Australian Market Report of February 1, 2011: Exoma Energy (ASX:EXE) Signed Farm-In Agreement With CNOOC (HKG:0883)
Moly Mines Limited (ASX:MOL) (TSE:MOL) has received a loan commitment letter from China Development Bank for up to US$250 million, which will be applied toward half of the planned US$466 million Finance Facility for the development of the Spinifex Ridge Molybdenum/Copper Project in Western Australia. Moly Mines's major shareholder Hanlong Mining Investment Pty Ltd also advised that it expected to receive a loan commitment letter from China Export and Import Bank for the remaining half of the finance facility after Chinese New Year.
Australia's leading transport infrastructure company Asciano Group (ASX:AIO) has signed a 9.5 year contract with Anglo American Metallurgical Coal Pty Ltd for the movement of 3.5 million tonnes per annum of coal from Anglo American Coal's Foxleigh coal mine in Queensland commencing 1 July 2012. This will generate revenue of over A$200m over the term of the contract. Prior to this contract, the two companies had signed a contract last year for the movement of 10.9 million tonnes per annum from Anglo American Coal's German Creek facility commencing 1 January 2012.
Kidman Resources Limited (ASX:KDR) reported encouraging results from Phase One drilling program at its 100% owned Blind Calf Project in central New South Wales. The program has confirmed significant near surface mineralisation, returning 18m at 2.09% Cu. Phase Two drilling program is scheduled to commence in February 2011 to further define the extent of this mineralisation.
Moly Mines Limited
Kidman Resources Limited
Exoma Energy Limited