Live ASX News Today
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29th Sep 08:09 PM AEST
Here's why DevEx (ASX:DEV) stock closed over 12% higher today
The ASX-listed mineral exploration company DevEx Resources (ASX:DEV) announced details of a new multi-pronged exploration program across its highly prospective Nabarlek Uranium Project. The project is located at the Alligator Rivers Uranium Province (ARUP) in the Northern Territory.
Key highlights:
- DEV has identified multiple new uranium, copper and gold exploration targets as part of a recently completed technical review, highlighting an exploration opportunity at the Nabarlek Uranium Project.
- DevEx's extensive tenement package, situated in Alligator Rivers Uranium Province, is centred on and includes the former Nabarlek Uranium Mine, considered Australia's highest-grade uranium mine with past production of 24Mlbs @ 1.84% U3O8.
- The exploration opportunity incorporates new near-mine targets at Nabarlek and several prospects.
- A substantial exploration program is planned over the coming 12 months, with drilling undertaken over multiple prospects.
Meanwhile, on the ASX, DEV closed 12.698% higher at AU$0.345 per share today.
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29th Sep 08:07 PM AEST
Here’s why Gold Road Resources (ASX:GOR) was in news today
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Mineral exploration company Gold Road Resources Limited (ASX:GOR) announced disruption to process plant operations at the Gruyere Gold Mine.
The Gruyere joint venture is a 50:50 joint venture with Gruyere Mining Company Pty Ltd, a Gold Fields Ltd Group member, which manages and operates the Gruyere gold mine.
Due to the failure of a trunnion bearing, the ball mill was shut down on 28 September 2021, and the processing plant is currently operating at a reduced throughput rate and processing recovery utilising the SAG mill only.
GOR informed that repairs to the trunnion bearing and an investigation into the root cause are being processed. However, it is currently expected that the ball mill will remain out of service for three to seven days.
Meanwhile, on the ASX, the GOR closed at AU$1.205 per share today.
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29th Sep 08:06 PM AEST
Why Triangle Energy (ASX:TEG) and Pilot Energy (ASX:PGY) were in news today
The Cliff Head Joint Venture, effectively held by Triangle Energy (Global) Limited (ASX:TEG) and Pilot Energy Limited (ASX:PGY), shared an update on its Cliff Head operations on Wednesday.
The joint venture announced that it has completed the CH-6 Electrical Submersible Pump (ESP) replacement workover and the CH-11WI intervention campaigns. Additionally, it has been confirmed that the CH-6 and the CH-11WI wells would continue to operate and perform as expected.
The CHJV has experts optimising ESP performance and production from the Cliff Head field and anticipates stabilising at approximately 720 bopd.
Meanwhile, on the ASX, the TEG and PGY stocks closed at 5.001% lower at AU$0.109 and AU$0.055 per share respectively today.
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29th Sep 08:02 PM AEST
Dart (ASX:DTM) identifies drilling targets at Granite Flat
The ASX-listed exploration company Dart Mining NL (ASX:DTM) announced that the interpretation of recently completed IP and MT Geophysical surveys across its Granite Flat Cu-Au porphyry project had identified several untested IP chargeability anomalies consistent with a porphyry mineralisation system.
Key highlights:
- DTM completed six Induced Polarisation (IP) & Magneto-Telluric (MT) geophysical survey transects across the Granite Flat Project spanning approximately 14km.
- DTM informed that the interpretation of IP data has indicated chargeability anomalies spanning 2 km and coincident with suppressed resistivity – suggestive of porphyry-style disseminated sulphide mineralisation.
- DTM’s survey results are consistent with the interpreted porphyry mineralisation system at Granite Flat, as indicated by numerous long drill intersections of low-grade Copper-Gold mineralisation in altered granitic rock
Meanwhile, on the ASX, the DTM stock at AU$0.105 today.
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29th Sep 08:01 PM AEST
DGL (ASX:DGL) acquires Profill Industires
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The ASX-listed chemical business DGL Group Limited (ASX:DGL) announced the strategic acquisition of Profill Industires Pty Ltd for AU$7.65 million.
Profill is Wangara based chemical manufacturer. It provides chemical manufacturing, blending and packing services to customers across Australia and has been operating profitably for more than ten years.
