ABN Newswire

Asian Activities Report for November 3, 2011: Morning Star Gold NL (ASX:MCO) Resumes Underground Mining at the Historic Morning Star Goldmine

newsroom@abnnewswire.net — Thu, 3 Nov 2011 12:00:37 GMT

Morning Star Gold NL (ASX:MCO) has resumed underground mining at its 100% owned Morning Star Goldmine in Victoria's historic eastern goldfields. The Morning Star Goldmine was one of Australia's biggest gold mine in the 1940s. Its production recommenced in 2011 for the first time in nearly 50 years. Morning Star Gold NL plans to increase the production rate during 2012-13, targeting 80 kilo tonnes per annum throughput at its onsite processing plant with grades expected to range at 10-15grams/tonne.

Red Sky Energy Limited (ASX:ROG) has submitted an application for regulatory approval of Talma pilot well at the Kanagaroo Creek Sandstone gas discovery in north east New South Wales. A recent Resource Study considered the Kangaroo Creek sandstone gas discovery resource to be highly prospective. The Company plans to drill the Talma pilot well as well as a pilot production well to perform a long term production test to determine the magnitude of the resource.

Brambles Limited (ASX:BXB) announces the launch of CHEP Aerospace Solutions, the world's largest independent network of pooled unit load devices (ULDs) and repair centres. CHEP Aerospace Solutions will provide ULD pooling services as well as outsourced repair and maintenance of ULDs and airline galley carts to the aviation sector. To further enhance this new business, Brambles has signed an agreement to acquire Driessen Services, a specialist in the outsourced repair and maintenance of ULDs and airline galley equipment, for an enterprise value of EUR7.5 millions.

Dragon Mining Limited (ASX:DRA) announces an update of the Mineral Resource for the Juomasuo gold deposit to 1,574,000 tonnes at 5.7 grams/tonne gold for 285,800 ounces of gold. Juomasuo is the largest of the five gold deposits identified to date on the Kuusamo Gold Project in Finland. As a result of the resource upgrade at Juomasuo, the total gold resource inventory of the Kuusamo Gold Project has now increased to 460,700 ounces grading 4.2 grams/tonne.

Asia Business News
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Asian Activities Report for September 29, 2011: Red Mountain Mining (ASX:RMX) to Follow Up Significant Gold Mineralisation at Zhongqu Project Stage II Drilling in China

newsroom@abnnewswire.net — Thu, 29 Sept 2011 12:00:16 GMT

Red Mountain Mining Limited (ASX:RMX) will commence a Stage II underground drilling program on 29 September 2011 at the Zhongqu project in Gansu Province, China. Stage I drilling at the project intersected significant gold mineralisation including 31m at 4.61 g/t gold and 14.3m at 4.50 g/t gold. Stage II drilling aims to get a better understanding of the orientation and tonnage potential of the high-grade gold structures with results to be expected in 6-8 weeks.

Atlantic Limited (ASX:ATI) has signed an agreement to undertake a development study of Vietnam's bauxite extraction and supply chain industry, particularly in the Central Highlands of the country. The development study will assess the 'mine-rail-port' proposal submitted by Atlantic to local and national authorities, and is an important step in achieving Atlantic's objectives of undertaking a full feasibility study of an integrated long-term bauxite supply chain solution and forming a joint venture to develop a large-scale bauxite mining project in Vietnam.

Rico Resources Limited (ASX:RRI) has commenced a major resource definition drilling programme at the Wonmunna Project in the East Pilbara iron ore mining region. The Company has engaged three rigs to accelerate the program to keep in line with the planned project development timetable of starting the Feasibility Study before Christmas this year. Production is expected to commence by the first quarter of 2013.

Rift Valley Resources Limited (ASX:RFV) today announced the acquisition of two new gold projects in the Lake Victoria Goldfields region of Tanzania. These acquisitions, along with the recently acquired Maji Moto project, fall in line with Rift Valley's objective of targeting more advanced projects that can be fast-tracked. The Company plans to commence first phase of drilling on the two new projects as soon as possible.

