Macarthur Coal (ASX:MCC) said it has been granted the mining lease for its Middlemount mine project, Queensland. The project is being developed by a joint venture Middlemount Coal Pty Ltd, between Macarthur Coal and the Noble Group (SIN:N21).
Sydney, Sep 14, 2009 AEST (ABN Newswire) - Wall Street closed in negative territory on Friday despite a survey showed that US consumer sentiment rose to its strongest level in three months. But the Dow still surged 164 points, or 1.74 per cent, with four days rally in the week.
The Australian share market closed on Friday at an 11-month high after China's statistics bureau said Chinese industrial production rose 12.3 per cent in the year to August, above forecasts of an 11.9 per cent increase. The benchmark S&P/ASX200 index climbed 25.3 points, or 0.55 per cent, at 4596.1 points, while the broader All Ordinaries index gained 22.8 points, or 0.5 per cent, to 4596.3 points.
Key Economic Facts and Figures
Property analysts expect the house and unit prices in Australia to remain stable despite government's first home buyer grant will be reduced after September, as the home supply is at the lower end of the market. The clearance rate for auctions in Sydney and Melbourne remained strong, according to Australian Property Monitors. The Melbourne market recorded a 73.7 per cent clearance rate while 66.1 per cent of properties in auctions were sold in Sydney on Saturday.
Today the Australian Bureau of Statistics releases lending finance data for July.
M&A News
Felix Resources (ASX:FLX) says China's Yanzhou Coal (SHA:600188) has withdrawn its acquisition application to the Foreign Investment Review Board (FIRB) and resubmitted an unchanged application. The FIRB has asked Yanzhou Coal to resubmit its application for a third time for the proposed A$3.5 billion takeover of Felix Resources. The move is not expected to delay the transaction timetable set out at the time the takeover offer was announced, Felix said.
Rio Tinto (ASX:RIO) says it has received approval from the Brazilian National Defence Council on the pending sale of its Corumba mine to Brazilian miner Vale SA (NYSE:VALE). The transaction, valued at $US750 million, is expected to close shortly. Over the last 18 months, Rio Tinto has announced asset sales of US$6.6 billion.
China State-owned energy group, CGNPC Uranium Resources Co Ltd, plans to acquire up to 70% of Perth-based uranium explorer Energy Metals Ltd (ASX:EME) under a bid that values the target at AUD119.46 million. The takeover offer made through China Uranium Development Co Ltd has been unanimously recommended by Energy Metals directors.
Important Corporate News
Sigma Pharmaceuticals (ASX:SIP) posted a 4.9% rise in net profit for the half year to 31 July. Net profit after tax (NPAT) for the period was A$32.2 million, compared to A$30.7 million in the corresponding half of 2009. The company said improvements in the wholesale distribution and medical largely offset the downturn in discretionary consumer spending. Sigma maintains its previous guidance of modest growth in NPAT for the full year ending 31 January 2010.
Macarthur Coal (ASX:MCC) said it has been granted the mining lease for its Middlemount mine project, Queensland. The project is being developed by a joint venture Middlemount Coal Pty Ltd, between Macarthur Coal and the Noble Group (SIN:N21).
Toro Energy Ltd (ASX:TOE) has been suspended from quotation for two days while the uranium explorer proceeds with a capital raising. Toro will conduct the capital raising through a share placement. Toro first went into a trading halt on September 10 and it planned to team up with Canadian uranium giant Cameco's Australian arm to explore and develop a project in Western Australia.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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