The acquisition included leases of multiple warehouse and manufacturing facilities in Western Australia and the appropriate licences and planning approvals for these operations.
Meanwhile, on the ASX, the DGL stock closed a tad bit higher at AU$3.00 per share today.
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29th Sep 07:54 PM AEST
Seltzer startup FELLR unveils new roll-out plan
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In what may be called a positive development for a startup that is not more than 15 months old, alcoholic seltzer company FELLR has outperformed many others operating in the same sector in terms of revenue generation.
Continuing with its momentum and with new product launches in the pipeline, the Company expects to at least quadruple revenue in the current fiscal year. FELLR has announced its plan to roll out with Endeavour Group's (ASX:EDV) Dan Murphy's and BWS chains in the country this week. In addition, the Company is all prepared to expand its footprint ranging with Coles across the East Coast in the coming days.
The co-founders of the Company, Andy Skora and Will Morgan, had won the Australian Young Entrepreneur Award – Startup in 2020.
While targeting a further roll-out, FELLR is already in stores with Coles, expanding its presence in Liquorland and First Choice, mainly focussed on the East Coast as of now.
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29th Sep 07:53 PM AEST
Freight drivers relieved after rapid antigen COVID-19 tests get approval in Australia
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Australian freight drivers drew a collective gasp of relief following the Therapeutic Goods Administration (TGA) approval of the rapid antigen COVID tests on Tuesday. The approval means that starting November 1, the Australian citizens can test themselves for COVID-19 at their respective homes.
Under the new law, Antigen tests can provide a result within 20 minutes, however, home tests can only be done under direct supervision from a qualified health practitioner.
The new development has garnered a mixed response from different industries where those involved in the freight and transport industry have hailed the move. In contrast, some industry bodies have questioned the costs for the transporting companies.
Meanwhile, the test cost is still unclear, and demands have been raised to subsidise the at-home kits.
The news is welcomed by the freight drivers travelling interstate because it will save them from the cumbersome process of testing, which took almost five days for the results to come back.
The response of NSW health is still awaited in this regard.
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29th Sep 07:23 PM AEST
Midas (ASX:MM1) commences drilling at Weebo
ASX-listed exploration and mining company Midas Minerals Limited (ASX:MM1) announced that it had commenced its maiden drill program at its Weebo Gold Project in Western Australia’s Goldfields region on time as planned.
Key highlights:
- Midas shared that it has initiated Air Core and Reverse Circulation drilling at its Weebo Project in WA’s Goldfields region.
- MM1 has mentioned that the 12,500m drill program over a 7km strike is expected to take about seven weeks to complete.
- Midas has expected initial results from Weebo within the next quarter.
Meanwhile, on the ASX, MM1 stock closed at AU$0.190 per share.
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29th Sep 07:23 PM AEST
Ensurance (ASX:ENA) completes A$2.145 million placement
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The ASX-listed insurance company Ensurance Limited (ASX:ENA) announced that it had received commitments from new and existing professional, sophisticated and institutional investors to raise AU$2.145 million through the placement of 9,326,092 new fully paid ordinary shares at 23 cents per share.
The raised funds will be utilised in:
- Providing working capital for the expansion and scaling up of the Australian operations.
- Funding the launch of new products in the UK operations.
Meanwhile, on the ASX, the ENA stock closed 7.693% lower at AU$0.240 per share today.
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29th Sep 07:06 PM AEST
Ragnar (ASX:RAG) secures permit for exploration at Granmuren.
The ASX-listed mineral exploration company Ragnar Metals Limited (ASX:RAG) announced that the Swedish regulatory bodies had granted the required Environmental and Work Plan Permits, allowing the Company to begin the subsequent phases of exploration activities the Granmuren nickel-copper discovery within its fully-owned Tullsta Nickel Project in Sweden.
Key highlights:
- RAG mentioned that the permits have allowed the Company to operate machinery and undertake exploration activities within the fields and forests surrounding the Granmuren nickel discovery area with standard working and environmental preservation conditions.
- As shared by RAG, the Work Permit is granted for two years, and the Environmental Access Permit is granted for five years.
- RAG’s next phase of exploration work at the Granmuren Ni-Cu deposit will commence immediately.
