Galaxy Resources Limited (ASX:GXY)
Galaxy Resources Limited is an Australia-based global lithium producer. The group is known for lithium mining and exploration. With key production facilities, GXY is into hard rock mines and brine assets in regions spanning Australia, Canada and Argentina. The group has been into development of Mt Cattlin spodumene mine at Australia. The Argentina segment situated in the lithium triangle includes Sal de Vida lithium and potash brine project which produces 60% of global lithium. Its Canada segment includes wholly owned and operated James Bay lithium pegmatite project.
Recently signed deal with South Korean steel maker POSCO has been set ahead of anticipated schedule. Almost two months ago, Galaxy signed a non-binding agreement with POSCO with regards to sale of a package of tenements located near Sal de Vida. This was slated for US $280 million as cash consideration. The agreement was conditional on completion and execution of definitive documentation and receipt of POSCO approval at their upcoming Board Meeting, but as per the GXYâs release dated August 6, 2018, the date for completion of this transaction is now set ahead of the previously disclosed schedule. The company indicated the execution of these definitive documents scheduled for completion immediately after the final board meeting. Galaxy will hold full stake of (i.e., 100 per cent) tenements in southern area of Salar del Hombre Muerto post the deal. Post this news, GXY traded lower by 3.697% to $2.735 on August 07, 2018, as at mid-day trading session.
[optin-monster-shortcode id="wxhmli4jjedneglg1trq"]NIB Holdings Limited (ASX:NHF)
NIB gets hold of Australiaâs fourth largest travel insurance company, QBE Travel for a consideration of up to $25 million depending upon the level of business generated. The acquisition serves as a part of nibâs expansion plans for World Nomads Group (WNG), Australiaâs leading travel insurance business acquired by nib in 2015. QBEâs Australia wide network of more than 2000 travel insurance agents along with other services is expected to provide greater scale and distribution reach to WNG. The acquisition also brings in massive distribution network in addition to the partnership with renowned Australian brands. It is estimated that Gross written premium of WNG could potentially increase by 40% driven by acquisition. The key aspect to note is that this acquisition deals in distribution along with claims capability for QBE Travel only. NIB intends to set off the transaction through existing available capital which is scheduled for completion by the first quarter of 2019. NIBâs management indicated the potential of further momentum in travel insurance business ahead of this acquisition. Managing Director of nib holdings limited, Mark Fitzgibbon stated the close relation between travel insurance business and health insurance as more than 60% of travel insurance claims are medically related. This reportedly turns out to be advantageous to the company both in Australian and overseas market which accounts for almost half of WNGâs sales. nib shares price increased by 3.75% to $5.810 on August 06, 2018 as nib expands its travel insurance business through acquisition, however, the same fell by 1.2% on August 07, 2018 as at mid-day trading session.
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