ABN Newswire

Asian Activities Report for April 11, 2011: Endocoal Limited (ASX:EOC) Announce Company Development Strategy And CEO Appointment

newsroom@abnnewswire.net — Mon, 11 Apr 2011 12:00:40 GMT

Endocoal Limited (ASX:EOC) announced a company development strategy which is to develop the Orion Downs thermal coal project, to delineate a JORC resource at its Rockwood PCI coal discovery and to explore the Talwood-Pretoria Hill coking coal prospect. To implement this strategy the Company has appointed Mr Tim Hedley, a mining engineer with over 30 years' experience in coal mining, as Chief Executive Officer. The Company is expecting to commence mine operations at Orion Downs by 2013.

China Magnesium Corporation Limited (ASX:CMC) has commissioned its existing magnesium ingot production plant in northern China and will commence magnesium production in April. The plant will initially produce approximately 2,000 tpa of magnesium and will gradually increase to 20,000 tpa as the plant expansion continues. The Company is aiming to achieve a production capacity of 105,000 tpa in three years.

Eden Energy Limited (ASX:EDE) has made the first commercial sale of its carbon nanofibres to an industrial battery manufacturer, receiving positive confirmation from the market of the commercial acceptability of Eden's carbon nano-products for electrical applications. Several leading Indian concrete manufacturers have expressed interest in testing Eden's carbon nanofibres as an additive to concrete to increase its performance. Initial testing of carbon nanofibres to be used in rubber and plastics will also begin in the US.

Moly Mines Limited (ASX:MOL) (TSE:MOL) said today that China Development Bank has approved US$500 million in project finance facilities to develop the Spinifex Ridge Molybdenum/Copper mine. Moly Mines is currently in advanced negotiations with an engineering consortium for the construction of the mine and associated processing plant with a designed capacity of 10 million tonnes per annum. Once drawdown of the funds is available, construction of the mine and processing facilities will take approximately 24 months.

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

Australian Market Report of March 10, 2011: Cardia Bioplastics (ASX:CNN) Partner With Wesco China To Distribute Sustainable Resins In China

newsroom@abnnewswire.net — Thu, 10 Mar 2011 12:00:00 GMT

Cardia Bioplastics Limited (ASX:CNN) has appointed Wesco China, China's leading plastics distribution company as Cardia's exclusive distributor in China. Wesco China will offer the comprehensive range of Cardia's sustainable Biohybrid(TM) resins to the Chinese packaging and plastic products industries. The Biohybrid(TM) products will allow customers to reduce carbon footprint and dependence on fossil based resins.

Manas Resources Limited (ASX:MSR) has commenced an extensive drilling and exploration program at its 100%-owned gold projects in the Kyrgyz Republic. The Company will drill up to 20,000m, aiming to significantly increase its current resource base of 1.13Moz of gold. The Shambesai Gold Project is expected to produce its first 100,000 ounces at an average head grade of 5.7 g/t gold in the first three years at a cash cost of US$180 per ounce.

Alara Resources Limited (ASX:AUQ) has commenced a drilling programme at the Khnaiguiyah Zinc Copper Project in the Kingdom of Saudi Arabia, representing a tangible step in advancing the Bankable Feasibility Study of the Project. The Company plans to mobilise additional drill rigs to site to commence a detailed drilling programme and expand the current mineralisation.

Noble Mineral Resources (ASX:NMG) announced high-grade intersections of up to 57.55g/t Au at its Bibiani Gold Project in Ghana. The Project will be the first source of primary ore feed for the Company's refurbished plant. Pre-commissioning of the 2.7Mtpa plant is scheduled to occur during May and June, with the first primary ore feed and commissioning set for July.

