Archive for September, 2009

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    • Fortescue misses funding deadline

    Wednesday, September 30th, 2009

    Fortescue Metals has missed the deadline for securing US$6 billion in Chinese funding.

    The funding was a condition of the deal struck in August, in which Fortescue agreed to sell all its second-half iron ore production to Baosteel and the China Iron & Steel Association (CISA) at a 35% discount to last year’s prices, as long as it could raise the US$6 billion to fund its expansion plans.

    Fortescue said in its announcement today that negotiations would continue, but industry analysts are concerned the chances of the deal collapsing increase the longer the discussions drag out.

    Fortescue Metals Group
    ASX Code: FMG
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    Wednesday, 30th September 2009 Morning Wrap

    Wednesday, September 30th, 2009

    Presented by Michael Hevern
    MDSFinancial

    Click here to watch the presentation.

    or

    Click here to download the mp3 audio recording (896Kb).

    General Advice Only
    ************************************************
    In this morning s wrap

    DOW: down 0.5% (at 11 Month Highs)
    July Home Sales Up (most in 4 years) ;
    IT/Energy Weigh

    NASDAQ: down 0.3%
    Backs of Year Highs;
    Consumer Confidence Surprise Fall

    FTSE: flat (at 10 Month Highs)
    UK: 2Q Shrinks 0.6% (beats); GDP shrank 5.5% pa;
    DAX down 0.4% & CAC down 0.3%

    NIKKEI: up 0.9%
    JPY: Yen 8 Month High;
    Hang Seng up 2.1%

    CHINA: down 0.3%
    Down on Brokerages & Airlines;
    4 Week Lows; Weeklong Holiday;

    Oil: Flat ($66)
    Holds

    Gold: flat ($992) (Off Recent Highs)
    Commodities Higher;
    USD Higher

    SPI: Critical Level(s): 4450 to 4750
    SPI down 12 (-0.3%)
    Near 12 Month Highs

    ASX News
    End-of-Quarter
    Banks – $6bn to spend
    LYC rejects China investment
    BLY top traded by volume

    Materials & Energy stocks to hold
    Banks to hold
    ASX to open lower
    US & UK lower

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    US Markets Lower On 29/9/2009

    Wednesday, September 30th, 2009

    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.

    Gold and oil were both stable.    Gold settled up by $0.30 at $994.4/oz and crude oil was  down $0.13  to $66.71/bbl.

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    Stirling Products Share Purchase Plan

    Wednesday, September 30th, 2009

    Stirling Products (STI) announced on the 29/9/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 29/9/2009 on which shareholders must own the share to participate in the SPP. The closing date is 23/10/2009.     A maximum of $10,000 can be purchased by each shareholder at $0.01.

    Discount : 9.1% Liquidity : Poor Profitability : Ok  Stability : Poor

    www.stirlingproducts.net

    * Note: Discount is based on the closing price on the 29 September 2009.

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    Stirling Products Share Purchase Plan

    Wednesday, September 30th, 2009

    Stirling Products (STI) announced on the 29/9/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 29/9/2009 on which shareholders must own the share to participate in the SPP. The closing date is 23/10/2009. A maximum of $10,000 can be purchased by each shareholder at $0.01.

    Discount : 9.1% Liquidity : Poor Profitability : Ok Stability : Poor

    www.stirlingproducts.net

    * Note: Discount is based on the closing price on the 29 September 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/

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    Artemis Resources Share Purchase Plan

    Wednesday, September 30th, 2009

    Artemis Resources (ARV) announced on the 17/9/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 25/9/2009 on which shareholders must own the share to participate in the SPP. The closing date is 19/10/2009.  Shares will be issued on 23/10/2009 and begin trading soon after.   A maximum of $15,000 can be purchased by each shareholder at $0.05.

    Discount : 47.4% Liquidity : Poor Profitability : Ok  Stability : Poor

    www.artemisresources.com.au

    * Note: Discount is based on the closing price on the 29 September 2009.

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    Artemis Resources Share Purchase Plan

    Wednesday, September 30th, 2009

    Artemis Resources (ARV) announced on the 17/9/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 25/9/2009 on which shareholders must own the share to participate in the SPP. The closing date is 19/10/2009. Shares will be issued on 23/10/2009 and begin trading soon after. A maximum of $15,000 can be purchased by each shareholder at $0.05.

    Discount : 47.4% Liquidity : Poor Profitability : Ok Stability : Poor

    www.artemisresources.com.au

    * Note: Discount is based on the closing price on the 29 September 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/

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    Ironbark Gold Enters JV Agreement With Nyrstar

    Wednesday, September 30th, 2009

    Australian base metal focussed exploration and development company Ironbark Gold Limited (IBG) has reached a significant milestone in the development   of its wholly owned Citronen lead/zinc project in northern Greenland through the  execution of a significant equity/ off-take agreement with Nyrstar NV, the world’s largest  zinc metal producer and one of the world’s largest primary lead smelting and refining companies.

    Under the terms of the binding agreement Ironbark has agreed to a two tranche placement that once completed will see Nyrstar hold 19.9% of the issued capital in Ironbark. Combined the placement to Nyrstar will see Ironbark issue 52,843,559 new shares and raise A$6.6M, with the funds raised to be applied to towards the completion of a Bankable Feasibility Study (BFS) at Citronen. Ironbark has also granted Nyrstar a life of mine off-take agreement in relation to 35% of the production from the Citronen deposit, once commercial production commences which, depending on market conditions, could be achieved in the next 3 to 5 years.   Ironbark is dedicated to developing a major base metal mining operation at the wholly owned Citronen project and considers that this strategic agreement with Nyrstar will prove to be a major development in the Company’s production plans.

    “The Citronen project represents one of the world’s largest undeveloped zinc resources and to have Nyrstar, the world’s largest zinc metal producer and one of the world’s largest primary lead smelting and refining companies, supporting us in the development of this project is a significant boost for our plans moving forward,” Ironbark Managing Director Jonathan Downes said.     “Not only has Nyrstar made a significant financial investment into Ironbark, but they have also confirmed our development plans for Citronen through the signing of a life of mine off-take for 35% of the production from the deposit. ”

    www.ironbark.gl

    www.nyrstar.com

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    Reed Resources Teams Up With Anglo American

    Wednesday, September 30th, 2009

    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.

    www.reedresources.com

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    Monadelphous Signs $100 million Contract With Rio Tinto

    Wednesday, September 30th, 2009

    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.

    www.monadelphous.com.au

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