Sydney, Oct 3, 2007 (ABN Newswire) -
Rio Tinto has been given European Union approval in its bid to become the world's largest aluminium producer after its $43 billion purchase of Canada's Alcan. The EU's decision comes after Rio Tinto?s Australian shareholders gave the takeover the green light last week. The deal still needs approval from the Australian Competition and Consumer Commission. The company says a review of potential asset sales to help fund the purchase will be carried out over the next few months. Profits in Rio Tinto have climbed steadily since 2002.
Innamincka Petroleum says it plans to raise equity to fund its development projects after discovering one of the country's largest onshore oil fields. The company says its received confirmation its Flax East one-well in Australia's Cooper Basin and Juniper oil discoveries are connected suggesting an estimated oil resource of about 120 million barrels. Chief Executive Ross Wecker says development of the Flax field is already underway and the company plans to carry out an equity raising soon. Wecker says he recognises this latest discovery could make it a takeover target for rivals such as Santos which dominates the Cooper Basin region. Innamincka has been in the red since 2003.
Macarthur Coal?s decision to put the 300 million dollar Monto thermal coal project on hold could prove costly. The Queensland miner?s being sued for 69 million dollars by its joint venture partners in the Monto coalmine project over its failure to develop the mine. The Queensland Supreme Court lawsuit comes as Macarthur tries to sell its 51 per cent stake in the project west of Gladstone to an unnamed buyer for 42 million dollars. The lawsuit has been filed by three companies including... geologist Chris Wallin, who used to work with Macarthur before a fallout with the company. Macarthur Coal?s best profit result over the past five years was in 2006.
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http://abnnewswire.net/lnk/L6XB5F8OSource: Finance News Network © 2007
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