ore project. The investigation was complicated by the deaths of several Sundance executives in a plane crash in the Congo in 2010.

News

Prospector Mark Creasy wins support for Calidus Resources rescue

September 28, 2024
Creditors of Calidus Resources have backed a proposal from veteran prospector Mark Creasy to rescue the failed gold miner from administration. Creasy's proposal was supported by the majority of Calidus shareholders, and will result in his West Coast Lending assuming full ownership of Calidus. The deal with Creasy was backed after Calidus directors withdrew their support for an alternative proposal from Petra Capital. West Coast Lending, which is controlled by Creasy's Yandal Investments, aims to resume production at Calidus's Warrawoona gold mine in the Pilbara within months.

(Roy Morgan Summary)

News

De Grey quick to snuff out takeover speculation

September 28, 2024
De Grey Mining has dismissed recent media reports which suggested that the listed gold miner has received a buyout proposal from Canada-based Agnico Eagle. De Grey has advised that the article which appeared in The Australian is 'pure speculation'. De Grey owns the Hemi deposit in the Pilbara, and it aims to commence developing a gold mine at the site before the end of 2024. Agnico Eagle owns the Fosterville mine near Bendigo in Victoria, and there has been speculation in recent months that the company is keen to acquire assets in Western Australia.

News

Victorian gas projects approved

September 28, 2024

The federal government has approved two new gas production licences for Beach Energy near existing projects off the coast of Victoria. Resources Minister Madeleine King says gas produced at the Artisan and La Bella fields will be reserved solely for domestic use and will help to put downward pressure on gas prices in NSW and Victoria. The government's decision to approve the new licences has coincided with the release of the Australian Competition & Consumer Commission's latest gas inquiry report, which has warned that the east coast's gas supply surplus for the March 2025 quarter is likely to be significantly lower than was previously forecast.

(Roy Morgan Summary)

Mining via Grok

Mining refers to the extraction of valuable minerals or other geological materials from the Earth, which can range from traditional minerals like gold, silver, coal, and iron to more modern interests like lithium for batteries or rare earth elements for technology. Here's a detailed look into the concept of mining:

Traditional Mining

Historical Context: Mining has been pivotal since ancient times, initially for materials like flint, ochre for body painting, and later for metals like copper, tin, and iron which ushered in the Bronze and Iron Ages.

Process: Modern mining involves several steps: Exploration: Identifying potential deposits through geological surveys.
Feasibility Studies: Analyzing the economic viability of mining operations, including costs, market conditions, and environmental impact.
Extraction: Methods vary from open-pit mining for near-surface deposits to underground mining for deeper ores. Techniques include drilling, blasting, and mechanical extraction.
Processing: Ore is usually refined to extract the desired mineral, often involving crushing, grinding, and chemical processes.
Reclamation: After mining, efforts are made to restore the land, though this aspect has historically been controversial due to environmental impacts.

Environmental and Social Impact: Mining can lead to habitat destruction, pollution (e.g., acid mine drainage), and social displacement. However, it's also crucial for economic development in many regions, providing jobs and contributing to national economies.

Cryptocurrency Mining

Concept: In the context of cryptocurrencies like Bitcoin, mining does not involve physical digging but rather computational work. Here, miners validate transactions and add them to the blockchain, a public ledger of all transactions.

Process:
Transaction Verification: Miners collect transactions into blocks.
Proof of Work: Miners compete to solve complex mathematical problems (hashing), requiring significant computational power.
Block Creation: The first to solve the problem adds the new block to the blockchain, earning newly minted cryptocurrency and transaction fees as a reward.
Security: This process also secures the network against fraudulent transactions.

Energy Consumption: Cryptocurrency mining, especially for Bitcoin, has been criticized for its high energy consumption, leading to discussions on its environmental footprint.

Modern Innovations and Issues

Sustainable Practices: There's a push towards more sustainable mining practices, including the use of renewable energy for operations, better waste management, and rehabilitation of mined lands.

Critical Minerals: The demand for minerals essential for technology like lithium, cobalt, and rare earth elements has surged, highlighting new challenges in mining ethics, geopolitics of mineral supply, and the environmental impact.

Artisanal and Small-Scale Mining (ASM): Often seen in developing countries, ASM provides livelihood but also poses significant health and environmental risks due to methods like mercury use in gold extraction.

Technological Advancements: From autonomous mining vehicles to drones for exploration, technology is transforming mining operations, making them safer, more efficient, and potentially less harmful to the environment.

Mining, in both its traditional and digital forms, remains a cornerstone of human civilization, supporting economic, technological, and societal development, while also presenting ongoing challenges regarding sustainability and ethics. (Grok)

Roy Morgan is a former Media Man 'News Outlet Of The Month' award winner

Mining, Energy and Resources: Australia and Oceania

August 9, 2024

News

Legal fees for BHP class action top $680m

Law firm Pogust Goodhead is representing about 600,000 participants in a class action over Brazil's Samarco iron ore tailings dam collapse in 2015. The firm estimates that its legal fees could be around Stg250m, while total legal fees arising from the case could exceed Stg350m. Documents filed with the UK's High Court show that BHP's share of the legal costs have been forecast at around Stg108m; however, this is just for the first stage of the trial, and BHP will face a further legal bill if the resources group is found liable for the disaster in Brazil. Samarco is a joint venture between BHP and Vale.

