10 November 2003 16:04
AAP Finance News in Brief, Monday, Nov 10, 2003
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ENDS BRIEFS
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DRAGON PERTH, Nov 10 AAP - Perth explorer Dragon Mining NL announced today it was nearer to acquiring the precious
metal assets of Finland-based metals company Outokumpu Mining Oy. Dragon shareholders approved the $17 million cash and
scrip transaction last week, clearing the way for the completion of the sales agreement with Outokumpu. The acquisition
comprises a portfolio of advanced gold projects in Finland including the currently producing Orivesi underground mine.
It also includes a nearby 600,000 tonne per annum mill and treatment plant, underground mining equipment and office
buildings in the towns of Outokumpu and Rovanemi. The acquisition also includes joint venture interests in Spain and
Russia. Dragon initially plans to focus on the most advanced projects in the Outokumpu portfolio with a view to
developing cash flow from new production centres in Finland to complement its 80 per cent-owned Svartliden Gold Project
in northern Sweden. AAP lk AMADEUS PERTH, Nov 10 AAP - Oil and gas company Amadeus Energy Ltd said its United States
subsidiary will buy a 73 per cent working interest in the Raccoon Bend oil field in Texas. The Perth-based company said
the project, 60 miles northwest of Houston, had 57 producing wells, seven injector wells and 77 temporarily abandoned
wells. Racoon Bend comprises about 7,300 gross acres and the lease produces about 530 barrels of oil a day. The company
said there was potential for more oil to be found and 11 prospects have been targeted. The acquisition by Amadeus
Petroleum Inc is subject to due diligence. AAP lk BANK OF QUEENSLAND SYDNEY, Nov 10 AAP - Moody's today placed the
ratings of Bank of Queensland (BOQ) on review for possible upgrade. It said the review will focus on the potential for
BOQ to realize sustained improvement in its franchise position and financial fundamentals as a result of on-going
restructuring and expansion initiatives. "BOQ has realised substantial profitability and efficiency gains over the
last 18 months," Moody's said. "This has followed an intensive expense management and outsourcing
program. " The bank has also introduced an innovative owner/manager branch model, which has allowed for rapid
expansion of the bank's branch network." Moody's said its rating review will focus on the potential for
these initiatives to further strengthen the bank's fundamentals, as well as the ability of the bank to manage the
new challenges posed by its rapid evolution. The following ratings were placed on review for possible upgrade: - Long-
and short-term deposits at Baa3 and Prime-3 respectively - Issuer rating at Ba1 - Subordinated debt (domestic currency)
at Ba1 - Other short-term at Prime-3 - Bank Financial Strength rating of D-plus. AAP sjh SUNCORP RATES SYDNEY, Nov 10
AAP - Suncorp Metway Ltd has hiked its standard variable lending rate, in line with the 0.25 per cent rise in official
interest rates last week. The Brisbane-based bank said it was lifting its standard variable rate by a quarter of one per
cent to 6.57 per cent. It also increased its other lending rates by 0.25 per cent, including its Back to Basics home
loan which was lifted to 5.24 per cent. All the changes take effect on November 14. The bank said it would refund a $300
establishment fee for customers who took out the Back to Basics loan, whose new rates take effect on December 1.
[AIW [Asia Africa Intelligence Wire]] |
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