Australian Mining & Exploration Companies-News

Acacia Resources / Anglogold (31 December 1999)

Anglogold said it was entitled to 96% of the shares ihn Acacia and would now move to acquire the remaining shares.

Australian Geological Survey Organisation (31 December 1999)

AGSO has delineated 100 large sedimentary domes - significant potential targets for petroleum - buried beneath the seabed in the Fairway Basin, off Lord Howe Island, in water up to 3000m deep. The domes straddle the Franco-Australian border and were discovered during a joint effort between the French and Australian scientists using the French research vesel L'Atlante.

BHP (31 December 1999)

BHP has rejected an offer from the AWU to discuss a new collective agreement for its Pilbara employees.

Equinox Resources (31 December 1999)

Equinox has completed a Due Diligence Study on the Lumwana Project (220 kms west of the Zambian Copperbelt) which has:

verified resources, and defined them in accordance with the Australasian JORC Code;
conducted a preliminary evaluation of development options; and most importantly
defined exploration targets.

As a consequence of the Due Diligence Study the Company has elected to proceed to Phase 2 of the Lumwana Joint Venture.

Phase 2 of the Joint Venture commits Equinox to spend US$1.0 million (of which US$180,000 has already been spent) and provides the Company with the right to earn 50% of the Project by expending a total of US$5.0 million within 4 years. Equinox then has various rights by which it may increase its interest in Lumwana to 75%.

Equinox is currently planning the year 2000 program that will include:

exploration drilling of defined geochemical/geophysical targets;
the identification of new targets;
an evaluation of potential extensions to the known deposits; and
pre-feasibility work, including metallurgical testing of ore samples.

The Lumwana Project is an exciting opportunity for Equinox to earn a majority interest in an advanced project with extensive copper resources and outstanding exploration potential.

Hillcrest Resources (31 December 1999)

Hillcrest has announced an option to acquire a 10% interest (for $1.25 million) in Digital Media Productions Australia - an Internet media and software group. As part of the deal, DMPA will seek a listing on the ASX within 6 months. Hillcrest stressed it would retain its mining and exploration focus.

Henry Walker Eltin / WMC (31 December 1999)

Henry Walker has secured an $80 million, 36-month, contract to mine the Harmony nickel open-cut deposit in WA.

Horizon Energy (31 December 1999)

Investment trust Horizon Energy is aiming to list on the ASX in mid-January. Horizon owns a 25% stake in Victoria's Loy Yang A power station and mine.

Metex Resources / Croesus Mining / Gindalbie Gold (31 December 1999)

Metex has entered into an option-purchase agreement to purchase the joint interests of Gindalbie Gold and Croesus Mining in the large Telfer exploration project in WA. The deal, which includes the Ankatell-Minyarir JV, will form the basis for a $25 million public offering, early in the new year, through its subsidiary Telfer Resources NL. The capital raising will be supported by Australian investment banking group Resource Finance Corp.

Pilbara Mines (31 December 1999)

The $3 million Pilbara Mines float closed fully subscribed last week and plans to list on the ASX on 10 January. The money raised would be used to complete a pre-feasibility study into treating waste materials for the extraction of zinc, copper, gold and silver, at the Teutonic Bore project in WA.

Victoria Petroleum (30 December 1999)

Victoria Petroleum NL, as Operator for the PRA 436 Joint Venture, advises that the Cadart-1 exploration well is at a depth of 1,617 meters and completing HQ casing operations prior to coring ahead in 70mm hole in the Paleocene non-reservoir seal cap rock unit. Due to the objectives being deeper than predicted, the proposed total depth of the well has been extended to 2,000 metres. Drilling is scheduled to re-commence late Thursday night, 30 December, 1999.
The live oil and gas shows seen to date in fractures in the seal rocks are considered encouraging for the Gouaro Prospect as they confirm the presence of oil and gas migrating through the Gouaro Prospect at the Cadart-1 location.

BHP (29 December 1999)

BHP, on behalf of its joint venture partner, Canadian Occidental Petroleum Ltd, today announced the start of oil production from the Buffalo Oil Field.
The field is located in licence WA-260-P approximately 560 kilometres North west of Darwin in Australian Commonwealth waters. The field has been developed using an unmanned minimum wellhead platform linked to a leased Floating Production Storage and Offloading System (FPSO), the Buffalo Venture.
The development is operated by BHP and gross production is expected to peak at 40 000 barrels per day over a three year field life. The BHP share of proven and probable reserves is around 10 million barrels.

Kingstream Steel (29 December 1999)

Kingstream has been granted a 1-year extension by the WA Government on its deadline to submit detailed development proposals for its Mid West Iron and Steel Project. Kingstream was to have submitted the proposal by Friday.

Rio Tinto (29 December 1999)

Rio Tinto has signed an option agreement with Chile's state-owned copper processor ENAMI to purchase the Delta copper project.

Hardman Resources (28 December 1999)

Hardman has signed an offshore African exploration agreement with its farm-in partners Woodside and British Borneo International. The partners have committed to the first exploration well to be drilled in 1 of 2 tenements off Mauretania.

WMC (26 December 1999)

Further to this morning's announcement concerning a fire at the Olympic Dam solvent extraction plant, copper smelting and refining resumed this afternoon.
Production will be slightly down next year because of a temporary loss of some solvent extraction facilities, and the lead times involved in securing replacement equipment.
In the event that these lead times cannot be reduced, lost copper production next year is unlikely to exceed 6,000 tonnes, and we still expect to achieve nameplate capacity of about 200,000 tonnes of refined copper in 2000.
Uranium production will be down 200 tonnes to about 4,100 tonnes. Sales commitments to customers will be unaffected.

Ballarat Goldfields (23 December 1999)

Ballarat has reached an agreement with NM Rothschild & Sons that could see it regaining full ownership of the Ballarat gold project. Ballarat entered into a JV with Rothschild in 1997 which resulted in Rothschild acquiring a 25% interest.
Ballarat's share price jumped 7.5 cents to 18.5 cents.
For more information, click here.

BHP (23 December 1999)

Co-ordinated union action may see up to 18,000 BHP workers go on strike early in the new year. At least 6 key national unions will strike against individual contracts.

Highlands Pacific (23 December 1999)

The National Provident Fund Board of PNG has sold down its stake in Highlands - broking houses Wilson HTM and Morgan Stockbroking were able to place $13 million worth of shares with institutions at 31 cents/share. Highlands share price closed at 35 cents, up 2 cents.

Kagara Zinc (23 December 1999)

Kagara successfully listed yesterday, closing at 30 cents, 5 cents above its issue price of 25 cents. The initial public offering closed oversubscribed by $3 million. Kagara will complete a feasibility study on the Mt Garnet zinc project in Qld and to carry out exploration on a number of other zinc projects in northern Queensland.

Michelago Resources (23 December 1999)

Michelago Resources NL’s wholly owned subsidiary Inventory Management Systems Pty Limited (IMS) has made its first sale of its newly developed Asset*Minder software.
The Minder series is a collection of software packages which allows for the tracking of assets and collections using barcode technology. The Minder series are sister products to STOCK*MAN, the Company’s flagship software product. Products have been developed in the Minder series to satisfy a growing demand for this type of technology.

Pasminco (23 December 1999)

Pasminco has shipped its first zinc from the Century mine in Qld to the Budel smelter in the Netherlands. Full production of 500,000tpy is expected by the end of 2001.

