| AGK | APA Group and AGL Energy have completed limited-recourse project financing of the 242 MW Diamantina Power Station (DPS) and 60 MW back-up generation capacity at Mount Isa. APA and AGL are developing the DPS through a 50:50 jointly owned vehicle, Diamantina Power Station Pty Limited. The total capital expenditure, including the back-up generation, is expected to cost approximately $570 million (before financing costs). APA’s equity contribution is expected to be about $100 million and will be funded from available cash and committed facilities. The DPS is expected to become fully operational in the first half of calendar 2014 | Company report |
| APA | APA Group and AGL Energy have completed limited-recourse project financing of the 242 MW Diamantina Power Station (DPS) and 60 MW back-up generation capacity at Mount Isa. APA and AGL are developing the DPS through a 50:50 jointly owned vehicle, Diamantina Power Station Pty Limited. The total capital expenditure, including the back-up generation, is expected to cost approximately $570 million (before financing costs). APA’s equity contribution is expected to be about $100 million and will be funded from available cash and committed facilities. The DPS is expected to become fully operational in the first half of calendar 2014 | Company report |
| BCI | Regent Pacific preparing to exit share register after a failed takeover in 2011. | AFR |
| BHP | considering the sale of its British oil and gas assets to focus on US and Aust. | AFR |
| CFX | CFS Retail Property has negotiated an AUD100 million forward starting five-year bank debt facility, further improving CFX’s weighted average debt duration. | Company report |
| CPL | Coalspur Mines has entered into a Commitment Letter with EIG Global Energy to provide Coalspur a US$300 million senior secured debt facility. Proceeds from the Facility will fund the majority of the development capital required to achieve first production at the Vista Coal Project. Advanced discussions are also underway with a number of strategic trading/off-take parties to secure additional funding for Vista and finalise coal marketing arrangements. | Company report |
| CRZ | ACCC announced it will oppose the proposed acquisition by Carsales.com of assets associated with Trading Post from Telstra. Carsales and Trading Post both supply online general merchandise and automotive classified advertising, but the ACCC’s concerns arise only in relation to automotive classifieds. | Company report |
| CWN | Packer likely to increase stake to beyond 50% by creep provisions after 18 years. | AFR |
| DXS | Dexus announced the sale of the majority of its US industrial portfolio at a significant premium to prior book value. In two separate transactions, 26 of 27 US properties have been sold, comprising 23 US industrial properties and three land parcels in Texas for a total consideration of US$561m. | Company report |
| EU | Germany’s Ifo Business Climate index has improved for the second consecutive month, rising to a greater-than-expected 102.4 in December from 101.4 in November | Seeking Alpha |
| HVN | franshisees seeking to avoid legal action relating to misleading statements on warranties and refunds | AFR |
| Japan | Japan’s exports fell 4.1% on year in November after dropping 6.5% in October, with overseas sales continuing to be pressured by the strong yen and weak global growth. Exports to China declined 14.5% while shipments to Europe slumped 19.9%. With imports edging up 0.8%, the trade deficit widened to ¥953.4B from ¥549.0B. | Seeking Alpha |
| KRM | Kingsrose Mining is pleased to announce that it has been granted an In-Principle Forestry Permit over the 91 hectares which hosts its second mine, Talang Santo, at the Way Linggo Project in southern Sumatra, Indonesia. The permit, which has been granted to Kingsrose’s 85 per cent-‐owned Indonesian subsidiary, PT Natarang Mining (“PTNM”), covers all mining activities and infrastructure associated withTalang Santo and future expansion in the vicinity of the mine. | Company report |
| LEI | A Thiess Macmahon JV has been confirmed as the contractor to upgrade the Pacific Highway between the Frederickton Interchange and Eungai in New South Wales. Thiess is a 60% partner in the joint venture which will design and construct a four lane, 26.5 kilometre divided carriageway to replace the notorious existing road north of Kempsey. The contract is worth $456m | Company report |