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

Asian Markets Overview of March 30, 2010: Ericsson (NYSE:ERIC) Secured US$1.8B Deals with China Mobile (HKG:0941) and China Unicom (HKG:0762)

newsroom@abnnewswire.net — Tue, 30 Mar 2010 13:30:45 GMT

Monday Wall Street rose as higher commodities prices boosted energy and mining companies. The US markets also received support from positive consumer spending in February. Asian markets closed mixed yesterday. Chinese stocks rallied as China said it plans to launch the long expected stock-index future in April 16. Shanghai Composite jumped 2.1 per cent to a two month high, while Hong Kong's Hang Seng Index climbed 0.9 per cent. South Korea's Kospi Composite was 0.3 per cent lower. Japan's Nikkei 225 lost 0.1 per cent.

Company News

Swedish telecommunications equipment vendor L.M. Ericsson (NYSE:ERIC) said Monday it has signed framework agreements to provide network equipment for China's mobile service giants. Ericsson secured a US$1 billion deal with China Mobile Ltd. (NYSE:CHL) (HKG:0941) to provide radio access equipment, which will boost the network's capacity and evolve it into an Internet Protocol, or IP, network. The Swedish company was also awarded a US$800 million contract by China Unicom (NYSE:CHU) (HKG:0762)s to provide a faster third-generation network with HSPA Evolution technology, as well as IP and broadband equipment.

Japan's Nippon Steel Corp (TYO:5401) has reached a tentative agreement with Brazilian mining giant Vale (NYSE:VALE) to pay US$100-$110 per tonne of iron ore in the April-June quarter, reported a Japanese media. This represents a 90 per cent increase from the price in fiscal 2009.

Taiwan-based Formosa Plastics Corp. (TPE:1301) said its net profit jumped 40 per cent in 2009 because of higher investment income from affiliates. Net profit for the 12 months ended Dec. 31 was NT$27.53 billion, up from NT$19.71 billion in 2008.

Macau casino operator SJM Holdings Ltd. (HKG:0880) reported a 14 per cent rise in 2009 net profit thanks to stronger gaming revenue in the second half. Its net profit for the 12 months ended Dec. 31 was HK$906.7 million, up from HK$796.1 million a year earlier. The result was better than market forecasts while the company posted a 41% fall in first-half net profit on top of a 48% drop in 2008. SJM said it doesn't expect the Macau government's new policy to cap gaming tables to significantly impact the company's business.

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

LANXESS AG (ETR:LXS) Earnings Rebound In Q2 2009

newsroom@abnnewswire.net — Thu, 13 Aug 2009 16:30:09 GMT

LANXESS AG (ETR:LXS)(PINK:LNXSF) significantly increased earnings in the second quarter in comparison to the weak first quarter of 2009 despite the ongoing difficult economic conditions worldwide. The specialty chemicals company posted EBITDA pre exceptionals of EUR 112 million, in line with its published guidance of EUR 100-120 million. The operating earnings figure was down 50 percent year-on-year but rose 70 percent from the first quarter of 2009 due to substantial volume increases, notably in Asia, as well as savings yielded by the "Challenge09" package of measures. Another positive key metric for the second quarter was the EBITDA margin pre exceptionals at 9 percent, up from 6.3 percent in the first quarter of 2009.

Sales in the second quarter fell by 30 percent year-on-year to EUR 1.24 billion but rose 17 percent quarter-on-quarter due to a strong rebound in volumes, especially in Performance Polymers. Net income was positive at EUR 17 million after being negative for two consecutive quarters. LANXESS proved again in the second quarter that it is in a strong financial position by nearly doubling its operating cash flow to EUR 157 million from a year earlier and reducing net debt by 17 percent to EUR 719 million from the end of 2008. The improvement in operating cash flow was supported by a strict focus on working capital management.

"LANXESS has achieved a solid result in the second quarter in view of the challenging environment for the chemical industry," said Axel C. Heitmann, Chairman of the Board of Management of LANXESS AG. "Our earnings have benefited not only from a pick-up in demand but also from our decision to quickly implement a package of self-help measures to counter the crisis."

Performance in Asia-Pacific Region

Sales in the Asia-Pacific region rose 74 percent to EUR 304 million in the second quarter in comparison to a very weak first quarter, with strong contributions coming from China, South Korea and India. The sharp increase in sales in the second quarter implies the region's share of Group sales has now risen to 25 percent.

