BHP sees profits jump, declares dividend bonanza
BHP, the world's biggest listed miner, on Tuesday posted its best first-half profit in seven years, and declared a record interim dividend.
Savage River miner Grange Resources Limited is looking at something ... potentially a big something.
Burnie-headquartered Grange this week told the ASX it would shift back its annual meeting from May 12 to May 25.
"The company is in the process of considering a potential matter which may require shareholder approval," it said.
"The later annual general meeting date will give the company the opportunity to include such matter for consideration at the annual general meeting."
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It said the board believed using the annual meeting to consider the matter, rather than needing an extraordinary general meeting later, would be in the best interests of shareholders as holding an extraordinary meeting later would incur extra cost.
Grange Resources Limited's Port Latta export facility, near Smithton.
It would appear Grange is yet to make a firm decision on whether to proceed with the "potential matter".
The company would be expected to inform the market if it had made a firm decision about a financially significant matter.
Further comment was being sought from Grange.
There would appear to be a range of possibilities, including that the company might seek shareholder approval for a capital raising or some sort of equity deal.
The matter might involve its Savage River operations in Tasmania's North-West.
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Grange has been looking into potential underground mining at the traditionally open cut site.
The matter might also involve Grange's big Southdown iron ore development project in Western Australia, potentially involving a deal or deals to get it to the production stage.
Grange owns 70 per cent of Southdown, and SRT Australia (jointly owned by Sojitz Corporation and Kobe Steel) the rest.
Grange in its recent December quarterly report said it was undertaking a strategic review of Southdown in the current strong iron ore market conditions.
It said seeking a strategic investor or investors for the project was ongoing.
