ABN Newswire

Ansell Limited (ASX:ANN) Half Year Profit Up 12% To US$61.0 Million

newsroom@abnnewswire.net — Wed, 9 Feb 2011 14:23:33 GMT

Ansell Limited (ASX:ANN) (PINK:ANSLF) today announced Profit Attributable for the first half of US$61.0m, up 12% on the previous year's US$54.3m.

EPS in Ansell's operating currency, the US dollar, rose 14% from F'10 H1 driven by strong sales, the benefits of past restructuring actions, lower interest and tax expenses.

Based on this, the Board declared an Interim Dividend of A$14.0cent a share, unfranked and payable on 16 March, 2011.

Ansell's Chairman, Mr Peter Barnes commented: "This was a challenging six month period, as Ansell faced substantial increases in key raw material costs and adverse foreign exchange movements, continued to invest significant resources in Fusion (the company's major ERP project) and implemented a major reorganisation.
I am pleased to report that, even with these substantial pressures, the half's results were up solidly enabling your Board to continue its well established program of increasing dividends."

Ansell's CEO, Magnus Nicolin, stated: "Last July's reorganisation into four Global Business Units (GBU's) has been completed ahead of schedule. The GBU's have responsibility for strategy, innovation, global marketing and brand development and have made significant progress on a more focused innovation agenda as well as on driving simplification. We continued to make steady progress on Project Fusion, and expect to commence a phased implementation with the roll out of the new ERP system in the Americas Region in the 2nd half."

For the complete Ansell announcement including a presentation, please view the following link:

http://www.abnnewswire.net/media/en/docs/65185-ASX_ANN_02_09.pdf

Media 
Australia  
Peter Brookes
Citadel
Tel: +61-0407-911-389
Email: pbrookes@citadelpr.com.au

Investors & Analysts
USA
Rustom Jilla
Chief Financial Officer
Tel: +1732-345-5359
Email: rjilla@ansell.com

Australia
David Graham
General Manager - Finance & Treasury
Tel: +61-3-9270-7215 
+61-0401-140-749
Email: dgraham@ap.ansell.com

Australian Market Report of December 30, 2010: PanAust (ASX:PNA) Reported Sales Increase From Phu Kham Copper-Gold Operation in Laos

newsroom@abnnewswire.net — Thu, 30 Dec 2010 13:30:00 GMT

Quest Minerals Limited (ASX:QNL) has entered into an agreement to earn 80% of two iron ore prospects - Alken Prospect and Feral Prospect in Western Australia. Alken prospect hosts 3km of outcropping hematite mineralisation with high-grade surface rock chip sampling to 63% Fe, whilst Feral Prospect has significant magnetite potential with previous drilling of magnetite yielded 61m at 40% Fe.

PanAust Limited (ASX:PNA) has completed the sale of its fourth shipment of concentrate during December from the Company's Phu Kham Copper-Gold Operation in Laos. At design production levels, there are usually two or three shipments per month. Securing the extra shipment has resulted in sales matching strong production levels in the December quarter and additional revenue of approximately US$24 million. The Company's 2010 EBITDA is now likely to be between US$280 million and US$290 million.

Montezuma Mining Company Limited (ASX:MZM) has received partial assays for the second round of RC drilling at the Butcherbird Copper Prospect. The drilling successfully intersected visible primary copper sulphide mineralisation with a strong cobalt and nickel association. Partial results received to date include 3m at 1.94% copper 0.12% cobalt and 0.15% nickel within a broader zone of 10m at 0.77% copper, 570ppm cobalt and 710ppm nickel .

Norwest Energy NL (ASX:NWE) announced a A$2m equity raising to provide exploration funds for its ongoing Australian and UK exploration activities and to supplement working capital. The equity raising will comprise issue of approximately 104.5 million Primary Options to raise A$784,404 and a placement to sophisticated investors of 28.4 million fully paid shares at an issue price of A$0.044 per share to raise A$1.25million.

Asia Business News
Tel: +61-2-9247-4344
http://www.abnnewswire.net

Emperor Capital Group (HKG:0717) Announces 2009/2010 Annual Results Revenue and Net Profit Surges By 117.8% and 359.2% Respectively

newsroom@abnnewswire.net — Wed, 8 Dec 2010 09:35:53 GMT

Emperor Capital Group Limited (HKG:0717), a one-stop comprehensive financial services centre in Hong Kong today announces its satisfactory results for the 12 months ended 30 September 2010 (the "Year").

