Great Wall Motor Approves A$28 Million Investment in Pilbara MineralsFont size: A | A | A 5:34 AM ET 9/28/17 | Dow Jones RELATED QUOTES
3:57 PM ET 9/28/17 Symbol Last % Chg GWLLY 12.43 -0.56% Real time quote.
(MORE TO FOLLOW) Dow Jones Newswires
September 28, 2017 05:34 ET (09:34 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
(MORE TO FOLLOW) Dow Jones Newswires
September 28, 2017 05:35 ET (09:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
By Joanne Chiu
The board of Great Wall Motor Co. (2333.HK) has approved a plan to buy an up to 3.5% stake in Australian mining company Pilbara Minerals Ltd. (PLS.AU) for 28 million Australian dollars (US$22 million).
The Chinese car maker said after markets closed Thursday that the investment in Pilbara Minerals, which owns the Pilgangoora lithium-tantalum mining project in Western Australia, will facilitate its strategic development of new-energy cars.
Write to Joanne Chiu at joanne.chiu@wsj.com
> Dow Jones Newswires
September 28, 2017 05:59 ET (09:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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3 Must Read Stories: China Orders North Korea Companies Shutdown, Yuan's Fall, China Car Maker's Lithium Play -- Barron's BlogFont size: A | A | A 9:17 PM ET 9/28/17 | Dow Jones
By Adam Routh
The Chinese government has ordered all North Korean companies or joint ventures operating in China to shut down within four months as a result of the United Nation sanctions imposed in response to Pyongyang's ballistic missile tests.
The move comes amid intense international pressure on China to rein-in Kim Jong-un's belligerent regime and ahead of U.S. Secretary of State Rex Tillerson's visit to China at the weekend, when the problem of North Korea will be discussed . Here's Bloomberg with the details:
Companies are required to cease business within 120 days of Sept. 12 -- the day after the UN passed new sanctions aimed at punishing North Korea for its latest missile and nuclear tests. Non-profit and non-commercial public utility and infrastructure projects are not subject to the order, the ministry said.
The Chinese yuan fell 0.5% against the dollar on Thursday, bringing bringing its declines over the last three weeks to 3.1% - halving the gains the Chinese currency had made versus the dollar this year. The Wall Street Journal takes a look at what lies behind the yuan's decline since it hit a 17-month high against the dollar on Sept. 8:
Soon after the yuan hit that high, China's central bank ended measures it had earlier put in place to support the yuan, including a two-year-old rule that made it more expensive for traders to bet against the currency. That move was taken by analysts and investors as a sign that Chinese authorities were growing uncomfortable with the currency's ascent against the dollar. A stronger yuan makes China's exports less competitive globally.
"It was quite an obvious turnaround in PBOC policy," said Ken Cheung, senior Asian foreign-exchange strategist at Mizuho Bank in Hong Kong.
Around the same time, the U.S. dollar started rebounding in global currency markets. The ICE Dollar Index, which measures the U.S. currency against six others, has risen 2.2% since Sept. 8.
The dollar's recovery gained steam after Federal Reserve officials indicated they still expect to raise interest rates one more time this year and three times in 2018, despite recent weak inflation readings. The Republican party's plan for overhauling the U.S. tax code, released Wednesday, has added to dollar's advance.
China has set a very ambitious electric vehicle production target as Beijing seeks to curb air pollution and nurture a domestic green-car industry. Domestic car makers will be forced to start manufacturing electric vehicles in 2019. With lithium batteries being key, China's Great Wall Motors has signed a deal with Australia's Pilbara Minerals for the supply of 150,000 tonnes a year of spodumene concentrate from Pilbara's Pilgangoora lithium mine for use in the car maker's electric
and hybrid vehicles. Speaking to The Australian, Pilbara managing director Ken Brinsden said he expected the deal to be the first of many between car makers and raw material suppliers:
"If you take a look across the lithium world, the two things are becoming clearer to the industry as a whole. Firstly, on the supply side, the raw materials are not coming online as quickly as many had assumed. Secondly, the demand growth is much bigger than people had previously shared," he told The Australian:
"Now it's becoming clearer just how big this story could be, people are realising they have to invest in what is happening in the raw material supply chain."
Under the deal, Great Wall will take a $28 million placement in Pilbara -- which will give it a stake of around 3 per cent in the company -- and will also provide up to $US50m in debt funding for a planned expansion of Pilgangoora.
$SPRWF 1.35 SUPREME COMMENCES PRODUCTION IN NEW FLOWERING ROOMS
NOVEMBER 07, 2017 TSXV: FIRE
TORONTO, Nov. 7, 2017 /CNW/ - Supreme Pharmaceuticals Inc. ("Supreme" or the "Company") (TSXV: FIRE) is pleased to announce 7ACRES has commenced production in the newly constructed flowering rooms recently approved by Health Canada. Yesterday, over 3,000 plants of a specially selected phenotype of cannabis called "Wappa" were hand-transplanted into the first of three 10,000 sq. ft. flowering rooms. Wappa was selected for the inaugural planting due to its favourable early-stage market feedback, growth characteristics and terpene content. The transplanting was completed in a single-day process, required to ensure the uniformity of the end product. The remaining 20,000 sq. ft. will be fully planted over the balance of November 2017, increasing 7ACRES' anticipated annual output capacity to over 5,000 kg per year.
One of three new 10,000 sq. ft. flowering rooms at the 7ACRES Hybrid Facility (CNW Group/Supreme Pharmaceuticals Inc.)
"Today marks an important growth milestone for 7ACRES as Canada's leading cultivation-focused Licensed Producer," said John Fowler, CEO of Supreme. "Adding an additional 30,000 sq. ft. of flowering rooms quadruples our production capacity and moves us closer to achieving our goal of growing premium quality cannabis flowers at scale. The additional output increases our ability to establish national strategic partnerships with Licensed Producers that are seeking to provide Canadian patients with premium cannabis. As well, the expansion also represents the next step in scaling 7ACRES in preparation for the Canadian adult use market."
Supreme anticipates the first harvests from the additional flowering rooms will be completed in the first quarter of calandar 2018.
Licensed Producers and/or ACMPR applicants interested in procuring premium quality dried cannabis flowers or trim may contact wholesale@7ACRES.com.
About Supreme
Supreme is a Canadian publicly traded company established as the leading premium cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. hybrid-facility. This facility combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit supreme.ca and 7ACRES.com for more information.
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