Sales in all regions in the second quarter fell year-on-year by double-digit percentage amounts except for Asia-Pacific, which fell only by a single-digit percentage amount year-on-year.

Performance in Greater China

LANXESS Greater China sales increased by 7.8 percent to EUR 167.5 million for the second quarter of 2009 compared to the same period of 2008. Adjusted for exchange-rate effects and divested or newly integrated businesses, it receded slightly by 3.6 percent. In comparison to the weak first quarter of 2009, sales almost doubled from EUR 84.8 million.

"While the global economic recession continues to dampen demand for LANXESS products, we did see some improvement in the second quarter compared with the beginning of the year," said Martin Kraemer, CEO of LANXESS Greater China. "Growth in Greater China was mainly driven by the rubber business units and the Semi-Crystalline products business unit, aided by a recovery in the automotive industry and construction industries. Additional driving forces, one was the Ion Exchange Resins products business unit, which offers effective and innovative solutions for power plants, another the Material Protection Products business unit, which successfully launched the stabilizer Velcorin(R) to the Beverage Industry in China."

"We expect that the government stimulus package and domestic demand should keep China's automotive industry growing through 2009 and 2010. To meet the needs of auto makers in China, the migration of global components makers to the country will continue, even through the economic slowdown. As we are one of the upstream suppliers, our sale performance will benefit from this trend."

"Challenge09" and "Challenge12"

In order to support future earnings and safeguard the company's financial position, the LANXESS management has agreed with employee representatives and the IG BCE (the German Mining, Chemical and Energy Industry Union) to extend the "Challenge09" package of cost saving measures agreed upon at the start of this year and to introduce an additional package called "Challenge12".

"Challenge09" mainly comprises a combination of technical process improvements and remuneration decreases for all employees at all managerial levels. In this way, the specialty chemicals company aimed to cut costs worldwide by about EUR 250 million in 2009 and in 2010.

LANXESS now aims to save worldwide EUR 360 million in total between 2009 and 2012 with "Challenge09-12". The additional EUR 110 million in savings will be generated through flexible asset management as well as employees foregoing remuneration. These measures will not result in any additional expenses in the P&L.

"Challenge12 gives us the necessary flexibility to counter the effects of the crisis also in the next 24 months. This means we are well equipped for the time when the upturn materialises," said Heitmann.

Outlook

Underlying economic demand appears to have now bottomed out also in Latin America, North America and Europe. Asia is maintaining good momentum and other regions will start to recover, albeit at a slower pace. Destocking among customers is now completed but a trend towards restocking is not yet visible.

Overall, the business environment remains tough and the potential for setbacks still exists which could hinder an economic recovery. Therefore, LANXESS will wait until the publication of the third quarter results on November 12 to give a detailed earnings outlook for the full year 2009. The previous guidance of sales and earnings being below last year's level remains valid.

LANXESS, however, is targeting for the third quarter of 2009 an EBITDA pre exceptionals around the level of the second quarter of 2009. This is an ambitious target given the fact that the company's key operating earnings number for the third quarter has been in the past always weaker - on average 15 percent - than the second quarter result. In addition, the third quarter includes the traditional summer lull.

"The combination of a pick-up in demand and our enlarged package of cost savings measures will ensure that LANXESS will emerge strengthened from the crisis," said Heitmann.

Q2 2009 Key Data
(EUR million, changes in percent)
-----------------------------------------------------
                Q2 2009 Q1 2009 Change Q2 2008 Change
                        vs. Q1         vs. Q2 
-----------------------------------------------------
Sales             1,238   1,054 +17.5  1,765   -29.9
-----------------------------------------------------
EBITDA 
pre exceptionals    112     66  +69.7  223     -49.8
-----------------------------------------------------
EBITDA margin 
pre exceptionals(%) 9.0     6.3        12.6    
-----------------------------------------------------
Net income           17     -14        55      -69.1
-----------------------------------------------------
Operating 
cash flow           157     122 +28.7  82      +91.5
-----------------------------------------------------

Korie Jiang
Corporate Communications
Tel: +86-21-6109-6704
Korie.Jiang@lanxess.com

