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Sydney, May 30, 2011 AEST (ABN Newswire) - Australian stocks opened flat today, with the S&P/ASX200 index 1.6 points lower at 4682.4 and the All Ordinaries 1 point lower at 4759.3.

In early trade, Nikkei 225 lost 0.10% to 9,512.08. Hang Seng Index fell 0.04% to 23109.51 and Shanghai Composite was down 0.53% to 2278.41.

Companies

White Energy Company Limited (ASX:WEC) is proceeding to upgrade certain aspects of its binderless coal briquette plant in Indonesia. Following completion of the engineering modification works, the plant is expected to ramp-up to a full production capacity of one million tonnes per annum by the end of 2011, making it the world's largest coal briquetting plant to upgrade sub-bituminous coal.

Hastings Rare Metals Limited (ASX:HAS) said today that a bulk sample from the Hastings Project in Western Australia has returned significantly higher values for Zirconium, Niobium, Tantalum and Yttrium. The company has scheduled to commence drilling next week to increase the size of the resource and to revise resource calculation in the September quarter.

Hot Chili Limited (ASX:HCH) has successfully completed a private placement to raise A$3.65 million. Funds from the placement are being directed towards additional resource drilling at the company's Productora multi-commodity copper project in Chile. Drilling is expected to grow the size of the resource and to evaluate the potential for a large open pit operation at the project.

Globe Metals & Mining (ASX:GBE) has identified at least 5 zones of significant rare earth mineralisation at Mount Muambe, Mozambique. The Company is planning a 12,000 meter drilling program to begin in early June to explore further significant zones of rare earth mineralisation.

Contact

Asia Business News
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Related Companies

White Energy Company Ltd          
Hot Chili Limited      
Hastings Rare Metals Ltd    
Globe Metals & Mining Limited          

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