Meanwhile, on the ASX, the RAG stock was spotted trading at AU$0.040 per share today.
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29th Sep 06:18 PM AEST
Panoramic (ASX:PAN) secures U$30 million draw-down financing from Savannah
The ASX-listed mining company Panoramic Resources Limited (ASX:PAN) shared an update on funding activities that support the targeted first nickel-copper-cobalt concentrate shipment in December 2021 from the Savannah Nickel Project.
Key highlights:
- PAN has completed an initial US$30 million draw-down under the Trafigura US$45 million secured loan facility.
- PAN’s cash on hand as of 31 August 2021 totalled US$11.4 million.
- PAN’s five-year offtake agreement with Trafigura from February 2023 has now been made unconditional.
Meanwhile, on the ASX, the PAN stock ended at AU$0.205 per share today.
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29th Sep 06:10 PM AEST
Lithium Power (ASX:LPI) sees 90% rise in resources at Maricunga.
The ASX-listed exploration firm Lithium Power International Limited (ASX:LPI) provided details of the updated resource for the Maricunga Stage One project in Chile through its joint venture company, Minera Salar Blanco S.A.
Key highlights:
- Measured and Indicated Resources for the Maricunga Stage One Lithium Brine Project in Chile confirmed an increase by 90% compared with the 2019 Definitive Feasibility Study.
- The Company also shared that the Measured and Indicated (M&I) resource currently estimates 1,905,000 tonnes of Lithium Carbonate Equivalent for the Stage One mining properties at an average grade of 953 mg/l lithium.
- Additionally, Lithium Power's Maricunga resource remains open at depth, with a new exploration target identified for further resource expansion between 400m-550m in the Stage One concessions.
Meanwhile, on the ASX, the LPI stock closed 7.142% strong at AU$0.300 per share.
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29th Sep 06:02 PM AEST
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29th Sep 05:07 PM AEST
Crown Resorts (ASX:CWN) appoints Anne Ward in core team
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ASX-listed Australia-based entertainment company Crown Resorts Limited (ASX:CWN) on Wednesday announced the appointment of Anne Ward as a new independent Non-Executive Director to the Board, subject to the receipt of all necessary regulatory approvals.
The announcement informed that Ward is an experienced company director with expertise in business management, strategy, governance, risk and finance across sectors including financial services, technology, healthcare, government, education and tourism.
Ward will join the Crown Board immediately upon the receipt of all necessary regulatory approvals, said the announcement.
Meanwhile, the stock CWN closed a tad lower at AU$9.420 per share on the ASX today.
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29th Sep 05:04 PM AEST
Culpeo minerals (ASX:CPO) starts High resolution survey at Las Petacas
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ASX-listed copper exploration and development company Culpeo minerals limited (ASX:CPO) announced commencement of an extensional, high-resolution geophysical survey at the Company’s Las Petacas Copper Project in northern Chile. This follows the recent commencement of a maiden drilling program at the Project.
The Company stated:
- High-resolution gradient array induced polarisation (GAIP), and pole–dipole (PDIP) geophysics survey has commenced at Las Petacas.
- Previous GAIP survey delineated several significant iron-oxide-copper-gold (IOCG) style geophysical targets.
- The GAIP survey will cover the area directly east of the large (500m x 400m) geophysical anomaly previously defined at Las Petacas, which is now the focus of the Company’s maiden drilling program.
- Las Petacas hosts multiple high priority geophysical targets coincident with surface copper mineralisation, and this new geophysical survey is anticipated to add to this target pipeline.
Culpeo minerals has deployed Quantec Geoscience to conduct GAIP and PDIP geophysical surveys at Las Petacas. The Las Petacas Survey survey aims to detect an interpreted IOCG target immediately east of the Diego prospect. The Project is considered prospective for mineralisation, generally referred to as IOCG.
The stock CPO closed session at AU$0.245 per share, up 4.255% on ASX.
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29th Sep 04:43 PM AEST
4DS Memory (ASX:4DS) granted 32nd USA patent
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Australia-based semiconductor company 4DS Memory Limited (ASX:4DS) announced on 29 September 2021 that it has been awarded an additional USA patent, thus making it the 32nd licence. 4DS has maintained that the patent is entirely free from any royalty/licencing obligations.