(Roy Morgan Summary)

News

Win for Fortescue in private eye battle

Federal Court judge Brigitte Markovic has dismissed an application by Element Zero's founders to access the instructions that Fortescue gave to private investigators who had been hired to put them under surveillance. Fortescue alleges that its former employees Bart Kolodziejczyk, Bjorn Winther-Jensen and Michael Masterman used its intellectual property to develop Element Zero's rival green steel technology. Justice Markovic ruled that the instructions given to the private investigators are likely to be subject to legal professional privilege.

News

Creasy in talks for Macquarie's $148m debt at miner Calidus

Macquarie Bank has a four per cent stake in Calidus Resources, while it holds $148m of the failed gold producer's debt. Sources have indicated that Macquarie has finalised the terms of a deal to sell its Calidus loan at a price that is at or near its carrying value. The buyer of the debt is believed to be Yandal Investments, the private investment vehicle of Western Australian billionaire Mark Creasy. His deal to acquire Macquarie's debt could give Creasy an edge over other potential bidders for Calidus or its assets, which include the Warrawoona gold project and a 40 per cent stake in the Pirra lithium joint venture.

News

Win for Whitehaven, MACH as court rejects climate bid

The High Court has dismissed the Environment Council of Central Queensland's application for special leave to appeal the Federal Court's decision to allow two NSW coal mine extension projects to proceed. The court had ruled in May that federal Environment Minister Tanya Plibersek had acted lawfully in handling the environmental approvals process for the Whitehaven Coal and MACH Energy projects. The ECCQ had initiated legal action against the proposed mine expansions in 2022.

(Roy Morgan Summary)

Mining, Energy and Resources: Australia and Oceania

August 7, 2024

News

Liontown wants lithium breaks as prices teeter

Association of Mining & Exploration Companies CEO Warren Pearce says it is holding talks with the Western Australian government with regard to royalty relief for lithium producers. The price of spodumene has fallen to $US870 ($1,337) per tonne, and Liontown Resources CEO Tony Ottaviano contends that the government should intervene in order to avert a similar crisis to the rout that hit the nation's industry. He has also suggested that the federal government should expand its production tax credit scheme to include the upstream processing of spodumene.

(Roy Morgan Summary)

News

MinRes job cuts add to thousands lost in WA's mining sector route

A spokesman for Mineral Resources has confirmed that the iron ore and lithium producer will reduce its head count, although the bulk of the job cuts will be at its Perth head office. Mineral Resources has not disclosed the extent of the job losses, although it is believed to be about 100. The move follows the company's recent decision to mothball its high-cost iron ore mines in Western Australia's Yilgarn region and a delay in the expansion of the Wodgina lithium mine. WA's mining sector has already been hit by massive job losses in the nickel industry in 2024.

(Roy Morgan Summary)

News

Iron ore 'must learn from nickel pain'

Dino Otranto, the CEO of Fortescue's mining arm, has warned that Australia risks missing out amid the global shift to 'green' steel'. He has called for increased collaboration between industry and government to ensure that the nation capitalises on the decarbonisation of the steel industry. He adds that the demise of Australia's nickel industry provides a timely warning for iron ore producers.

News

Jilted ERA heads to court over Jabiluka mine axing

Energy Resources of Australia wants the Federal Court to undertake a judicial review of the Northern Territory government's decision to not renew its mining lease for the Jabiluka uranium deposit. ERA contends that it was denied "procedural fairness and natural justice" in the decision to permanently ban mining at Jabiluka. Amongst other things, ERA has questioned the haste with which federal Resources Minister Madeleine King advised the NT government to reject an extension of the mining lease, which is slated to expire on 11 August.

News

Newmont fights $130m 'restructuring' tax bill

The Australian Taxation Office contends that Newmont Corporation owes it some $132.6m in capital gains tax liabilities arising from a restructuring in 2011. The tax dispute is believed to centre on Newmont's decision to consolidate ownership of its local mines under its Newmont Australia subsidiary; this included a transaction in which two of the mining giant's North American subsidiaries sold their holdings in Newmont Australia back to it. Newmont contends that the transfer was an internal restructure rather than a share sale, and it should therefore not attract capital gain taxes

News

Watchdog threatens 'critical' Browse

Woodside Energy's CEO Meg O'Neill has emphasised the importance of the company's Browse LNG project. She contends that Browse is the only gas field of sufficient size to meet the forecast demand for energy over the near-term. The Browse project's future is under scrutiny following a preliminary ruling from Western Australia's Environmental Protection Authority that it presents a "unacceptable risk" to marine ecology. The EPA is expected to make a final recommendation on the project in 2025, although it can be overruled by the federal government. O'Neill has also defended Woodside's deal to acquire a low-carbon ammonia project in the US.