Novogen Limited (ASX:NRT) (NASDAQ:NVGN) today announced a US$2 million investment in its majority owned subsidiary, Marshall Edwards (NASDAQ:MSHL) through the purchase of approximately 1.33 million common shares of Marshall Edwards. The investment will support Marshall Edwards' ongoing oncology research and the development of two lead drug candidates, ME-143 and ME-344.

Pipavav Defence and Offshore Engineering Company Limited (BOM:533107) and Airbus have signed a Memorandum of Understanding to develop state-of-the-art Maintenance, Repair and Overhaul facilities and associated infrastructure in India. The joint venture will be the first of its kind to be set up in India.

Asia Business News
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Asian Activities Report for June 30, 2011 includes: Axiom Mining (ASX:AVQ) Granted Gold and Copper Exploration Licence in Vietnam

newsroom@abnnewswire.net — Thu, 30 June 2011 12:00:31 GMT

Most Asian markets opened stronger today. The S&P/ASX 200 gained 0.64% to 4558.4 in early trade. Nikkei 225 jumped higher right after the opening bell but soon lost ground, down 0.01% to 9,796.52 in the first two hours of trading. Hang Seng Index rose 0.72% to 22219.81, while Shanghai Composite was up 0.37% to 2738.49.

Company News

Axiom Mining Limited (ASX:AVQ) has been granted a mineral exploration licence over 23 square kilometres in Vietnam. The licence gives Axiom exclusive access to carry out all forms of exploration. The granted area lies 40km east of the world-class Sepon gold and copper mines in Laos and is part of the same geological and structural basin. Exploration activities are expected to commence in July.

Goodman Group (ASX:GMG) announced the acquisition by Canada Pension Plan Investment Board of Goodman's 50% interest in the Interlink Project, a major logistics facility to be developed in Hong Kong in almost a decade. The transaction will help to drive Goodman's growth strategy in the region, providing capital for reinvestment in new opportunities across Greater China, specifically in its targeted cities of Shanghai, Beijing, Chengdu and Chongqing.

Universal Coal plc (ASX:UNV) has received the first draft of the Bankable Feasibility Study for the Kangala coal projects in South Africa. The draft study indicates positive economics for the project, and Universal Coal will now proceed to review and optimize the project with the final Bankable Feasibility Study expected by the end of September 2011.

Galilee Energy Limited (ASX:GLL) announced the first coal seam gas resource estimation for the Galilee Gas Project. The Contingent Resource is estimated at 259 petajoules of 2C and 1,090 petajoules of 3C Resources. The Company will focus on the pilot and planned drilling campaign in the next six months to provide a basis for a larger resource estimate.

Asia Business News
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Baobab Resources plc (LON:BAO) Operation Update On Tete Project

newsroom@abnnewswire.net — Mon, 17 Jan 2011 18:00:00 GMT

Baobab Resources plc (LON:BAO), the iron ore, base and precious metals explorer with a portfolio of mineral projects in Mozambique, is pleased to present an update on the exploration activities currently underway at the Tete iron/vanadium/titanium project.

Highlights:

- Drilling at all areas in South Zone prospect has delineated substantially more mineralisation than originally anticipated. Consequently, additional drill holes are being designed to further test the down dip and along strike extensions.

- Due to the early onset of the wet season, the Company was obliged to suspend drilling operations by mid-December 2010 prior to completing the intended RC (reverse circulation) drilling programme. Technical teams and drill rigs are on standby in Tete, ready to mobilise as soon as the weather allows.

