Sydney, July 3, 2007 (ABN Newswire) - Shares in Crane Group have been placed in a trading halt this morning at the request of the company. The halt will be in force until Thursday morning or until an announcement is released to the market. Crane Group is a major distributor of electrical and plumbing supplies in Australasia. The company also exports non-ferrous metal products to over 50 countries around the world. Crane Group has recovered from an earning loss in 2004 to post two years of positive results.
Rio Tinto has announced it will go ahead with a $1.8 billion expansion of its Yarwun Alumina refinery in Queensland. Rio said the expansion, to start in the third quarter of 2007 and to take about three years, would increase output by 2 million tonnes to 3.4 million tonnes by 2011. Aluminium prices have risen sharply in recent years on booming demand from the fast-expanding economies of China and India, with alumina an important feedstock in the aluminium-making process. Rio Tinto has enjoyed record profit results in recent years.
Origin Energy welcomed Rio Tinto's decision to expand its Yarwun alumina refinery. As a result of the decision, Origin Energy and Rio Tinto Aluminium have entered into a Gas Supply Agreement, which will see coal seam gas delivered to the Yarwun refinery. The supplies will commence by July 2010, with Origin spending an estimated $260 million to further develop its Walloon coal seam gas fields in order to supply Yarwun. The contract helps to demonstrate Origin's position as a leading coal seam gas producer. Origin Energy has steadily increased profit results in recent years.
Source: Finance News Network © 2007
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