Riding on the gradual recovery of the world economy, the Group reported revenue of approximately HK$201.9 million, representing a significant increase of 117.8%. Thanks to the Group's high operating efficiency and economy of scale, profit the Year attributable to the owners of the Company increased by 359.2% to HK$72.1 million. Basic earnings per share were HK8.33 cents. The Group recommends a final dividend of 1.5 HK cents per share, making the total dividend for the Year to 2.5 HK cents per share.

Ms. Daisy Yeung, Managing Director of ECG, said, "During the Year, we continued to implement its strategic development plan and achieved steady growth across all business lines. Especially for the segment of placing and underwriting, we participated in a number of IPO projects, joining the underwriting syndicates and brining in cornerstone investors for various IPO engagements, leveraging on the Group's strong connections and extensive market experiences."

Brokerage

During the Year, revenue generated from the brokerage services segment amounted to HK$85.6 million, accounting for 42.4% (2009: 64.9%) of the revenue of the Group. Thanks to the outstanding achievement of the Group's frontline teams, such revenue represented an increment of 42.4% over the revenue for the same period last year.

With respect to operation developments, the Group implemented various measures such as expanding its retail brokerage teams and improving its service, resulting in a notable surge in trading amount of institutional and retail investors. Meanwhile, the Group continued its efforts on expanding the division of wealth management to grasp the market opportunities on growing customers' demand for diversifying its assets under management.

Financing

During the Year, the strong market sentiment provided more incentives for fund raising and corporate exercise. Revenue from this segment was up by 112.1% to HK$47.3 million (2009: HK$22.3 million), showing the increasing market demand for margin and IPO financing, while the IPO drew much market attention.

Placing and Underwriting

During the Year under review, the Group achieved outstanding performance in this segment as a result of the positive sentiment towards IPO, fund raising and corporate exercise in the market. This segment recorded revenue of HK$62.3 million (2009: HK$7.33 million), accounting for 30.8% of the Group's total revenue and becoming its another major revenue source and growth driver.

The Group participated in a number of IPO projects, joining the underwriting syndicates and bringing in cornerstone investors for Evergrande Real Estate Group Limited (HKG:3333), Fantasia Holdings Group Co., Limited (HKG:1777), Kaisa Group Holdings Ltd. (HKG:1638) and Z-Obee Holdings Limited (HKG:0948).

Corporate Finance

During the Year, this segment recorded of HK$6.7 million (2009: HK$2.9 million) which accounted for 3.3% of the Group's total revenue. During the Year, it has been appointed financial adviser and independent financial adviser for a number of corporate transactions and secured four IPO sponsor mandates for companies seeking to be listed on both the Main Board and the GEM Board of the Hong Kong Stock Exchange.

Ms. Yeung concluded, "With the commencement of new business in asset management, we will allocate more resources to provide more and better products and services to cater the various investment needs of customers. Facing the rising use of internet, the Group has improved its current securities online trading platform for capturing the untapped market and creating value-added services to the existing customers. Looking forward, the Group will continue to provide a comprehensive one-stop investment platform, adopt the scientific outlook on development and push forward the implementation of its strategic development plan amid a complex and volatile economic environment."

For the complete Emperor Capital Group announcement including Financial Highlights Table, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/64383-p101207.pdf

Investor/Media Enquiries
Ms Anna Luk
Investor Relations Manager
Tel: +852-2835-6783
Email: annaluk@emperor.com.hk
http://www.emperor717.com.hk

FINANCE VIDEO: Launch of Trevor Sykes New Book Six Months of Panic and Presentation - Can There Be Another GFC?

newsroom@abnnewswire.net — Mon, 18 Oct 2010 13:28:35 GMT

FINANCE VIDEO: Launch of Trevor Sykes New Book Six Months of Panic and Presentation - Can There Be Another GFC?

