Whitehaven Coal Limited

Asian Activities Report for August 23, 2011 includes: Whitehaven Coal Limited (ASX:WHC) said today that its Total Coal Resources have increased in the past half year from 1,750 Mt to 1,771.5 Mt; African Iron Limited (ASX:AKI) has received the first batch of assay results from the 2011 drilling campaign at its 80% owned Mayoko Iron Ore Project in Congo; Medusa Mining Limited (ASX:MML) announces the annual update of the JORC compliant Ore Reserve estimation for the Co-O Mine; Gascoyne Resources Limited (ASX:GCY) Glenburgh project gold resource increased to 520,000 oz; Satyam Computer Services Limited (BOM:500376) announced the inauguration of its near shore delivery centre in Netherlands.

Asian markets this morning sharply plunged following the massive drop in US shares. Australian stock market shed 1.7 per cent in early trade, while Japan's Nikkei gave up more than 300 points, or 2.8 per cent. Asian shares fell on Standard & Poor's ratings downgrades of Portugal and Greece and worries that the debt problem of the two nations could put the recovery in Europe under pressure.

US stocks posted a strong gain overnight boosted by better-than-expected home sales. Existing-home sales increased by 10.1 per cent to a 6.1 million annual rate, from 5.54 million in September, the National Association of Realtors said. The US dollar was weaker on Monday on expectations that the interest rate would remain at near zero.

South Korea's trading firm Daewoo International Corp. (SEO:047050) will set up an affiliate in Australia this year to buy a 5% stake in a bituminous coal mine. The new entity, named Daewoo International Australia Holdings, will invest in the Narrabri coal mine owned by Australian mining company Whitehaven Coal Ltd.

US stocks fell for a second day on Thursday as investors worried over the key employment figures, which are scheduled to release on Friday. Most economists expect the data will show the unemployment rate climbed to 9.6 per cent, from a 26-year high of 9.5 per cent in June.

Australian shares gained 1.3% on Friday but still lost 4.3% for the week. The benchmark S&P/ASX200 index was 49.8 points, higher at 3773.2 and the broader All Ordinaries index was also up 1.3%, or 48.1 points, at 3758.9. The local market is expected to soften on jitters over the US economy.

Yesterday the Australian shares fell in a day of light trading as the market had a breather after a few weeks of rally. The benchmark S&P/ASX200 index were 1.2%, or 48.8 points, lower at 3877.2, while the broader All Ordinaries index was down 1.2%, or 46.9 points, at 3863.6.

Yesterday Australian shares lost their early gains and ended lower, dragged by big miners. The benchmark S&P/ASX200 index was down 0.2%, or 5.6 points, at 3446.3, while the broader All Ordinaries index fell by 0.2%, or 7.2 points, at 3386.2.

Yesterday the Australian shares posted a modest gain as the market saw the rising oil prices and increased optimism about the outlook for commercial banks. The benchmark S&P/ASX200 index rose 18 points, or 0.54 per cent, at 3345.5, while the broader All Ordinaries index was 15.9 points higher, or 0.48 per cent, to 3297.4.

The Australian shares ended higher yesterday on the back of some better-than-expected earnings reports. The benchmark S&P/ASX200 index rose 35.7 points, or 1.1%, to 3448.9, while the broader All Ordinaries index gained 31.1 points or 0.9% to 3398.