Australian Market Report of February 23, 2011: Origin Energy (ASX:ORG) Announce Government Approval For Liquefied Natural Gas Joint Venture Project In Queensland
Sydney, Feb 23, 2011 AEST (ABN Newswire) - Origin Energy Limited (ASX:ORG) said today that Australia Pacific LNG Pty Limited has gained federal environmental approval for its coal seam gas (CSG) to liquefied natural gas (LNG) project. The project involves the development of Australia Pacific LNG's substantial CSG resources, the construction of a 450 km transmission pipeline and a LNG facility in Queensland. Australia Pacific LNG, a 50:50 joint venture between Origin and ConocoPhillips (NYSE:COP), currently provides one third of Queensland's gas requirements.
ZYL Limited (ASX:ZYL) has signed a non-binding Memorandum of Understanding (MoU) with an international power utility for coal off-take at the Kangwane Anthracite Project in South Africa. The Project has an existing JORC compliant resource of 114.1Mt and can produce a low ash and low impurity washed product for the export markets and a medium ash washed product for the local markets. Under the MoU, the international power utility will construct and operate a 600MW to 1,200MW power plant in close proximity to the Kangwane Project and will off-take 1.3Mt and 1.5Mt of anthracite per year over an initial period of 25 years.
Olympus Pacific Minerals Inc. (ASX:OYM) (TSE:OYM) has entered a formal agreement with a local Vietnamese firm to refine gold doré to 99.99% Au. Olympus' two Vietnamese Joint Ventures expect to export their first shipments of 99.99% Au within the week. Benefits from refining in Vietnam are twofold: the value-adding process is now carried out completely in Vietnam and it allows the Company to export gold without incurring the 10% export tax.
Aviva Corporation Limited (ASX:AVA) today announced final results for the initial diamond drilling program at the Bumbo Base Metal Prospect in Western Kenya. Massive sulphide intercepts were reported including 4.94m at 3.3% Cu, 5.3% Zn, 0.4g/t Au and 44.7g/t Ag. The Company has now started drilling on its gold prospects. Approximately 1,500m of diamond drilling has been planned over five known gold prospects.
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Origin Energy Limited
Olympus Pacific Minerals Inc.
Aviva Corporation Limited