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Macmahon Holdings Limited (MAH) announced today that it had been awarded a two year contract extension at BHP Billiton’s Olympic Dam copper and uranium mine in South Australia. The contract involves underground mine development works, including shotcreting, cable bolting and other associated works, with an estimated value of more than $110 million.
Macmahon Chief Executive Officer, Nick Bowen, said Macmahon has been operating at Olympic Dam since 2004 and has consistently delivered safe, productive and quality services. “Our contract at Olympic Dam has now been extended four times, and on each occasion, our team of experienced people have stepped up and responded to the client’s requirements. “Over the past five years we have added further capacity to our Mining Business, and as such, we have been able to offer a more comprehensive package of services to our customers,” Mr Bowen said.
The contract extension will be effective from August 2009.
Santos (STO) today announced that it had secured a four year extension to its existing gas supply contract with Newmont Mining Services Pty Ltd in Western Australia. Gas will be used in Newmont’s mining operations at Jundee and in its part owned Parkeston Power Station in Kalgoorlie. Newmont Mining Services is a wholly owned subsidiary of the Newmont Mining Corporation. Commencing in late 2009, total sales revenue under the 4-year contract will be approximately $100 million. The gas will be supplied from the offshore John Brookes gas field, processed at the East Spar gas processing facilities on Varanus Island, and transported through the Goldfields Gas Transmission Pipeline.
“Santos is pleased to build on its strong relationship with Newmont who are a valued customer”, said John Anderson, Santos Vice President Western Australia & Northern Territory. “This agreement demonstrates there is strong demand for natural gas in Western Australia and reflects Santos’ desire to continue to grow its position as a domestic gas supplier in WA”, Mr Anderson said.
Santos owns 45% of John Brookes with gas marketed separately by the partners. The Newmont contract is fully supplied from Santos’ share of production.
Modena Resources Limited (MDA) announces that it has signed a non binding agreement to acquire a 14.17% interest in a privately held company, which owns production, development, and exploration assets in California, which as of 31 December 2008, had estimated proved and probable reserves of 24 million barrels of oil equivalent. Subject to the satisfaction of all the conditions, the Company will acquire a 14.17% interest in the Target for 24,400,000 million fully paid new ordinary shares of the Company at an issue price A$0.15 per share. Additionally, the parties have agreed on a deferred consideration equivalent to a value of US$11.5 million, less the value at the completion date of the shares initially issued, payable in cash or new shares of the Company by December 2010, at Modena’s election. Modena will also seek to acquire up to an additional 5.83% shareholding in the Target on the same basis as above, which could potentially take Modena’s total shareholding in the Target to 20.00%.
The acquisition is subject to Satisfactory completion of due diligence by the Company on the Target; the selling Target shareholders securing the written consent and pre-emption approval of the majority shareholder to transfer the sale shares to the Company and execution of a sale and purchase agreement and ancillary documentation.
Commenting on the proposed transaction, Modena’s Chairman, Wayne Bellman, said: “The acquisition is potentially a very significant, high quality opportunity for Modena; one that could add considerable production and proven reserves and has the ability to deliver substantial value to our shareholders. The Target has a low risk, high quality portfolio of oil & gas assets in a geography that we like because it is a large energy market with a long production history and under utilized infrastructure. We look forward to updating shareholders and the market in due course. Modena also intends to strengthen its board over the coming months and is engaged in a search for a CEO with extensive oil and gas experience.”
Presented by Michael Hevern
MDSFinancial
Click here to watch the presentation.