Victoria Petroleum / Sun Resources (23 December 1999)

Victoria Petroleum NL, as Operator for the PRA 436 Joint Venture, advises that the Cadart-1 exploration well is at a depth of 1454 meters and coring ahead in 99mm hole in the non-reservoir seal cap rock unit. The first primary objective section is interpreted to commence at the revised depth of 1480 metres. As a result of the increase in depth to the target horizons, the proposed total depth of the well is to be increased to 1,650 metres.
The live oil and gas shows seen to date in fractures in the seal rocks are considered encouraging for the Gouaro Prospect as they confirm the presence of oil and gas migrating through the Gouaro Prospect at the Cadart-1 location.

Acacia Resources / AngloGold (22 December 1999)

AngloGold, the world's biggest gold producer, has announced it has acquired more than 90% of Acacia's shares.

Crest Magnesium (22 December 1999)

Crest has announced plans to spin off a separate listed company (Crest Pharmaceutical Products) to develop a major magnesium-based pharmaceutical project in Tasmania. The company will seek to raise $10 million from the issue of 20 million 50c shares. Existing Crest shareholders will receive 1 free CPP share for every 2 Crest shares held.
CPP will pay Crest $3 million to acquire part (Pit 1) of the Arthur River magnesite deposit in Tasmania.

Diamond Rose (22 December 1999)

Two men will face charges of market manipulation for shares in Diamond Rose. The ASIC has formally charged the 2 men with a total of 21 counts of creating false or misleading appearance of active trading in Diamond Rose shares. Both men will appear in Sydney's St James Local Court on 22 February.

Finders Gold (22 December 1999)

Finders has announced that the Government of Madhya Pradesh has granted B. Vijaykumar Chhattisgarh Exploration Private Limited ("Chhattisgarh Exploration") the Prospecting Licence to explore for diamonds and other minerals in Block D-7 in south-east Madhya Pradesh, a commercially untapped and highly sought after area of central India. Finders Gold will manage all of Chhattisgarh Exploration's mining and exploration activities in Block D-7. The Company holds a 20 per cent stake (with the right to expand to 30 per cent) in the Indian company. Finders has proposed that Chhattisgarh Exploration spend US$12.4 million over the next three years on the project, given that sufficient encouragement is generated from years 1 and 2 exploration programs.

GPU Inc (22 December 1999)

American-based GPU has placed 50% of its Australian energy assets on the market, including Victoria's natural gas transmission network.

Orica Ltd (22 December 1999)

Orica has announced that it had reached agreement to sell its Moomba to Botany ethane pipeline to a consortium for approximately $124 million.The new owners will continue to transport ethane feedstock for the Qenos plant at Botany under the terms of a long term transportation contract.

Woodside / Alinta Gas (22 December 1999)

The North West Shelf partners have won a 10-year, $200 million contract to supply gas to WA utility Alinta Gas. The consortium will supply up to 40 Terajoules/day of gas from 2002.

Ashton Mining (21 December 1999)

Ashton has announced a $13 million share buyback scheme of up to 5% of its issued capital (about 16.9 million shares) - to start on 5 january, 2000 and run for 6 months.
Ashton also reported that it expects its 1999 full-year profit to be up about 20% on last year; however its stake in Aurora Gold will continue to adversely affect the balance sheet.

BHP (21 December 1999)

BHP's share price rose to a record $20.15 - following the better-than-expected results posted on Friday.

Oxiana Resources (21 December 1999)

Oxiana has acquired an 80% stake in the Sepon copper-gold project in Laos for US$22 million (from Rio Tinto). The deposit contains an estimated 1 million tonnes of Cu and 3.6 million ounces of Au and is believed could produce 40,000 tonnes of copper and 120,000 ounces of Au per year. Oxiana plans to immediately commence a feasibility study. Shares in Oxiana jumped 2.6 cents to 8.5 cents on heavy volume.

Pacific Power (21 December 1999)

Pacific Power is to appeal against a Victorian court decision that found it must honour more than $600 million of unprofitable electricity contracts to Melbourne distributor Powercor Australia.

Ross Mining (21 December 1999)

Ross has announced the reults of recent Gold Ridge pit optimisation studies. Optimisation results using a flat gold price of A$470/oz show that the Gold Ridge Project (from 1 November) has a remaining undiscounted NPV of A$289.9 million, with average costs of A$273/oz.
The life-of-project optimisation identified the existence of low cash cost (les than A$200/oz) interim pits at Dawsons and Kupers. These pits contain a combined ore tonnage in excess of 7 million tonnes @ 2.3 g/t Au, with a waste to ore ratio of 0.5 to 1.
In April, Ross will commence construction of a haul road to access these deposits; the road will be in place by the end of June 2000 and, as a result, Gold Ridge gold production for the 2000-2001 and 2001-2002 years is scheduled to increase to more than 170,000 ounces/annum at a cash cost of less than A$200/oz. Consequently, projected Gold Ridge cash flows will be boosted significantly.
The new optimisations also confirm that the projected gold production for the current financial year can be met. For additional information, click here.

Acacia Resources / AngloGold (20 December 1999)

AngloGold, the world's biggest gold producer, has extended its takeoer bid for Acacia to 24 December. By last Friday, Anglo had acceptances for 89.6% of Acacia, just short of the 90% required for compulsory acquisition.

Adelaide Resources (20 December 1999)

Adelaide Resources is seeking a partner to replace Cyprus Amax Australia (withdrawing from 24 January) and help explore its Gawler Craton tenements.

Aurion Energy (20 December 1999)

Aurion (formerly Meekatharra Minerals) has increased its stake in the SA Steel and Energy pig iron smelter project (to have a production capacity of 2.5mtpy) to 90%.

Australian Worldwide Exploration (20 December 1999)

AWE has taken a 20% stake in the offshore West Maui licence area off Taranaki in NZ. Drilling of the Hochstetter prospect (potential for 145 million barrels of recoverable oil) will begin in February.

BHP (20 December 1999)

BHP is examining the possible development of the $1.8 billion Gag Island lateritic nickel deposit in Indonesia. The deposit has reserves of 176 million tonnes @ 1.5%Ni and BHP has said in the past it could produce 40,000 tpy of nickel at a cash cost of about US$1.20 - US$1.50/lb. Cobalt credits would lower the cash cost to about US$0.60/lb.

Anaconda Nickel (18 December 1999)

Anaconda announced that on Friday December 10 the Murrin Murrin Nickel Cobalt Project achieved "mechanical completion" under the Engineering Procurement & Construction contract with Fluor Daniel.

Anaconda also announced the appointment of Mr Rodney Adler and Mr John Morrison to the Board.

Anaconda Nickel / Fluor Daniel (18 December 1999)

The High Court of Australia has refused to stay an order of the Court of Appeal in Victoria on Monday which upheld Anaconda's right to draw on unconditional bank guarantees to the value of $45 million.
The decision of the Court of Appeal overturned an earlier decision of the Supreme Court of Victoria and means that Anaconda will now be able to access the entire $45 million proceeds of the bank guarantees to pay for rectification work at Murrin Murrin, including the recent conversion of the flash vessels from bottom to top entry. This work was undertaken by Anaconda after Fluor Daniel failed to rectify initial design deficiencies in the plant in breach of its obligations under the EPC Contract for construction of the $1.2 billion Murrin Murrin project.
In September, Anaconda also lodged claims exceeding $300 million against Fluor Daniel relating to the EPC Contract. Anaconda will continue to actively pursue these claims through the arbitration process in the EPC contract.

