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Distributed: May 23, 2011

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Sydney, May 23, 2011 (ABN Newswire) - Australian shares opened lower with financials down 1.9%, making their biggest drop in 11 months. In early trade, the S&P/ASX200 index was down 48.7 points at 4683.5, while the All Ordinaries index was down 45.3 points to 4762.4.

Other major Asian markets all opened in red today. Nikkei 225 fell 1.43% to 9,469.41. The Hang Seng Index lost 1.53% to 22844.40, while the Shanghai Composite opened 0.82% lower to 2835.12.

Companies

Minotaur Exploration Limited (ASX:MEP) today announced the creation of the Braemar Iron Alliance comprising a consortium of iron ore explorers with tenements across South Australia and New South Wales. The alliance will promote common infrastructure development for mining and to advance their common interests. All alliance members are actively exploring iron ore deposits within the Braemar Iron Formation and will see the potential for 20 to 40 billion tonnes of mineable deposits throughout the Formation.

Singapore Telecommunications Limited (ASX:SGT) announced today that its second satellite, ST-2 was successfully launched into orbit. The new satellite provides more transponder capacity and a wider coverage and will help the Company better meet growing customer demand for fixed and mobile satellite services in key markets such as the maritime, oil and gas, media and broadcast and logistics industries.

Hunnu Coal Limited (ASX:HUN) has acquired 70% interest in the Altai Nuurs Coal Project located in south western Mongolia. The project has a premium hard coking coal resource with an exploration target of 250Mt to 500Mt. Major drilling programmes are planned in 2011.

Beacon Minerals Limited (ASX:BCN) announced significant high grade gold intersections from Halley's East deposit. Drilling results suggest that the deposit remains open to the southeast. The company plans further drilling to define the extensions, which may include diamond drilling to obtain important structural information.


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  Related Companies

>>>       Beacon Minerals Limited
>>>              Hunnu Coal Limited
>>>           Minotaur Exploration Limited
>>>         Singapore Telecommunications

  Related Industry Topics:

Telecom Carriers | Metals | Satellite | Energy General | Financial General | Materials General | Mining | Australian Economy | Gold | Iron Ore | Coal | 

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