4DS Memory is believed to be the first to create Interface Switching ReRAM for next-generation gigabyte storage in mobile and cloud.
The Company stated that granting patents is an essential strategy for the Company to protect its unique Interface Switching ReRAM in the overall ReRAM space.
The stock 4DS ended today’s session at AU$0.135 per share.
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29th Sep 03:26 PM AEST
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29th Sep 03:13 PM AEST
Castle Minerals (ASX:CDT) completes A$1.52 million placement
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ASX-listed gold and mineral exploration company Castle Minerals Limited (ASX:CDT) shared that it has received strong support from professional and sophisticated investors to subscribe for 126,843,833 fully paid new ordinary shares in the Company.
The shares would be issued at a price of AU$0.012 per share to raise AU$1,522,126 before costs. In addition, each new share would have an attaching option exercisable at AU$0.022 each and expire on 31 December 2023 on a 1:3 basis.
The raised funds would allow CDT to enhance its project incubator strategy and increase its exposure to the fast-evolving battery minerals sector. The Company has shared that it is currently well-positioned to accelerate drilling several of its projects in Australia and Ghana.
Meanwhile, on the ASX, the CDT stock was spotted trading 7.692% higher at AU$ 0.014 per share at 2:12 PM AEST.
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29th Sep 03:10 PM AEST
Superior Resources (ASX:SPQ) confirms upbeat outcome from Steam Engine drilling
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ASX-listed exploration company Superior Resources Limited (ASX:SPQ) announced further positive results in the third batch of assays at its Steam Engine Gold Project. The program is part of the Company’s 13,000m drilling campaign underway at its wholly-owned Greenvale Project.
The project is located approximately 210kms west of Townsville, Queensland.
Key highlights:
- SPQ’s current batch of drilling assay results has confirmed down-dip thickening and extension to the lode and additional shallow, high-grade zones.
- SPQ has stated that 85 RC holes have been drilled for 7,744m from the 13,000m Greenvale drilling program.
- Additionally, SPQ’s feasibility study is also progressing on a low capex operation generating near-term cash flow.
Meanwhile, on the ASX, the SPQ stock was spotted trading 8.333% higher at AU$0.013 per share at 2:06 PM AEST.
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29th Sep 03:09 PM AEST
Gateway (ASX:GML)’s Strategic Agreement with Golden Mile (ASX:G88) is in news. Here’s why
The ASX-listed gold exploration company Gateway Mining Limited (ASX:GML) provided an update regarding its strategic Earn-In Agreement with Golden Mile Resources Ltd (ASX:G88) on Wednesday.
GML shared that the agreement with G88 significantly spread the footprint of the Company’s Gidgee Gold Project in Western Australia to over 1,000km square as announced earlier.
GML further shared that the Earn-In Agreement was conditional upon Golden Mile obtaining appropriate exemptions under the Mining Act 1978 (WA) about the expenditure conditions on the tenements comprised in the agreement.
Meanwhile, on the ASX, the GML stock was spotted trading at AU$0.019 per share today.
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29th Sep 02:43 PM AEST
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29th Sep 02:30 PM AEST
Copper dips on the strong dollar and China's power crisis
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Copper prices dip on Tuesday due to the impacts of China's power crisis and the strengthening of the US dollar. December delivery copper futures traded 0.04% down at US$4.25 per pound on Wednesday as of 11:17 AM AEST.
Three months copper prices on the London Metal Exchange were up 0.01% at US$9,269 per on Wednesday. Copper prices have eased from the record-high levels of US$10,747.50 touched in May 2021. However, the prices of red metal are still up nearly 20% in 2021.
On Monday, copper futures on the London Metal Exchange tumbled below US$9,000 on the concerns of Evergrande's financial crisis that can knock the country's property sector, leading to the subdued demand for copper.
The copper inventories at the Shanghai Future Exchange continued to deplete to reach 12-year low levels. Other metals including tin have also tumbled, losing their Friday’s gain.
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29th Sep 02:16 PM AEST
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29th Sep 01:11 PM AEST
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29th Sep 01:01 PM AEST
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29th Sep 12:31 PM AEST
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29th Sep 12:24 PM AEST
ASX plummets 1.5% on tech rout; St Barbara, Silver Lake rise
The Australian shares continue to remain under stress by mid-session, tracking weak cues from Europe and the US markets. The looming fear about rolling back of COVID-19 stimulus measures hammered interest rate sensitive tech stocks. The rising bond yields also dented market sentiment as it reignited concerns about rising inflation. The correction in commodity prices amid worries over production curbs from China also left investors jittery.
