IMX Resources Ltd (ASX:IXR) said has received A$14.6 million from private Chinese investor Sichuan Taifeng for the initial placement of shares in IMX
Sydney, May 7, 2010 AEST (ABN Newswire) - The Australian shares went into a panic selling at opening after the freefall in Wall Street overnight. The benchmark S&P/ASX200 index fell nearly 2.9 per cent in early trade. With the sharp falls, the market so far has lost more than 7.5 per cent for the week, its worst performance in more than 18 months.
Dow index plunged almost 1000 points on Thursday, the biggest intraday drop in its history. The massive sell-off came after a significant fall in shares of Procter & Gamble. It was reported that a Citigroup trader mistakenly sold 16 billion rather than 16 million shares in a trade. The Securities and Exchange Commission and the Commodity Futures Trading Commission are working with exchanges and other regulators to investigate the unusual trading activity.
In economics news, the Reserve Bank of Australia was due to publish its latest quarterly Statement on Monetary Policy. Australian Industry Group-Housing Industry Association releases performance of construction index for April.
Company News
IMX Resources Ltd (
ASX:IXR) said has received A$14.6 million from private Chinese investor Sichuan Taifeng for the initial placement of shares in IMX, giving it a 13pc shareholding. IMX will use these funds to continue the development of the Cairn Hill Phase 1 project in South Australia. Shipping is expected to commence in mid to late Q3. The fund received is for the initial placement of 30.08 million shares to Taifeng at 48.4 cents per share in IMX. This represents the maximum number of shares IMX can issue without further shareholder approval.
Equinox Minerals Limited (ASX:EQN) (TSE:EQN) reported after tax profit of US$32.5 million for the first quarter of 2010, up from a US$60.6 million loss in the corresponding quarter a year earlier. The company generated an operating profit of US$82.1 million in the first quarter, as its Lumwana copper mine in Zambia produced a strong production result despite a wet season. Equinox expects the Lumwana mine continues to ramp up both the mine and process plant operations through the first half of 2010.
Eldorado Gold Corporation (ASX:EAU) (TSE:ELD) (NYSE:EGO) reported net income of US$52.8 million for the first quarter ended March 31, 2010. Net quarterly income increased by 304 per cent from US$13.1 million in the same quarter 2009. The increase resulted from significantly higher sales volumes from the Eldorado's Kisladag mine, as well as the contribution of it two new mines in China. With the strong performance of the quarter, the company also raises its 2010 production guidance to 575,000 to 625,000 ounces of gold, and slightly reduces cost guidance to cash operating costs of US$375-395 per ounce.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
| ||
|