Trevor Skyes is one of Australia's leading finance writers. In a journalistic career spanning more than half a century, he has been Editor of The Bulletin, Editor-in-Chief of Australian Business and Assistant Editor of The Australian Financial Review and Melbourne Bureau Chief of the Australian Financial Review. He is also the creator of the Pierpont column in which he assumes the identity of a crusty old clubman who surveys the financial world and its scandals through the bottom of a brandy glass at the Croesus Club. His previous books include The Money Miners (covering the Poseidon boom of 1969 - 70), Two Centuries of Panic, (a history of financial collapses since the arrival of the First Fleet), The Bold Riders (surveying the excesses of the 1980s) and Operation Dynasty (on Warwick Fairfax's takeover of the Fairfax empire).

Trevor Sykes is also on the board of AusTex Oil Limited (ASX:AOK) as a Non-Executive Director (appointed 11 August 2007). He is currently a Director of Mitchell Corporation, the largest trucking company in WA, specialising in logistics services for the resource industry. He was also a Director of the listed exploration company Copper Range Limited (ASX:CRJ)(August 2006 to October 2007). He is a member of the SA Mining & Petroleum Expert Group which promotes resource development in that state and a Patron of the Sydney Mining Club.

View this videocast here:
http://www.abnnewswire.net/multimedia/en/63969/Trevor-Sykes

Books by Trevor Sykes:

- the Bold Riders
Published: September 1994
Re-Published: August 1996

Just as Trevor Skyes' Two Centuries of Panic has become the classic, definitive history of corporate collapses in Australia from the 1820s to the 1970s, The Bold Riders is the classic history of the collapses that followed.

- Money Miners
Published: May 1995

- Two Centuries of Panic
Published: December 1998

A new edition of the classic contribution to the history of business in Australia, Two Centuries of Panic will fascinate all who are interested in money, and in the people who make it.

the soon to be released - Six Months of Panic
Published: November 2010

A roller coaster of a ride through the boom and bust that led to the 'GFC', by Australia's most acclaimed business writer.

Trevor Sykes
Author and Legend in Mining

Allen & Unwin
Tel: +61-2-8425-0100
Fax: +61-2-9906-2218
http://tinyurl.com/2degq5d

Australian Market Report of August 24, 2010: Oil Search (ASX:OSH) Profit Up on Firmer Oil Prices

newsroom@abnnewswire.net — Tue, 24 Aug 2010 13:30:30 GMT

Australian market this morning opened in red led by consumer staples, which lost 2 per cent. Both materials sector and metals and mining sector dropped 1.1 per cent in early trade. The benchmark S&P/ASX200 Index was down 0.67 per cent, while the broader All Ordinaries Index fell 0.59 per cent.

The Australian dollar opened slightly lower as uncertainty remains over the federal election result. The Aussie dollar was trading at 89.12 US cents, down from yesterday's close of 89.2 US cents.

Company News

Sphere Minerals Limited (ASX:SPH) has entered into an offer implementation agreement with a wholly owned subsidiary of Xstrata plc (LON:XTA) for an all-cash offer by Xstrata to acquire all of the issued and outstanding shares of Sphere. Xstrata has offered A$2.50 per share, valuing Sphere at approximately A$428 million. This represents a 61 per cent premium over the closing price of A$1.55 per Sphere share on 23 August 2010. The Sphere board concluded the offer the best opportunity for shareholders to maximise the value of their investment. Sphere said each of the directors had agreed sell all of their Sphere shares and options to Xstrata.

Oil Search (ASX:OSH) reported that profit after tax for the half year to 30 June 2010 rose 49 per cent to US$52.9 million, up from US$35.6 million in the corresponding period of 2009. The increase was driven by firmer realised oil prices and an increase in oil sales volumes. The board has approved the payment of an unfranked interim dividend for 2010 of two US cents per ordinary share. The company reiterated its guidance of 2010 full year production to be between 7.2 - 7.4 million barrels of oil equivalent (mmboe). Oil Search also expects to spend approximately US$480 million on the PNG LNG project during the second half of 2010.

GPT Group's (ASX:GPT) operating profit for the six months to June 30 was A$205.8 million, representing an increase of 12.5 per cent over the previous corresponding period. GPT says it demonstrates growth from all core businesses and the benefit of divesting non-core assets to focus on the stable, high quality Australian business which will deliver stable earnings and consistent growth. The property trust paid a distribution of 7.6 cents per security in the six months ended June 30. GPT upgraded full-year guidance of a final distribution totalling more than 15 cents per security. In a separate statement, GPT today said it had secured commitments for three new bank bi-lateral facilities, totalling up to A$800 million.

