stakes

Nexus Energy (NXS) rejects the talks that it had given up control of its Crux liquefied natural gas (LNG) field after it handed 80 per cent of its ownership to petroleum giant Royal Dutch Shell for no cash cost last Tuesday. Shell, who is now in control to develop and operate the project, intends to pipe gas from Crux to a Prelude floating liquified natural gas vessel in Western Australia's Browse Basin.

Australian engineering firm Clough (CLO) may soon have a new owner as its major shareholder Murray and Roberts Holdings said yesterday that it is thinking of selling a part or all of its stake in the Australian company. The South African engineering and construction company currently owns 62 per cent stake of Clough.

Magnetite producer Grange Resources (GRR) is selling a portion of its stake in the Southdown iron ore project in Western Australia to add more fund to the $2.57 billion export venture. Grange currently owns 70 per cent stake of Southdown as Japan's Sojitz owns the other 30 per cent.

Murchison Metals (MMX) can finally sell its stake on the Oakajee Port and rail project after the Foreign Investment Review Board (FIRB) approved the $325 million deal between the miner and the Japanese company Mitsubishi.

Murchison Metals (MMX) are going to have a merry Christmas after all as shares rose by 8.97 per cent to 42.5 cents this morning after settling its legal battle with rival Chameleon Mining (CHM).

Oil and gas company Australian WorldWide Exploration (AWE) sells interests in the Bass Basin portfolio, selling 11.25% interest in the Yolla gas and condensate field project and 2.5% interest in the Trefoil gas and condensate discovery project to Japan's Toyota Tsusho for $80.125 million. AWE will still hold 46.25% interest in the Yolla gas project and 44.75% interest in the Trefoil gas project.

Rio Tinto (ASX:RIO) and Anglo American are planning to sell their stakes in South Africa's Palabora mining so they can focus on bigger assets. The two companies currently own about three quarters of Palabora Mining Co.

Rio said it will sell its 57.7 percent stake in Palabora while Anglo American said it will sell its 16.8 percent stake. According to Liberum, South Africa's largest copper producer contributed 8 percent of Rio's mined copper output in the first half of 2011.

Peabody Energy, a US based coal company has boosted the stakes in its takeover bid to win the control of Macarthur Coal (MCC), by coming up with an improved takeover bid that worth $3.56 billion.