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Pilbara iron ore developer Aurox Resources (ASX:AXO) has secured a binding heads of agreement with MCC Overseas Ltd, China's leading mining engineering services provider, for the provision of engineering, procurement, and construction (EPC) services and assistance in financing its Balla Balla project.
Pilbara iron ore developer Aurox Resources (ASX:AXO) has secured a binding heads of agreement with MCC Overseas Ltd, China's leading mining engineering services provider, for the provision of engineering, procurement, and construction (EPC) services and assistance in financing its Balla Balla project.
Sydney, Feb 9, 2010 AEST (ABN Newswire) - Australian sharemarket closed flat in thin trade on Monday ahead of the release of more earnings reports. But some investors started to return to the market after the massive drops the past four weeks. The benchmark S&P/ASX200 index climbed 7.3 points, or 0.2 per cent, to 4521.4, while the broader All Ordinaries index gained 6.3 points, or 0.1 per cent, to 4538.8.

Key Economic Facts and Figures

Dun and Bradstreet business expectations preliminary survey for June quarter will be released on Tuesday. National Australia Bank releases monthly business survey for January.

M&A News

Indago Resources Limited (ASX:IDG) said it has entered into a Pre Bid Acceptance Agreement with Barrick Gold Corporation (TSE:ABX) in respect of 17.5 million Tusker Gold (ASX:TKA) shares it presently holds. The pre-tax cash proceeds of the transaction will deliver A$14 million to Indago, which also intends to accept the Barrick offer for its remaining 50 million Tusker Gold shares in absence of a superior proposal. If the Barrick takeover is successful, Indago will receive pre-tax cash proceeds of A$54 million.

Important Corporate News

Retailer JB Hi-Fi (ASX:JBH) has reported a 29 per cent increase in net profit for the first half of 2009-10. Its net profit was A$76 million for the six months to December 31, 2009, up from A$59 million in the prior corresponding period. The company also announced that Chief Executive Richard Uechtritz will step down in around July/August after 10 years at JB Hi-Fi. He will be replaced by current chief operating officer Terry Smart.

Western Areas (ASX:WSA) said it expected a first-half net profit of A$10.7 million, compared to a loss of A$12.3m in the previous comparable period. Western Areas said the improvement was due to higher nickel sales, a higher average price for nickel and receipt of infrastructure access fees as part of the Lounge Lizard access agreement with Kagara (ASX:KZL).

Fertilizer and explosives group Incitec Pivot Ltd. (ASX:IPL) said Monday it plans to restart work on its A$935 million ammonium nitrate plant at Moranbah in Queensland state in May, as demand from coal miners was improving. The group had put the project on hold in February last year, citing weaker demand outlook.

Australian Leaders Fund (ASX:ALF) reported a profit before tax for the six months to 31 December of A$25.5 million, and an after tax profit of A$18.2 million. The company said it is focused on maximising returns to shareholders and this will from time to time involve active capital management. The board views the introduction of an on market share buy back as being in line with this aim as it will add value to the remaining shares on issue and increase the NTA per share.

Pilbara iron ore developer Aurox Resources (ASX:AXO) has secured a binding heads of agreement with MCC Overseas Ltd, China's leading mining engineering services provider, for the provision of engineering, procurement, and construction (EPC) services and assistance in financing its Balla Balla project. Aurox said the agreement with MCC has confirmed Aurox's view that the capital cost estimate could be significantly reduced.

Contact

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


Related Companies

Western Areas Ltd             
Tusker Gold Limited       
Kagara Limited       
JB Hi-Fi Limited        
Indago Resources Limited       
Incitec Pivot Ltd        
Barrick Gold Corporation         
Australian Leaders Fund Limited       
Aurox Resources Limited        

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