Malachite Resources (ASX:MAR) said it has formed a strategic alliance with privately owned Chinese/Australian investment group, known as Nanyang Mining Resources Investment Pty Ltd. Nanyang will subscribe for 15 million fully paid shares in Malachite, receive 7.5 million options to purchase additional shares over at a price of A$0.111 over the next three years, and nominate a director for Malachite.
Sydney, Oct 15, 2009 AEST (ABN Newswire) - Overnight Dow Jones Industrial Average closed above 10,000 points for the first time in a year, as the investors were encouraged by the better-than-expected earnings from Intel and JPMorgan Chase. The gains in stocks market were also helped by the positive September US retail sales data, which could be a further confirmation of a recovery.
The Australian shares continued to rally yesterday, boosted by upbeat consumer confidence. The benchmark S&P/ASX200 index was up 45.4 points, or 0.95 per cent, and hit a 12-month high to 4831.1 points. The broader All Ordinaries added 44.2 points, or 0.92 per cent, to 4834.
Key Economic Facts and Figures
The RBA today is due to release its October Bulletin. The Melbourne Institute will unveil its survey of consumer inflationary expectations for October, and will issue its survey of consumer unemployment expectations for October with Westpac.
M&A News
The board of Mineral Resources Limited (ASX:MIN) has resolved to increase the offer consideration for all of the shares in Polaris Metals (ASX:POL). Mineral Resources (MRL) will now be offering one MRL share for every 12 Polaris shares and 5 cents cash per Polaris share. The increased share offer represents a premium of 118% to the closing price of Polaris shares on the trading day prior to announcement of the offer in August. Polaris board considers now the improved MRL offer to be superior to the offer proposed by Lion-Asia Resources.
Important Corporate News
Ansell (ASX:ANN) yesterday upgraded its profit guidance that earnings per share (EPS) for the 2009/10 financial year to trend toward the top end of its guidance range of 56 US cents to 62 US cents per share. Trading results for the first quarter of the 2009-10 financial year had exceeded expectations, primarily due to foreign currencies strengthening against the US dollar, higher sales of occupational and professional gloves and tight cost controls.
OZ Minerals (ASX:OZL) has lowered the upper range of its guidance for full-year copper output from its Prominent Hill mine in South Australia. The company said it now expected copper output of between 85,000 and 90,000 tonnes for the year, compared to previous guidance for between 85,000 and 100,000 tonnes.
Malachite Resources (ASX:MAR) said it has formed a strategic alliance with privately owned Chinese/Australian investment group, known as Nanyang Mining Resources Investment Pty Ltd. Nanyang will subscribe for 15 million fully paid shares in Malachite, receive 7.5 million options to purchase additional shares over at a price of A$0.111 over the next three years, and nominate a director for Malachite.
Bank of Queensland (ASX:BOQ) said its net profit was up about 2 per cent to A$141.1 million in the year to August 31, compared to A$138.7 million the year before. Bank of Queensland declared a final dividend of 26 cents fully franked, down from 38 cents fully franked in 2008. Bank of Queensland expects bad debts to peak in the coming financial year, but the bank says its losses to date are still tracking well below its larger competitors.
Conquest Mining (ASX:CQT) has unveiled plans to raise A$65 million through the issue of new shares to develop its Silver Hill gold project. A placement of 80.6 million shares to institutional and sophisticated investors at A$0.62 each will raise A$50 million while a share purchase plan for existing shareholders at the same price will raise a further A$15 million.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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