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Multi-commodity explorer Golden Cross (ASX:GCR) has signed a MOU with China National Automation Control System Corp (CACS), a subsidiary of Chinese state-owned Sinomach Group, to conduct a feasibility study at Copper Hill.
Multi-commodity explorer Golden Cross (ASX:GCR) has signed a MOU with China National Automation Control System Corp (CACS), a subsidiary of Chinese state-owned Sinomach Group, to conduct a feasibility study at Copper Hill.
Sydney, Jan 20, 2010 AEST (ABN Newswire) - The Australian sharemarket closed lower on Tuesday led by financial stocks as investors were nervous ahead of earnings reports by US banks. At the close, the benchmark S&P/ASX200 index lost 49.9 points, or 1 per cent at 4861.2, while the broader All Ordinaries index fell 46.5 points, or 1 per cent, at 4889.6.

Key Economic Facts and Figures

The Australian Bureau of Statistics data showed that the country's goods imports rose 7 per cent to A$17.42 billion during December, seasonally adjusted, up from A$16.27 billion in November. Imports of mineral fuels, lubricants and related materials rose to A$2.717 billion in December from A$2.162 billion a month earlier, while imports of machinery and transport equipment fell to A$7.005 billion, from A$7.648 billion.

The Westpac-Melbourne Institute consumer sentiment monthly survey is due to release on Wednesday.

M&A News

Glengarry Resources Limited (ASX:GGY) on Tuesday said it had received acceptances under its bid for all the ordinary shares in Centaurus Resources Limited (ASX:CUR) with respect to 90.13 per cent of the issued shares in the takeover target. The share offer has now been declared unconditional. Glengarry Resources will not extend the closing date for the offer and commence compulsory acquisition of the remaining outstanding shares following the close of the offer.

Important Corporate News

Multi-commodity explorer Golden Cross (ASX:GCR) has signed a MOU with China National Automation Control System Corp (CACS), a subsidiary of Chinese state-owned Sinomach Group, to conduct a feasibility study at Copper Hill. A positive feasibility study will allow the capital from China, and CACS could source all necessary plant and equipment from China and within Australia. China United Mining Investment Corporation (CUMIC) will provide financial support for the feasibility study holding firm to the view that Copper Hill represents a solid mining investment given China's future copper requirements, Golden Cross said.

Harvey Norman Ltd. (ASX:HVN) maintained the profit guidance of more than 40% growth for the six months ended Dec. 31 when compared with earnings last year.
Flight Centre Ltd. (ASX:FLT) has upgraded its full year profit forecast as global trading conditions stabilized after the global financial crisis and improved in its key Australian market. Flight Centre now expects pre-tax profit of A$160 million to A$180 million for the year to June 30, up from its previous forecast of A$125 million to A$135 million. Pre-tax earnings of between A$70 million and A$74 million are expected for the first half.

Desane Group (ASX:DGH) expects to report a net profit after tax (NPAT) for the half year ended 31st December 2009 of approximately A$450,000. This result is a significant improvement the previous corresponding half, largely due to 100 per cent occupancy of all properties owned and or managed by the group, solid income growth across the business, a 7.5pc reduction of the borrowings and minimal property revaluation during the reporting period.

BHP Billiton Ltd (ASX:BHP) is expected to report strong production figures for the last quarter of calendar 2009, with petroleum and iron ore output likely up, analysts say. The resources giant is due to publish its production report for the three months to December 2009 on Wednesday.

Computershare Ltd. (ASX:CPU) said Tuesday its first-half earnings will rise 20 per cent, but the second half of the current fiscal year ending June 30 might not be as strong as the first as the significant transactions took place over the period not to repeat in the second-half.

Contact

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


Related Companies

Harvey Norman Holdings Limited        
Golden Cross Resources Ltd          
Glengarry Resources Limited       
Flight Centre Travel Group Limited        
Desane Group Holdings Limited       
Computershare Limited             
Centaurus Resources Ltd       
BHP Billiton Limited          

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