Daily Roundup

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Heidelberg's acquisition of MGH's construction materials business gets the green light from the ACCC, though not without strings attached. The Australian Competition and Consumer Commission has approved the deal on the condition that Heidelberg divests three concrete plants and a quarry across Queensland and New South Wales. The regulator determined that without these divestitures, the combined entity could substantially lessen competition in certain regions. It's a notable milestone—this marks the first Phase 1 Decision with conditions since Australia's new merger control regime kicked in at the start of 2026.

Rare earths company Arafura Rare Earths is charging ahead with its Nolans Project, having reached a Final Investment Decision in May and now eyeing construction to commence in September. The company has secured serious backing, completing a A$350 million institutional placement alongside a A$11.5 million Share Purchase Plan. Two binding offtake agreements were inked during the quarter with Traxys North America and an Indian group, each committing to 500 tonnes per annum of NdPr Oxide on an independent pricing index. The Northern Territory Government has also declared the Nolans Project a Significant Project—a first for the region—which should facilitate closer collaboration between government and industry. With a total funding requirement of roughly US$1.9 billion and cornerstone equity backing from Export Finance Australia and the German Raw Materials Fund, Arafura appears well-positioned to transition into a reliable rare earths supplier.

Michael Hill International is finishing the financial year on a positive note, with group sales climbing 2.0% to $654.7 million and same-store sales up 3.0%. Australia and Bevilles led the charge with same-store sales growth of 4.8%, while Canada delivered another record performance with a 7.0% increase. New Zealand also accelerated in the second half, posting 3.6% same-store sales growth. The jeweller is expecting comparable EBIT between $22.0 million and $24.0 million—a substantial jump of 44% to 57% compared to last year. The company trimmed its store footprint by six locations while opening two new stores, bringing the total to 281.

Sun Silver Ltd is making steady progress on its Maverick Silver Project, with drilling underway to upgrade resources and explore extensions of high-grade mineralisation. The company has brought in Ausenco to handle concept and scoping studies, with a maiden Scoping Study targeted for release by early 2027. Sun Silver has also expanded its landholdings by acquiring the Bayan Springs North Project and staking additional claims, securing continuous ownership over the northwest structural corridor. The company finished the quarter with approximately $23.134 million in cash reserves, having spent significantly more on exploration than originally anticipated in its prospectus.

The Calmer Co. is showing momentum as it heads into the new financial year, with retail revenue jumping 24% quarter-on-quarter to $779,879 and now representing 45% of group revenue. Australian revenue surged 22% to $965,922, buoyed by Coles distribution, while the United States contributed 41% of total revenue at $695,536. Cash receipts from customers climbed 15% quarter-on-quarter to $1.88 million, and the company tightened its belt by cutting advertising and marketing spend by 31%. Net operating cash outflows also improved by 9% to $802,000. Management is eyeing gross margin recovery in FY27 as input cost recovery and pricing measures take full effect, with the company targeting cash flow breakeven as it progresses through the year.