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By Alex Druce
Lithium miner Pilbara Minerals climbed to a new high of $2.06 in early trade as the battery-making material continues its stellar 2021, with demand for electric vehicles and tightening supply keeping spot prices high.
The $5.7 billion Pilbara Minerals jumped by as much as 4.6 per cent at the open and was last trading at $2.03, joining fellow lithium players Mineral Resources, Liontown Resources, and Vulcan Energy in positive territory.
Elsewhere, Orocobre was flat at $8.45, IGO fell 0.6 per cent to $9.44, and Galaxy Resources dropped 0.4 per cent to $4.80.
Pilbara Minerals managing director and chief executive Ken Brinsden at the annual Diggers and Dealers conference.
Public criticism is dismissed as partisan, brushed aside because of who said it – regardless of whether it is accurate. The problem bedevils state and federal governments, whoever is in power.
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AMP Capitalâs controversial infrastructure equity boss, Boe Pahari, could be entitled to pocket at least $50 million as the price of his amicable exit from the company.
Although the wealth-management giant has been tight-lipped about the financial terms of Pahariâs exit â an AMP spokesman declined to comment on Sunday â AMP insiders estimate he could earn $50 million.
Boe Pahari will depart AMP Capital, leaving the business without one of its big rainmakers. Â
David Rowe
This will partly reflect the termination payments and accumulated bonuses Pahari will be entitled to receive for his premature exit. (He earned a bonus of about $6.5 million in calendar 2020.)
Gerry Harvey (left) and Solomon Lew (right). Source: Harvey Norman/AAP.
Compared to the UK and the US, Australia has an unusually large number of billionaires who hold the majority of their wealth in public companies listed on the ASX.
After 50 years of wheeling and dealing, Kerry Stokes is near the top of the pile given that his 58.5% stake in Seven Group Holdings is now worth $4.59 billion.
The Australian’s Rich List valued him at $7.26 billion earlier this year.
Stokes is unique in many respects, particularly given that he was an orphan whose wealth is entirely self made. He’s also the only Australian billionaire who has a $1 billion-plus personal investment in more than one public company, courtesy of the $1.7 billion stake that Seven Group Holdings owns in Boral.