| LNC | Linc Energy has appointed Barclays to act as a strategic advisor on its petroleum assets within the Arckaringa Basin in South Australia. Barclays will assist Linc Energy to achieve the best outcome for the Company’s Arckaringa Basin assets. Barclays was selected from a group of potential advisors due to its strong technical expertise and experience working with shale assets. Linc Energy holds over 65,000sqkm within the Arckaringa Basin across seven Petroleum Exploration Licences (PELs) and one Application (PELA). | Company report |
| OGC | speculation that OCG may launch a takeover after raising $90m | AFR |
| OMH | expects to make an announcement in relation to development agreements for their Ferro Alloy Smelting Project in Sarawak Malaysia | Company report |
| ORG | Origin Energy announced the signing of a long-term gas sales agreement with the MMG group, providing a pathway for the company to monetise its gas resources at attractive prices. Under the terms of the agreement, Origin will supply MMG, a mid-tier global resources company, with gas for its existing Century Mine and the development of the Dugald River project. Origin will supply MMG with a total volume of up to 22PJ of gas over a seven year period, commencing with supply to Century mine 2013. The gas will be sourced from Origin’s east coast fuel portfolio. | Company report |
| ORI | ORI has maintained previous guidance for underlying FY13 NPAT (Shaw $701.2m, Consensus $721.0m) to be higher than FY12, subject to global economic conditions. Volumes in the last couple of months have been slightly stronger than expected – ORI is not seeing any Ammonium Nitrate overhang in the market. Kooragang Island expansion is not expected until at least 2017, with the ramp up subject to market conditions at the time. | Company report |
| OZL | The Company has previously given guidance that Prominent Hill will produce at the lower end of the range of 100,000 to 110,000 tonnes of copper; and within the range of 130,000 to 150,000 ounces of gold, at a C1 cash cost of US$1.10 to US$1.20 cents per pound of copper produced including by-product credits. These guidance parameters for production and cost for 2012 remain unchanged. The Company has indicated previously in quarterly production reports, that open pit production will be affected over late 2012 and 2013 by increased waste stripping. The Company also announced an increase in the mining load and haul fleet to facilitate this activity which has now been completed as previously forecast. Total production of copper for 2013 therefore is anticipated to be lower than 100,000 tonnes, but it is anticipated that the total copper production which arises from both the open pit and underground will be more than 90,000 tonnes. In addition to the increased operating costs from mining deeper and harder material in the open pit, increased underground mining activity compared with 2012 and general cost inflation, which have all been previously advised to the market, the reduction in copper metal produced is anticipated to increase the unit costs as measured in US$/pound of copper produced. OZ Minerals believes that market analyst consensus for the 2012 operating results at $344 million EBITDA and $156 million NPAT is close (within 5 – 10%) to the currently expected operating result for the full year 2012 based upon unaudited management accounts, subject to no major volatility in foreign exchange rates and commodity prices or exchange rates for year end balances or concentrate shipments. In addition, the Company foreshadowed in its most recent quarterly report that during 2013, it will carry out a program of exploration in the resources below the Malu open pit, the Malu exploration decline having reached that area, with the objective of extending the life of Prominent Hill by additional underground mining. The cost of this exploration and necessary development will be expended during 2013. Furthermore, the Company has also previously stated that a Resources Statement for Carrapateena will be completed in Q1 2013 and that the development of Carrapateena with respect to the exploration decline is expected to commence in 2013 | Company report |
| QAN | ACCC has issued a draft decision proposing to grant authorisation for five years for an alliance between Qantas Airways Limited and Emirates. Under the alliance, the two airlines will cooperate on passenger and freight operations across their networks. “The ACCC is of the view that the main benefit arising from the alliance is an improved product and service offering by the two airlines to their customers. This includes increased customer access to each others’ flights, destinations and frequent flyer programs.” | Company report |
