Territory Stories

The Northern Territory news Tue 20 Jul 2010



The Northern Territory news Tue 20 Jul 2010

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NT news


The Northern Territory news; NewspaperNT




This publication contains may contain links to external sites. These external sites may no longer be active.




Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin

Publisher name

Nationwide News Pty. Limited

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Copyright. Made available by the publisher under licence.

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Nationwide News Pty. Limited



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www.ntnews.com.au Tuesday, July 20, 2010. NT NEWS. 25 P U B : NTNE-WS-DA-TE:20-JGE:25 CO-LO-R: C-M Y-K $1000 $1000 Week 1 Permit No. NTL10/21 mg040103 ntnews.com.aul l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l BUSINESS Tastingnewmarket ADELAIDE:SixhundredChineseare in Adelaideforawinetouramid local wineindustryhopesthatChinawill becomeitsbiggestcustomer. Thewinecompanyemployeesfrom citiesacrossChinabeganarriving yesterdayforaseven-daywine educationandtrainingtour inAdelaide, theBarossa ValleyandSydney. Tropicanaapproved PERTH:AngloGoldAshantiLtds proposedTropicanagoldminein WesternAustraliahasbeengiven thethumbs-upbythestates EnvironmentalProtection Authority(EPA). TheEPAsaid itwouldrecommendtoWAEnvironment MinisterDonnaFaragherthatsheapprovetheplanned mineabout330kmnortheastofKalgoorlie. Sundancesharesplunge PERTH:Shares inSundanceResourcesLtdplunged afterthe ironoreexploreremergedfromamonth-long tradinghaltenteredintoduetothedeathof itsentire board inaplanecrash inAfrica. Sundancesharesweredowntwocents,or15.38per cent,at11cat1115AESTyesterdayafterabout40 millionshareschangedhands,makingit themost tradedstockbyvolume.Theshareshavebeenina voluntarytradinghaltsince June21. Fairfax set to lose key board member John B. Fairfax (second from right) is retiring from the board of Fairfax Media Ltd I have been associated with Fairfax as a journalist, executive and director for most of my adult life SYDNEY: John B Fairfax will retire from the board of Fairfax Media Ltd having been associated with the media company for almost half a century. Mr Fairfax intended to retire from the board at the end of his present term and would not seek re-election at the companys 2010 annual general meeting, the Sydneybased company said in a statement yesterday. Mr Fairfax said it was a good time for him to step down to allow the company to renew the board. I have been associated with Fairfax as a journalist, executive and director for most of my adult life and it is a wonderful company, Mr Fairfax said. After almost 50 years associated with Fairfax and Rural Press, it is advantageous for the governance of the company to continue with its board re-invigoration program at a time of positive strategic changes. Mr Fairfax said he would continue to hold a stake in Fairfax through his private company Marinya Media. Fairfax chairman Roger Corbett said the company would miss Mr Fairfax. He said he and his colleagues were grateful for the contribution Mr Fairfax had made to the company. AXA Asia Pacific headquarters in Sydney Later deadline for deal SYDNEY: Wealth manager AXA Asia Pacific Holdings Ltd and National Australia Bank Ltd have extended the deadline for negotiating a solution to takeover concerns raised by theconsumer watchdog until the end of August. The two parties, along with AXA APHs parent, France-based AXA SA, also have extended the deadline by which they must achieve court approval for NABs takeover of AXA APH to the end of January next year. NAB and AXA have been working since April 19 to find a solution to the concerns about NABs bid for AXA APH raised by the Australian Competition and Consumer Commission. The concerns relate to AXA APHs North wealth platform, and the concentration of market power should NAB acquire AXA APH including North. In a statement on Monday, AXA APH said it had agreed, along with AXA SA and NAB, to extend the period for NAB to satisfy the concerns raised by the ACCC until the end of the day on 31 August 2010. Riversdale raises capital MELBOURNE: Riversdale Mining Ltd has completed the first stage of an eventual $337 million capital raising to expedite the development of its Benga coal project in Mozambique. The miner said it had successfully completed the $174 million institutional component of the accelerated prorata entitlement offer and a $102 mill ion share placement. The $174 million was greater than the $165 million Riversdale had been expecting. Riversdale sold the shares at $9.40 each, a discount to the $10.20 price at which the stock last traded. Riversdale is targeting production of 20 million tonnes per annum by 2013 at Benga, it said. Ausenco wins mine contract MELBOURNE: Engineering and project management group Ausenco Ltd has won a contract to provide works for Canadian miner Taseko Mines Ltd. The contract, the value of which Ausenco did not specify, is to provide engineering design and procurement services for Tasekos Prosperity gold-copper project in British Columbia. The value of the total Prosperity project is $C814 million ($A890 million), Brisbane-based Ausenco said in a statement yesterday. Ausenco chief executive Zimi Meka (pictured) said the work initially would involve managing the first stage of the engineering and procurement phase of the project, and would ramp up as Tasekos key project milestones were reached. Healthscope bid a success MELBOURNE: Private equity firms Carlyle Group and TPG Capital have won the takeover battle for private hospitals operator and pathology provider Healthscope Ltd, with a revised offer of $1.99 billion. Including $700 million in Healthscope debt, the TPG and Carlyle bid gives Healthscope an enterprise value of $2.7 billion. Healthscopes board has unanimously recommended the $6.26 per share cash offer, which is a 16 per cent premium on the $5.40 close on July 16. Healthscope said the offer price would be reduced by any future dividends that Healthscope pays to shareholders before completion of the deal. Shares in Healthscope were 54c higher, up 10 per cent, at $5.94 yesterday. TPG and Carlyle were vying with private equity group Kohlberg Kravis Roberts & Co (KKR) for control of Healthscope. Sources close to the consortium said negotiations on the Healthscope takeover over the weekend were very tough. Its believed the bid from TPGandCarlylebetteredthe KKR bid by only a few cents per Healthscope share. NQM full-year profit falls MELBOURNE: Takeover target North Queensland Metals Ltd (NQM) says its unaudited full-year profit has fallen due to greaterexploration, impairment and corporate costs, but it forecast better times ahead. The miner, the subject of a takeover battle, recorded a net profit (NPAT) in fiscal 2010 of $4.5 million, it said yesterday. The result for the year to June 30 is 19 per cent down on last years figure of $5.6 million. NQM said its net profit was affected by deductions for items totalling $2.7 million, including exploration and tenement impairment and corporate costs. NQMs 60 per cent owned Pajingo mine generated gross profits of $11. million, it said.