Rio Tinto in $3.1bn expansion

first_img Global miner Rio Tinto approved a $3.1bn (£1.9bn) iron ore expansion, staking a claim to become the world’s top producer and defying industry concerns over a new Australian mining tax.Iron ore miners are ramping up production to meet booming demand from Asia, with most of the growth in output set to come from Australia where two of the world’s biggest producers, Rio Tinto and BHP Billiton, dominate.Rio Tinto’s move to boost output by 28 per cent follows this week’s demise of a planned joint venture with BHP Billiton in northwest Australia’s Pilbara region aimed at saving the companies $10bn in costs. Wednesday 20 October 2010 2:49 am John Dunne BHP Billiton unveiled a six per cent rise in quarterly iron ore output on Wednesday and is also planning to expand its Australian iron ore operations to meet booming Asian demand.Rio Tinto’s announcement, combined with BHP Billiton’s production surge, eclipsed news reports on Wednesday that suggested they and other miners risked being double-taxed under Australia’s proposed 30 per cent tax on iron ore and coal. whatsapp Share center_img Tags: NULL whatsapp Show Comments ▼ Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Rio Tinto in $3.1bn expansion last_img read more

Cherry secures majority stake in Highlight Games

first_imgFinance Cherry secures majority stake in Highlight Games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Stockholm-listed company ups shareholding in gaming specialist to 60.4% Email Address Tags: Online Gambling 7th August 2018 | By contenteditor Regions: Europe Nordics Sweden Cherry has secured a majority shareholding in Highlight Games by splashing out £5.4m to increase its stake by 22.9% to 60.4%.The shareholding increase comes 15 months after Cherry first made its move to invest in the gaming specialist, snapping up 25% of the technology company. In November, Cherry increased its stake to 37.5%.Anders Antonsson, Cherry’s head of investor relations and communications, would not be drawn on whether the company intends to complete a 100% buy-out of Highlight.Antonsson told iGamingBusiness.com: “We are pleased with the status as the principle holder, and any potential changes in the shareholder structure will be communicated in a press release.”Of the 22.9% acquired by Cherry, to become the majority shareholder, 15.1% was from “parties not active in the company”.Having secured the takeover by holding more than 50 per cent of the company, Highlight has been consolidated within Cherry’s game development division.Highlight offers a patented product together with multi-year rights to use footage from inter-alia historic football matches to create unique virtual sports content.Highlight’s Soccerbet game is in the process of being deployed into several African countries, while Highlight will also be launching in Italy through Eurobet.“Looking ahead, the company is exploring a number of new opportunities across several sports in emerging markets, with its innovative sports product uniquely using archive live-action sports footage,” Cherry said.Last month, Cherry secured a sports betting licence in Poland, where it plans to launch a completely new brand.The Stockholm-listed company is also planning to secure a licence in the re-regulated Swedish market, which will open up on January 1, 2019. Subscribe to the iGaming newsletter Topics: Financelast_img read more