Austindo Resources / Lion Selection (18 December 1999)

Lion Selection Group proposes to invest $1.5 million and subscribe for 20.0 million shares in Austindo - at an issue price of 7.5 cents per share. This investment is part of a $3.7 million placement being undertaken by Austindo.
Austindo's major asset is its 63% JV interest in the Cibaliung gold project; a high grade epithermal gold vein system in Indonesia.

BeMaX Resources (18 December 1999)

BeMaX Resources NL, as operator and 50% interest holder of the Murray Basin Joint Venture (Imperial Mining NL 25% and Probo Mining Pty Ltd 25%), has recently completed approximately 22,000 metres of resource definition drilling on the Ginkgo Prospect in the Pooncarie South portion of Exploration License 5474 in the Northern Murray Basin, New South Wales. Drilling of Ginkgo has been completed on 29 traverses approximately 400 metres apart with hole spacings of 50 and 100 metres.

Laboratory results are currently available for only approximately 10% of samples. Comparison of assays and corresponding visual estimates (based on panning) of the heavy mineral(HM) content indicate that the assays are, on average, higher than visual estimates at 2.5%HM or below, comparable in the 2.5%-15.0%HM range and lower above 15.0%HM.

Given the importance of fully informing the market of the potential significance of Ginkgo, BeMaX believes that it is appropriate to estimate and announce the size and grade of the resource despite the grade estimate being based largely on visual estimates for each one metre drill interval. Grades used are visual estimates for all holes except those on the Ginkgo and Ginkgo Extended drill traverses (Figure 2) where assays have been used. All visual estimates above 15%HM have been cut to 15%HM. A notional density of 1.7 tonnes per cubic metre has been used in estimating the resource.

The Inferred Mineral Resource estimate has been made using a conventional sectional method with blocks defined by a 1% HM cut off. BeMaX’s estimate is approximately 230 million tonnes at a grade of approximately 2.6%HM.

BeMaX regards Ginkgo to be one of the most significant mineral sand discoveries to date in New South Wales, and believes that it demonstrates that the Northern Murray Basin is Australia’s most important emerging mineral sands province.

For additional information, including maps, click here.

BHP (18 December 1999)

Half Year Profit Report November 1999 - Summary

Significant Features

lower costs in all businesses;
benefits from the closure of loss making businesses;
profits from diamond sales at the EKATI‰ diamond mine (Canada);
lower borrowing costs due to lower average debt levels;
lower prices for coal, steel and iron ore partly offset by higher crude oil prices;
lower capitalised interest following completion of major projects;
abnormal tax benefits.

Group Results and Dividend

Half Year Result

The operating profit after income tax excluding abnormal items attributable to BHP shareholders for the half year ended 30 November 1999 was $809 million, an increase of $373 million or 85.6% compared with the corresponding period.

Including abnormal items, the profit was $1 081 million, an increase of $645 million compared with the corresponding period. The result included a net abnormal profit of $272 million, comprising:

- a tax benefit of $160 million arising from the restatement of deferred tax balances as a consequence of the Australian company income tax rate change to 34% applicable from 1 July 2000, and then to 30% applicable from 1 July 2001; and

- a tax benefit of $112 million arising from finalisation of funding arrangements in August 1999 related to the Beenup mineral sands project.

There were no abnormal items in the corresponding period.

Basic earnings per share were 46.0 cents excluding abnormal items and 61.5 cents including abnormal items. Comparative earnings per share for the half year ended 30 November 1998 were 25.3 cents.

Dividend

An unfranked dividend of 25 cents per share was declared and paid during the half year, the same amount as the dividend in the corresponding period.

The Dividend Investment Plan was suspended following payment of the half yearly dividend on 24 November 1999. Since the dividend was unfranked, the Bonus Share Plan (BSP) was suspended in accordance with the Company’s Constitution and Rule 8 of the BSP on 17 September 1999.

Exco Resources (18 December 1999)

Exco has announced additional significant drilling results from its E1-North copper/gold discovery near the Ernest Henry Mine in Qld. Best intersections included 22m @ 2.82% Cu, 0.36 g/t Au (from 26 m), 18 m @ 1.67% Cu, 0.27 g/t Au (from 50m) and 80 m @ 1.24% Cu, 0.19 g/t Au (from 72m).

Metal Prices (18 December 1999)

On the LME on Thursday , copper (3-month delivery) rose US$30 to US$1825/tonne, high-grade aluminium increased US$17 to US$1609/tonne and nickel jumped US$65 to US$8220/tonne.

Newcrest (18 December 1999)

The Newcrest Board has given approval to the next stages of development for three of its major underground gold mining projects.

New Celebration
Stage II of the Mt Marion underground was approved at an initial capital cost of $6.7M. Stage II includes the extension of the mine decline and services from 350 metres below surface (mbs) to 650 mbs and the extraction of all reserves down to that level by sub-level longhole stoping. The approval will lift production from New Celebration to approximately 90 koz/ year and extend Mt Marion's mine life to 2005. Evaluation of the mining of resources deeper than 650 mbs is ongoing.

Ridgeway
Stages III and IV of the Ridgeway underground mine were approved at a total capital cost of $286M. Stage III will focus on gaining development consent as outlined under the NSW Environmental, Planning and Assessment Act and is expected to continue into the last quarter of calendar year 2000. Trial mining in accordance with the current development consent, which is valid until December 2000, will continue through this stage.
Stage IV will commence when Stage III is completed. It comprises all work needed to allow full scale production (4 Mtpa rate) from the mine. Primarily this consists of the construction of mine facilities, a stand alone processing plant for Ridgeway ore and associated infrastructure. Stage IV is expected to be complete by the end of 2001. Ore handling from the mine will be via a crusher/ conveyor system, with the crusher installed at a level which is approximately 900 metres underground.
The project is designed to maintain full scale production between 2002 and 2009, with average annual production in that period being 310 koz gold and 28 kt copper. The production rate will drop after 2009 as resources below the crusher level are mined.

Telfer
Stage IIB of the I Series reef underground mining Project (ISP) was approved at a cost of $29.6M. Work in this stage includes extension of the main mine decline to below the I 30 reef level, resource definition drilling and the completion of a bankable feasibility study. Stage IIB work is scheduled for completion in the March quarter 2001.

Pilbara Mines (18 December 1999)

Perth-based Pilbara Mines has issued a Prospectus for the issue of up to 15 million shares at an issue price of $0.20 per share, together with one free attaching option on a one-for-two basis (exercisable on or before 31 December 2001 at $0.20).
Pilbaras' focus will be on completing a pre-feasibility study into treating the mineral resources (both in situ and in stockpiles of zinc, copper, silver and gold ) which remain from previous mining operations at the Teutonic Bore project in WA. The mine was operated as an open cut and underground mine by BP Minerals Australia between 1980 and 1985.
Pilbara plans to list on the ASX in early 2000.

Red Back Mining (18 December 1999)

Red Back has just released the latest round of exploration results from the Chirano Project, including some excellent intersections from the Tano prospect - including 90 m @ 5.32 g/t Au from 78 m and 60 m @ 2.65 g/t Au from 1 metre. The curent gold resource at Chirano totals 728,000 ounces covering the Tano, Obra and Sariehu prospects.

Red Back is to fast-track exploration of its Chirano Gold Project in Ghana, West Africa in early 2000 after boosting its funding position through a A$2.675 million capital raising, including a A$2 million placement to the specialist African resource investor African Lion Limited. The placement will see AFL emerge with a 13.4% interest in the expanded capital of Red Back.