(Roy Morgan Summary)

Markets and Commodities

July 18, 2024

Australian Dollar: $0.6730 USD (unchanged)

Iron Ore Aug Spot Price (SGX): $105.05 USD (down $2.10 USD)

Oil Price (WTI): $83.10 USD (up $2.28 USD)

Gold Price: $2,458.69 USD (down $10.15 USD)

Copper Price (CME): $4.4165 USD (down $0.0405 USD)

Bitcoin: $64,196.81 USD (down 0.80% in last 24 hours)

Dow Jones: 41,198.08 at 4.20pm NY time (up 243.60 points on yesterday's close)

(Roy Morgan Summary)

Rio Tinto appoints new Copper Chief Executive

July 17, 2024

LONDON--(BUSINESS WIRE)-- Rio Tinto has appointed Katie Jackson to lead its Copper business, succeeding Bold Baatar, who as previously announced, will become Chief Commercial Officer later this year.

Katie is currently President of National Grid Ventures, responsible for the development and operation of large-scale energy infrastructure assets. She will join Rio Tinto on 1 September 2024 and be based in London.

Katie has strong international experience in the energy sector, across both operational and commercial roles, starting at Shell as a Drilling Engineer and working in Asia, Europe, Eastern Europe, the Middle East and the USA. Following stints at Anadarko and Equinor, where she latterly ran Development and Production operations across Europe and Asia, she joined BG Group as Executive Vice President for Global Business Development and Strategy. Having rejoined Shell, she was subsequently promoted to Executive Vice President of Acquisition, Divestment and New Business Development with responsibility across the Shell portfolio.

Rio Tinto Chief Executive Jakob Stausholm said: "Katie brings diverse experience from across the energy sector. Her leadership will be invaluable as we shape our copper business for a successful future. As we continue the ramp up of Oyu Tolgoi to become one of the world’s largest copper suppliers, we are also looking to the future with new opportunities across the world. We are very excited that Rio Tinto will benefit from Katie’s global perspective, proven operational and strategic leadership capability and her passion for driving sustainable growth.”

Katie Jackson said: “I am inspired by Rio Tinto's ambition to deliver the materials the world needs. It is an exciting time to lead the copper business when we have such a central role to play in delivering a low carbon future and I believe my current role delivering major infrastructure projects will help me bring a new perspective. I look forward to collaborating with our teams across the globe, in partnership with communities and governments, and lead the business to an even stronger future.”

This announcement is authorised for release to the market by Andy Hodges, Rio Tinto’s Group Company Secretary.

News

In Case You Missed It

Rio Tinto to acquire Mitsubishi’s 11.65% stake in Boyne aluminium smelter

June 10, 2024 06:30 PM Eastern Daylight Time

MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto has agreed to acquire Mitsubishi Corporation’s 11.65% interest in Boyne Smelters Ltd (BSL), which owns and operates the Boyne Island aluminium smelter in Gladstone, Australia.

On completion of this transaction, and the recent agreement to acquire Sumitomo Chemical Company’s 2.46% interest in BSL, Rio Tinto’s interest in BSL will increase to 73.5%.

The acquisition, which is for an undisclosed price, is subject to various conditions precedent, including approval from Australia’s Foreign Investment Review Board, and is expected to be finalised in the second half of 2024.

Rio Tinto looks forward to continuing to work with its remaining BSL joint venture partners and other stakeholders on securing a competitive low-carbon future for its Gladstone operations.

After completion of the two transactions, the BSL joint venture partners will be: Rio Tinto (73.5%), YKK Aluminium (9.50%), UACJ Australia (9.29%) and Southern Cross Aluminium (7.71%).

Websites

Rio Tinto
https://www.riotinto.com/

Rio Tinto: Media Releases
https://www.riotinto.com/en/news/releases

Australian mining and exploration sector embracing living statues and bodypainting for special events and VIP functions

Human Statue Bodyart does bodypaint, bodyart and makeup for Diamond VIP event at The Star, Sydney

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Financial Times

In economics, a commodity is an economic good or service that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.

The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price.

Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemicals and computer memory.

Hard and soft commodities

Soft commodities are goods that are grown, such as wheat, or rice.

Hard commodities are mined. Examples include gold ,silver, helium, and oil.

Energy commodities include electricity, gas, coal and oil. Electricity has the particular characteristic that it is usually uneconomical to store, and must therefore be consumed as soon as it is produced.

(Wikipedia)

Oil

Commodities News: Oil via Media Man and FxPro

June 3, 2024

Oil is probably setting up for a repeat of 2020 or 2014

Oil has lost 1.7% since the start of the day on Tuesday, in addition to a more than 3% drop the day before, clearly showing the market's reaction to the OPEC+ meeting over the weekend. The technical picture in oil has turned very bearish. OPEC+ agreed to an impressive extension of low production quotas, but markets are paying more attention to the short-term supply-demand balance and viewed the move as underwhelming.

