BRIEFS
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.
Frequently Asked Questions about this Article…
Following Virgin Australia’s purchase of a 60% stake, Tigerair Australia named a six-member board that includes Virgin CEO John Borghetti as chairman, former ABC and ASX chair Maurice Newman, Richard Branson’s former aide David Baxby, and Joseph Pillay, the chairman of Singapore-based Tigerair.
Virgin Australia’s 60% stake led to a refreshed leadership team at Tigerair Australia, with John Borghetti installed as chair and several high-profile directors brought onto the six-member board to oversee the carrier’s next phase.
Rio Tinto is expected to begin exports from its Oyu Tolgoi copper and gold mine in Mongolia as early as Tuesday. The project had been scheduled to start commercial exports in June but was delayed by disputes with the Mongolian government that are believed to be partially resolved.
Exports from Oyu Tolgoi were delayed because Rio Tinto twice ran into issues with the Mongolian government. The company and the government have had a difficult relationship, and those disputes prevented the mine from starting commercial exports on its original timetable.
Atlas Iron approved the Mount Webber project and will spend $146 million from existing cash reserves, in partnership with Altura Mining, to expand production. The plan aims to lift total output to about 12 million tonnes a year by June 2014, increasing Atlas’s exports by roughly 3 million tonnes annually.
Despite the planned production increase, investors reacted negatively: Atlas Iron’s stock fell about 5%, trading down to 79.5 cents following the Mount Webber expansion announcement.
Treasury Wine Estates struck a deal with JW Marriott Hotels & Resorts to create a new wine club for hotel guests, a move designed to deepen Treasury Wine Estates’ presence in the retail travel and luxury beverage market.
Yes. In addition to the JW Marriott wine club, Treasury Wine Estates has signed a wine partnership with the Boston Red Sox to give fans the chance to enjoy wines such as sauvignon blanc while watching games, expanding its reach into sports and leisure audiences.
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