South American Iron and Steel Corporation Limited (ASX:SAY) today announced that a bulk sample taken from the seaward edge of the Katy South region of the Putu Project (100% SAIS). These new results show that there are regions within the Putu Project area that are capable of providing high quality Iron-Titanium-Vanadium concentrates with low Silica that can be beneficiated in a simple circuit and be suitable for sale to smelters in Asia and the Americas.
Sydney, Nov 30, 2009 AEST (ABN Newswire) - Dow Jones Industrial Average Friday retreated about 1.5 per cent on concerns over the problem of Dubai World. But European shares reversed earlier sharp losses due to some bargain hunting buying.
Australian market also rebounded on Monday after a massive tumble due to jitters over Dubai. At Friday close, the benchmark S&P/ASX200 index slumped 2.9 per cent to 4572.1, leaving the index down about 2.4 per cent for the week. The broader All Ordinaries dropped 2.8 per cent, to 4597.2.
The Australian dollar opened strongly higher today as the world markets had stabilised. At 0700 AEDT, the Australian dollar was trading at $US0.9145/49, up from Friday's close of $US0.9015/20.
Key Economic Facts and Figures
The Reserve Bank of Australia was likely to lift interest rates for a third straight month in December, economists said. But now there has been growing expectations that the central bank may leave the interest rates unchanged after Dubai World's announcement of delaying debt repayment, which added pressure to the fragile confidence in global markets.
Today the RBA releases financial aggregates data for October and the Australian Bureau of Statistics issues business indicators data, both for the September quarter. Commonwealth Bank of Australia will launch a new data series, its new business sales indicator.
M&A News
Metcash Ltd (ASX:MTS) Friday made a formal bid to buy 50.1 per cent of the hardware chain Mitre 10 Group initially, with the potential to acquire 100 per cent in 2012 or 2013. It is reported that Mitre 10 received a second bid over the weekend, from an unnamed private equity company, without citing sources. The offer is similar in value to the bid of between A$50 million and A$70 million for a 50.1% stake in Mitre 10 by Metcash.
Photon Group Limited (ASX:PGA) said it will increase its cash offer for shares in Dark Blue Sea Limited (ASX:DBS) to A$0.35 per DBS share and declared its offer unconditional. DBS said it will unanimously recommend that DBS shareholders accept this revised offer in the absence of a higher offer. Each DBS director has confirmed that he will accept the revised Photon offer for all DBS shares in which he has a relevant interest.
Important Corporate News
OZ Minerals (ASX:OZL) and IMX Resources (ASX:IXR) have signed a binding Heads of Agreement with the intention of forming a joint venture agreement to explore for and develop copper-gold projects on IMX's Mt Woods tenements in South Australia. As part of the deal, OZ Minerals will take up 26,150,000 IMX shares at 38.5 cents each.
Commonwealth Bank of Australia (ASX:CBA) has confirmed that it has a financial exposure to Dubai World. The bank also said it does not expect to incur a material loss as a result of the recently announced debt moratorium. Its big three rival banks also confirmed on Friday that their financial exposures to debt-laden Dubai World would not generate material losses
South American Iron and Steel Corporation Limited (ASX:SAY) today announced that a bulk sample taken from the seaward edge of the Katy South region of the Putu Project (100% SAIS). These new results show that there are regions within the Putu Project area that are capable of providing high quality Iron-Titanium-Vanadium concentrates with low Silica that can be beneficiated in a simple circuit and be suitable for sale to smelters in Asia and the Americas.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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