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Xenolith Resources Limited (ASX:XEN) announced a Potentially open pittable Coal Resource of 339.2Mt for the Hinton Coal Project located in Alberta, Canada. The Coal Resource estimate has been based on considerable drilling and exploration activities undertaken on the Project by Esso in the 1980’s.
Xenolith Resources Limited (ASX:XEN) announced a Potentially open pittable Coal Resource of 339.2Mt for the Hinton Coal Project located in Alberta, Canada. The Coal Resource estimate has been based on considerable drilling and exploration activities undertaken on the Project by Esso in the 1980’s.
Sydney, June 3, 2009 AEST (ABN Newswire) - Wall Street stocks rose on Tuesday as a better-than-expected report on pending home sales. A rise in index of pending sales of previously owned US homes in April suggested that the recession is easing.

Yesterday the Australian share market was bolstered by favorable local and overseas economic data. The benchmark S&P/ASX200 index gained 60.9 points, or 1.56 per cent, to 3955.3 points, while the broader All Ordinaries index surged 60.2 points, or 1.55 per cent, at 3948.1 points.

Key Economic Facts and Figures

The current account deficit fell to A$4.61 billion in the March quarter versus market expectations of a A$5.43 billion deficit, according to the Australian Bureau of Statistics. The contribution of net exports to GDP growth in the first quarter was 2.2 percentage points, ABS also said April building approvals rose 5.1% versus expectations of a 2.0% rise. The Reserve Bank of Australia left the official interest rate unchanged at 3 percent yesterday.

The ABS will release national accounts data for March quarter on Wednesday. Australian Industry Group/Commonwealth Bank Australian performance of services index for May is due.

M&A News

The Australian Competition and Consumer Commission confirmed yesterday that it would not oppose Viterra's (TSE:VT) takeover of South Australia's ABB Grain (ASX:ABB). ABB has appointed KPMG to provide an independent expert's report.

Australian Worldwide Exploration (ASX:AWE) is on the hunt for an acquisition in the North Sea for oil assets as the global financial crisis had forced several aggressive Brisbane and Canadian explorers to put assets up for sale. AWE has set up an acquisition team with Japanese trading group Mitsui (TYO:8031).

Important Corporate News
Woodside Petroleum (ASX:WPL) plans to retain at least 50 per cent equity in the second and third stages of its Pluto liquefied natural gas development at Karratha in Western Australia.

Australian general insurer, Insurance Australia Group (ASX:IAG), expects to pay between A$25 million and A$35 million to customers hit by storms in southeast Queensland and northern NSW. IAG said its subsidiaries NRMA Insurance and CGU had received about 4000 claims by yesterday, with the majority related to property damage.

Australian Agricultural Company (ASX:AAC) said that the company is now not expected to generate a profit in the first half of 2009, nor potentially for the full year, particularly if cattle prices remain subdued. The final full-year profit outcome will be impacted by currency movements, mark-to-market valuation on the herd and the cattle prices achieved on physical sales.

Devine Limited (ASX:DVN) had downgraded its profit guidance for the full year ending 30 June 2009 due to the deferral of a large commercial project in the Brisbane CBD. The profit after tax for the 2008/09 year will be in the range of A$15 million to A$17 million, compared to the previous guidance issued in January 2009 of a profit after tax in the range of A$23 million to A$25 million.

Xenolith Resources Limited (ASX:XEN) announced a Potentially open pittable Coal Resource of 339.2Mt for the Hinton Coal Project located in Alberta, Canada. The Coal Resource estimate has been based on considerable drilling and exploration activities undertaken on the Project by Esso in the 1980's.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


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Australian Agricultural Company Limited       
ABB Grain Limited         

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