Lucinda Chan News
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Sino-Forest Corp., the forestry operator accused by short-seller Carson Block of overstating its timberland holdings, said it will take until the end of the year to complete an independent probe into the allegations.
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Mitsubishi Corp. and Murchison Metals Ltd. may have to pay 32 percent more to build the Oakajee port and rail project and the Jack Hills iron ore mine in Australia, hampering Murchison from funding its share.
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Korea Resources Corp. and Daewoo International Corp ., the trading company controlled by Posco, made an initial bid for Whitehaven Coal Ltd. , an Australian producer with a market value of A$3.6 billion ($3.6 billion).
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BHP Billiton Ltd. , the world’s largest mining company, doused speculation it plans to buy Royal Dutch Shell Plc ’s stake in Woodside Petroleum Ltd . and make a A$46 billion ($48.5 billion) takeover.
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Resourcehouse Ltd. , Australian billionaire Clive Palmer ’s coal and iron-ore company, may cut the price of its Hong Kong initial public offering as much as 30 percent to $2.5 billion after a slide in share markets.
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Resourcehouse Ltd. , Australian billionaire Clive Palmer ’s iron ore and coal company, began its latest bid to sell shares in Hong Kong with full-page ads for the $3.6 billion offering across at least five papers.
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Australia’s S&P/ASX 200 Index gained 0.5 percent to 4,566.50 at the 4:10 p.m. close of trading in Sydney. New Zealand’s NZX 50 Index rose 0.2 percent to 3,044.67 at the 5 p.m. close in Wellington.
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Lynas Corp. , building a A$550 million ($535 million) rare earths project in Australia, fell to the lowest in three weeks in Sydney trading after JPMorgan Chase & Co. downgraded the stock following recent gains.
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BHP Billiton Ltd . and Rio Tinto Group shares rose in Sydney trading today after negotiating a new mining tax deal with the Australian government.
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Kingsgate Consolidated Ltd. , the second-largest Australia-traded gold producer by market value, agreed to buy Dominion Mining Ltd. for A$376 million ($367 million) in shares, boosting output by about 60 percent.
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