The benchmark index, the ASX 200, was trading 109.40 points or 1.50% lower at 7,166.20, by lunch. The index opened 0.52% lower today tracking negative cues from the US Stocks which closed lower in overnight trade. The Dow Jones Industrial Average tumbled 1.63%, while the S&P 500 nosedived 2.04%. The NASDAQ Composite plummeted 2.83% amid tech rout on rate hike concerns.
Back home, on the sectoral front, ten of the 11 sectoral indices were trading in negative terrain as investors lost their risk appetite. Bucking the bearish trend, utilities sector saw some buying, trading marginally higher.
Information technology was the worst performing sector with a 2.2% loss, tracking overnight fall in the US counterpart, NASDAQ Composite. Tech stocks in the US nosedived as anxiety over when the US Fed might raise interest rates led to a spike in the bond yields.
Among others, materials, health care, telecom and consumer discretionary space also witnessed surge in selling, falling over 1%. Energy, industrial, financial and A-REIT were also reeling under selling pressure.
The top loser on the ASX pack was investment management group Pinnacle (ASX: PNI) by falling 6.4%. Some of the other notable losers were mining infrastructure services firm Mineral Resources (ASX:MIN), resource company Iluka Resources (ASX: ILU), steel producer BlueScope Steel (ASX:BSL) and tech firm Codan (ASX:CDA).
On the gaining side, gold miner St Barbara (ASX:SBM) topped the gainers’ chart by rising 4.3%.
Some of the other top gainers were gold producers Silver Lake Resources (ASX: SLR), Regis Resources (ASX:RRL) and Evolution Mining (ASX:EVN) as well as energy firm AGL Energy (ASX:AGL).
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29th Sep 12:14 PM AEST
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29th Sep 11:24 AM AEST
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29th Sep 11:15 AM AEST
ASX 200 sheds 100 points as Wall Street bleeds over rising bond yields
On Wednesday, the Australian share market opened on a negative note, as a weak opening of iron ore and copper miners are weighing on the index due to lower commodity prices. The commodity prices took an overnight hit due to worries over production curbs from China amid widening power cuts. The ASX 200 opened the session 38 points or 0.52% lower at 7,237.6.
Global shares fell for a third consecutive day on Tuesday. Tech stocks in the US nosedived as anxiety over when the US Fed might raise interest rates led to a spike in the bond yields. Other major indices on Wall Street also ended sharply lower in a broad sell-off driven by rising US Treasury yields.
The Dow Jones Industrial Average took a hit of 1.63% to 34,299.99, while the S&P 500 shed 2.04% to 4,352.63. The NASDAQ Composite lost 2.83% and ended the session at 14,546.68.
Top contributors in today’s fall were BlueScope Steel Limited (ASX:BSL) and Carsales.com Limited (ASX:CAR), both losing 6.97% and 4.9%, respectively. On the flip side, Beach Energy Limited (ASX:BPT) and Dexus Limited (ASX:DXS) were the top ASX 200 gainers, gaining 0.73% and 0.66%, respectively.
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29th Sep 10:51 AM AEST
Smartgroup (ASX:SIQ) receives non-binding proposal for 100% acquisition
Professional service provider Smartgroup Corporation Limited (ASX:SIQ) has received an indicative, non-binding and conditional proposal for the acquisition of 100% shares through a Scheme of Arrangement.
The consortium behind the proposal comprises of TPG Global, LLC. and Potentia Capital and seeks Aware Super Pty Ltd to be an equity co-investor.
Terms of Proposal-
- SIQ shareholders to receive total cash consideration of AU$10.35 per share, reduced by dividend or return of capital paid before acquisition.
- The proposal provides a premium of 31.7% to the closing share price of SIQ on Tuesday, 28 September and 38.6% to the 90-day volume-weighted average price until Tuesday.
- The proposal shall be subject to the completion of due diligence by the consortium.
- Final approval of the SIQ Board and the investment review committees of TPG Global, LLC. and Potentia Capital.
