Venus Resources Ltd (ASX:VNS) recently identified lithium-bearing brines within Wagin-Dumbleying salt lake system. A survey of lake systems throughout Australia for potash resources returned a composite brine sample lithium concentration result of 530 mg/litre (530 ppm) from Lake Dumbleyung "equivalent to 5.1 kg of Lithium carbonate per cubic metre of brine".
Sydney, Sep 11, 2009 AEST (ABN Newswire) - Wall Street continued its gains for a fifth day on Thursday on some upbeat economic data and corporate guidance. The Commerce Department's report showed a sign of consumer spending pickup as US trade volume and imports surged. A separate report said jobless claims fell to 550,000 in the past week.
The Australian shares posted gains across most sectors yesterday. The market was encouraged as the latest unemployment data remained steady, exceeding expectations. The benchmark S&P/ASX200 index was up 48.6 points, or 1.07 per cent, at 4570.8, while the broader All Ordinaries lifted 46.4 points, or 1.02 per cent, to 4573.5.
Key Economic Facts and Figures
Australian Bureau of Statistics said the unemployment rate in Australia was unchanged at 5.8 per cent in July, as a 0.3 per cent decline in the participation rate stopped the rate from rising. A total of 30,800 full-time jobs were lost while part-time positions rose. Employers are limiting worker lay-offs but cutting work hours.
M&A News
Seven Network (ASX:SEV) secured two board seats in James Packer's Consolidated Media Holdings (ASX:CMJ) after the Kerry Stokes-backed company agreed a truce in share buying battle for 12 months. Seven cannot buy more shares without launching a takeover bid. Seven boosted its stake in ConsMedia from 4.9 per cent to 19.9 per cent with A$263 million in July.
Important Corporate News
Toro Energy Ltd (ASX:TOE) has entered into a heads of agreement with Cameco Australia Ltd to farm into the Birrindudu uranium project in Western Australia. The proposed Toro-Cameco joint venture plans to explore and develop the highly prospective Birrindudu project in the Tanami region just inside Western Australia's border with the Northern Territory. Shares in Toro were yesterday placed in a trading halt pending a fundraising.
Venus Resources Ltd (ASX:VNS) recently identified lithium-bearing brines within Wagin-Dumbleying salt lake system. A survey of lake systems throughout Australia for potash resources returned a composite brine sample lithium concentration result of 530 mg/litre (530 ppm) from Lake Dumbleyung "equivalent to 5.1 kg of Lithium carbonate per cubic metre of brine".
The Warehouse Group Ltd (ASX:WHS) has reported a net profit of NZ$76.78 million for the 53 weeks to August 2, down 15.4 per cent from the previous corresponding period. Revenues of NZ$1.72 billion were 0.8 per cent lower than a year earlier.
Myer Group Finance Ltd (ASX:MYF) reported a net loss of A$15.85 million for the year to July 25 2009, compared with a loss of A$1.92 million in FY08. Myer Group Pty Ltd increased full-year profit 14.8 per cent. Net profit rose $109 million for the 12 months to July 25 compared to $95 million in the prior corresponding period. The department store said in a statement it would commence pre-registration for an initial public offering (IPO) on Friday.
Westgold Resources (ASX:WGR) confirmed last night that latest drilling at its Rover project in the Northern Territory had encountered another bonanza - in terms of grade - gold zone. The shares were placed in a trading halt on Wednesday ahead of the assay results being released. The best result was a seven-metre intersection that graded 5.94 ounces of gold a tonne.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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