or
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General Advice Only
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In this morning s wrap
DOW: up 0.3% (up 3.8% for Week)
Above 9000 (Nov08); CAT up 24% EPS x 3;
Lead by Banks as Short Interest Declines
NASDAQ: down 0.4% (up 5.8% for Week)
12th Day of Gains; Fed: US shows tentative signs of stabilisation
Longest Win Streak Since 1992
FTSE: up 0.4% (up 4.5% for Week)
6 Month Highs; Telecoms Rise; Economy Shrinks;
DAX & CAC down 0.3%(up>4% for Week)
NIKKEI: up 1.7% (up 3.8% for Week)
8th Day of Gains; Electronics Lead; Panisonic (+8.3%), Fujitsu (+4%);
Hang Seng up 0.8%
Oil: up 1% ($68) (up 7% for Week)
3 Week Highs;
Recovery Hopes
Gold: up 0.3% ($953) (up 1.7% for Week)
Commodities Mixed;
USD up
SPI: Critical Level(s): 3950 to 4150
SPI up 26 (0.6%)
(up 2.6% for week)
ASX News
LEI States to Fast track infrastructure projects
VBA – $250m capital raising set to fly(1H09 net loss $101m)
STO Timor Sea Assets sale getting close
NUF t/o spec (SinoChem) early stages
Reports: Mon: ALZ, JHX; Tu: GUD, CPB; W: MQG; Th: AUN,HWI,AXA(1H),LGL (Q2); Fri: PBG(1H) ORG(Q4),ERA(1H)
Materials & Energy stocks to lead
Banks to hold
ASX to open modestly higher
US & UK positive leads
National Australia Bank (NAB) announced on the 22/7/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 27/7/2009 on which shareholders must own the share to participate in the SPP. The closing date is 21/8/2009. Shares will be issued on 31/8/2009 and begin trading soon after. A maximum of $15,000 can be purchased by each shareholder at $21.50 or the volume weighted average price (VWAP).
Discount : 3.5% Liquidity : Good Profitability : Good Stability : Good
* Note: Discount is based on the closing price on the 24 July 2009.
For More Share Purchase Plans go to http://blog.mdsfinancial.com.au/category/share-purchase-plans/
To Buy Shares And Participate in Share Purchase Plans … use Trader Dealer http://www.traderdealer.com.au/
National Australia Bank (NAB) announced on the 22/7/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 27/7/2009 on which shareholders must own the share to participate in the SPP. The closing date is 21/8/2009. Shares will be issued on 31/8/2009 and begin trading soon after. A maximum of $15,000 can be purchased by each shareholder at $21.50 or the volume weighted average price (VWAP).
Discount : 3.5% Liquidity : Good Profitability : Good Stability : Good
* Note: Discount is based on the closing price on the 24 July 2009.
For More Share Purchase Plans go to http://blog.mdsfinancial.com.au/category/share-purchase-plans/
To Buy Shares And Participate in Share Purchase Plans use Trader Dealer http://www.traderdealer.com.au/
MOKO.mobi Limited (MKB) today announced it has secured a deal to launch MOKO Music on select AT&T mobile handsets. The MOKO.mobi mobile Chat & Share platform’s latest development now includes an enhanced music community which enables users to search and discover, refer, and buy full-length tracks, ring tones, and answer tones, all from their mobile handset.
“Providing a unique mobile music community service for our users to discover & refer music has been a priority for us,” said Ian Rodwell, MOKO.mobi’s CEO. “MOKO.mobi’s addressable user-base has grown steadily, with recent carrier contract announcements in Latin America, India, and South East Asia. Now we’re expanding further in the United States.”
MOKO.mobi is a global platform that enables people to Chat & Share Anywhere! People from around the world use MOKO.mobi on their mobile phone or PC to meet new people, chat in real-time with likeminded people, upload unlimited photos & video, share links, and sample other multimedia content. MOKO.mobi is available on multiple wireless carrier portals around the world including Telstra, Optus, 3, Boost Mobile, Virgin Mobile Australia & USA, Maxis Malaysia, Reliance Mobile, Airtel and Idea Cellular India, Du UAE, and Globe and Smart Philippines, reaching a carrier audience of over 380 million mobile consumers.
Yunnan Tin Group of China (YTG) is pleased to note the announcement today by MetalsX Ltd (MLX) of an agreement with YTC to form an unincorporated joint venture on the MLX Tasmanian Tin Assets. YTC has worked closely with YTG in the introduction, assessment and negotiation of this transaction and congratulates both MLX and YTG on the Joint Venture agreement which represents the logical and beneficial combination of one of the world’s major tin deposits with the world’s leading integrated tin mining and processing company. As alliance partner to YTG, and under the YTC-YTG Alliance Agreement, YTC will assist in completing the agreement and will provide advice on the operation of the Joint Venture. The benefits to YTC under the Alliance Agreement include a $1.5m fee payable to YTC on completion and settlement of the Joint Venture agreement and a share of YTG’s Joint Venture holding company’s profit for advice on the operation of the Joint Venture.
YTC Resources Chief Executive Officer, Rimas Kairaitis said “We are delighted for both MLX and YTG on the announcement of this agreement. We congratulate both parties on the co-operative structure of the agreement and we wish them every success in the future development of the world class Tasmanian Tin Project.”
