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.
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.
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.
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.
US stocks overnight rose overnight as investors were looking for positive corporate results to fuel the rally after a disappointing start of the earnings season. A brokerage upgrade of drugmaker Merck & Co and an upbeat outlook from Kraft Foods Inc has helped to lift the healthcare and consumer sectors. Financial shares also climbed during a hearing over the financial crisis on Capitol Hill.
US stocks closed weaker overnight after the US Commerce Department lowered its estimates of third quarter GDP and consumer spending. US economic growth in the third quarter was revised down to 2.8 per cent, down from an early estimate of 3.5 per cent expansion. Investors also worried Chinese banking regulator's capital-adequacy requirements would force the nation's lenders to tighten bank lending in China.
Riversdale Mining Limited (ASX:RIV) is pleased to advise that the Company has today received approval from the Government of the Republic of Mozambique for the Mining Contract for the Benga Coal Project in Mozambique.
Yesterday the Australia share market surged more than 4% after the US government announced the $US700 billion ($840 billion) Wall Street bailout over the weekend, and the ban on short selling locally. Short-selling targets Macquarie Group(ASX:MQG) and Babcock and Brown(ASX:BNB) bounced strongly as market participants sought to unwind short positions and bought up stock.
Riversdale Mining Limited (ASX: RIV)(PINK:RFLMF) is pleased to announce the expansion of Coal Resources in one of its Exploration Licences, the Benga licence, near Tete in Mozambique. This licence is held in joint venture with Tata Steel Ltd of India. This announcement follows several months of exploration and drilling by Riversdale since the last release in November 2007. The Benga licence covers an area of 4,560 hectares and represents less than 2% of the Company's total tenement areas which comprise 23 licences in Mozambique with an area exceeding 290,000 hectares.
Riversdale Mining Limited (ASX: RIV) - December Quarterly Report - Mr Niall Lenahan, Finance Director; Boardroomradio is pleased to announce that Riversdale Mining Limited (ASX: RIV) has published an audio file.