Mining and Media Hand in Hand

Social, legal and health issues related to unrestrained expansion of coal mines in Australia.

Mining and Media Hand in Hand

Postby HVPA_research » Thu Aug 26, 2010 10:44 am

Earlier this year we have witnessed what the media called "a substantial grass root support" for big mining companies. The following quote from Rivers SOS mailing list presents some interesting data about the media ownership. Perhaps this can explain, at least in part, recent political events.

I was amazed this conflicting interest (conflicting in terms of objective reporting / business as usual as far as everything else goes) didn't generate any discussion during the mining tax debate but it's worth pointing out given 7 & Prime's domination of TV News ratings. Perhaps most amazing is that Rudd believed he could pull it off.
Remember Mr Stokes's media interests also include a 14.9% stake in Prime Television.
Dave

Westrac
WesTrac is the dominant supplier of equipment and associated services to the mining industries of WA, NSW and the ACT supplying many global mining businesses. Worldwide, well over half of the large mining trucks, wheel loaders, motor graders, scrapers and track-type tractors bear the Cat name.
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ABC News - 25/08/10 ... Mining, media conglomerate Seven posts profit
The owner of the Seven television network, Seven Group Holdings has announced a profit of $718 million for the two month period from late April to the end of June.

Seven Group Holdings was established in April, after Kerry Stokes was granted court approval to bring his mining and television interests together in a $3 billion merger.

The merger joined the Seven Network with the mining and construction equipment dealership, WesTrac, which was owned by Mr Stoke's private company, Australian Capital Equity.

Seven Group's $718 million net profit result includes a massive $726 million one-off accounting gain from that merger, as well as one-off transaction costs of $36 million and $6 million in borrowing costs.

The merged group's after-tax profit excluding those one-offs was $28.1 million for the first two months of its operation.

A final fully-franked dividend of 18 cents per share was declared.

The company says it is well-placed for growth over the coming year.

The company says Seven Media Group, which is a joint venture with Kohlberg Kravis Roberts (a private equity firm), delivered revenue of $1.466 billion and before-tax profit of $351 million over the financial year, which was a 21.5 per cent rise on pre-tax profit.

The Seven Network contributed $288 million of that profit, and $1.134 billion of the revenue, while the rest came from the company's stable of magazines.

Seven Group Holdings also owns 23 per cent of Consolidated Media, which recently reported an after tax profit excluding one-off items of nearly $90 million, as well as a 23.8 per cent in West Australian Newspapers which had an after tax profit of $96 million.

The company's WesTrac mining and construction equipment division delivered a $188 million pre-tax profit on revenues of $2.286 billion.

WesTrac also acquired a $293 million stake in the Agricultural Bank of China in its recent float to further cement its presence in that market.

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