News Articles for Wesfarmers

A $1 billlion-plus lithium refinery planned for the Pilbara has been put on hold and a second refinery under construction in the South West has been reduced in size as local company Mineral Resources and its US partner restructure their joint venture after a sharp fall in lithium prices.

The Committee for Economic Development of Australia has announced the appointment of Diane Smith-Gander as its new chairperson, alongside two other board appointments.

Our weekly appointment wrap includes Scott Jones, Terry Waldron, Reg Howard-Smith, David Buckingham, Philip Mirams, Colin Pavlovich, Ken Michael, Lee Broomhall, Kelly Howlett, Tim Youe, Joshua Byrne, David Templeman, Anne Banks-McAllister, Peter Snowsill, Martin Hirsch, Michael Winlo, Charles Fear, Patrick Beilby, Biljana Radulovic, Hector West, Matthew Seabrook, Arash Kalani, Simon Pigliardo, Kathy Reid, Melissa Joyce, Nada Raphael, Fredrick Riebeling, Gina Nofal, and Nicola Jansen.

WA's major theatre company has reported a sharp fall in box office sales for the fourth year in succession, along with a small operating surplus, with a big donation from Minderoo Foundation helping to bolster its financial position.

The son of Navitas founder Rod Jones has been appointed the company's chief executive while former Wesfarmers executive Colin Pavolich has been appointed chief financial officer.

Our weekly appointment wrap includes Rick Newnham, Brendan Acott, Tyron Hayes, Danny Murphy, Cameron Syme, Kristy Ryan, Paul Martin, Kenn Donohoe, Helen Sarcich, Nick Houldsworth, Matthew Read, Gary Thomas, Lucy Mengler, Rachel Horton, Richard Lilly, Lauren Haygarth, Donna Marsh, Peta Rapson, Stephanie Driscoll, Maree Ferguson, Susan Oldmeadow-Hall, Danny Olsen, Mark Giuffre, Timothy John, Melissa Reid, Jackson Wheeler, Daniel Butler, Tamara Arapovic, Garry Zacher, and Tamica D'Uva.

Construction costs for many lithium refining projects have been revised up in the past year as proponents rethink the scale and scope of their developments, with Tianqi Lithium's Kwinana project the latest to run higher than forecast.

Wesfarmers subsidiary Evol LNG has secured a six-year deal to supply gas for a 14.5-megawatt power station to be operated by Zenith Energy at the Kirkalocka gold mine.

Wesfarmers says full-year earnings from its department stores could fall by as much as $103 million after sales at the struggling Target chain fell by 2.3 per cent so far in the second half.

Wesfarmers shares have hit an all-time high on the same day it announced the $230 million acquisition of online retailer Catch Group.

Nicola Forrest, Sue Murphy, Neville Owen, and Diane Smith-Gander have been recognised for their service at this year's Queen's Birthday Honours, along with business executives including Anthony Kiernan, Greg Wall and Graeme Wallis.

Wesfarmers has appointed a Perth-based company director and member of the Takeovers Panel to its board as a non-executive director.

Pointerra has entered into a licensing agreement with Wesfarmers start-up Decipher for it's 3D data technology.

Kidman Resources shareholders will vote on Wesfarmers' $776 million takeover offer in August, as the conglomerate flagged a $700 million investment in the Mt Holland lithium project.

Lynas Corporation says it plans to spend $500 million by 2025 to boost production and expand its processing operations to Western Australia.

Lynas Corporation has signed a memorandum of understanding with US-based Blue Line Corporation to set up a rare earths separation facility in Texas, following ongoing regulatory issues at its processing plant in Malaysia.

Wesfarmers has made a second takeover bid for a miner, with a $776 million proposal for lithium company Kidman Resources, as it seeks to benefit from the global uptake of electric vehicles.

Coles has lifted third-quarter food and liquor sales 2.1 per cent to $8 billion, boosted by its latest kid-focused collectables campaign.

Takeover target Lynas Corporation has reported a 32.5 per cent rise in production of rare earths oxides during the quarter, as it fends off a takeover offer from retails-to-chemicals conglomerate Wesfarmers.

A flurry of hostile takeover deals has provided a boost for corporate lawyers, with an expectation there are more on the way.

Wesfarmers said its talks with the Malaysian government about Lynas Corporation had been mischaracterised, as the rare earths miner confirmed it was considering Western Australian sites for materials processing from its Mt Weld mine.

Local timber businesses have about $100 million of investments in planning as they hope to benefit from demand for environmentally friendly products.

Wesfarmers has confirmed it engaged in discussions with the Malaysian government in regards to its takeover target, Lynas Corporation, as the rare earths miner revealed it may set up processing operations closer to its Mount Weld mine near Laverton.

ANALYSIS: As many retailers struggle to deal with the internet revolution, Wesfarmers is undertaking two significant experiments in managing the disruptive influence of online trading to bricks-and-mortar businesses.

Lynas Corporation said it will not engage with Wesfarmers' $1.5 billion indicative takeover offer, after the conglomerate launched the bid for the rare earths miner yesterday.

Wesfarmers has made a $1.5 billion indicative offer for rare earths miner Lynas Corporation, its first takeover bid since its ill-fated $705 million purchase of Homebase in the UK in February 2016.

Tougher emissions standards for ships and a growing need for remote power options for miners could both be a boost for the domestic LNG market.

Wesfarmers is handing more than $1 billion of the cash it raised by demerging Coles and selling other assets back to shareholders in the form of a special dividend.

Coles' supermarket sales slowed during the run-up to Christmas, while the newly demerged retailer's first-half profit slipped 29 per cent to $381 million as restructuring costs weighed on the balance sheet.

OPINION: This reporting season will most likely deliver some uncomfortable news for the retail sector.

The panel tasked with reviewing the Australian Prudential Regulation Authority will be led by former Australian Competition and Consumer Commission chair Graeme Samuel and includes Wesfarmers non-executive director Diane Smith-Gander.

Coles will make a $146 million pre-tax provision in its first-half results as part of a distribution network overhaul that will cut both costs and jobs.

Wesfarmers is expected to make a profit of $2.1 billion to $2.3 billion from the November demerger of its Coles supermarket division, and $670 million to $680 million from the sale of its stake in the Bengalla coal mine.

The final months of 2018 hit investors in Western Australian stocks hard, with the Business News index of 30 local ASX-listed companies falling 13.3 per cent.

Wesfarmers-owned Kleenheat Gas has paid $25,200 in penalties, after the Australian Competition and Consumer Commission issued two infringement notices for alleged false and misleading discount gas campaign.

SPECIAL REPORT: Three businessmen will have more impact than most on the state's economic future, with Peter Coleman leading an oil and gas revival, Chris Ellison building a lithium empire, and Rob Scott reshaping Wesfarmers.

Wesfarmers has appointed mergers and acquisitions expert Mike Roche to its board as it seeks out fresh opportunities, after offloading Coles and exiting the UK hardware market.

Opinion: WA punches well above its weight in terms of technical and operational skills, but our manufacturers could do with a bit more hometown support.

New industrial projects planned for the Burrup Peninsula will need to co-exist with the area's heritage features.

Disruption, a demerger and divestments are shaping Wesfarmers' long-term approach to growth, managing director Rob Scott told last week's Success & Leadership breakfast.