In the middle of last week, WTI crude bounced off resistance in the form of the 200-day moving average and moved closer towards the lower end of the May trading range. Oil is also trading below its 50-day average, which is pointing downwards. All of this is evidence of an intensifying bearish medium and long-term trend.

Earlier, we also pointed out that the cartel, especially Saudi Arabia and Russia, is becoming hawkish, preferring to give active signals or cut production when the price gets close to the 200-week average. This curve reflects ultra-long-term trends, averaging the price over almost four years. Oil has been receiving impressive support after touching this line in 2019 and 2023. Since the beginning of this year, there have been new attempts to break below, which have so far resulted in strong upside momentum.

It very much looks like that situation has now changed. Oil is already more than 3% below its 200-week average, having been under sustained pressure since the start of the week. In addition, the intensified daily selling of oil in US trading since last Wednesday has contributed to this.

In 2020, the breakdown of this long-term support culminated in a hike in some oil contracts into negative territory. We saw just as much market drama in 2014 after a similar signal. It was perhaps only in 2018 that oil managed to turn to the upside, falling just 18% below its 200-week average.

Thus, we may be seeing the beginning of the formation of one of the significant downtrends in oil, capable of being on par with the 2014-2016 or 2020 sell-offs. In this case, the price may roll back to the $30 area—the price area where most oil production projects lose profitability.

However, the bulls still have a significant support area of around $65-$70 per barrel. This was the resistance area in 2019 and the support area in the last three years.

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Euro, Gold, Crypto and more via Media Man and FX Pro

A strong current account surplus may not help euro

The eurozone's current account surplus climbed to a six-month high of 31.9bn in December. Analysts, on average, had expected a decline to 20.3 bn from 22.5 bn the previous month. The current level was seen in the eurozone during the relatively benign pre-Covid period and sometime before Natural Gas prices spiked in the second half of 2021.

The normalisation of the surplus is good news for the single currency, as it means more net capital inflows into the region. But this growth has been fuelled by falling imports, which can be the result of lower commodity and energy prices (which is a very good thing), but also partly indicative of a slowdown in domestic demand. This threatens to translate into economic contraction in the coming months.

The euro area experienced periods of severe import contraction in late 2008 and early 2010, and in both cases, the economy experienced a severe downturn. Back in 2008, all this was accompanied by the collapse of the euro.

Gold

Gold rises but within a downward channel

Gold rallied for the fourth consecutive session to reach $2023, recovering almost all the losses suffered the week before on the back of the inflation report. Gold's ability to rally suggests continued domestic demand, as some investors are clearly rushing to buy back any losses.

At the same time, however, we note that since the beginning of the year, gold has been characterised by solid selloffs on the news, forming a smooth downtrend. In the context of this downtrend, a rise to $2040-2045, which is the upper boundary of the bearish range, looks quite acceptable.

The area around $2035 - the highs of two weeks ago - also appears to be a crucial intermediate level. Confident buying from this level would be the first important signal that the recent correction is over and that gold is ready to make a fresh assault on the highs.

Much more important, however, will be the behaviour of gold as it approaches the $2050 level, where the reversal of the decline in late January took place.

Consolidation at this level would confirm the breakdown of the downtrend and set the stage for a move towards $2100 and the subsequent renewal of historic highs.

However, as long as gold is trading within the downtrend, there is a greater chance of a breakdown or even an acceleration of the downtrend.

Among the fundamental factors, the potential for growth could be provided by the fall in the dollar if Fed officials show a softening of their position, bringing the start of interest rate cuts closer.

On the bearish side, equities could come under pressure following the optimistic rally in the tech giants and the news of a sharp slowdown in economic activity. We also do not rule out the possibility that the recent support measures for the Chinese stock market and property sector will cool demand for gold as a safe-haven for investors from that part of the world.

Cryptocurrency

Crypto market growth halted amid capital inflows

Market picture

The crypto market has corrected 0.46% in the last 24 hours, fluctuating within a narrow range without a clear direction. Bitcoin is down 1% but up 3.7% over seven days, Ethereum is flat for the day but up 10.6% over the week. The top coins are mixed with BNB +2% and Solana -2.5%.

Bitcoin is currently drawing its fourth daily candle with opening and closing levels close to each other. Such sideways consolidations are characteristic of strong bull markets, as opposed to corrective pullbacks on smoother rallies.

Ethereum hit local highs on rumours of a positive regulatory decision before the end of March. Bloomberg analyst James Seyffarth bet 4 ETH that the SEC will not approve a spot Ethereum ETF next month.

According to data from CoinShares, investment in crypto funds rose by a record $2.452 billion last week, following inflows of $1.116 billion the previous week.
Bitcoin investments increased by $2.424 billion, Ethereum by $21 million, Cardano lost $6 million, and Solana lost $1.6 million.

Since the beginning of the year, crypto funds have seen inflows of an impressive $5.2 billion, with total AUM rising to $67 billion, the highest since December 2021.

