Heron Resources Limited (ASX:HRR) announced that it has entered into an agreement with Ningbo Shanshan Co Ltd (SHA:600884) with respect to Heron's Yerilla Nickel Cobalt Project. The Agreement provides for Shanshan to undertake a feasibility study into treating ore from Heron's Yerilla Project utilising technology being provided by Shanshan, to produce a nickel and cobalt concentrate for further processing in China.
Sydney, May 29, 2009 AEST (ABN Newswire) - Wall Street finished higher overnight buoyed by a surge in oil prices. A successful auction of sever-year Treasury notes also helped restore investor's confidence. The US Labour Department said new unemployment claims fell in the past week, better than forecast by most analysts.
The Australian share market closed lower with a broad-based selling off after Wall Street's tumble. The benchmark S&P/ASX200 index slumped 45.4 points, or 1.2 per cent, at 3755.7, while the broader All Ordinaries index lost 41.4 points, or 1.1 per cent, to 3753.9.
Key Economic Facts and Figures
The Australian Bureau of Statistics survey showed that Australia's businesses are cutting their spending amid the economic downturn. Business investment declined in March quarter of this year to A$22.96 billion, a seasonally-adjusted 8.9 per cent drop in new private capital expenditure (capex).
M&A News
Macquarie Group (ASX:MQG) has entered into an agreement to acquire Canadian energy advisory firm Tristone Capital Global Inc for approximately C$116 million. Under the deal, Tristone will be fully integrated into Macquarie, with its acquisitions and divestitures division branded Macquarie Tristone.
Minerals explorer Arafura Resources (ASX:ARU) has received approval from Australian government for Jiangsu Eastern China Non-Ferrous Metals Investment Holding Co.(JEC) to take a 25% stake in the company. JEC is an entity of the East China Exploration & Mineral Development Bureau, a major mineral exploration, development and mining group based in Nanjing, China.
Gold producer Dioro Exploration (ASX:DIO) has rejected a hostile takeover bid from Avoca Resources (ASX:AVO). Accounting firm KPMG has backed Dioro's rejection of the A$56.8 million bid by valuing the target at more than double the price offered by Avoca. KPMG said the offer was neither fair nor reasonable.
AED Oil (ASX:AED) said it would pay A$155 million to Nexus Energy (ASX:NXS) for half of its Longtom oil and gas project. Nexus will use some of the funds to partly pay existing Longtom debt and expenses.
Important Corporate News
South Korea's steelmaker Posco (SEO:005490) said Thursday it has struck a deal with Rio Tinto Ltd. (ASX:RIO) for a 33%-44% cut in iron ore prices for the year. Posco said it would buy iron ore for $US58.2 to $US68.9 per tonne.
CSL Limited (ASX:CSL) has been awarded a $US180 million contract from the US government for vaccine antigen to swine flu as part of its preparations to combat a flu pandemic. CSL said the vaccine would be manufactured in Australia.
Tutt Bryant Group (ASX:TBG) has reported a 46 per cent per cent fall in FY09 net profit after tax to A14.2 million, reflecting the combined impact of the global financial crisis and loss on exchange rate. The company said the result is in line with its previous guidance.
Ausenco Limited (ASX:AAX) has raised A$40.5 million in new equity to capitalise on growth opportunities within the market.
Heron Resources Limited (ASX:HRR) announced that it has entered into an agreement with Ningbo Shanshan Co Ltd (SHA:600884) with respect to Heron's Yerilla Nickel Cobalt Project. The Agreement provides for Shanshan to undertake a feasibility study into treating ore from Heron's Yerilla Project utilising technology being provided by Shanshan, to produce a nickel and cobalt concentrate for further processing in China.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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