Sandfire Resources (ASX:SFR) Perth WA, have returned over 100 metres of copper sulphide mineralisation at their DeGrussa Prospect at the Doolgunna Gold Project in Western Australia. This hole has intersected 123 metres of copper mineralisation with zinc, silver and palladium. Karl Simich, Executive Director, said that the company is extremely excited about the results and also next phase of drilling.
Sydney, May 22, 2009 AEST (ABN Newswire) - US stocks tumbled overnight on Thursday as the market sentiment was dented after the Labor Government reported a worse-than-expected jobless claims data. Analysts expect the factory shutdowns by US auto makers will lift the unemployment claims in coming months. Investors' recovery hopes were also hit by Standard & Poor's warning on a downgrade of British credit ratings.
Yesterday the Australian share market ended slightly lower dragged by financial stocks. The benchmark S&P/ASX200 was down 10.7 points, or 0.28 per cent, at 3813.9, while the broader All Ordinaries had lost 4.2 points, or 0.11 per cent, to 3804.7.
Key Economic Facts and Figures
Australian Bureau of Statistics figures showed that vehicle sales rose by 0.9 per cent, seasonally adjusted, in April after a 3.3 per cent fall in March. In April, 70,814 new vehicles were sold, 20.3 per cent lower compared to corresponding period last year.
Melbourne Institute survey of consumer inflationary expectations showed that the median rate of inflation was 2.3 per cent in May, down from 2.4 per cent in April.
M&A News
It is speculated that oil and gas producer Santos (ASX:STO) has received several bids from energy giants for gas projects off Darwin. Last week Santos said it had begun a process for selling off some of its non-producing Timor Sea gas assets.
It is understood Chinalco is prepared to cut the size of the Rio Tinto (ASX:RIO) convertible bond deal by a third to placate Rio's shareholders and the Australian Government. The cut would leave the state-owned Chinese aluminium giant with a 15 per cent stake in Rio.
Important Corporate News
Woodside Petroleum (ASX:WPL) has comfirmed it is in non-binding talks to buy gas from American energy company Apache Corp's (NYSE:APA) Julimar and Brunello offshore fields in Western Australia. Apache expects to supply gas from its Julimar prospect exclusively to Woodside's Pluto project.
BHP Billiton (ASX:BHP) plans to develop uranium mine Yeelirrie in Western Australia over the next two years and is in talks to sell a nickel refinery in the country's east. Yeelirrie is Australia's second-biggest unmined uranium deposit.
International computer and office equipment financing company ThinkSmart Ltd (ASX:TSM) has reaffirmed its market guidance for the half-year ending June 30 and said it remained on track to achieve positive EBITDA growth in 2009.
Cement and lime producer Adelaide Brighton (ASX:ABC) has forecast a 13 per cent fall in net profit in 2009 because of weaker demand. The company said net profit for the 2009 calendar year was expected to be between A$105million and A$115 million.
Sandfire Resources (ASX:SFR) Perth WA, have returned over 100 metres of copper sulphide mineralisation at their DeGrussa Prospect at the Doolgunna Gold Project in Western Australia. This hole has intersected 123 metres of copper mineralisation with zinc, silver and palladium. Karl Simich, Executive Director, said that the company is extremely excited about the results and also next phase of drilling.
Coca-Cola Amatil (ASX:CCL) expects to increase profit in the first half of fiscal 2009 after a hotter summer increased demand for beverages. Profit for the six months to June is expected to have high single digit percentage growth over the year before.
Brazil's Vale (NYSE:VALE) has withdawn from its joint-venture Kalgoorlie nickel laterite project with Heron Resources (ASX:HRR). The company said it would seek another partner.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
| ||
|