News background

Bitcoin will see institutional support in the next three to six months, according to Coinbase. Bitcoin ETFs could eventually become a major competitor to gold funds.
According to IntoTheBlock, there is an 85% chance that Bitcoin will reach a new all-time high within the next six months. Five factors could contribute to this: the halving of the price, ETFs, monetary easing, the US election, and companies accumulating BTC as part of their treasuries.

Former CIA contractor Edward Snowden, who has been living in Russia since 2013, called bitcoin the most significant achievement of the financial system in the entire existence of money and means of exchange.

Amberdata admitted that Ethereum will outpace Bitcoin in terms of growth due to more constructive deflationary policies. The supply of ETH has been decreasing since September 2022, thanks to the update of The Merge, as well as the implementation of a mechanism to burn part of the commissions. During this time, around 0.36 million ETH, or 0.3% of the total supply of 120 million coins, have been removed from circulation.

Via Roy Morgan Research and Media Man social media

Copper, gold, and Bitcoin rise; Iron ore and oil fall; ASX to fall in response to selling on Wall Street; US vetoes Arab-backed UN resolution demanding ceasefire in Gaza; Assange's lawyers warn that he risks 'flagrant denial of justice' if he is tried in US

Latest updates on Key Economic Indicators

21 February 2024

Roy Morgan Summary

Australian Dollar: $0.6550 USD (up 0.0011 USD)
Iron Ore Mar Spot Price (SGX): $120.85 USD (down $6.40 USD)

Oil Price (WTI): $78.27 USD (down $1.02 USD)

Gold Price: $2,024.37 USD (up $6.43 USD)

Copper Price (CME): $3.8595 (up $0.0465 USD)

Bitcoin: $52,059.35 (up 0.35% in last 24 hours)

New report reveals Roy Morgan is one of Australia's leading data companies - with in-depth information on millions of Australians based on their Helix Personas

Market Research Update

20 February 2024

Roy Morgan Summary

Roy Morgan leads the way as one of Australia's leading data companies. A special in-depth report into Australia's leading data companies interviewed Roy Morgan CEO Michele Levine and Executive Chairman Gary Morgan about the role the company plays in compiling data and building profiles of different Australians. One of Roy Morgan's key products is 'Helix Personas' which profiles people under headings such as "young and platinum", "smart money", "cautious conservatives", "fair go", "working hard" and nearly 50 other personas. For example, the "young and platinum" group love their mobile devices and are "always on the hunt for the shiny, new and cool" and "making the rent". Their income is around the $64,000 a year mark and they can often be found "living a conventional life centred around family".

Roy Morgan CEO Michele Levine confirmed that the Helix Personas market segments are based on statistical information, not data from individual people. "It's totally ethical. Unlike Facebook or any of these things, it's not any particular individual", Roy Morgan's chief executive Michele Levine, said.: 38,582.12 at 3.22pm NY time (down 45.87 points on Friday's close)

Roy Morgan wins three-year contract to deliver domestic tourism statistics for Austrade

21 February 2024

Roy Morgan Summary

From 2025, Roy Morgan will provide Austrade with the world's best practice survey methodology, big data integration and modelling techniques to deliver accurate domestic tourism statistics. Roy Morgan has reimagined the future of domestic tourism statistics to move Austrade and its stakeholders to the forefront of tourism intelligence with a new platform that will drive the future of Australia's tourism industry, which is estimated to be worth in excess of $160 billion. Portia Morgan, the Head of Client Services at Roy Morgan, says that using face-to-face interviewing, which is the gold-standard for surveying the population, enhanced with big data and cutting-edge data science techniques, Roy Morgan will be delivering a future-proofed system that will be cost effective, reliable, and accurate. She adds that Roy Morgan has been delivering survey-based tourism insights via its Holiday Tracking Survey for 20+ years and the company is thrilled to be working with Austrade and the broader industry to provide a deeper of understanding of how many people are travelling, where they go, what they do and how they spend their valuable tourism dollars.

Anti-mining PM pushes BHP's cash offshore

Roy Morgan Summary

It is somewhat hypocritical of the federal government to flag possible support for Australia's nickel industry, given that Labor's anti-mining legislation may jeopardise the expansion of BHP's copper operations in South Australia. BHP is still likely to proceed with an expansion, but the previously touted investment of between $10bn and $15bn is now only a 50 per cent chance. The new labour laws in the government's industrial relations reforms mean that BHP is now more likely to redirect much of this capital investment to its criticals minerals projects in other countries; rival miner Rio Tinto is already doing this.

More than 2.7 million New Zealanders now read newspapers and magazine audiences surge to over 1.7 million

21 February 2024

Roy Morgan has released its readership results for New Zealand's newspapers and magazines for the 12 months to December 2023. The data shows that 2.73 million New Zealanders aged 14+ (64.4%) now read or access newspapers in an average 7-day period via print or online (website or app) platforms. In addition, 1.71 million New Zealanders aged 14+ (40.3%) read magazines, whether in print or online either via the web or an app. The New Zealand Herald is still the nation's most widely-read publication, with a total cross-platform audience of 1,720,000 in the 12 months to June 2023 - almost five times as many as the second placed Dominion Post with a readership of 341,000. Meanwhile, New Zealand's most widely read magazine is still the driving magazine AA Directions, which had an average issue readership of 379,000 during the year to December (an increase of 63,000 on a year ago).

