Schwab on board... Austra

US billionaire’s son buys into WA miner BRIDGET CARTER - THE AUSTRALIAN 7 HOURS AGO DATAROOM MERGERS & ACQUISITIONS INDUSTRIES RESOURCES AND ENERGY The son of US billionaire Charles Schwab, who founded one of the world’s largest discount broking companies, is believed to be poised to make his first investment in an Australian listed company, outlaying at least $2 million for up to 15 per cent in a West Australian miner. California-based Michael Schwab is understood to be drawn to Western Mining Network following its acquisition last month of a graphite asset in Indonesia, where he already has investments. It is understood Mr Schwab is looking to purchase between 10 per cent and 15 per cent of the company in a deal set to be announced this week. However, it is unclear what he will pay for the shares in Western Mining Network, which closed yesterday down 2 per cent to 24c. Graphite stocks have been surging this year as China closes mines, amid expectations of strong demand from producers of lithium-ion batteries for electric cars. Following in his father’s footsteps by entering the finance industry, Mr Schwab founded his own company, Big Sky Partners, in 1999. He is managing partner. Western Mining, with a market capitalisation of about $18m, is based in Perth but has assets in Indonesia. Last month it purchased 75 per cent of a slate tenement on Sulawesi that contains indications of graphite.