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Monadelphous (ASX:MND) has secured contracts valued at A$100 million in the aluminium, coal and iron ore markets with major customers BHP Billiton (ASX:BHP) and Rio Tinto(ASX:RIO).
Monadelphous (ASX:MND) has secured contracts valued at A$100 million in the aluminium, coal and iron ore markets with major customers BHP Billiton (ASX:BHP) and Rio Tinto(ASX:RIO).
Sydney, May 15, 2009 AEST (ABN Newswire) - Wall Street rebounded overnight from the massive fall in previous trading session. The market shrugged off the news of a growing unemployment claims in Labour Department report as investors believed the job losses had hit their peak and looked towards an economic recovery.

The Australian share market yesterday closed significantly lower as investors anticipated further drop in Europe and US. The benchmark S&P/ASX200 index fell 132.7 points, or 3.4 per cent, to 3723.4, while the broader All Ordinaries index declined 131.7 points, or 3.4 per cent, to 3710.8.

Key Economic Facts and Figures

The value of commercial lending commitments in March jumped by A$5.187 billion or 20.5 per cent, seasonally adjusted, to a five-month high of A$30.498 billion, according to Australian Bureau of Statistics (ABS) data.

M&A News

Investment bank UBS said BHP Billiton (ASX:BHP) is likely to help Rio Tinto (ASX:RIO) to raise capital as an alternative to its proposed $US19.5 billion investment deal with Chinalco. The report said BHP could propose to assist in underwriting a substantial rights offering for Rio, and in exchange propose an iron-ore joint venture in the Pilbara. BHP would probably make a move after Australian authorities release their decision on the deal in mid-June. It is speculated that Chinalco may consider revise the terms of the takeover offer to avoid shareholders and regulators hurdles.

Woolworths Ltd (ASX:WOW) has agreed to become a cornerstone investor in Western Australian craft brewery Gage Roads Brewing Co Ltd (ASX:GRB). Under the agreement Woolworths will acquire 25 per cent of Gage Roads through a placement of 76.41 million shares to raise up to A$1.9 million.

Important Corporate News

White Energy (ASX:WEC) has tied up with the world's biggest private coal producer, US-based Peabody (NYSE:BTU), as it seeks to expand into the US and Chinese markets. The two companies plan to build an ambitious coal upgrading plant in the Powder River Basin in the US. Peabody has acquired options to buy 15 per cent of White Energy, while Peabody has also gained the right to work with White Energy in China.

Macmahon Holdings (ASX:MAH) plans to raise A$60million from a share offer to pay down debt and reduce gearing. Leighton, which holds 17.4 per cent of Macmahon, will take part in the offer and sub-underwrite part of it.

Origin Energy Ltd. (ASX:ORG) has agreed to buy the long-term power purchase agreements associated with the Osborne cogeneration plant in South Australia from Babcock & Brown Power (ASX:BBP).

Paladin Energy (ASX:PDN) has reported a net loss of $US6.9 million for the March quarter and a loss of $US578.3 million for the nine months to March. Gross profit for the quarter was $US10.8m and for the nine months $US39.2m.

Fairfax media (ASX:FXJ) shares dropped below A$1 yesterday as Standard & Poor's downgraded the firm's credit rating to below investment grade after a 27 per cent cut in its earnings guidance. S&P brings the company's long-term corporate credit and debt ratings from BBB- to BB+.

Monadelphous (ASX:MND) has secured contracts valued at A$100 million in the aluminium, coal and iron ore markets with major customers BHP Billiton (ASX:BHP) and Rio Tinto(ASX:RIO).

Skilled Group Limited (ASX:SKE) said that its oil and gas manning business, Offshore Marine Services Australia (OMS), had entered a joint venture, Offshore Marine Services Alliance Pty Ltd (OMSA), which has secured an agreement with Chevron Australia Pty Ltd to supply marine vessels and labour to support the Gorgon project.

Bandanna Energy Limited (ASX:BND) announced today that its application EPCA 1189, through its wholly owned subsidiary Carnarvon Coal Pty Ltd, has now been approved by the Queensland Government authorities. The new permit, EPC 1189, is located in the southern Bowen Basin and is contiguous with EPC 1195 awarded to Bandanna in February 2009.

Contact

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


Related Companies

Woolworths Limited         
White Energy Company Ltd          
Skilled Group Limited       
Rio Tinto Limited          
Peabody Energy Corporation       
Paladin Energy Limited         
Origin Energy Limited             
Monadelphous Group Limited        
Macmahon Holdings Limited        
Gage Roads Brewing Co Limited      
Fairfax Media Limited         
BHP Billiton Limited          
Bandanna Energy Limited        
Aluminum Corporation of China (CHINALCO)        
Alinta Energy Group        

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