- Analytical results have been returned from a four hole RC drilling cross section in the northern portion of the South Zone prospect. A broad package of heavily mineralised magnetite was delineated. Mineralised intercepts reported best concentrate grades of:

TRC0029 - five significant intercepts, totaling 91m, including:

28m @ 59.1% Fe, 0.59% V2O5 and 29.1% mass recovery from 59m and

20m @ 61.8% Fe, 0.64% V2O5 and 28.4% mass recovery from 127m

TRC0052 - three significant intercepts, totaling 81m, including:

72m @ 59.3% Fe, 0.58% V2O5 and 35.9% mass recovery from 69m

TRC0056 - two significant intercepts, totaling 94m, including:

90m @ 58.6% Fe, 0.59% V2O5 and 23.8% mass recovery from surface including

21m @ 57.4% Fe, 0.52% V2O5 and 39.4% mass recovery from 53m

TRC0059 - seven significant intercepts, totaling 125m, including:

89m @ 59.3% Fe, 0.65% V2O5 and 23.9% mass recovery from 57m including

24m @ 64.0% Fe, 0.72% V2O5 and 37.3% mass recovery from 97m

- The Company is currently interpreting the next section of drill results which it intends to announce shortly.

- The geophysical survey of the newly acquired ground to the east of the Massamba Group trend is on schedule to commence during January 2011.

Commenting today, Ben James, Baobab's Managing Director, said: "The results from the northern limits of South Zone published here represent an overall improvement in width, head grade and mass recovery. Additional drilling is required to probe the down dip continuations of mineralisation in the east, where there are also opportunities for the discovery of parallel lodes.

"Baobab's exploration team is prepared and eager to get back into the field to complete the RC programme and get the South Zone resource estimate underway."

Step-out RC Drilling Programme - South Zone Prospect (Massamba Group)

Due to the significant widths and interpreted lateral continuity of mineralisation at the South Zone, the prospect has been prioritised for step-out reverse circulation (RC) drilling. The programme is systematically assessing a sequence of seven mineralised zones over a strike length of some 2km, drilling on traverses spaced 100m apart.

A total of 50 RC drill holes have been planned for a combined meterage of 7,000m. Drilling commenced in August and to date thirty three holes have been completed for an aggregate total of approximately 4,500m. All areas drilled to date have delineated substantially wider zones of mineralisation than anticipated. Consequently, Baobab's exploration management team is in the process of designing additional drill holes to test the down dip and along strike continuations of the ore zones.

Due to the early onset of the wet season in Mozambique, the Company was obliged to suspend drilling operations in mid-December 2010. Technical teams and drill rigs are on standby in Tete, ready to mobilise to site as soon as the weather allows. The Company plans to have the two RC rigs working double shifts (two 12 hour shifts per 24 hours) to complete the programme as expediently as possible.

The first nine RC drill holes tested the along strike continuations of mineralisation intersected in scout diamond drill hole TDH0019 over five cross sections. Analytical results from these drill holes were announced to the market on 20 October and 8 November 2010. Due to mechanical issues, drill holes TRC0006 to 9 did not reach their target depths (TRC0007 and 8 ended in mineralisation). The drill holes will be re-drilled, at the operator's expense, in due course and updated intercepts will be reported as soon as they become available.

Please note that drill holes have not been drilled in sequence, consequently there are gaps in the hole numbering.

Drilling in the northern most target area over three east-west cross sections and an oblique cross section has intersected a stacked, 200m wide sequence of moderately to steeply dipping, heavily mineralised packages over a strike length of more than 300m. Mineralisation remains open both down dip and along strike with potential parallel lodes to the east.

Results from the oblique cross section, centred on scout diamond drill hole TDH0019, were announced on 30 November 2010. Analytical results from the four hole cross section at 8,259,900mN have been returned and are tabulated below.

A cross section interpretation is available in the Company's website version of this announcement available for download from:

http://www.baobabresources.com/Pages/invest_centre/Aim_Releases.html.

Concurrent drilling in the southern limit of the South Zone prospect continues to delineate board zones of magnetite mineralisation.

It is the Company's intention to combine the results of the scout diamond drilling and RC programmes to estimate a global resource for the South Zone prospect. International consultants, Coffey Mining Pty Ltd, have been commissioned to carry out the resource estimation once the drilling programme is completed.