Sun Resources / First Australian Resources (18 December 1999)

Sun Resources has executed the final Farmin Agreement with First Australian Resources NL on EP 395, located some 30 km east of Barrow Island, WA. Sun will earn a 10% equity in the permit by funding 15.34% of the cost of the Boyd 1 - to be drilled in the early January, 2000.

Australian Gas Light Co (17 December 1999)

AGL has announced sweeping plans to spin off its regulated, high-pressure pipeline business and set up a new infrastructure management and services subsidiary.
The creation and initial public offer of the Australian Pipeline Trust will see more than $500 million of capital released. This will be used by AGL to invest in growth activities.

Beaconsfield Gold (17 December 1999)

The Directors of Beaconsfield Gold NL are pleased to announce that of the 1,490,000 directors' and officers' options which matured on 16 December 1999 1,470,000 or 99% were exercised at $0.9733 each, raising a total of $1.43 million. For additional information, click here.

Boral (17 December 1999)

Boral has released further details for a proposal to split its building and construction materials business from its energy business, forecasting the 2 will post a combined operating profit of up to $450 million this financial year. Boral has valued its soon to be demerged "Origin Energy" oil and gas arm at between 70c and $1.00 per share.

Rio Tinto (17 December 1999)

Stronger commodity prices have pushed Rio Tinto's share price to an all-time high - up $1.40 to $31.35.

Straits Resources (17 December 1999)

STRAITS DISPOSES OF INTEREST IN TRITTON DEPOSIT

Sydney, Australia: The Directors of Straits Resources Limited (ASX Code: SRL and SRLG) are pleased to announce that the Company has agreed to dispose of its 50% interest in the Tritton Deposit to Nord Pacific Limited for a total cash consideration of $9 million payable as follows:

(a) $3 million payable on settlement;

(b) $3 million payable in four equal semi-annual instalments, with the first instalment payable six months after settlement.

(c) $3 million payable in six equal annual instalments, with the first installment payable twelve months after commencement of copper production at Tritton.

For additional information, click here.

Acacia Resources / AngloGold (16 December 1999)

AngloGold, the world's biggest gold producer, announced that acceptances of its offer for all the shares of Acacia totalled 58.2% at the close of business yesterday.

AGL (16 December 1999)

AGL will announce today a corporate restructuring that is expected to result in a spin-off of its 8700km gas transmission pipeline network into a separate entity.

Caledonian Pacific Minerals (16 December 1999)

Caledonian has lodged an application for an exploration licence (ELA 1560) for diamonds covering a diamondiferous diatreme in the Lightning Ridge area of NSW. Rio Tinto Exploration discovered the diamondiferous diatreme in 1997, shortly before their withdrawal from diamond exploration in eastern Australia.

Envestra (16 December 1999)

Envestra has announced that the first stage of the $30 million Wide Bay natural gas project in Queensland has been completed. This project involves the construction of a transmission pipeline from Gladstone to Bundaberg, Maryborough and Hervey Bay.

Lihir Gold / Niugini Mining (16 December 1999)

Lihir shareholders have approved the merger with Niugini, simplifying the ownership structure. In addition, Southern Gold - through which Rio Tinto and Vengold hold their stakes in Lihir - is to be dissolved leaving Rio Tinto and vengold with direct interests in Lihir.

Kagara Zinc Limited (16 December 1999)

Kagara has closed its $5.25 million Initial Public Offering (IPO) ahead of schedule and more than A$3 million oversubscribed, clearing the way for the first Australian mining float in over a year to make its debut on the ASX before Christmas.
Kagara will use the proceeds to complete a feasibility study on the Mt Garnet project in Qld and to carry out exploration on a number of other zinc projects in northern Queensland.

Leo Shield Exploration (16 December 1999)

A number of significant heavy mineral sand intercepts were returned from a 59 hole follow-up drilling program on Minotaur's 100% owned Casterton tenement (EL 4349) in western Victoria. Drilling of a broad reconnaissance nature along road verges outlined the potential mineralised width and regional extent of the palaeo shoreline identified in June 1999.
Previous drilling announced in June 1999 recorded valuable heavy mineral contents (ilmenite, leucoxene, rutile and zircon) varying from 44% to 82% for the Casterton tenement.
The drilling has confirmed a stacked, high-energy shoreline system of significant width, thickness and grade of heavy mineral concentrates currently known to extend over a minimum 20 km of strike length. For additional information, click here.

ALNG (14 December 1999)

ALNG, the Asian marketing arm of Australia's LNG producers, says it is in the running for the delivery of 5 million tonnes/year of LNG to India.

Anaconda Nickel / Cobra Resources (14 December 1999)

Cobra says that drilling outside the known area of mineralisation at the Wowo gap lateritic nickel project in PNG indicates that the resource is larger than previously estimated - up by about 600% (original estimate- an inferred resource of 50 Million tonnes @ 1.2% Ni and 0.008 % Co.). The JV partners are now considering plans for a full feasibility study.

Billiton / Stuart Petroleum (14 December 1999)

Billiton has agreed to farm into the Mount Gunson copper project in SA in a deal which will spawn a new publicly listed exploration company. Billiton plans to spend up to $6.8 million to earn a 70% stake. A condition of the deal is that Stuart divest its existing mineral assets into a new public company in which Billiton will be a major shareholder.

Gold Index (14 December 1999)

The Australian Gold Council says an expanded gold index, launched yesterday on the ASX, will provide a better performance barometer for domestic gold stocks and could help attract new investment to the sector. The new index, to be named the AGC Gold Index, will include 35 companies with an aggregate market capitalisation of $10 billion, compared to the current 14-member index with a market cap of $7.5 billion.

Greater Pacific Gold (14 December 1999)

GPG says it will diversify into biotechnology - in particular, new types of treatment for women suffering from hormone imbalance - after entering into an agreement with Melbourne-based biotechnology researcher Chiron Biotechnologies..

MIM (14 December 1999)

MIM has entered into a forward sale of silver over five years. Initially the proceeds of the US$162 million (A$255 million) sale will be applied to debt reduction. The sale will also provide the group with funding for potential investments. Chief executive Nick Stump said "Coal is an obvious area for further involvement....."

The silver sold forward is less than half of the MIM Group's projected silver production over the five years. Silver currently represents approximately 5% of MIM sales revenues.

Victoria Petroleum / Sun Resources (14 December 1999)

The Cadart 1 well on the Gouaro Prospect in PRA436, New Caledonia is at 998 m depth, with the target reservoir below 1,250 m in depth. Over the weekend, the JV partners have intersected a number of live oil shows in the seal rocks below those previously reported.

BHP (13 December 1999)

Workers at BHP's WA iron ore operations are to start a 24-hour strike today.

East Coast Minerals / Legend Mining (13 December 1999)

Following a new drilling program (in January), resources at the Elizabeth Hill silver project in WA are expected to increase by up to 1 million ounces. Drilling was expected to start in January and would test mineralisation to a depth of 45m.

Gold (13 December 1999)

The Swiss National Bank may not be able to sell 1300 tonnes of 'excess gold' if opponents force a popular referendum against the proposed sale. The Swiss parliament is expected to pass a bill authorising the sale, but the law will face a 3-month period for any opponents to force a popular referendum.

There are persistent rumours that the Russian central bank sold 80 tonnes of gold from its reserves in November.

Golden Cross Resources (13 December 1999)

Newcrest Mining Limited has withdrawn from the Cargo Joint Venture with effect from 30 November 1999.
The GCR/Imperial Joint Venture will continue exploration at Cargo, with emphasis on the Spur/Dalcoath prospect which hosts a shallow inferred resource of 3.7 million tonnes at 1.24 g/t gold, at a 0.5 g/t cutoff, for approximately 147,000 ounces of contained gold.