These are the latest findings from the Roy Morgan New Zealand Single Source survey of 6,254 New Zealanders aged 14+ over the 12 months to December 2023.

New report reveals Roy Morgan is one of Australia's leading data companies - with in-depth information on millions of Australians based on their Helix Personas

Market Research Update

20 February 2024

Roy Morgan Summary

(Credit: Roy Morgan Research)

Roy Morgan Summary

One of Roy Morgan's key products is 'Helix Personas' which profiles people under headings such as "young and platinum", "smart money", "cautious conservatives", "fair go", "working hard" and nearly 50 other personas. For example, the "young and platinum" group love their mobile devices and are "always on the hunt for the shiny, new and cool" and "making the rent". Their income is around the $64,000 a year mark and they can often be found "living a conventional life centred around family". Roy Morgan CEO Michele Levine confirmed that the Helix Personas market segments are based on statistical information, not data from individual people. "It's totally ethical. Unlike Facebook or any of these things, it's not any particular individual", Roy Morgan's chief executive Michele Levine, said.

(Credit: Roy Morgan Research)

Media Man

Warrner Bros

Profile

In 2010, the Warner Bros. Pictures Group broke the all-time industry worldwide box office record with receipts of $4.814 billion, which surpassed the prior record of $4.010 billion (set by the Studio in 2009). Warner Bros. also established a new industry benchmark for the international box office with a total of $2.93 billion (marking a record third time of crossing the $2 billion threshold) and retained its leading domestic box office ranking with receipts of $1.884 billion. 2010 also marked the 10th consecutive year Warner Bros. Pictures passed the billion dollar mark at both the domestic and international box offices. Warner Home Video was, once again, the industry’s leader, with an overall 20.6 percent marketshare in total DVD and Blu-ray sales. The companies comprising the Warner Bros. Television Group and Warner Bros. Home Entertainment Group remain category leaders, working across all platforms and outlets, and are trendsetters in the digital realm with video-on-demand (transaction and ad-supported), branded channels, original content, anti-piracy technology and broadband and wireless destinations.

The Warner Bros. Pictures Group brings together the Studio’s motion picture production, marketing and distribution operations into a single entity. The Group, which includes Warner Bros. Pictures and Warner Bros. Pictures International, was formed to streamline the Studio’s film production process and bring those businesses’ organizational structures in line with Warner Bros.’ television and home entertainment operations.

Warner Bros. Pictures produces and distributes a wide-ranging slate of some 18-22 films each year, employing a business paradigm that mitigates risk while maximizing productivity and capital. Warner Bros. Pictures either fully finances or co-finances the films it produces and maintains worldwide distribution rights. It also monetizes its distribution and marketing operations by distributing films that are totally financed and produced by third-parties. The Studio’s 2011 slate includes “Sucker Punch,” “The Hangover Part II,” “Green Lantern,” “Harry Potter and the Deathly Hallows – Part 2,” “Happy Feet 2” and “Sherlock Holmes: A Game of Shadows.”

Warner Bros. Pictures International is a global leader in the marketing and distribution of feature films, operating offices in more than 30 countries and releasing films in over 120 international territories, either directly to theaters or in conjunction with partner companies and co-ventures.

New Line Cinema, part of Warner Bros. Entertainment since 2008, coordinates its development, production, marketing, distribution and business affairs activities with Warner Bros. Pictures to maximize film performance and operating efficiencies. Highlights of New Line’s 2011 release slate, distributed by Warner Bros., include “Horrible Bosses,” “Final Destination 5,” “A Very Harold & Kumar 3D Christmas” and “New Year’s Eve.”

The Warner Bros. Television Group oversees and grows the entire portfolio of Warner Bros.’ television businesses, including worldwide production, traditional and digital distribution, and broadcasting. In the traditional television arena, WBTVG produces primetime and cable (Warner Bros. Television and Warner Horizon Television), first-run syndication (Telepictures Productions) and animated (Warner Bros. Animation) programming, which is distributed worldwide by two category-leading distribution arms/operations (Warner Bros. Domestic Television Distribution and Warner Bros. International Television Distribution).

Among the primetime series produced by divisions of the Warner Bros. Television Group are “Two and a Half Men,” “The Big Bang Theory,” “The Mentalist,” “Mike & Molly,” “Fringe,” “Gossip Girl,” “The Vampire Diaries,” “Nikita,” “The Middle,” “Southland,” “The Closer,” “Rizzoli & Isles,” “Supernatural,” “The Bachelor,” “Pretty Little Liars,” “Randy Jackson Presents America’s Best Dance Crew” and many more. Also produced by the company are first-run syndicated programs such as “The Ellen DeGeneres Show,” “TMZ” and “Extra,” among others, as well as animated shows “Scooby-Doo! Mystery Incorporated” and “Young Justice.”

