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Origin Energy Ltd (ASX:ORG) has signed a deal potentially worth $169 million over 15 years to create Australia's largest project to lock up atmospheric carbon-using trees. Under the deal with Carbon Conscious Ltd (ASX:CCF), Origin will pay Perth-based company to plant millions of Mallee eucalypts in return for carbon permits tradable under the Federal Government's proposed carbon pollution reduction scheme.
Origin Energy Ltd (ASX:ORG) has signed a deal potentially worth $169 million over 15 years to create Australia's largest project to lock up atmospheric carbon-using trees. Under the deal with Carbon Conscious Ltd (ASX:CCF), Origin will pay Perth-based company to plant millions of Mallee eucalypts in return for carbon permits tradable under the Federal Government's proposed carbon pollution reduction scheme.
Sydney, July 17, 2009 AEST (ABN Newswire) - US stocks rallied for a fourth day as economist Nouriel Roubini said the economy will recover by the end of this year.

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.

Key Economic Facts and Figures

Bureau of Statistics data yesterday showed Australia's long-term unemployment number increased by 19,100 or 0.9 per cent to a seasonally adjusted 107,200 in June. Almost a quarter of people who lost their jobs last year were still without work.

The Australian Bureau of Statistics Friday releases international trade price indices for June. The Melbourne Institute Bulletin of Economic Trends for July is due.

M&A News

Avoca Resources (ASX:AVO) has increased its shareholding in gold miner Dioro (ASX:DIO), which has rejected an all-scrip offer from Avoca and earlier this week said it was in talks with other potential buyers. Avoca said on Friday it had increased its stake in Dioro to 17.13 per cent, from 14.95 per cent

US-based Coeur d'Alene Mines Corporation (NYSE:CDE) is to sell its 100% stake in Broken Hill silver mine in western NSW back to its previous owner, Perilya Limited (ASX:PEM) for $A55 million. Coeur expects to realise a gain of A$23.2 million from the sale.

Macquarie CountryWide Trust (ASX:MCW) has agreed to sell its 75 per cent stake in a US portfolio of 86 properties for $US1.3 billion to reduce debt. The portfolio accounted for about 80 per cent of Macquarie CountryWide's US assets.

Important Corporate News

Origin Energy Ltd (ASX:ORG) has signed a deal potentially worth $169 million over 15 years to create Australia's largest project to lock up atmospheric carbon-using trees. Under the deal with Carbon Conscious Ltd (ASX:CCF), Origin will pay Perth-based company to plant millions of Mallee eucalypts in return for carbon permits tradable under the Federal Government's proposed carbon pollution reduction scheme.

BlueScope Steel (ASX:BSL) says it expects to post a small loss for the financial year just ended due to a weaker steel market. However, it would restart its No.5 blast furnace at its Port Kembla steelworks in NSW next month as the global steel market is improving.

Lion Nathan (ASX:LNN) reaffirmed its full-year profit guidance of between A$305 million and A$315 million. Lion Nathan said its total sales volumes had grown by 3 per cent in the nine months to June and overall revenue was up about 6 per cent. Lion's wine division continued to be hit by difficult economic conditions in the third quarter, but declines in wine were offset by growth in the Australian business, with beer volumes growing 5 per cent on a year-to-date basis.

Leighton Holdings Ltd. (ASX:LEI) launched a five-year Australian dollar bond offer, market participants said. It is also said that the company was seeking to raise between A$250 million to A$300 million. Leighton wouldn't confirm the debt offer had launched, but said the company may opt to replace A$200 million in bank debt with a bond in an effort to reduce its reliance on bank facilities.

Contact

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


Related Companies

Perilya Limited          
Origin Energy Limited             
Macquarie Countrywide Trust       
Lion Nathan Limited        
Dioro Exploration Nl       
Coeur d'Alene Mines Corporation          
Cimic Group Ltd          
Carbon Conscious Limited       
Avoca Resources Limited       

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