In today’s briefing:
- Cromwell Prop (CMW AU): ESR Exit Post-Privatization?
- Rio lights up the junior copper market
- ADX Energy (ASX: ADX): Reflections on Welchau
Cromwell Prop (CMW AU): ESR Exit Post-Privatization?
- Back in August 2021, ESR Group (1821 HK) acquired unlisted ARA Asset Management for US$5.2bn. This was discussed in ESR Cayman (1821 HK) Takes Out ARA Asset Management.
- Included in the transaction (completed early-2022) was ARA’s ~30.7% stake in office play Cromwell Property (CMW AU).
- ESR has in the past said Cromwell was a non-core holding. With ESR now expected to be privatized by Warburg/Starwood, does this accelerate the narrative?
Rio lights up the junior copper market
- Rio Tinto sold 30% of its Winu project to Sumitomo for $400 million, surprising many with the valuation
- Expecting a PFS in 2025 for a 10 million tonne per annum scenario for the Winu project
- The partnership with Sumitomo signifies the rise of Japan and South Korea in the mining industry and may benefit Rio Tinto in terms of capital allocation and project development.
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ADX Energy (ASX: ADX): Reflections on Welchau
- • Three intervals in the Reifling formation (1324 m – 1340 m, 1346 m – 1351 m and 1358 m -1382 m MD) were perforated but only limited inflow was determined.
- No fluid could reach the surface after the well was shut in.
- • Sampling of the well indicated only completion brine (not reservoir fluid) and fine solid particles of unknown origin.
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