Kingsrose Mining (ASX:KRM) said it planned to start pre-feasibility work on a potentially very large scale tailings retreatment project in one of the largest historic mining districts in Europe. Kingsrose chairman John Morris said Wednesday the company had reached agreement in principle with the regional government of Sardinia, Italy to begin work on multiple zinc-lead tailings deposits containing a target of between 70-90 million tonnes.
Sydney, Dec 17, 2009 AEST (ABN Newswire) - The Australian sharemarket gave up early gains on Wednesday after the GDP figures released by Australian Bureau of Statistics showed a disappointing result in economy growth. At the close, the benchmark S&P/ASX200 index was 11.6 points lower, or 0.2 per cent, at 4661.9, while the broader All Ordinaries slashed 11.7 points, or 0.2 per cent, at 4676.1.
Key Economic Facts and Figures
Australia's economy grew by a less-than-expected 0.2 per cent in the September quarter, according the Australian Bureau of Statistics. The result is well below the 0.4 per cent growth tipped by many economists, and down from a 0.6 per cent growth spurt in the June quarter.
M&A News
The Australian Competition and Consumer Commission said it will oppose the proposed acquisition of Breville Group Limited (ASX:BRG) buy GUD Holdings Limited (ASX:GUD) as the competition watchdog's investigation found that the deal would likely lead to a substantial lessening of competition in relation to the wholesale supply of a number of categories of small electrical appliances. The two companies account for the majority of sales of many product categories and they have a 90 per cent sales share for some products, ACCC said.
Australian gold and copper explorer GBM Resources Limited (ASX:GBZ) said it has signed an initial agreement with the world's largest buyer of copper concentrate, Tokyo-based Pan Pacific Copper Co., in a deal which could see Pan Pacific spend up to A$55 million the development of new copper-gold exploration and mining projects in northwest Queensland. If a formal joint venture agreement is concluded, Pan Pacific will earn a 51 per cent interest in seven exploration permits and nine exploration permit applications in GBM's extensive portfolio of tenements in the Mount Isa region.
Important Corporate News
The Australian government will relax some ownership restrictions on Qantas Airways Ltd. (ASX:QAN) and remove restrictions that stop foreign airlines from owning more than 35% of Qantas in total. Qantas said Wednesday that the proposed lifting of some of its foreign ownership restrictions would provide the airline with more opportunities to expand and further its alliances with foreign carriers.
Women's clothing retailer Noni B Ltd (ASX:NBL) said it was expecting a net profit between A$3.4 million and A$3.8 million for the six months ended December 27, due to better returns from its established stores and cost cutting. It would be a 36 per cent to 52 per cent improvement on its 2008/09 first half net profit of A$2.5 million.
Kingsrose Mining (ASX:KRM) said it planned to start pre-feasibility work on a potentially very large scale tailings retreatment project in one of the largest historic mining districts in Europe. Kingsrose chairman John Morris said Wednesday the company had reached agreement in principle with the regional government of Sardinia, Italy to begin work on multiple zinc-lead tailings deposits containing a target of between 70-90 million tonnes.
Lend Lease (ASX:LLC) said a consortium including Lend Lease managed funds has been appointed the preferred bidder to acquire the 14 assets of the A$1.4 billion ING Retail Property Fund. The acquisition which is subject to further negotiation is expected to be completed over the next six weeks.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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