South Australia Electricity Trust (13 December 1999)

Hong Kong businessman Li Ka-Shing's Cheung Kong Infrastructure Holdings and its 36% owned utilioties subsidiary Hong Kong Electric, has purchased South Australia's ETSA Power and ETSA Utilities for $3.5 billion (for a 200-year lease of the assets).

Thiess (13 December 1999)

Construction of the Bowen Basin's newest open-cut coal mine - the Foxleigh project - is to commence following the granting of a 35-year lease by the Qld Gov't. Production (up to 2mtpy) is due to begin next month.

Thunderbolt Resources (13 December 1999)

Thunderbolt has taken an option over the Brown's Reef base metal project, west of Lake Cargelligo in NSW. The project showed mineralisation over a10km similar to the large base metal and gold areas around Cobar. If exercised, the vendors will receive $100,000 and 5 million Thunderbolt shares.

Australian Gold Resources / Centaur Mining (11 December 1999)

AGR has released their part B statement in relation to the Centaur Mining takeover offer. The offer was for 1 Centaur Mining share for every 2 AGR shares. The report by the independent experts appointed to asses the offer, Ernst and Young, has declared the offer to be "fair and reasonable".
AGR has advised shareholders to await the receipt of their Part B Statement, before making their decision in relation to the offer.

BHP Petroleum / Orogen Minerals (11 December 1999)

BHP has announced the sale of its PNG oil and gas interests to Orogen Minerals for $200 million.

Caledonian Pacific Minerals / Coronation International Mining Corp (11 December 1999)

CIMC has announced plans for a $5.3 million proportional takeover for 60% of the issued ordinary shares in Caledonian, on a pro rata basis, at an offer price of A$0.19 per share. The bid will be subject to minimum acceptances with respect to 51% of the issued share capital in Caledonian. The directors of Caledonian are awaiting the formal offer from CIMC, expected in early January 2000, before advising shareholders.

Dalrymple Resources / LionOre (11 December 1999)

LionOre announces further positive drilling resulting from continuing exploration of the recent Thunderbox gold discovery, located on its Wildara gold/nickel exploration project in the Northeastern Goldfields, Western Australia.
During the recent drilling programme, six diamond holes (LWDD 037, 040, 078, 079 & 085) were completed on Zone C and two on Zone A (LWDD 080, 086). Overall, the results confirm the continuation of the Thunderbox system down-dip, however analytical results have only been received for LWDD037 which intersected 101.2m at a grade of 3.1g/t Au, from a depth of 143.8 metres. The analytical results for the remaining holes are awaited.
Selected infill RCP drilling on Zones A and C confirmed the internal continuity of the mineralisation between previous RAB hole intersections and the down-dip continuation of the mineralized system in the case of deeper holes. The available analytical results are summarized in the following table with holes awaiting results also noted.
The HIGHLIGHT is the assay result for the first Deep Diamond drill hole on section 6879840N namely LWDRD037 which is LWRC037 extended.
101.2 metres @ 3.1 grams per tonne from 143.8metres
This drill hole demonstrates that hard rock( primary zone) mineralisation is 90+ metres true width in this section and extends beyond 200 metres below surface

Edensor Nominees / Great Central Mines (11 December 1999)

The Fulll Federal Court has ruled that one of their fellow judges had no jurisdiction in ordering Mr. Gutnick's private company, Edensor, to pay for breaching the Corporations Law in last year's successful $450 million takeover of Great Central. Edensor will not have to pay $28.5 million to former shareholders of GCM.

Exco Resources (11 December 1999)

Additional RC drilling and preliminary diamond core results have confirmed good continuity of the higher grade mineralisation previously reported at the E1-North copper discovery in the Cloncurry district, Qld.
The latest results indicate at least 2 steeply dipping mineralised zones between 10 to 50m thick. Copper grades are between 1.1 to 1.8% Cu, with 0.15 to 0.2g/t Au and approximately 10g/t Ag. These higher grade zones are surrounded by lower grade mineralisation with 0.2 to 0.5% Cu.
The mineralised zones appear to have continuity to approximately 200m depth and a strike length of 200m, with interpreted fault terminations at both the north and south ends. The depth of cover is only 25 m, which compares with 40 m for the Ernest Henry mine.

MIM (11 December 1999)

MIM has reported that the Alumbrera copper-gold mine in Argentina has met the production, efficiency, physical facilities, financial and legal performance tests required under its project financing.
MIM Chief Executive and Chairman of MAA, Nick Stump, said: "This is an important milestone for the Alumbrera project. As a result of the project meeting the performance tests,the guarantees of project debt repayment from MIM, North and Rio Algom have terminated and the project lenders' recourse will be to the project."

Victoria Petroleum / Sun Resources (11 December 1999)

Sun has announced that the Cadart 1 well on the Gouaro Prospect in PRA436, New Caledonia is at 813 m depth. Current activity is drilling ahead in HQ core hole in seal lithologies to the target below 1,250 m depth.
The JV is highly encouraged by its first live oil show at 747.4 metres in these seal rocks and subsequent live oil shows over the interval 781 metres to 803 metres.

Australian Gas light Co (10 December 1999)

AGL would increase its emphasis on energy asset management and asset services provision as it sought to gain critical mass in a more competitive environment, a senior company exedutive said yesterday.

Australian Gold Council (10 December 1999)

The AGC has appointed its inaugural chief executive, Greg Barns, as part of its push to lift the profile of the sector and encourage ordinary investors into the precious metal. Greg is a former Federal Gov't staff member who led the national campaign for the Australian Republican Movement.

Duke Energy (10 December 1999)

Duke has applied to Australia's competition watchdog for changes to access arrangements for the $450 million Eastern Gas Pipeline, a move it says could spur competition and improve services for customers.

Eastern Corp (10 December 1999)

Gold explorer Eastern Corp has signed up for a $4 million, 40% stake, in Online Media Group. Online plans to offer content via broadband, Internet and wireless application protocol hand-held devices.
Eastern will keep its gold interests in The Philippines, but it may sell down other investments to help fund the deal.

Pasminco (10 December 1999)

Pasminco has appointed Stephen O'Donnell to the position of Executive General Manager - Australian Smelting. He will take over the role following the retirement of John Winckel. Mr O'Donnell, 49, holds an Honours Degree in Chemical Engineering. He has most recently spent several years with MIM Holdings Limited, where he held Executive General Manager roles in both operating and corporate environments.

Sydney Gas Company (10 December 1999)

Sydney Gas has announced the pilot well near Camden in NSW flowed gas at test rates of up to 1000GJ/day.

Union Capital (10 December 1999)

Union has announced that it has agreed to a placement issue of 12.5 million ordinary shares in the capital of the Company to clients in Switzerland and Australia, to raise in total $1.4 million. These funds will be used to increase equity in Identikey and to continue to fund the work at the Mehdiabad Zinc Project in Iran.

ABARE (9 December 1999)

According to the latest issue of ABARE's Australian Mineral Statistics, export earnings by the Australian minerals and energy sector have rose 9 per cent to $9.4 billion during the September 1999 quarter.
ABARE's Executive Director, Dr Brian Fisher, said "This is the highest quarterly export result by the sector since the December quarter last year and reflected increased export volumes for a range of commodities as well as a significant pickup in world prices for many commodities since the middle of the year."