Tete Geophysical Survey Update

On 17 November 2010, Baobab announced a change in its 1035L Exploration Licence boundary whereby the Company acquired new ground to the east of the Massamba Group trend covering the Tenge and Ruoni magnetite prospects as well as a Lower Karoo sub-basin considered prospective for coal. New Resolution Geophysics (NRG) has been contracted to complete a high resolution aeromagnetic and radiometric survey of the new area. Paperwork is currently being finalised with the various government departments and it is planned that the survey will commence this month.

Tete Project - Overview

The Tete Project, covering an area of 632km2, is located immediately north of the provincial capital of Tete and shares licence boundaries with Vale (NYSE:VALE) and Riversdale's (ASX:RIV) (PINK:RFLMF) mega coal projects. The project is strategically located to access abundant, low tariff hydro-electric power from existing and developing schemes on the Zambezi River. The ports of Beira and Nacala are being refurbished, as are the rail corridors through to Tete.

The project contains two areas of magnetite-ilmenite mineralisation; the Singore area to the south and the Massamba Group trend in the north. The 8km long Massamba Group trend is composed of a series of five prospects (Chitongue Grande, Pequeno, Caangua, Chimbala and South Zone) that have experienced little or no historical exploration.

The Company commenced exploration initiatives in mid 2008 and has focused its efforts to date on the Massamba Group area. The Singore area remains largely untested, but highly prospective (refer to announcement dated 28 January 2010 for results to date).

Work completed by the Company during 2009 culminated in the estimation of a 47.7mt maiden Inferred Mineral Resource over a 500m portion of the Chitongue Grande prospect and a 400mt to 700mt Exploration Target over the broader Massamba Group area. Independent scoping metallurgical studies and financial modelling indicate positive project economics in the production of high quality magnetite (iron and vanadium) and ilmenite (titanium) concentrate commodities (refer to announcements dated 24 September 2009, 29 September 2009 and 8 October 2009).

A scout drilling programme, designed to assess the Chimbala and South zone prospects of the Massamba Group trend, has been completed for an aggregate total of approximately 7,500m. The purpose of the campaign has been two-fold: to improve confidence in the Company's Exploration Target and to clarify geological domains for continued metallurgical test-work. For detailed information on the scout drilling programme, please refer to announcements dated 1 February, 19 February, 17 May, 11 June, 15 July, 12 August, 2 September and 20 October 2010.

Baobab has entered into a strategic partnership with International Finance Corporation (IFC), the commercial arm of the World Bank, at both the corporate and project equity levels.

For the complete announcement including tables and figures, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/65014-Baobab-2011-01-17.pdf

Ben James
Managing Director
Baobab Resources plc
Tel: +61-8-9430-7151

Jeremy Dowler
Chairman
Baobab Resources plc
Tel: +44-13-7245-0529

http://www.baobabresources.com

Australian Market Report of June 30, 2010

newsroom@abnnewswire.net — Wed, 30 June 2010 09:30:16 GMT

The Australian shares Tuesday posted losses for the sixth consecutive day as Asian markets were widely lower. Chinese market dropped more than 4 per cent due to a massive sell-off after the Agricultural Bank of China offered a lower-than-expected price in its Shanghai tranche IPO. Investors feared that this could be a signal of slow-down in fresh investment into Chinese equities.

At the close, the benchmark S&P/ASX 200 Index was down 38.8 points, or 0.9 per cent, to 4345.7, while the broader All Ordinaries index fell 39.1 points, or 0.9 per cent, to 4370.6.

In economics news Wednesday, Housing Industry Association will release its report on new home sales. The Reserve bank of Australia will publish data on private sector credit.

Company News

Campbell Brothers (ASX:CPB) expects underlying net profit after tax for the half year ending 30th September 2010 will be within the range of A$63 million to A$68 million as it sees continued strong demand for its mineral, environmental and coal analytical services.The guidance compares very favourably to the actual net profit after tax of A$38 million for the half year to September 2009 and is also ahead of the record result of A$57 million achieved in the half year to September 2008 prior to the global financial crisis, the company says. This reflects current strong trading condition for the majority of the company's operation and a solid contribution from Ecowise and PearlStreet, acquired in the second half of last year.