| RFE | The Company currently has three rigs active in the Mississippian play with 16 wells across four development areas at various stages from producing, completing, awaiting completion and drilling. A fourth rig is scheduled to commence operations in the first quarter of 2013. Eight horizontal wells now successfully producing to sales through permanent production facilities. Completion and reservoir stimulation underway and or set to be completed in December on two additional horizontal producers. Three more horizontal producers are expected to be completed and stimulated in January 2013 | Company report |
| SBM | Following a strategic review of the Pacific Operations acquired by St Barbara from Allied Gold in September 2012, guidance is now provided for the Pacific Operations for the remainder of FY 13. The Pacific Operations comprise the Simberi gold mine in Papua New Guinea, and the Gold Ridge gold mine in the Solomon Islands. Background to this guidance was provided in the Pacific Operations Update released on 22 November 2012. The production estimate provided at that time of 380,000 ounces attributable to St Barbara in FY13 is maintained. | Company report |
| SLR | Silver Lake is developing a second gold mining operation with multiple mines feeding a central processing facility. The Murchison gold project has a current resource of 25.3mt at 2.8 g/t Au for 1.9ozAu). Production is expected to commence in the March 2013 quarter ramping up to 100kozpa in 2014. The base case production plan has orebeing sourced from 14 open pit and 4 underground mines at various stages over an 8 to 10 year mine life. The design of the gold processing facility has made allowance for the later addition of a base metals grinding and recovery circuit. The 1.2mtpa processing facility scope is 90% complete and commissioning of the power station has commenced. Dry commissioning of the crushing circuit will commence this week followed by sequential wet commissioning of the mill, other key componentry and the CIL circuit in January 2013. Procurement of stores, insurance spares and other consumables is well advanced. Existing surface stockpiles totalling 190kt at 1.0 g/t Au for 6koz have been identified and are being moved to the ROM stockpile. | Company report |
| SYD | November was Sydney Airport’s best month for 2012, with passenger growth of 6.9%. In addition the airport served an average of almost 107,000 passengers per day, an all-time record. | Company report |
| TLS | The ACCC’s preliminary view is that the proposed acquisition od Adam Internet is likely to result in a substantial lessening of competition in the supply of retail fixed voice and broadband services. This is because Telstra would have the ability and incentive to use its market power in wholesale markets to favour the Adam Internet business over its other wholesale customers which is likely to foreclose competition in the relevant downstream retail markets.” | Company report |
| TLS | interested in acquiring MQG’s 37.5% stake in 3P learning | AFR |
| US | Fitch has warned that a failure to avert the fiscal cliff will increase the likelihood that it will strip the U.S. of its AAA rating. Falling over the edge “would exacerbate rather than diminish the uncertainty over fiscal policy, and tip the U.S. into an avoidable and unnecessary recession,” Fitch said in its 2013 global outlook | Seeking Alpha |
| US | House and Senate negotiators yesterday reached a deal over a $640.7B defense budget for the current fiscal year, including $88.5B for operations in Afghanistan. However, the spending doesn’t account for the automatic cuts that are due to take place if the fiscal cliff is not averted. The measures now need to be approved by the House and Senate before going to President Obama for his signature. | Seeking Alpha |
| US | U.S. home building contracted in November after surging the previous two months, but permits rose to the highest level in more than four years. Housing starts decreased 3.0% last month from October to a seasonally adjusted annual rate of 861,000, the Commerce Department said Wednesday. Since November 2011, new home construction was up 21.6%. | WSJ |
| US | The White House said it would veto te current plan offered by House GOP leaders to raise tax rate sonly on incomes above $1m. | WSJ |
| VAH | reported a drop in domestic ticketing prices as competition with QAN continues. | AFR |
| WPL | Browse LNG has been set back by legal challenge to James Price Point gas hub’s environmental approvals | AFR |
| YBR | MQG has emerged with a 8.3% stake | AFR |
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