Boral (9 December 1999)

Boral has unveiled details of the break-up of its building and energy divisions, as well as bringing forward the payment of a 7.5 cents/share interim dividend. Under the break-up procedure shareholdings initially will be consolidated into 1 Boral share for every 2 shares held. A resturn of capital will be effected by a distribution of 1 share in the building and construction materials company for each consolidated Boral share. The building unit will retain the Boral name and the existing Boral Ltd will become the energy company and be given a new name.

Lynas Gold (9 December 1999)

Lynas has received a boost to the Mt Weld Rare Earths Project via funding assistance from the Federal Government's Industry Research and Development Board (through AusIndustry). The grant ($1.1 million) is to help fund the development of technologies associated with value adding to this project.
Lynas' Managing Director Les Emery said "the immediate impact of the grant is to increase the investment in the Feasibility Study from $3.2 million to $4.3 million, which would enable the evaluation of downstream process opportunities and fine tune process technology with potential to reduce our start up schedule".

Ticor (9 December 1999)

Ticor is looking to sell it's coal assets, in line with the previously stated company objective of concentrating on their core business, the Titanium industry. Ticor is a 50% partner in the Tiwest Joint Venture, which has a vertically integrated titanium processing project, from mine, right through to a pigment plant in WA.
Ticor's coal assets are a 26% interest in the German Creek coking coal mine in Queensland, and a 20% interest in the Warkworth thermal and coking coal mine in NSW.

BHP (8 December 1999)

A 24-hour strike at all of BHP's WA iron-ore operations, planned for Monday, could spread nationwide, according to key unions.

Eastern Aluminium (8 December 1999)

Smelter group EA has reconfirmed stronger growth expectations for next year - predicting a 1999 operating profit after tax of more than $10 million. EA will also record an abnormal gain of about $2.5 million which will be distributed to shareholders as a fully-franked dividend.

Gateway Mining (8 December 1999)

Gateway has announced more encouraging drilling results from its Gidgee Project in WA, including confirmation that its Barrelmaker South prospect (80% equity, with Herald Resources 20%) has gold mineralisation over a strike length of 200 metres. The Company recently completed 50 RAB drill holes totalling 3,019m over 10 prospects with further positive results from Barrelmaker South, Legendre and Crater.
At Barrelmaker South, gold mineralisation has noe been delineated over a 200m strike length. Best intersections from the latest driling included 15m @ 2.31 g/t Au (incl. 10m @ 3.20 g/t). The hole ended in mineralisation.

Gold Sales (8 December 1999)

An announcement on Monday night by the Dutch central bank to sell 300 tonnes of gold over the next 5 years - 100 tonnes in 2000 with the balance over the next 5 years - adversely affected the gold price.
However, the gold price recoverd US$7.30/oz overnight.

Hunter Exploration (8 December 1999)

Hunter has completed a $2.62 million capital raising enabling it to purchase a 31% stake in e-Auction Australasia. E-Auction holds the exclusive Australian and New Zealand rights to the business of e-Auction Global Trading Inc., a world leader in Internet commodity auctions.

Kingstream Steel (8 December 1999)

Shares in troubled kingstream jumped 17% yesterday on news that Thiess Contractors and Apache Energy would each invest $3 million in Kingstream. Thiess will be appointed the major contractor at the proposed Midwest Iron and Steel project in WA.

Newcrest Mining (8 December 1999)

According to CEO Gordon Galt, Newcrest is on track to produce 1.4 million ounces per annum sometime in the next few years.
Next project is the Ridgeway project in NSW. The Ridgeway project is forecast to be producing 230,000 ounces of gold / year and 20,000 tonnes of copper/year for the first ten years of it's life. According to Mr Galt, cash costs are looking to be "in the low A$100/ounce range".

North Limited (8 December 1999)

North Limited today issued a Status Report on Northparkes Mines following the tragic accident on Wednesday, November
24:

The underground mining operation remains closed, however Northparkes is continuing to produce copper/gold concentrate from stockpiles of lower grade open cut ore. The mine has stockpiles which can maintain feed to the mill for two months.
Also, Northparkes has the option of drawing ore from two open pits should recommencement of the underground operation be delayed beyond this point.

The assessment by Northparkes management into re-commencing operations in the underground is continuing. It is expected that management will have sufficient information in about two weeks to make a decision on the extent of rehabilitation required for underground operations to re-commence.

Preliminary inspections of the underground, as part of inquiries by Northparkes and NSW Government agencies, have not to date identified any significant damage to the underground infrastructure.

North Limited has appointed an independent expert to facilitate a comprehensive safety investigation. He is Professor Jim Joy, the director of the Minerals Industry Safety and Health Centre, at the University of Queensland. He will head a nine-person team of North Limited and independent experts. The North Limited investigation will run concurrently with investigations by the NSW Department of Minerals Resources and the NSW Coroner’s Office.

Tectonic Resources (8 December 1999)

Tectonic has announced that BankWest has approved finance for the RAV8 nickel project in WA.
The bank will provide a total of $12 million, with development expected to proceed early in 2000 and production scheduled to commence around July 2000. WMC has already signed an agreement with Tectonic to acquire all the nickel concentrate produced from the project.
The project has a reserve of 144,000 tonnes @ 5.12 % Ni, and is expected to produce 8,700 tonnes of nickel metal, for a cash cost of $1.45 /lb Ni. The mine should have a life of two years.

AGL (7 December 1999)

AGL has formed a JV company with the ACT Government to deliver electricity, gas and water in Canberra. AGL will build a $50 million, 90MW gas-fired power station supplied by Duke Energy's pipeline (under construction) from Victoria.

Gilt Edged Mining (7 December 1999)

GEM has more than doubled its gold resources at the East Kundana gold project near Kalgoorlie in WA. Re-estimation of drilling results at the Rubicon, Hornet and Pegasus deposits has increased total resources to 770,000 ounces from 310,000 ounces.

Gold (7 December 1999)

The gold price fell to a 2-month low overnight - closing at US$275.70/oz, down US$3.60. The price has fallen steadily since The Bank of England's disappointing auction of 25 tonnes last Monday.

Sydney Gas Company (7 December 1999)

SGC will continue discussions about a possible gas supply agreement with Integral Energy even though its heads of agreement with the company expired yesterday.

Woodside Petroleum (7 December 1999)

Woodside said it did not perceive competitor efforts to commercialise gas from the Bayu-Undan field in the Timor Sea as a threat to its own plans in Northern Australia. Woodside expects to be among the suppliers to new customers in the region, based on substantial reserves in the Sunrise-Troubedour field that also extends into the Zone of Co-operation.

Gawler Gold / Julia Mines (6 December 1999)

Gawler Gold has freed up $630,000 by selling down 6.24 millionm shares of its holding in Julia Mines. Gawler retains 10 million shares (10.4% of Julia) and its liquid assets now stand at about $3 million. For additional information on Gawler, click here.

Greenstone Resources / Sons of Gwalia (6 December 1999)

Greenstone has sold its Cattlin Creek tantalite deposits, 3km from Ravensthorpe in WA, to SOG for $375,000 cash plus a royalty deal. Cattlin Creek has an inferred resopurce of 277,000 tonnes of tantalum-bearing rock. SOG will also get exploration rights over several nearby tenements.
SOG is the world's largest tantalum producer.

Kidston Gold Mines (6 December 1999)

Reserves at the Kidston gold mine in Qld have been downgraded by 61,000 ounces - a trial processing operation covering 200,000 tonnes of waste material had shown both grades and recovery rates were lower than expected.
However, technical problems at the Eldridge pit were progressively being overcome and a re-evaluation of reserves was expected by the end of January.

