Pilbara Minerals starts global hunt for processing JV | Allan Gray shops its Souther n Cross, ARN stakes | A dissatisfied sharehol der could crimp Entain’s local growth ambit ions

Good evening,

Lithium major Pilbara Minerals has Macquarie Capital unearthing a new joint venture partner to help it build a $1 billion processing plant.

The goal is to convert spodumene (of which Pilbara has truckloads) to battery-ready lithium hydroxide.

Sources said the $15 billion market cap company would be taking proposals from across the globe, and squeezing out a shortlist in the months ahead. Prospective partners would be looking to the Pilbara-POSCO joint venture in Korea, which POSCO has boasted came out 40 per cent cheaper to build than in Australia.

Over in listed markets, Street Talk caught Sydney fund manager Allan Gray parading its chunky stakes in Southern Cross Media and ARN Media to strategic players including Seven West Media, Nine Entertainment and News Corp.

The wily investor is trying to drum up interest in its stake just three days after ARN raided Southern Cross Media’s register, and walked away with a 14.8 per cent chunk. Street Talk will be keeping a close eye to see if a media house takes the bait.

Elsewhere, Ladbrokes’ owner Entain was copping criticism for its poor M&A track record as it chases key Aussie auctions, and HMC Capital is understood to have pulled in $800 million for its last-mile delivery assets fund.

Happy reading,
Sarah Thompson, Kanika Sood and Emma Rapaport
Street Talk editors