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The Australian

Good morning,

Rio Tinto has cut dividends after its 2024 underlying profit fell, missing consensus forecasts as weaker iron ore prices weighed on the global miner. It comes after Japan’s Mitsui paid $8.4bn for a stake in its leading undeveloped project in the Pilbara, with two West Australian rich-lister families cashing in on the deal.

The immediate future of a Rio Tinto-backed Tomago aluminium smelter that underpins the NSW energy market hangs in the balance as 560 workers dig in for a fight over pay.

Veteran property investor Greg Goodman has always had astute timing and in tapping investors for $4bn for a data centre spree he's sending two signals about trends at play.

The markets

Making news this morning

1

End of an error: What happened in Whyalla

On a dramatic day for the town of Whyalla, our reporter explains what happened.

2

‘Failed to invest back’: Minister unloads on GFG’s $800m offshore earnings

Sanjeev Gupta’s companies have sent almost $800m in Australian earnings offshore for various purposes, South Australia’s Energy and Mining Minister Tom Koutsantonis says.

3

Former Star chief to give evidence in ASIC trial

Only former chief executive Matt Bekier is now likely to take the stand as ASIC wraps up its case against him and other former Star executives.

Editor's picks

UNSW comes to the rescue of Nomad Sydney

The prestigious university hosted a swanky dinner party for a Federal Reserve governor at the black-listed venue, despite its owners’ history of controversial statements.

YONI BASHAN, NICK EVANS

Controversy around me is over, MinRes’ Chris Ellison declares

His board backs him to the hilt, Chris Ellison says, while telling analysts MinRes is primed for strong cash flow growth. Meanwhile, his stake plunged $142m in value.

By BRAD THOMPSON

Rate cut chatter drives uptick in buyers: Triguboff

The interest rate cut has spurred on apartment buyers from first home purchasers to investors, according to Australia’s biggest private developer of apartments.

Commentary

European stocks in demand as investors seek out value

By DAVID ROGERS

Markets Editor

The popularity of US stocks has fallen sharply since December, when fund managers expected them to lead other assets in 2025 were ‘super bullish’.

DataRoom

→	Bluescope in box seat for Whyalla, InfraBuild rescue plan

A nationalisation of Australia’s most strategic steel making asset could be on the cards with the country’s industry champion playing a role.

→	Lactalis taps Rothschild for Fonterra asset sale

About 30 parties are so far interested in Fonterra’s valuable portfolio of dairy brands that it has placed up for sale.

→	Light and Wonder rivals out of the Grover game

Light and Wonder is believed to have fended off competition for Grover Gaming from groups including the Australian-listed Aristocrat Leisure and Churchill Downs Incorporated.