Boom Logistics Limited (ASX:BOL) concluded that Archer Capital's offer to acquire Boom at an indicative price of A$0.52 per share undervalues the company, after the board of Boom assessed the Archer proposal. Boom received a highly conditional, confidential and incomplete proposal from Archer to buy the company through a scheme of arrangement. Boom said the Archer proposal has been timed to coincide with the end of a post global financial crisis downturn in the industrial services sector, while Boom has experienced improving business conditions during the last quarter and with strong industry growth outlook it expects the improvement will continue into FY11 and beyond.

Engineering group Downer EDI Ltd (ASX:DOW) said it has ample liquidity with in excess of A$600 million in available facilities and cash balances in response to media reports the company has ordered payments to be withheld to meet cashflow targets for its end-of-year financial accounts. Downer also said its Works Australia division expected to pay all creditors as per agreed creditor terms while meeting its internal cash targets.

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

Australian Market Report of June 25,2010

newsroom@abnnewswire.net — Fri, 25 June 2010 09:30:45 GMT

Australian share market lost momentum on Thursday, despite the change of Australia's Prime Minister pushed the market higher earlier. Resources shares surged on expectation that discussions between the government and the miners could end the uncertainty caused by the proposed mining tax. The local market ended slightly lower led by financials stocks. At the close, the benchmark S&P/ASX200 index gave up 6.4 points, or 0.14 per cent, at 4479.7 while the broader All Ordinaries index fell 5.3 points, or 0.12 per cent, to 4504.1.

Company News

Riversdale Mining (ASX:RIV) has signed a non-binding Memorandum of Understanding (MOU) with China's Wuhan Iron and Steel (Group) Corporation (WISCO) and a logistics partnership agreement with the China Communications Construction Co (HKG:1800) for the development of the Zambeze coal project in Mozambique. The MOU provides for the acquisition by WISCO of 40 per cent of the Zambeze project for a total consideration of USD800 million to be paid in three tranches and subject to achievement of certain milestones. In addition, at the date of signing of the definitive agreements, WISCO will be issued 8 per cent of the shares in Riversdale Mining at A$10.00 each.

Transfield Services (ASX:TSE) said it remains on track to deliver on its full year guidance, which is for net profit after tax to be flat to modest against the prior financial year. The company says its capability of delivering asset and management solutions continues to position its competitively across a variety of geographies and asset classes. Transfield Services also said it has concluded the Transfield Services Infrastructure Fund (TSI Fund) recapitalisation. As part of the TSI fund recapitalisation, the company made additional investment in the fund of A$43.2 million, which represents 61.8 million securities at A$0.70 per security.

Coal & Allied Industries Limited (ASX:CNA) says it is in the process of assessing the potential sale of its Oaklands deposit, which is an undeveloped deposit located in the Southern Riverina district of New South Wales. Coal & Allied holds an assessment lease for the deposit. The company said it has engaged corporate advisors to assist in the process.

BHP Billiton (ASX:BHP) has agreed to suspend its advertising campaign against the Resources Super Profit Tax proposal in response to the new Prime Minister Julia Gillard's offer to open the doors to miners. Ms Gillard said the government would cancel its ad campaign and called on mining companies to also cancel their ads and end the bitter campaign over the tax. The mining sector yesterday reacted positively to the new Prime Minister's commitment.

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

Riversdale (ASX:RIV) Signs MOU with WISCO for Zambeze Coal Project

newsroom@abnnewswire.net — Thu, 24 June 2010 11:36:33 GMT

Riversdale Mining (ASX:RIV) has signed a non-binding Memorandum of Understanding (MOU) with China's Wuhan Iron and Steel (Group) Corporation (WISCO) and a logistics partnership agreement with the China Communications Construction Co (HKG:1800) for the development of the Zambeze coal project in Mozambique.

The MOU provides for the acquisition by WISCO of 40 per cent of the Zambeze project for a total consideration of USD800 million to be paid in three tranches and subject to achievement of certain milestones. When completed, the transaction values Zambeze at USD2.0 billion.