Kimberley Diamond Co / Auridiam Consolidated (6 December 1999)

Kimberley has reported the recovery of 19 diamonds totalling 4.29 carats from pit 57 at Terrace 5 (Ellendale, WA), including 5 gem-quality diamonds ranging in size from 0.3 to 0.87 carats. Results from samples from pits 58 and 59 were expected by the end of the week.

North (6 December 1999)

Approval appears to be close for the development of the West Angelas iron ore project in the Pilbara.

Paladin Resources (6 December 1999)

Paladin is to raise $5 million to cover a new bankable feasibility study on the Kayelekera uranium project in Malawi.

Striker Resources (6 December 1999)

Striker has announced it has recovered a further 2300 diamonds from bulk sampling at its Ashm,ore diamond project in WA, taking the total to 7600 weighing a total 410.37 carats, including 1 stone of 5.8 carats.

Tap Oil (4 December 1999)

Tap has reported additional oil shows from the Woollybutt-3A well off the WA coast - indicating a significant oil discovery. Tap's shared rose 7 cents to 93 cents.

Ballarat Goldfields (3 December 1999)

Ballarat Goldfields NL has entered into an agreement to purchase a data communications company, Oztrak Group Pty Ltd, located in Ballarat. Oztrak designs and manufactures telemetric and telematic products using GSM and GPS devices. Oztrak's technology has been adopted by the largest automobile club in Europe (with 14 million members) as well as the RACV and NRMA in Australia through their Intelmatics Joint Venture. BGF has requested a suspension of trading while underwriting agreements are put in place to secure the $5 million purchase price. BGF will sell its existing Trustee Securities to interested investors to raise this capital. The acquisition of Oztrak represents a diversification of Ballarat Goldfields' business exposures but does not presage a divestment of its minerals assets. For details, click here.

Glengarry Resources (3 December 1999)

Glengarry reports that a number of new gold soil anomalies, with values up to 14.3 ppb (background approximately 0.3 ppb) have been delineated at the Larranganni Project in the Tanami/Granites area of WA - and could provide the basis for significant advancement of the Project. Follow up work comprising infill sampling, regolith mapping and RAB drilling is planned for the year 2000.

In addition, rock chip sampling was carried out on the Eagle Prospect, located 7 kms north north east of Kookaburra. Gold values ranging from 0.5 to 80.0 g/t were returned from rock chip sampling of a poorly exposed quartz vein that extends over a 300 m strike length. The quartz vein is open to the south east. The area has not been drill tested to date, but will be a priority target for the year 2000.

MIM (3 December 1999)

The Newlands coal mine has been rewarded for it'sdramatic turnaround in 1998/99 - it has won Australia's top minerals export award for 1999.
Despite declining coal prices, the Newlands operation, in 1 year, increased coal export volume by 73% to more than 7 million tonnes, generating export sales revenue of more than $300 million. The mine achieved a 215% increase in profit despite the sharp fall in prices, and increased productivity from around10,000 tonnes to 18,000 tonnes per employee by mid-1999.
The General Manager of the Newlands-Collinsville-Abbot Point project Mr Ryan said that the award belonged to the great team of people at Newlands who had contributed to the growth and transformation of the mine.

Murray Basin (3 December 1999)

The Minister for Industry, Science and Resources, Senator Nick Minchin, has announced that work had begun on a major minerals study of the Murray Basin mineral sands province.
The study is part of the Regional Minerals Program, established by the Commonwealth Government in 1996 to encourage a coordinated regional approach to minerals and energy development. A team of independent consultants will conduct the study, and will report to a committee of representatives from mining companies, the Commonwealth and State governments, by June 2000.

Nugget Resources Inc. (3 December 1999)

Nugget has applied for a Mining Lease, and has initiated the approval to mine process covering the Hawkins Hill/Reward area of the Hill End project, located approximately 40 km north east of Orange, NSW. Nugget has an underground development programme planned to follow up the very high grade drill intersections obtained in previous drilling programmes.
An application has also been made for an Exploration Licence, which covers the entire Hill End anticline following the identification of a new exploration target, where Nugget believes there is potential to host a large medium grade gold deposit.

Oxiana Resources (3 December 1999)

Shares in Oxiana jumped more than 40% yesterday following news that its Cyprus JV had commenced drilling for gold in one of the most highly mineralised provinces in the country.

Pan Australian Resources (3 December 1999)

Pan Australian Resources has announced that it has completed due diligence on the Puthep Project in Thailand and the Company will now proceed with a bankable feasibility study, to earn a 51% flow-through interest in the Project, through shares in the Puthep Company Limited (a wholly owned subsidiary of Padaeng Public Company Limited).

BHP (2 December 1999)

It is rumoured that BHP unions could go on strike next week at the WA iron ore operations if the company refuses to negotiait a collective agreement while still offering individual contracts. BHP Iron Ore is understood to have signed up 250 workers to the contracts - out of a 1000-strong workforce. The incentive period expires in 2 days.

Exxon / Mobil (2 December 1999)

Exxon and Mobil have formally sealed their $124 billion merger to create the world's largest privately-owned oil company. The Federal Trade Commission approved Exxon's acquisition of Mobil after requiring that the new company sell more than 2400 service stations, a refinery and other assets to ensure continued competition.

Monto Minerals (2 December 1999)

Monto says it has been approached by a major Australian company about the joint development of a synthetic rutile plant on the central coast of Qld. Such a relationship would result in Monto gaining the funding to develop mining and processing operations at its Goondicum crater ilmenite project (2.3 million tonnes @ an average 4.9% grade). A 1997 report estimated the capital cost for such an operation would be $41.7 milion.

Paget Mining (2 December 1999)

Paget's new owners plan to turn it into a travel business and are expected to abandon Senegal and the company's 6-year dispute involving Robert de Crespigny and a gold deposit there (the 1 million ounce Sabodala gold deposit).
Paget, under the new management of Robert Nichevich and Godfrey Rule, will buy Travelshop.com.au.

Robert Nichevich is also managing director of Western Reefs. Western reefs is also changing direction, now moving into managed investment schemes. "We can see that the money's not there for the resource sector any more," he said.

Troy Resources (2 December 1999)

Troy is considering a Stage 3 pit at the Cornishman Mine. The mine is currently processing stockpiled ore, following the completion of mining at the end of October. If the feasibility study is favourable, mining of Stage 3 will commence early in 2000, with gold production during the second half of the year.
At the AGM, Chairman John Jones reported that the company is now essentially debt free, with their loan from the Dresdner Bank repaid during November. Infact, the company now has $3.5 million in the bank. The Chairman declared that during the coming year, the primary focus will be the Sandstone region in WA as "we believe this belt to be significantly under explored and having great potential".

Aquarius Platinum (1 December 1999)

Aquarius' Kroondal platinum project in South Africa has achieved full production, 2 months ahead of schedule and below the budgeted capital cost. The concentrator plant, which started operating in August, reached full production with 100,000 tonnes milled during the month of November. MD Keith Liddell, said commissioning had progressed well ahead of expectations, "Construction of the mine is now complete, capital costs are well within budget, and monthly revenue is already exceeding operating costs."

Beach Petroleum (1 December 1999)

Beach will expand its stake in the Cooper-Eromanga Basin as it forecasts a return to profit in 1999-2000. Beach has applied to acquire further blocks in the basin on the SA-Qld border in the second round of bidding for former Santos-held permit areas.

