Australian Sharemarket Close Week 3 percent Higher
May/31/2010 | Under : Business - Finance - Stock - Trade & Market
The Australian sharemarket closed three per cent higher for the week, as middling-to-positive leads from European stocks and Wall Street culminated in a solid weekly close, after China rejected reports it was considering reviewing its European bond holdings.
For the week, the benchmark S&P/ASX200 index gained 3.15 per cent to 4,457.5 points, while the broader All Ordinaries index jumped 7.58 per cent to 4,479 points.
AMP Capital Investors chief economist Shane Oliver said it looked like a correction in equities and commodities prices was under way, and a decent rally was beginning.
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Gold May Decline a Fourth Day in New York on China Economy Data
Mar/14/2010 | Under : Economy - Gold Mine - Investment - Trade & Market
Gold prices, little changed in New York today, may decline for a fourth day after China’s inflation and industrial output accelerated, adding pressure on the government to pare stimulus measures.
China’s inflation reached a 16-month high and production increased the most in more than five years. Bullion climbed 24 percent last year as central banks maintained low interest rates and spent trillions to stimulate economies. Gold prices dropped the most in a month yesterday on speculation demand for the metal will slow as the Greek financial crisis eases.
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Mongolia Energy Plans Delivery First Coking Coal in August
Mar/14/2010 | Under : Coal Mine - Investment
Mongolia Energy Corp, a former technology company that remade itself into a natural resources developer in 2007, will deliver its first coking coal cargo this August and is also looking at projects beyond Mongolia, a senior executive said.
Mineral rich Mongolia is attracting more attention from global investors after a deal in October with Ivanhoe Mines and Rio Tinto to develop the $3 billion Oyu Tolgoi mine, one of the world’s biggest untapped copper and gold deposits.
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Mining Investment : Nippon Steel to Invest in Iron Ore and Coal Mines
Mar/13/2010 | Under : Coal Mine - Iron Ore Mine - Steel Industry - Stock
Nippon Steel Corp., Japan’s largest steelmaker, will pursue investments in iron ore and coal mines, joining rivals in a bid to curb costs and secure supplies of the steelmaking ingredients.
The company wants to supply 50 percent of its raw material needs by buying stakes in mines or developing new ones “as early as we can,” Executive Vice President Shinichi Taniguchi said March 4 in an interview in Tokyo. Mines partly owned by the mill supply 35 percent of its iron ore and 25 percent of its coking coal needs. [Read More]
Royal Dutch Shell Arrow Bid May Spur Australian Coal-Bed Gas Takeovers
Mar/11/2010 | Under : Crude Oil - Natural Gas - Oil and Gas Drilling - Petroleum
Royal Dutch Shell Plc and PetroChina Co.’s A$3.3 billion ($3 billion) bid for Arrow Energy Ltd. may spur more takeovers of Australian producers of coal-bed gas, a growing source of supply for Asian energy importers.
Eastern Star Gas Ltd., a coal-seam gas developer in the Australian state of New South Wales, climbed almost 13 percent to 81 cents in Sydney yesterday after Arrow reported the bid. Bow Energy Ltd. rose 28 percent. Santos Ltd., Australia’s third- largest oil and gas producer, is another potential target, said David Wall, an analyst at Hartleys Ltd. in Perth.
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