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

Australian Market Report of August 23, 2010: NIB Holdings (ASX:NHF) Net Profit Up 158%

newsroom@abnnewswire.net — Mon, 23 Aug 2010 13:30:59 GMT

Australian shares opened marginally lower following Wall Street's weak lead. Investors continued to place focus on the local news while the earnings season entered the final stage. The Australian dollar also opened lower on Monday over the federal election uncertainty. The local unit was trading at 88.63 US cents, down 0.44 per cent from Friday's close of 89.03 US cents.

The benchmark S&P/ASX200 index moved back to the positive territory soon after the market opened this morning. The broader All Ordinaries Index also seesawed around flat in early trade.

Company News

Health insurer NIB Holdings (ASX:NHF) has increased full year net profit by 158 per cent to A$61.5 million, compared to A$23.8 million in FY09. The company said progress had been made during the year to develop new revenue streams in cover for overseas students and workers. The outlook for FY11 is positive, with the challenge of maintaining NIB's record of strong earnings growth. The company also expects a policyholder growth between five and six per cent in 2010-11.

Prime Infrastructure (ASX:PIH) and Brookfield Infrastructure (NYSE:BIP) (TSE:BIP.UN) have entered into a definitive merger agreement to create a leading global infrastructure company, in a transaction with an implied value of A$1.6 billion for the Prime Infrastructure. Prime security holders will receive 0.24 Brookfield units for each Prime stapled security held, representing a price of A$4.6 per Prime Security.

Westpac Banking Corporation (ASX:WBC) today said its business had performed solidly over the June quarter. The bank reported cash earnings of A$1.4 billion in the quarter. Asset quality had continued to stabilise with impairment charges for the quarter declining to about A$300 million, from an average of about A$440 million in the preceding two quarters and A$800 million per quarter during fiscal 2009. But CEO Mrs Gail Kelly said that the operating environment remained challenging as conditions in Europe and signs of slowing growth in the US continue to create global uncertainty.

RCG Corporation Limited (ASX:RCG) has reported a record full year profit and final dividend for the year ended 27 June 2010 on the back of continued strong trading by its operating businesses. RCG has lifted consolidated net profit after tax by 30.6 per cent from A$5.3 million to A$6.9 million for the 2010 financial year. The company said strong sales have continued in chain-store in the new financial year with like-for-like growth across all states and territories.

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

Australian Market Report of August 19, 2010: Clough (ASX:CLO) Strong Performance for the 2009/10 Financial Year

newsroom@abnnewswire.net — Thu, 19 Aug 2010 13:30:45 GMT

The Australian shares opened slightly lower on Thursday despite Wall Street's positive lead. The focus of the local market continued to be the company earnings reports. In early trade, both the S&P/ASX200 index and the All Ordinaries fell 0.1 per cent.

In economics news on Thursday, the Australian Bureau of Statistics releases average weekly earnings data for May, and on International merchandise imports for July.

Company News

Engineering and construction company Clough Limited (ASX:CLO) delivered a 13 per cent increase in underlying earnings before interest and tax to A$63.6 million for the 2009/10 financial year. Total revenue from continuing operations increased by 26 per cent to A$805 million. Clough's CEO John Smith said the company, which provide engineering, procurement and construction service primarily to the oil and gas sector, expect the current oil prices and recovery in the financial markets will stimulate offshore oil and gas projects and return the subsea sector to growth.

Brambles Ltd (ASX:BXB) reported net profit of A$443.9 million for the year to June 30 2010, compared with A$434 million in FY09. Growth in sales revenue in the 2010 financial year of 3 per cent was driven by CHEP Europe, Middle East and Africa, CHEP Asia-Pacific and Recall, which offset the impact on the group's financial results of a decline in sales revenue in CHEP Americas, said Chief executive Tom Gorman. A final dividend of 12.5 cents per share, 20 per cent franked, is payable on 14 October to shareholders on the register on 22 September. Subject to unforeseen circumstances and ongoing economic uncertainty, Brambles expects statutory operating profit before interest costs and tax to be between US$740 million and US$780 million in the 2011 financial year.

