Last week in Broken Hill, an Australian mining town for the last 128 years, a band of dedicated miners and explorers got together for the inaugural Resources and Energy Symposium, a conference and seminar showcasing Australia's mining talent, new and old. As the demand for commodities ramps up, new mines and exploration projects are presented for a wide range of commodities including Iron Ore, Cobalt and Tungsten.
Australian Market Report of December 31, 2010 includes: Moly Mines Limited (ASX:MOL) (TSE:MOL) has sailed its first shipment of 54,500 tonnes of iron ore to China; Living Cell Technologies Limited (ASX:LCT) announced A$5,750,000 fund raising; OM Holdings Limited (ASX:OMH) secured land for Malaysian based smelting and sintering plant; Perilya Limited (ASX:PEM) increased Mineral Resources and Ore Reserves in Broken Hill.
Australian base metals mining and exploration company Perilya Limited (ASX:PEM) has entered into a binding pre-bid agreement with GlobeStar Mining Corporation (TSE:GMI) to acquire all of the issued and outstanding shares of GlobeStar by way of a friendly take-over bid.
Nick has over 30 years experience in the industry - most recently Vice President -Exploration for Inco Limited, formerly the world's second largest producer of nickel. Prior to that Nick was the Global Exploration manager for MIM Holdings Limited, after being initially employed by MIM as Chief Geophysicist.
Carpentaria Exploration Limited (ASX:CAP) is pleased to announce successful initial second phase drilling at the Redan Perilya JV with Perilya Broken Hill Ltd (ASX:PEM), has been successful in confirming additional magnetite ironstone has been intersected.
Wall Street closed slightly higher overnight on a round of buying in energy and materials companies. But more stocks fell than rose as retailers such as Target and Home Depot's disappointing holiday spending outlooks raised concerns over the strength of recovery.
Australian shares yesterday gained on the rise of Wall Street. The benchmark S&P/ASX200 gained 71.1 points, or 1.8 per cent, at 3995.6, while the broader All Ordinaries had gained 70.3 points, or 1.8 per cent, to 3987.8.
Australian stocks surged massively yesterday following a rally on Wall Street. The benchmark S&P/ASX200 jumped 129.6 points, or 3.5 per cent, at 3867.1, while the broader All Ordinaries rose 120.8 points, or 3.2 per cent, to 3858.8 points. The gains in overseas markets are likely to continue bolstering the Australian shares as the US earnings reports released in the first week restored some market confidence.
Yesterday the Australian shares closed slightly lower with the benchmark S&P/ASX200 index down 0.3%, or 9.3 points, at 3428.6, while the broader All Ordinaries index declined 0.3%, or 9.7 points, at 3372.6. The market opened higher after the positive lead from the US and UK, but could also be rocked by the earnings of NAB and News Corp.
Yesterday the Australian stock market ended the day lower, led by financial stocks, on renewed worries about banking industry worldwide. The benchmark S&P/ASX200 index was down 1%, or 33.8 points, at 3442.8, while the broader All Ordinaries index was lower by 0.9%, or 30.2 points, at 3394.8. Regulator ASIC's move to extend a ban on covered short-selling of financial securities would give a positive lead to the banking industry.