Multotec Group of Companies | Powering up and going strong

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NORMALLY I discuss stocks directly related to mining in this column. In this edition, however, I am taking a departure to discuss one of our favourite shares on the market: Telstra. My interest in Telstra began last year when it was being proverbially pounded by the stock market, media and analysts. The Future Fund was selling the stock down, confusion reigned over the NBN Co (National Broadband Network) and the share price sunk to a shocking low of $2.57. Behind the scenes, Telstra was quietly turning the business around. Quite simply, customers hated dealing with Telstra and were leaving in droves; as analysts and customers, it seemed so logical that ‘all’ the company needed to do was improve customer service…

IN February, global mining giant Rio Tinto reported a record underlying earnings result of US$15.5 billion for the 12 months to December 31, 2011. The achievement was overshadowed, however, by the company’s 59 per cent slump in its 2011 calendar year net profit to US$5.8 billion, due mainly to a US$8.85 billion write down of its aluminium business, Rio Tinto Alcan. The impairment prompted chief executive Tom Albanese to forego his annual bonus because the purchase of the Alcan aluminium business “happened on his watch”: Rio Tinto acquired Alcan in 2007 for US$38.1 billion at the top of the market. Chief financial officer Guy Elliott also elected not to receive his bonus for 2011 in light of the aluminium business’s…

CLEAN-UP operations are underway in the Pilbara after the category 4 Cyclone Damien made its presence felt across the region on February 7. Ports servicing Roy Hill, Rio Tinto, and FMG Iron Ore operations at Dampier and Ashburton went into cyclone preparation mode and shut as the cyclone passed, with the port at Port Hedland remaining closed for 25 hours. Roy Hill and FMG mines received the least of the storm, with Rio Tinto’s port, rail and mine network situated in the direct path of the storm. A report from the company said that it is supporting recovery efforts alongside DFES. Further disruptions were hoped to be avoided as heavy rain continued to fall. The towns of Karratha and Dampier…