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Carpentaria Exploration Limited (ASX:CAP) announces that it has accepted an offer from BMG to farm-in on Carpentaria's 100%-owned South Dam Iron Project in South Australia.
Carpentaria Exploration Limited (ASX:CAP) announces that it has accepted an offer from BMG to farm-in on Carpentaria's 100%-owned South Dam Iron Project in South Australia.
Sydney, Feb 5, 2010 AEST (ABN Newswire) - Australian shares ended lower on Thursday after a weaker-than-expected ABS retail sales data and Myer's disappointing result for first half FY2010. The benchmark S&P/ASX200 index closed 26.3 points, or 0.57 per cent lower, at 4621.6, while the broader All Ordinaries index gave up 29.1 points, or 0.62 per cent, to 4644.1.

Key Economic Facts and Figures

The Australian Bureau of Statistics data showed that Australian retail sales fell 0.7 per cent to a seasonally adjusted A$19.93 billion in December from A$20.06 billion in November, due to a pullback in discretionary spending. The result was weaker than market forecasts of a 0.2 per cent increase.

The total number of houses and apartments approved for construction rose a seasonally adjusted 2.2 per cent in December from November. In the year to December, building approvals increased 53.3 per cent.

Australian Industry Group releases performance of construction index for January on Friday. Reserve Bank of Australia is set to provide its statement on monetary policy.

M&A News

Vulcan Resources Limited (ASX:VCN) said in a statement that the Federal Court has approved the scheme of arrangement between the company and its shareholders where Vulcan will merge with Universal Resources Limited (ASX:URL). Trading in Vulcan shares will be suspended at the close of trading on Friday.

Important Corporate News

Ports and rail operator Asciano Group (ASX:AIO) has struck a deal with Macarthur Coal (ASX:MCC) to move seven million tonnes of coal each year from two of the miner's Queensland operations. The deal is expected to generate total revenues of A$250 million for Asciano.

Fortescue Metals Group (ASX:FMG) said it will vigorously defend itself against allegations made by the Australian Securities and Investments Commission (ASIC). The Australian corporate regulator has filed its notice of appeal alleging FMG had overstated the substance of agreements with three Chinese companies to build mining infrastructure in Western Australia's Pilbara.

Santos Ltd (ASX:STO) Chief Executive David Knox said the company is in advanced talks with several potential Asian customers for liquefied natural gas produced from its proposed Gladstone LNG plant in Queensland. Asian buyers interested in gas from Gladstone had also expressed an interest in taking an equity stake in the project, in which Santos has a 60% stake that it's looking to sell down to 51%.

As a result of recent exploration successes at its Hawsons Iron Project and Euriowie Tin Project, Carpentaria Exploration Limited (ASX:CAP) is refocusing its exploration activities on these key projects in 2010. Accordingly, the Company announces that it has accepted an offer from BMG to farm-in on Carpentaria's 100%-owned South Dam Iron Project in South Australia.

Linc Energy Limited (ASX:LNC) (PINK:LNCYF) says the construction of Chinchilla Underground Coal Gasification (UCG) Generator 4 is now complete and the generator is now operational and producing synthesis gas (syngas).

Department store giant Myer (ASX:MYR) said sales for the first half of fiscal 2010 to 23 January were A$1.797 billion, despite a "disappointing" Christmas period. Earnings before interest and tax (EBIT) for the first half are expected to increase by more than 10 per cent over the corresponding period last year, in excess of the prospectus guidance for EBIT growth of 5.6 per cent.

Contact

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


Related Companies

Vulcan Resources Limited       
Santos Limited         
Myer Holdings Limited        
Macarthur Coal Limited         
Linc Energy Limited         
Fortescue Metals Group Ltd          
Carpentaria Resources Ltd       
Asciano Group          
Altona Mining Limited     

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