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The US markets finished lower after a worse than expected Consumer Confidence Report. The Dow closed down 47 points or 0.5% at 9742, the S&P500 was down 2 points or 0.2% at 1060 and the Nasdaq was down 6 points or 0.3% at 2124.
Australian diversified resources company Reed Resources Ltd (RDR) is pleased to advise it has entered into an Option and Joint Venture Agreement with one of the worlds largest diversified mining and natural resources groups, Anglo American, through its 100% owned subsidiary Anglo American Exploration (Australia) Pty Ltd (AAE). Under the terms of the agreement AAE can earn 75% by spending A$3m on the Company’s 100% owned Bell Rock Range Project in the West Musgrave region of Western Australia. Under the terms of the agreement, AAE can exercise option and earn 51% equity by spending A$1m within 3 years. Upon AAE earning 51% equity it can elect to earn an additional 24% by additional expenditure of A$2m in an additional 4 year period. Upon AAE earning 75% equity, Reed can elect to either contribute or dilute to a royalty of 2% Net Smelter Return from gold and 1.5% NSR for all other minerals.
Reed Resources is a diversified mining and exploration Company based in Western Australia, with modest gold production the Company is expanding and diversifying its production base.
Leading Australian engineering company Monadelphous Group Limited (MND) today announced it had secured two new three-year maintenance services contracts with Rio Tinto Iron Ore’s Coastal and Inland West Operations in Western Australia worth a total of approximately $100 million. The scope of work awarded to Monadelphous includes responsibility for any shutdown and maintenance services across various Rio Tinto Iron Ore’s Pilbara sites.
Monadelphous Group Managing Director Rob Velletri said, “We are very pleased to be given the opportunity to significantly expand the scope of our maintenance services to Rio Tinto Iron Ore. These two contract wins support our strategic goal of growing our recurring revenue base through long term relationships with blue chip customers. They also demonstrate our capability to safely deliver large, multi-disciplinary maintenance services across a variety of geographic areas,” he said. “We look forward to extending our valued and long association with Rio Tinto Iron Ore,” added Mr Velletri.
Monadelphous Group Limited is a leading Australian engineering group providing services to the resources, energy and infrastructure industry sectors. The Company has a solid track record in the safe and effective delivery of complex and large-scale engineering construction projects and maintenance and industrial services for industry throughout Australia. Monadelphous’ capabilities encompasses civil, mechanical, structural and electrical disciplines. Although the mining sector has been the major focus of Monadelphous’ work, the Company is becoming increasingly diversified with growing involvement in the energy and infrastructure sectors.
The US markets finished strongly higher. The Dow closed up 124 points or 1.3% at 9789, the S&P500 was up 18 points or 1.8% at 1062 and the Nasdaq was up 39 points or 1.9% at 2130.
Reclaim Industries Limited (RCM) today signed an agreement to acquire the inventory and the majority of the plant and equipment associated with the former Renaza tyre processing facility in New South Wales for a purchase price of $621,000. Reclaim will also enter into a lease agreement to rent the premises where the majority of the equipment is currently located in Fairfield, New South Wales.
This transaction will result in Reclaim securing a high quality car tyre processing facility on the east coast capable of producing 2,400 tonnes of rubber per annum. The site will also be able to produce coloured rubber product. This will make Reclaim Industries the only company with the capacity to produce crumbed rubber in three states and coloured rubber in two states in Australia. The Company expects to commence operation from the Fairfield site in early October 2009.
Viterra Inc. (VTA) and XL Foods Inc. are pleased to announce they have entered into an agreement in which Viterra will acquire the assets of Lakeside Fertilizer (Lakeside), a division of XL Foods and southern Alberta’s largest independent retailer of fertilizer and agricultural chemicals. The transaction, which closed today, includes six retail outlets in Bow Island, Brooks, Claresholm, Medicine Hat, Taber and Vauxhall, Alberta.
“This acquisition allows us to further leverage our logistics and distribution network, ensuring that our customers in southern Alberta have the right products at the right time,” said Doug Wonnacott, Viterra’s Senior Vice-President, Agri-products. “It is also consistent with our overall strategy to optimize our retail footprint in Western Canada and increase our market share.”
Strategically located in a prime growing region of Alberta, the sites will allow Viterra to sell inputs for traditional crops, as well as high input specialty crops such as sugar beets and potatoes. Customers will have access to a full range of agri-products including Viterra’s exclusive line-up of proprietary seed, private label crop protection products, along with a variety of custom services. The acquisition will increase Viterra’s total number of retail sites to 259 across Western Canada.
Viterra Inc. is a global food ingredients agribusiness headquartered in Canada. The Company has extensive operations and distribution capabilities across Western Canada, as well as in Australia and New Zealand, with Adelaide, Australia being Viterra’s base for its Southeast Asian operations. Viterra also has offices and operations in the United States, Japan, Singapore, China, Switzerland, and a joint venture in Ukraine. The Company is diversified into sales and services of crop inputs and equipment, grain handling and marketing, livestock feed, food and malt processing and financial products. These operations are complemented by value-added businesses and strategic alliances, which allow Viterra to leverage its pivotal position between growers and destination customers. XL Foods Inc. is the largest Canadian owned and operated beef processor in Canada. It is part of the Nilsson Bros. Group of companies, which are a diverse agri-business that is involved in all facets of beef and cattle production, marketing and processing. XL Foods Inc. operates facilities in Alberta, Saskatchewan, Nebraska and Idaho.
Minerals Corporation (MSC) is pleased to announce a confirmed order for the supply of low carbon cement product for the 2010 year spread over regular part shipments during the year. This is their first confirmed major export order and it will operate under a letter of credit payment arrangement to assist the Company’s working capital. The buyer operates in three Asian countries as well as Southern China and, subject to market acceptance, the Parties agree that volumes in ensuing years could reasonably triple in volume versus the above initial order.
The Agreement with the customer includes a 50/50 profit share on available carbon credit income that may become available from these future sales. The buyer also operates a fleet of bulk carriers and the Parties are in discussions to work together to investigate additional potentially mutually profitable business for further sales within the Asian and Middle East regions.
MSC has commissioned a world class china clay (kaolin) project at Skardon River, in northern Queensland which is currently in the marketing roll out stage. Additional premium quality kaolin projects are being developed in China and Western Australia which will transform MSC into a leading regional based supplier with a full range of exceptionally high grade kaolin products for the paper, paint, concrete, polymer, cosmetic, pharmaceutical and ceramic industries focused on S. E. Asia and selected world markets.
