SUMMARY: Fortescue Metals Group Cuts Payments; $300m takeover of Northern Star, $3bn of Onslow from MinRes

And it’s over for Monday!

Thanks again for joining us as we cover the big news of earnings season every day.

We started the day with Andrew Forrest’s Fortescue Metals Group which saw a 40% drop in profits and was forced to nearly halve its final dividend due to falling iron ore prices. However, the company’s annual profit of $6.2 billion was in line with market expectations and still represented the second highest profit and operating cash flow in Fortescue’s history.

But we’re sure Twiggy will still be happy with the final $1.37 billion dividend check he’ll get next month, due to his stake in the iron ore company he founded nearly a year ago. 20 years old.

North Star Resources announced a $300 million buyback of its shares after posting a nearly 60% drop in statutory net profit to $430 million. The owner of Kalgoorlie’s famed Super Pit said the company’s first-ever takeover represented compelling value and confirmed the board’s confidence in its strong balance sheet and cash generation prospects.

Meanwhile, Mineral resources has reached an agreement with its joint venture partners Red Hill Iron to develop the first stage of its $3 billion Onslow iron ore project. Under the terms of the agreement, which provides for MinRes to provide its partners with a $1.3 billion loan to help fund construction of the project, the Chris Ellison-led company will increase its stake in the Red Hill joint venture from 40 % to 60.3%.

Struggling entrepreneur Decmil confirmed a loss of $103 million for the last fiscal year following certain accounting readjustments at the end of July to include an impairment of intangible assets of $53 million and a reduction in the value of claims against certain customers and subcontractors of $23 million.

Thies hopes to close the door on a competing bid for a mining contractor MACA with an enriched offer that once again won over founders and managers. Entrepreneur Companion NRW last week sought to scold privateer Thiess’ cash offer with a proposed cash and certificate deal worth $1.085 per share in cash. But MACA announced on Monday that it had accepted a revised offer of $1.075 per share from Thiess, which now values ​​the company at $367.3 million – still nearly $10 million less than NRW’s offer. .

Employment and disability service provider APM Human Services International improved its prospectus forecast by declaring annual profit of $40.7 million and a new gauge of advertised wages in Australia showed that a long-awaited acceleration in wage growth is taking hold as a labor market tense forces employers to pay more for staff.

Wesfarmers told us he was looking “far and wide” for new opportunities in battery metals to scale up his $1.9 billion lithium project at Mt Holland which is currently taking shape in the Eastern Goldfields and Kwinana .

The retail conglomerate will also be pleased to hear that Australian stores rose in July, suggesting that cashed-out households are adjusting well to rapid increases in interest rates. Sales rose 1.3%, easily beating economists’ forecast for a 0.3% gain, the Australian Bureau of Statistics said. The gain was the largest in four months.

After a terrible start to the week which saw the ASX200 plunge more than 2.2% in early trading, the index closed at 6965.5 after losing 138.60 points, still down 1.95% .

Join us again tomorrow as we inch closer to the finish line of earnings season, with Woodside Energy, Link and supported by Forrest BWX due to share their results with the market.