WBTVG is an innovative leader in developing new business models for the evolving television landscape, including ad-supported video-on-demand, broadband and wireless, and has digital distribution agreements in place with all of the broadcast networks. Internationally, the Studio is one of the world’s largest distributors of feature films, television programs and animation to the worldwide television marketplace, licensing some 50,000 hours of television programming, including more than 6,000 feature films and 50 current series, dubbed or subtitled in more than 40 languages, to telecasters and cablecasters in more than 175 countries.

WBTVG provides original shortform programming for the broadband and wireless marketplace through its Studio 2.0 digital venture, and its digital media sales unit is devoted specifically to multiplatform domestic advertiser sales for both broadband and wireless. WBTVG continues its strategic expansion into digital production and distribution with the launch of several advertiser-supported entertainment destinations, including TheWB.com, a premium, video-on-demand interactive and personalized network and KidsWB.com, a premium destination built around youth-oriented immersive entertainment.

The final component of WBTVG is broadcasting: The CW Television Network, launched (in partnership with CBS) in September 2006 with quality, diverse programming, is targeted to the 18–34 audience.

Warner Bros. Animation’s combined classic and contemporary library currently boasts 14,000 animated episodes and shorts which air on domestic broadcast networks, as well as cable networks and in direct-to-video releases around the world. The classic library includes such brands as Looney Tunes, Merrie Melodies, Hanna-Barbera and Ruby-Spears as well as such beloved characters as Bugs Bunny, Daffy Duck, Sylvester, Tweety, Taz, Tom and Jerry, Popeye, Batman, Superman, the Flintstones, the Jetsons and Scooby-Doo.

Warner Bros. Home Entertainment Group brings together Warner Bros. Entertainment’s home video (Warner Home Video), digital distribution (Warner Bros. Digital Distribution), interactive entertainment/videogames (Warner Bros. Interactive Entertainment), direct-to-consumer production (Warner Premiere), technical operations (Warner Bros. Technical Operations) and anti-piracy (Warner Bros. Anti-Piracy Operations) businesses in order to maximize current and next-generation distribution scenarios. WBHEG is responsible for the global distribution of content through DVD, electronic sell-through and transactional VOD, and delivery of theatrical content to wireless and online channels. It is also a significant worldwide publisher for both internal and third party videogame titles.

In 2010, Warner Home Video dominated the U.S. market as the number one company in total sell-through video (DVD and Blu-ray combined) with 20.6% marketshare, theatrical catalog, TV on DVD, non-theatrical family and animation, Blu-ray and VOD. WHV has been the number one studio in overall DVD sales 14 consecutive years, and is also the leading studio in the international home video space.

With more than 3,700 active licensees worldwide, Warner Bros. Consumer Products licenses the rights to names, likenesses and logos for all of the intellectual properties in Warner Bros. Entertainment’s vast film and television library. With a global network of offices and agents in key regions throughout the world, including North America, Latin America, Asia and Europe, WBCP maintains an ongoing commitment to expand and build the power of its core brands’ recognition in the international marketplace through strong and creative merchandising, promotional marketing and retail programs.

DC Entertainment’s DC Comics has been in continuous publication for more than 60 years, and is the leading comic book publisher in the industry and the creator of some of the world’s most recognized icons. DC’s characters continue to headline blockbuster feature films, live-action and animated television series, direct-to-video releases, collectors’ books, online entertainment, digital publishing, countless licensing and marketing arrangements and, most recently, graphic novels. DC continues to attract new readers and fans all over the world with its signature characters Superman, Batman, Wonder Woman and Justice League leading the way.

Warner Bros. International Cinemas provides a true state-of-the-art movie experience to audiences in Japan with more than 60 multiplex cinemas and more than 600 screens internationally. One of the pioneers in multiplex development for the international marketplace, WBIC is continually exploring new markets for expansion. (Credit: Warner Bros. Entertainment)

Press Release

09 August 2010

MICROGAMING SET TO LAUNCH THE LORD OF THE RINGS™: THE FELLOWSHIP OF THE RING ONLINE VIDEO SLOT GAME

First Title to Utilize Proprietary Cinematic Spins™ Technology Allowing Players to Experience the Film with Every Spin

ISLE OF MAN – Microgaming today announced the imminent launch of a new flagship game, The Lord of the Rings: The Fellowship of the Ring Online Video Slot Game. This slot game is the first to utilise Microgaming’s new Cinematic Spins™ technology, allowing gamers to see clips from the films with every spin.

The Lord of the Rings: The Fellowship of the Ring is a new online slot game that is part of a multi-year licensing agreement Microgaming signed with Warner Bros. Digital Distribution in 2009. The company is developing a series of cutting-edge, graphic rich video slots based on this popular movie trilogy and will use animation material, themes, and characters, from the trilogy of The Lord of the Rings™ motion pictures that include The Lord of the Rings: The Fellowship of the Ring, The Lord of the Rings: The Two Towers and The Lord of the Rings: The Return of the King. These online slot games will be available to adults only in countries where online gaming is permitted.