OCT (Asia) (HKG:3366) Turning Challenges into Opportunities by Consolidation

newsroom@abnnewswire.net — Mon, 2 Mar 2009 10:31:56 GMT

Despite the adverse environment under the global economic slowdown and dwindling market demand, Overseas Chinese Town (Asia) Holdings Limited (HKG:3366), together with its subsidiaries the "Group"), a top-of-the-line paper packaging products manufacturer in China, finds its principal business keeping a steady development pace. This is the result of its efforts in aggressive marketing development, enhanced internal management, cost reduction through boosting its bargaining power by centralized raw materials sourcing and the like, as well as improved product quality. Its management believes that while the grave economic conditions will for sure accelerate the pace of consolidation of the paper packaging industry, the intense market competition will only create more room for growth for companies with solid strengths.

2009 will see the operation of the Group's new production base in Huizhou, Guangdong in the second half of the year, which is planned to be developed into the core production base of the company. The production base will comprise an environmentally friendly, advanced and modern steel industrial complex, plus an office complex that houses the business, R&D and showroom facilities. During the process, there will be an expansion of the Group's production capacity. Going forward, the Group will keep up with its efforts in various initiatives to enlarge its market share and enhance its gross profit margin, refreshing its product mix to meet customers' demand, exploring the high-end customers segment and increasing the proportion of high value added products in its sales mix, such as colour-print packaging products.

At the same time, the Group will reinforce its capital risk management to develop its business at the appropriate scale and pursue growth on a solid track. The management' is full of confidence in the PRC's long-term economic growth and the sustainable increase in its domestic consumption. Buoyed by the economic stimulus package introduced by the government, the mainland economy is expected to regain its momentum gradually. It is believed that relying on its quality products, innovation strengths, steadily increasing customer base, increasingly strong strategic position, the Group will be able to get through the difficult times under the economic slowdown.

Apart from consolidating its principal business of manufacturing high quality paper packaging containers and other packaging products, the Group also explores other investment projects with a good potential. By the end of last year, the Group has obtained a 25% equity stake in Chengdu Tianfu OCT Industry Development Co. Ltd ("Chengdu OCT") by way of acquisition. Chengdu OCT owns a large-scale tourism and property development project, which comprises a theme park, urban entertainment culture facilities and residential estate. Occupying a site of around 2.28 million square meters, the development will be the largest urban tourism and entertainment project in Southwestern China. Its theme park, which opened to public this January, together with its Park Square, received nearly 200,000 visitors in the 7-day Spring Festival holiday season and becomes a new sightseeing hotspot in Southwestern China.

The Group is of the view that Chengdu is in a rapid growth phase and the development of its tourism and property industries is considered as top priority by local government and authorities. At the same time, the increasing purchasing power of the population in Chengdu is also expected to give a boost to the growth of its tourism and property markets. Such a backdrop is expected to spawn opportunities for Chengdu OCT.

2009 is going to be a challenging year. The Group will allocate its resources in a flexible manner in light of market conditions so as to explore development opportunities on different horizons and actively participate in investment projects favourable for its future development. In this way, the Group seeks to keep on expanding its business scale in order to deliver better results.

CEO Biography

Mr. Ni Zheng, aged 41, is an executive Director and CEO of the company. Mr Ni has participated in the Group's management since 1999 as the director of Shenzhen Huali. Mr. Ni is also a director of OCT Hong Kong Co., Ltd and various subsidiaries, and Chengdu OCT. He had been the deputy general manager and general manger of investment department of OCT Enterprises Company, the ultimate shareholder of the Company. Ni graduated from the department of Applied Physics of Chongqing University and obtained a bachelor's degree in Science and a master degree in Engineering in 1988 and 1991, respectively.

IR Contact
Overseas Chinese Town (Asia) Holdings Limited Company Secretariat
Tel: + 86-755-2693-5918 / +86-755-2693-5118
Fax: + 86-755-2690-6606
E-mail: contact.asia@chinaoct.com
Website: www.oct-asia.com