Press Releases

Distributed: June 28, 2010

Alerts Login
loading.........

Share on StockTwits  
View in Other Languages 6003 4647 4527 4381 4013 

Sydney, June 28, 2010 (ABN Newswire) - The Australian stocks market ended with a two-week low on Friday due to uncertain domestic and overseas factors, including the weak US housing data and Europe fiscal health, and more importantly, Australia's proposed mining tax. The benchmark S&P/ASX200 index fell 66.7 points, or 1.5 per cent, to 4413, bringing this week's losses to 3.2 per cent. The broader All Ordinaries index plunged 64.7 points, or 1.4 per cent, to 4439.4.

Key economic data to be released this week include new home sales by Housing Industry Association, retail sales figure by Australian Bureau of Statistics, Performance of Manufacturing Index by Australian Industry Group, and Commodities Prices Index by the Reserve Bank of Australia.

Company News

Australian real estate company Lend Lease Group (ASX:LLC) has become the highest bidder among the six bidders for the Jurong Gateway Road site, a 1.9-hectare mixed-use development in the Jurong Lake district in Singapore. Lend Lease and one of its managed funds, Asian Retail Investment Fund (ARIF), have bid S$748.9 million for the site, compared to the second highest bid of S$728.8 million by the consortium led by Singapore's CapitaLand Limited (SIN:C31). The bid by Lend Lease and ARIF) is more than twice the minimum price asked for when the tender for the site was launched two months ago. ARIF will own 75 per cent of the asset while Lend Lease will have a 25 per cent direct interest.

Australian mineral exploration company A-Cap Resources Limited (ASX:ACB) has entered into a Memorandum of Understanding (MOU) with Korea Resources Corporation (KORES), in relations to the joint development of the Letlhakane uranium project in Botswana. Under the MOU, KORES will investigate the potential to participate in the development of the Letlhakane project by itself or with the involvement of other Korean companies. A technical team from KORES completed a site visit in early June 2010.

Indophil Resources (ASX:IRN) and China's Zijin Mining Group (SHA:601899) (HKG:2899) have agreed to terminate the takeover implementation agreement in which Zijin offered to purchase all shares in Indophil for A$545 million, due a long delay in securing the Chinese provincial approval for Zijin's offer. Now the Australian gold and copper miner is seeking a buyer for its 37.5 per cent stake in the Tampakan copper-gold project in the Philippines, one of the largest and most significant underdeveloped copper projects in the world. Indophil says it is considering open or re-open dialogue with interested parties.


Share on StockTwits  

Contact

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

  Related Companies

>>>         A-Cap Resources Limited
>>>        CapitaLand Limited
>>>         Indophil Resources Nl
>>>           Lend Lease Corporation Limited
>>>         Zijin Mining Group Co Ltd

  Related Industry Topics:

Energy General | Financial General | Real Estate General | Mining | Australian Economy | 

  This Page Viewed:  (Last 7 Days: 19) (Last 30 Days: 76) (Since Published: 6003) 

60030 46470 45270 43810 40130  (23571)

   

  ABN Newswire on Social Media

Site Search

 
 ENGLISH   All Languages
Send A Press Release
Connecting Investors with Opportunity

Upcoming Webcasts

Mr Glen Darby
Condor Blanco Mines
Monday, April 28, 2014

Mr Tim Mckinnon
Madison Resources Group
Monday, April 28, 2014

Mr Greg Starr MD
Crater Gold
Monday, April 28, 2014

Mr Allan Kelly MD
Doray Minerals
Monday, April 28, 2014

Mr Christopher Darby MD & CEO
Valence Industries
Monday, June 09, 2014


Webcast Your Annual General Meeting

Mobile Video TV

qrcode
Scan with your Mobile Phone to view ABN Newswire Video Channel on Mobile
 
City Index - A Better Way To Trade