The Lord of the Rings: The Fellowship of the Ring is the first online video slot to use Microgaming’s Cinematic Spins™ state-of-the-art gaming technology. This allows movie clips to act as moving backgrounds behind the reels during spins providing players an unprecedented level of excitement and immersion.

Win sequences and expanding wilds also use cinematic clips, instead of traditional animated graphics. The slots feature famous scenes from the film including Ringwraiths during the attack at Weathertop, Balrog in the Mines of Moria, and Uruk-hai in the woods of Middle-earth. Players will also enjoy seeing characters from the films that include Frodo, Aragorn, Saruman and the deadly Black Riders.

Roger Raatgever, CEO Microgaming comments: “Microgaming has always been ahead of the curve with innovative offerings, but this game really does push the boundaries of what an online slot can do. The Lord of the Rings: The Fellowship of the Ring looks and feels like an extension of the big screen film experience and we’re confident that our operators will see a great deal of demand from their players, when the game is released. This is an important deal for Microgaming and highlights our commitment to partner with the right brands, at the right time. The Lord of the Rings is one of the most successful and well loved brands on the planet and we are excited about combining this widespread appeal with Microgaming’s groundbreaking software.”

The Lord of the Rings Trilogy generated $3 billion in worldwide box office receipts and was nominated for a total of 30 Academy Awards®; of which they won 17, including Best Picture.

- Ends -
Notes to editors:
*Cinematic Spins is a trademark held by Microgaming

© 2010 New Line Productions, Inc. All rights reserved. The Lord of the Rings: The Fellowship of the Ring, The Lord of the Rings: The Two Towers, The Lord of the Rings: The Return of the King and the names of the characters, items, events and places therein are trademarks of The Saul Zaentz Company d/b/a Middle-earth Enterprises under license to New Line Productions, Inc.

For further information please contact:
Duncan Skehens / Laura Moss/ Lyndsay Haywood
Lansons Communications
020 7490 8828
DuncanS@lansons.com / LauraM@lansons.com / LyndsayH@lansons.com
Warner Bros. Digital Distribution

Peter Binazeski
818-977-5701
peter.binazeski@warnerbros.com
About Microgaming (www.microgaming.com)
Since the company developed the first true online Casino software over a decade ago, it has led the industry in providing innovative, reliable gaming solutions. Thanks to an unrivalled R&D programme, that averages 60 games per year and a unique ‘partnership’ approach to working with operators; Microgaming software powers over 160 market-leading online gaming sites.
The company’s front and back-end software supports multi-player, multi-language games - over 500 of them, all uniquely branded and provides platforms for land-based and wireless gaming. Microgaming powers the world’s largest Progressive Jackpot Network and has paid out over €265million. In May 2009 it created the biggest ever online jackpot winner with a single payment win of €6.37m.

As a founding member of eCOGRA, Microgaming is at the forefront of an initiative focused on setting the highest standards in the gaming industry, and leads in the areas of fair gaming, responsible operator conduct and player protection. Microgaming has been awarded eCOGRA’s Certified Software Seal following a rigorous onsite assessment to ensure that the development, implementation and maintenance of the software is representative of industry best practice standards Microgaming licensees are therefore eligible to apply for the eCOGRA Safe & Fair Seal.

About Warner Bros. Digital Distribution
Warner Bros. Digital Distribution (WBDD) manages Warner Bros. Home Entertainment Group's (WBHEG) electronic distribution over existing, new and emerging digital platforms, including pay-per-view, electronic sell-through, video-on-demand, wireless and more. WBDD also oversees the WBHEG's worldwide digital strategy, partnerships in digital services and emerging new clients and business activities in the digital space.

News

2009

With Time Warner sitting on $7 billion in cash, the Marvel deal has ignited rumours of a second wave of consolidation in the media industry. Dream Works Animation, home of Shrek, is seen as a potential takeover candidate, as is MGM with its huge library of classic films. The games firms Electronic Arts and Take Two Interactive, with its Grand Theft Auto franchise, are also being touted as potential buys.

Profile

Warner Bros. Entertainment, Inc. (also known as Warner Bros. Pictures, or simply Warner Bros.) is one of the world's largest producers of film and television entertainment.

It is a subsidiary of Time Warner, with its headquarters in Burbank, California and New York City. Warner Bros. has several subsidiary companies, including Warner Bros. Studios, Warner Bros. Pictures, Warner Bros. Interactive Entertainment, Warner Bros. Television, Warner Bros. Animation, Warner Home Video, TheWB.com and DC Comics. Warner owns half of The CW Television Network.

Founded in 1918 by Jewish immigrants from Poland, Warner Bros. is the third-oldest American movie studio in continuous operation, after Paramount Pictures, founded in 1912 as Famous Players, and Universal Studios, also founded in 1912.