In addition, at the date of signing of the definitive agreements, WISCO will be issued 8 per cent of the shares in Riversdale Mining at A$10.00 each.

WISCO will earn the right to purchase at least 40 per cent of the coking coal produced from Zambeze, and the right to purchase at least 10 per cent of the coking coal produced from Benga coal project near Zambeze.

The MOU also covers the facilitation by WISCO, along with China Communications Construction and other Chinese companies, of a comprehensive study of mine-to-ship logistics to enable the export of large tonnages of coal products to ports for export markets.

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

Australian Market Report of June 17, 2010: Leighton (ASX:LEI) Wins A$1.1B Contract in Indonesia

newsroom@abnnewswire.net — Thu, 17 June 2010 13:30:48 GMT

The Australian stocks market was slightly lower in early trade, while Wall Street delivered a flat lead overnight. Yesterday the local market posted a strong gain of 1.2 per cent, led by materials and energy stocks.

On the economic front today, the Melbourne Institute releases its Household Saving and Investment Report for the June quarter. The Australian Chamber of Commerce and Industry and Westpac release a survey of industrial trends.

Company News

Leighton Holdings (ASX:LEI) said today that Leighton Asia, its wholly owned subsidiary, has won a A$1.1 billion contract for the expansion of the mining services at the MSJ coal mine in Indonesia for PT Mahakam Sumber Jaya. The 6 years contract extension will see Leighton Asia expand its current overburden removal and coal mining operations to over 8 million tonnes of coal per annum. Leighton Asia said the contract will take its work in hand to record levels of over A$7 billion.

Macquarie Atlas Roads (ASX:MQA) said today that it will acquire a stake in France-based highways and toll roads operator Autoroutes Paris-Rhin-Rhone (EPA:APRR) from minority shareholders for EUR55.00 per APRR share as part of Eiffarie SAS acquisition. The total acquisition price is EUR853.7 million for a further 13.73 per cent. MQA will contribute a total of EUR155 million, funded from its existing cash reserves. The balance of funds will be contributed by Macquarie European Infrastructure Fund II and Eiffage SA. MQA currently owns a 25 per cent interest in Eiffarie, which in turn owns an 81.48pc interest in APRR.

Engineering and facilities management company UGL Limited (ASX:UGL) has secured new works and project extensions with a range of blue chip customers in the resources, oil and gas and chemical sectors. These works have a total value of approximately A$280 million. The company said It demonstrate the strength through diversity within its resources business across a variety of blue chip clients, services and geographies. UGL also says it remains on tract to deliver on its previously stated full year 2009/10 earnings guidance, which is for profit to be in line with the prior record year.

Amadeus Energy Limited (ASX:AMU) said it has received unsolicited approaches from US bases companies expressing an interest in acquiring the company's assets. The board of Amadeus believes the current market value of the company's shares does not properly reflect the value of its underlying assets and has chosen Macquarie Capital Advisers to review all the options available to the company to unlock the value.

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

Australian Market Report of June 7, 2010: Sedgman (ASX:SDM) Wins A$80m Benga Project Contract

newsroom@abnnewswire.net — Mon, 7 June 2010 13:30:44 GMT

Australian shares today extended Friday's fall, dropping massively this morning. The Asian markets were broadly lower on Monday after the Dow Jones on Friday slumped 3.2 per cent due to the refresh fears on Europe debt. The Hungarian prime minister's spokesman said the country's economy was at risk of entering a Greek-style debt crisis. The benchmark S&P/ASX 200 index plunged more than 3 per cent in early trade.

In economics news today, the Australian Industry Group-Housing Industry Association releases performance of construction index for May, while ANZ is due to release job advertisements data, also for May.

