Tigerair board named
Former ABC and ASX chairman Maurice Newman is one of several high-profile businessmen to be appointed to the board of Tigerair Australia following the completion of Virgin Australia's purchase of a 60 per cent stake. The six-member board of Tigerair Australia also includes Virgin chief executive John Borghetti as chairman and both Richard Branson's former right-hand man, David Baxby, and the chairman of the Singapore-based Tigerair, Joseph Pillay, as directors.
Rio exports to start
Rio Tinto is expected to begin exports from its big new Mongolian mine as early as Tuesday. The Oyu Tolgoi copper and gold mine was supposed to begin commercial exports in June, but Rio's plans were twice thwarted by the Mongolian government, with whom Rio has a difficult relationship. But those issues are believed to be partially resolved, allowing Rio to begin exports from its most important growth project.
Iron mine expansion
Atlas Iron is on track produce 12 million tonnes a year by June, 2014, after approving a new mining project on Monday. Atlas announced that it would spend $146 million from its existing cash reserves to fund the Mount Webber expansion in partnership with Altura Mining. Despite increasing Atlas' exports by 3 million tonnes a year, investors were not impressed, pushing the stock 5 per cent lower to 79.5¢.
Hotel wine club deal
Treasury Wine Estates, the world's largest pure-play winemaker, will deepen its reach into the retail travel and luxury beverage market after a deal with the international JW Marriott Hotels & Resorts to create a new wine club for hotel guests. But the winemaker, which owns brands such as Penfolds, Wolf Blass, Pepperjack and Yellowglen, isn't totally fixated on the top end of town and has also signed a wine partnership with the famous Boston Red Sox to allow fans to sip some sauvignon blanc while watching the game.