Global Construction Services Limited (ASX:GCS) has delivered profit after tax of A$11.4 million for the year ended 30 June 2010, up from A$10.9 million in FY09. The total fully franked dividend for the FY10 is 5.5 cents. The company says it is satisfied with this result given the challenging conditions in a number of the company's markets. GCS forecasts an EBIT growth of 40 per cent and earnings growth of more than 25 per cent in FY11.

Australian conglomerate Wesfarmers Ltd (ASX:WES) reported a 2.8 per cent rise in full-year profit despite the foreshadowed significant drop in earnings from the resources division. The company posted a net profit of A$1.565 billion in the year to June. The group's retail businesses earnings growth was 15.8 per cent. The conglomerate says outlook for growth in the company's overall businesses is encouraging, especially the resources division where the market fundamentals for high quality metallurgical coal are strong, and the coal price outlook is positive.

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

Australian Market Report of August 16, 2010: Ausenco (ASX:AAX) And Kingsgate (ASX:KCN) Contract Awarded

newsroom@abnnewswire.net — Mon, 16 Aug 2010 13:30:07 GMT

The Australian share market opened lower after receiving negative leads from overseas over the weekend. Last week, Wall Street fell for four consecutive days and most metals and oil prices were lower.

In local market, the S&P/ASX200 Index was down 1.07% in early trade, at 4411.8 points, while the All Ordinaries Index was down 0.9%, at 4438.7 points. On a sector-by-sector basis, all sub-indices were lower except Telecoms, with Financials, Consumer Discretionary and Information Technology suffering the most.

In economics news, the Consumer Inflationary Expectations rate decreased to 2.8% in August from 3.3% in July, reflecting a weaker than expected June CPI, according to the Melbourne Institute. The number of respondents expecting inflation to rise decreased from 78.9% in July to 73.5% in August, while the number of people expecting inflation to stay the same rose to 16.6% from 11.4%.

Companies News

Global diversified engineering services and project management group, Ausenco Limited (ASX:AAX) has been awarded the contract for the US$100 million processing plant upgrade of Kingsgate Consolidated Limited's (ASX:KCN) Chatree North Gold Project in Thailand. The project involves the construction of a new plant and upgrade of existing infrastructure to more than double the mine's combined throughput capacity to 5.0Mtpa of mine ore. Work on the Chatree North Gold Project is expected to commence immediately and is due for completion during the third quarter of 2011. The Chatree Mine is Thailand's largest gold mining operation with an estimated gold reserve of 1.9 million ounces.

BlueScope Steel (ASX:BSL) today announced a A$192 million profit turnaround for FY2010 and Net Profit After Tax of A$126 million. The company delivered record profits in China, Indonesia, Malaysia and Vietnam, with an underlying EBIT of A$116 million in its Asian businesses, compared to A$21 million loss in FY2009 due to global financial crisis. It also saw increasing demand in Australia, strong export sales and good earnings results both in New Zealand and at its steelmaking joint venture in the United States. In FY2011, the company aims to reinvigorate the Australian and New Zealand divisions, continue to improve the Asian and North American operations and grow or acquire new businesses for future development.

China Steel Australia Limited (ASX:CNH) expects to record a profit after tax of between A$25.7 million to A$26.2 million for the 2009-10 financial year and the EBITA in the range of A$5.0 million to A$5.5 million. The company has made a number of key achievements during the financial year. Its plant has been running at near full capacity since January. Following the capital restructuring during the financial year, it extinguished long term debt of A$51.8 million. The Brisbane-based company produces both nickel pig iron (NPI) and merchant pig iron (MPI) at its plant near the city of Linyi in China's Shandong Province.

Qiubei Fu
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: qiubei.fu@abnnewswire.net

Australian Market Report of August 5, 2010

newsroom@abnnewswire.net — Thu, 5 Aug 2010 13:31:44 GMT

The Australian stock market opened higher this morning after Wall Street returned to gains on better-than-expected corporate earnings and encouraging economic data.

In early trade, S&P/ASX200 index was up 0.77 per cent, at 4577.2 points, while All Ordinaries index had risen 0.74%, to 4593.6 points. Materials stocks gained 0.9%, Industrials rose 0.7% and the financials index was 0.6% higher.

In economics news, the index of commodity prices for July released by the Reserve Bank of Australia earlier this week indicated a 2.7 per cent increase in special drawing right (SDR) terms. Australia's trade balance has been back into surplus as coal and iron ore demands from China continue to surge.