Company News

Sedgman Limited (ASX:SDM) said it has signed a construction contract worth A$80 million for the Benga coal handling and preparation plant in Mozambique. The new contract takes the total value of Benga project work awarded to Sedgman to more than A$143 million. The Benga project is being developed by Riversdale Mining (ASX:RIV) and its partner Tata Steel (BOM:500470) in Mozambique's Moatize basin through their jointly owned entity, Riversdale Mozambique. Sedgman's scope of works relates to the US$270 million first stage of the Benga project and is being delivered by Sedgman Australia, Sedgman South Africa and Sedgman Mozambique.

Great Western Bank, a wholly owned subsidiary of National Australia Bank Limited (ASX:NAB), has acquired certain assets and liabilities of TierOne Bank from the Federal Deposit Insurance Corporation FDIC) for cash payment of approximately US$76 million. The acquisition includes all of TierOne's approximately US$1.9 billion in deposits and US$1.9 billion in loans under an agreement where the FDIC absorbs 80 per cent of credit losses arising on the loan portfolio and related assets. GWB has an option to acquire TierOne branches at fair market value or to assume the relevant leases, and to make employment offers to TierOne employees. TierOne has 69 branches located in Nebraska, Iowa and Kansas in the US.

Pallet maker Brambles Limited (ASX:BXB) said its USA customer ConAgra (NYSE:CAG) late last week will transfer most of its volumes to an alternative pallet pooler over the course of the 2011 financial year. There is no impact on Brambles' 2010 financial year results. The company also says it has won contracts with combined annualised volume greater than that of the contracts it has lost, since the introduction of the Better Every program in October 2009. The company says it is seeing strong growth in emerging markets in central and eastern Europe and the Middle East.

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

Australian Market Report of June 3, 2010: Leighton (ASX:LEI) Secured A$273m Mining Contract in Mongolia

newsroom@abnnewswire.net — Thu, 3 June 2010 13:30:01 GMT

The Australian market Thursday delivered a strong opening, supported by optimism towards the US economy. The catalyst for the jump was the better-than-expected figures in pending home sales in the US, which pushed Wall Street higher overnight. The local market had been in a negative territory for three consecutive days this week. The S&P/ASX 200 index today rebounded with a 1.8 per cent jump in early trade.

In economic news today, the Australian Bureau of Statistics is due to unveil International Trade in Goods and Services data for April. The Australian Industry Group and Commonwealth Bank release their Australian Performance of Services Index for May.

Company News

Leighton Holdings Limited (ASX:LEI) said its wholly owned subsidiary, Leighton Asia, has secured an A$273 million, 6-year contract to develop and operate a coal mine in western Mongolia. This is the second contract that Mongolia Energy Corporation has awarded to Leighton Asia in western Mongolia. Leighton Asia is responsible for all mining activities including load and haul of waste, load and haul of coal, drill and blast, mine planning, technical support, site camp management and catering services. Leighton Asia says its work in hand now reached a record level of A$6 billion.

Crane hire operator Boom Logistics Ltd (ASX:BOL) today confirmed that it has received a highly conditional, confidential and incomplete proposal from Archer Capital to acquire Boom through a scheme of arrangement at an indicative price of A$0.52 per share. Boom said its board has not formed a view with respect to the proposal and advises shareholders to take no action at this stage. Boom also said it has not received an offer from Archer Capital and McAleese Group, Boom's largest shareholder, in response to press speculation that private equity group and the mining service firm made a joint bid for the company.

AGL Energy (ASX:AGK) upgraded its annual profit guidance and now expects to post an underlying net profit for the year to June 30 of between A$420 million and A$430 million, up from previous guidance of between A$390 million and A$420 million. The electricity retailer said the revised guidance is based on unaudited figures for eleven months to May 31 2010 and reflected the continued strong performance of AGL's underlying business.

Arrow Energy (ASX:AOE) today released Deloitte's independent valuation which concluded that the joint bid by Royal Dutch Shell (LON:RDSA) (NYSE:RDS.A) and PetroChina (NYSE:PTR) (HKG:0857) (SHA:601857) to take over Arrow Energy is fair and reasonable. The report valued the shares of Arrow Energy at between A$4 and A$4.40 per share, lower than the A$4.70 cash bid launched by Royal Dutch Shell and PetroChina.

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