Heron Resources (1 December 1999)

Heron Resources NL ("Heron") has increased its resource base following the current drilling at the Ghost Rocks and Goongarrie Projects to 177.54 million tonnes grading 1.07% nickel ("Ni") and 0.09% cobalt ("Co"). In terms of its Strategic Alliance Agreement with Centaur Mining and Exploration NL ("Centaur"), the high grade portion of this resource would be the basis of toll milling a minimum of 1.0 million tonnes per annum ("mtpa") through the proposed Cawse Stage II plant, assuming a positive feasibility study supporting a 5mtpa expanded capacity at Cawse.

The Company has completed a 400x80m in-fill drilling program, and is currently drilling out selected zones at a 400x40m spacing. Some of the high grade zones at Goongarrie Hill are located on a granted Mining Lease, and these zones are expected to generate mineralisation to process through the existing Cawse Stage I plant during mid 2000.

With the substantial increase in Inferred Mineral Resource during November 1999, and the promising upgrade results being obtained from low grade mineralisation, the Company has re-activated its desk studies into a stand-alone processing operation. It should be clarified that the Heron-Centaur Strategic Alliance relates to toll milling only. Heron is entirely able to process on its own behalf any ore not required by the Cawse Stage II Feasibility Study, planned for completion in August 2001.

Heron’s current strategy is that the Cawse Stage II toll milling will be used as a means of generating cash flow to develop a Heron stand-alone operation based on mineralisation not committed to Cawse Stage II. If however the Cawse Stage II Feasibility Study were to commit to a scale of operation such as 10 mtpa, then Heron would then need to supply 2 mtpa to that style of operation, thus making a Heron stand-alone operation less likely in the shorter term.

Pacific Hydro (1 December 1999)

Renewable energy company Pacific Hydro is to proceed with plans to build Australia's largest wind farm, after the Federal Gov't confirmed arrangements requiring electricity suppliers to get an extra 2% of electricity from renewable sources by 2010.

Pasminco (1 December 1999)

Zinc concentrate from the Century Mine in NW Qld is being stockpiled at the port facility in Karumba on the Gulf of Carpentaria ready for shipment by the end of 1999. The concentrate is being pumped through a 304 km pipeline from the minesite to Karumba, where it is de-watered and then stockpiled ready for shipment.
Pasminco's Executive General Manager - Mining Ian Williams said "This is a significant step in the commissioning of the project...the mill has been operating continuously for the past four weeks and zinc concentrate is being batch pumped to the port as it becomes available from the concentrator...."

Friday 31st December 1999 (Close of Business)
All Ords	3152.5*	closed	Dow Jones	11,497.12*	+44.26
All Resources	1416.9	closed	S&P 500	1469.25	+4.78
All Mining	768.7	closed	Nasdaq	4069.31*	+32.44
All Gold	947.9	closed	FTSE 100	6930.20	closed
Energy	1353.4	closed	Nikkei	18,934.34	+123.76
All Industrials	5403.4	closed	Gold - spot	US$288.80	-2.40
A$ = US65.70c		+1.26	Silver - spot	US$5.41	+0.04
A$ = 67.17yen		+1.26	Platinum - spot	US$440.00	-5.00
A$ = 0.648Euro		+0.008	Bridge CRB Index	204.31	-0.83
US 30-Year Bond	6.477%	+0.044	Crude Oil (NYMEX)	US$25.60	-0.87
Live Quotes & Charts - Australia
24 Hour Spot Gold Price

Friday 24th December 1999 (Close of Business)
All Ords	3135.3	+17.8	Dow Jones	11,405.76	+202.16
All Resources	1401.1	+2.2	S&P 500	1458.35	+22.22
All Mining	758.3	+1.8	Nasdaq	3969.44*	+32.14
All Gold	931.0	+5.4	FTSE 100	6806.50	+29.70
Energy	1336.0	+7.1	Nikkei	18,584.9	+123.0
All Industrials	5380.4	+35.1	Gold - spot	US$287.50	+1.50
A$ = US64.50c		-0.01	Silver - spot	US$5.20	unch
A$ = 65.97yen		+0.35	Platinum - spot	US$435.00	-2.00
A$ = 0.637Euro		+0.002	Bridge CRB Index	204.66	+1.15
US 30-Year Bond	6.477%	+0.017	Crude Oil (NYMEX)	US$25.87	+0.37
Live Quotes & Charts - Australia
24 Hour Spot Gold Price

Friday 17th December 1999 (Close of Business)
All Ords	3138.1	+12.2	Dow Jones	11,257.43	+12.54
All Resources	1405.5	+48.6	S&P 500	1421.03	+2.25
All Mining	763.9	+20.6	Nasdaq	3753.06	+38.00
All Gold	917.9	+2.0	FTSE 100	6724.60	+52.60
Energy	1372.3	+16.3	Nikkei	18,095.1	-16.19
All Industrials	5382.6	-12.9	Gold - spot	US$283.30	+2.00
A$ = US64.28c		+0.02	Silver - spot	US$5.20	-0.01
A$ = 66.31yen		+0.06	Platinum - spot	US$438.00	+1.00
A$ = 0.638Euro		+0.007	Bridge CRB Index	205.51	+0.30
US 30-Year Bond	6.377%	-0.007	Crude Oil (NYMEX)	US$26.52	+0.10
Live Quotes & Charts - Australia
24 Hour Spot Gold Price

Friday 10th December 1999 (Close of Business)
All Ords	3120.3	-16.3	Dow Jones	11,224.70	+89.91
All Resources	1292.0	-4.5	S&P 500	1417.04	+8.93
All Mining	715.4	-3.0	Nasdaq	3620.24*	+26.07
All Gold	914.6	-17.9	FTSE 100	6739.50	+58.70
Energy	1324.6	-10.9	Nikkei	18,271.8	+11.13
All Industrials	5434.5	-30.3	Gold - spot	US$278.80	+0.70
A$ = US63.63c		-0.32	Silver - spot	US$5.12	+0.02
A$ = 65.03yen		-0.49	Platinum - spot	US$439.50	+4.50
A$ = 0.628Euro		+0.002	Bridge CRB Index	202.26	-0.11
US 30-Year Bond	6.161%	-0.054	Crude Oil (NYMEX)	US$25.23	-0.92
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Friday 3rd December 1999 (Close of Business)
All Ords	3086.8	+12.8	Dow Jones	11,286.10	+247.12
All Resources	1312.3	+7.8	S&P 500	1433.05*	+24.01
All Mining	722.7	+4.6	Nasdaq	3520.63*	+67.85
All Gold	951.8	-15.9	FTSE 100	6742.20*	+80.50
Energy	1410.0	+23.4	Nikkei	18,366.1	-146.2
All Industrials	5349.5	+20.3	Gold - spot	US$279.30	-5.40
A$ = US63.31c		+0.04	Silver - spot	US$5.10	+0.01
A$ = 65.02yen		+0.05	Platinum - spot	US$434.00	+2.00
A$ = 0.632Euro		+0.001	Bridge CRB Index	204.39	+0.12
US 30-Year Bond	6.257%	-0.059	Crude Oil (NYMEX)	US$25.81	-0.01
Live Quotes & Charts - Australia
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TEST NO.	TEST INTERVAL (Metres)	FLOW RATE MMCFD*	CHOKE SIZE (Millimetres)
1	260.0 - 266.5	7.4	25
2	230.0 - 236.0	TSTM	OPEN

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