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Western Plains Resources Ltd (ASX:WPG) signed a A$45 million deal with the Australian subsidiary of Wugang Iron & Steel (Group) Corp (WISCO) to sell a 50 per cent participating interest in the Hawks Nest project located within the Woomera Prohibited Area. Western Plains said today it received a letter from the Department of Defence saying that it will not support an application by a subsidiary of Wugang Iron & Steel (Group) Corp (WISCO) to the Foreign Investment Review Board for approval of the WISCO investment.
Western Plains Resources Ltd (ASX:WPG) signed a A$45 million deal with the Australian subsidiary of Wugang Iron & Steel (Group) Corp (WISCO) to sell a 50 per cent participating interest in the Hawks Nest project located within the Woomera Prohibited Area. Western Plains said today it received a letter from the Department of Defence saying that it will not support an application by a subsidiary of Wugang Iron & Steel (Group) Corp (WISCO) to the Foreign Investment Review Board for approval of the WISCO investment.
Sydney, Sep 23, 2009 AEST (ABN Newswire) - After a modest setback on Monday, US shares climbed overnight to a fresh high as investors returned to the market on upbeat outlook on the economy. Meanwhile, positive company earnings reports also helped to lift the market sentiment.

The Australian share market closed lower led down by the energy stocks. The benchmark S&P/ASX200 index fell 13.7 points, or 0.29 per cent, to 4663.7 points, while the broader All Ordinaries index lost 13 points, or 0.28 per cent, to 4671.1 points.

Key Economic Facts and Figures

The International Monetary Fund (IMF) has backed the Reserve Bank of Australia's (RBA) intention to lift the cash rate in coming months and not leave it at an "emergency" level for any longer than necessary. IMF recommends central banks to consider lifting interest rates earlier and more vigorously to prevent dangerous excesses building up in asset and credit markets, even if inflation appears to be largely under control.

Today the Federal Department of Employment and Workplace Relations releases its vacancy report.

M&A News

Ramelius Resources Ltd (ASX:RMS) declared its takeover bid for Dioro Exploration (ASX:DIO) unconditional after receiving approval from the Foreign Investment Review Board (FIRB) on September 22, 2009. FIRB approval was required because a Canadian gold fund holds a 19% interest in Ramelius. The board of Dioro Exploration has recommended shareholders reject a two-for-one scrip bid from Ramelius Resources.

Western Plains Resources Ltd (ASX:WPG) signed a A$45 million deal with the Australian subsidiary of Wugang Iron & Steel (Group) Corp (WISCO) to sell a 50 per cent participating interest in the Hawks Nest project located within the Woomera Prohibited Area. Western Plains said today it received a letter from the Department of Defence saying that it will not support an application by a subsidiary of Wugang Iron & Steel (Group) Corp (WISCO) to the Foreign Investment Review Board for approval of the WISCO investment.

Important Corporate News

Newmont Mining Corp. (ASX:NEM) said its part-owned Batu Hijau copper-gold mine in Indonesia has suspended operation following a partial pitwall failure. Newmont said no one was hurt in the incident but details about a restart of the mine weren't clear yet.

AWB Limited (ASX:AWB) will raise A$459 million in a new share sale to reduce debt, and will also refinanced loan facilities due to mature next month. The company will raise $359 million in a one-for-one entitlement offer and a further $100 million in an institutional placement.

Shares in Valad Property (ASX:VPG) have been placed in a trading halt pending the outcome of a capital raising. Valad planned to raise A$59.9 million, under a fully underwritten equity raising. The proceeds will be used to settle the Scarborough Vendors Group deferred liability of STG29.5 million.

Fairfax Media Ltd (ASX:FXJ) chairman Ron Walker is expected to step down at the annual general meeting in November. Mr Walker will recommend his deputy, Roger Corbett, as his successor, rather than continue serving till August.

QBE Insurance Group (ASX:QBE) announced the successful launch of a fixed 6 year senior note issue in the UK market. The notes, which were strongly supported by investors, will raise GBP550 million (or approximately A$1.025 billion net funds after expenses).

Contact

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


Related Companies

Wpg Resources Ltd             
Valad Property Group       
Ramelius Resources Limited       
QBE Insurance Group Limited        
Newmont Mining Corp        
Fairfax Media Limited         
Dioro Exploration Nl       
AWB Limited        

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