Companies News

News Corporation (ASX:NWS) today reported a net income of US$2.5 Billion in the 2009/10 financial year, compared with a net loss of US$3.4 billion in fiscal 2009. Revenue was US$32.8 billion, 8% up from the previous year. The media group, which owns Dow Jones, MySpace, 20th Century Fox, Sky Italia and newspapers in Australia and elsewhere, released blockbuster movie Avatar in the late 2009. The biggest movie ever in history became the biggest earner, helping the company return to profit. Commenting on the fiscal 2010 results, chairman and chief executive Rupert Murdoch said he was very pleased with the overall increase and was confident in an even greater result to be delivered in 2011.

Ceramic Fuel Cells Limited (ASX:CFU), a leading developer of high efficiency and low emission electricity generation units for homes and buildings, today announced its first BlueGen product sale in the United States. About the size of a dishwasher, BlueGen uses patented fuel cell technology to convert natural gas into electricity and heat with very high efficiency, far higher than any other technology in the global market for small scale electricity generation. Aside from the newly established partnership in the US, the company has already secured alliance with major utilities and energy companies in Europe, Japan and Australia including E.ON (ETR:EOAN), EWE, GdF Suez (EPA:GSZ) and Osaka Gas (TYO:9532).

Australian wholesale voice and data provider, Vocus Communications Limited (ASX: VOC) today announced the signing of a contract with New Zealand's mobile and fixed line operator Vodafone New Zealand Limited (LON:VOD). Under the NZ$11.3 million deal, Vodafone New Zealand will award 100% of its international data capacity to Vocus on a multi-year term, once current supply contracts finish. Formed in March 2008, Vocus Communications provides wholesale voice and IP transit to telecommunications companies and internet service providers across Australia, New Zealand and the US.

Qiubei Fu
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: qiubei.fu@abnnewswire.net

Australian Market Report of July 28, 2010

newsroom@abnnewswire.net — Wed, 28 July 2010 13:30:08 GMT

The Australian stocks market opened higher for a fourth straight day led by financial sector. The benchmark ASX 200 share index was up 0.36 per cent while the broader All Ordinaries increased 0.26 per cent in early trade.

On Wednesday, investors will be watching the Australian Bureau of Statistics Consumer Price Index (CPI) for June quarter.

Company News

Macarthur Coal (ASX:MCC) reported record sales for the financial year ended 30 June 2010 of 5.32Mt, up 15.3 per cent from the 4.61Mt in the previous year. This was ahead of the guidance range of 4.8Mt - 5.0Mt. The company said the improvement on an annual basis can be attributed to improved economic conditions, a sell down of high opening coal stocks, increased production at both Coppabella and Moorvale sites, and the utilisation of excess infrastructure capacity through the Goonyella corridor. Sales in the June quarter were down 10.8 per cent on the prior corresponding period, as a result of an unusually strong quarter in 2009 due to a stock sell-off that was triggered by the global financial crisis. But the total coal sales of 1.3Mt in the June quarter was still stronger than expected.

Lihir Gold Ltd (ASX:LGL) produced 244,000 ounces of gold in the three months to June, up 6 per cent from the March quarter. Production was in line with the plan for the year, and leaves Lihir on track to produce between 1.0-1.1 million ounces of gold in 2010. Gold sales totalled 269,000 ounces for the quarter, which was up 35 per cent compared with the three months to March. The increase was due to timing of sales and movements in inventory. Production for the first half at Lihir Island totalled 377,000 ounces, and the increasing quarterly production trend should continue into the second half, driven by higher grade from the pit. Full-year guidance for Lihir Island remains unchanged at 800,000 to 870,000 ounces.

Downer EDI Limited (ASX:DOW) said its mining division has signed contracts with BHP Billiton Mitsubishi Alliance (BMA) to June 2015 for projects in Bowen Basin, Central Queensland. The contracts, jointly valued at approximately A$2 billion, are for load and haul of prestrip material and drill and blast services at Goonyella Riverside Mine, and for load and haul of prestrip material at Norwich Park Mine. Downer said it has ample funding capacity for the BMA contracts and also the Fortescue Metals Group (ASX:FMG) contract at Christmas Creek for which Downer is preferred bidder.

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