Iron ore exporters are closely watching weather developments off Australia's north-west coast, where a cyclone may form later this week. Harbour masters at both Port Hedland - where BHP Billiton, Fortescue and Atlas Iron export their iron ore - and Rio Tinto's Cape Lambert port were making arrangements to either close or modify operations at those ports.
Macmahon Holdings shares surged 5 per cent after the mining contractor sealed a $1.8 billion deal with Fortescue Metals Group. The five-year contract is the biggest ever signed by Macmahon in the mining services arena and will see it provide services to help Fortescue expand its Christmas Creek iron ore mine in Western Australia's Pilbara region. Macmahon shares ended 1.5¢ higher at 27¢.
ONE of the market darlings of 2012, gold miner Northern Star, has bought the right to explore for minerals on the massive Pilbara tenements of Fortescue Metals Group. The joint venture deal will give Northern Star rights to all minerals other than iron ore, which is Fortescue's staple.
Centro Retail shareholders have overwhelmingly agreed to change the shopping centre company's name to Federation Centres as it attempts to put past problems behind it.