SIQ has appointed Macquarie Capital for financial advice and Herbert Smith Freehills for legal advice.
SIQ shares are trading at AU$9.51 per share on ASX, as of 10:15 AM AEST.
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29th Sep 10:41 AM AEST
Bigtincan (ASX:BTH) secures a A$2 million contract with Asurion
ASX-listed software solution provider Bigtincan Holdings Limited (ASX:BTH) confirmed signing a contract with Asurion, LLC on 29 September 2021.
The Contract will allow BTH to deploy its Sales Enablement platform, with Asurion choosing Bigtincan Content Hub and Learning Hub for the initial deployment with a total contract value of circa AU$2 million over 36 months.
ASX movers today: Bigtincan, Vulcan, Kirkland, APA group
BTH shared that Asurion channel partners across North America will use the software to deliver training, communications, and mobile content based on partner types and roles to help those partners be better equipped to sell Asurion products.
In addition, Asurion expects that the Bigtincan solution would be deployed to up to 50,000 Asurion distributor users via the agreement.
Meanwhile, on the ASX, the BTH stock was found trading at AU$1.287 per share, down 3.19% at 10:20 AM AEST.
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29th Sep 10:31 AM AEST
Woolworths (ASX:WOW) issues sustainability linked bonds worth A$700 million
The ASX-listed food and staple retailing firm Woolworths Group Limited (ASX:WOW) shared today that it has successfully priced AU$350 million of senior unsecured six-year notes and AU$350 million of ten-year notes under its Medium Term Note Programme.
WOW stated in the announcement that the notes were denominated in Australian dollars and was issued to Australian and international institutional investors. Therefore, they did not qualify for retail investor distribution.
Woolworth’s notes are structured with a direct link to the Group’s sustainability goals. It has reflected the Group’s commitment to reduce carbon emissions; the SLB structure embeds a penalty (via a margin increase) into the terms of the notes.
WOW shared that the penalty would be applicable if, at the end of F25 and F29 for the six-year and ten-year notes, respectively, the Group’s scope 1 and 2 emissions are not aligned with the forecast trajectory to meet the Group’s 2030 carbon emissions reduction target.
Meanwhile, on the ASX, WOW stock traded last at AU$38.300 per share.
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29th Sep 10:18 AM AEST
APA Group (ASX:APA) extends AusNet (ASX:AST) proposal
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Energy Infrastructure business APA Group (ASX:APA) shared on 29 September 2021 that it has extended its proposal to acquire all the issued shares in AusNet Services Ltd (ASX:AST).
APA had proposed to acquire all the issued shares in AusNet under a scheme of arrangement for AU$2.60 per share in cash and shares (the superior proposal). However, the proposal was conditional on confirmation by Tuesday, 28 September 2021, from AusNet for due diligence access to APA.
ASX movers today: Bigtincan, Vulcan, Kirkland, APA group
Meanwhile, APA continues to consider the strategic rationale for the acquisition of AusNet to create Australia’s biggest scale energy transmission and distribution infrastructure utility. The combined enterprise value shall be AU$35 billion. It would create a flagship Australian company for electricity transmission infrastructure, much needed for the decarbonisation of Australia’s economy. On the proposal, APA has received positive feedback from both APA security holders and AusNet shareholders.
APA shares are trading at AU$8.59 per share on ASX, while AST shares are at AU$2.54 per share.
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29th Sep 10:14 AM AEST
Kirkland Lake Gold (ASX:KLA) merges with Agnico Eagle Mines
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ASX-listed Gold mining and exploration Company Kirkland Lake Gold Ltd (ASX:KLA) announced on 29 September 2021 that it has entered into a Merger Agreement with Agnico Eagle Mines Limited.
This one will be a merger of equals, with the combined company under the name “Agnico Eagle Mines Limited.”
ASX movers today: Bigtincan, Vulcan, Kirkland, APA group
A joint announcement by the two Companies on ASX revealed that the Merger will establish the new Agnico Eagle as the gold industry’s highest-quality senior producer, with highest margins, minimised unit costs, and industry-leading best practices in crucial areas of environmental and social and governance.
After the completion of the Merger Agreement, the Company is likely to have a mineral reserve base constituting 48 million ounces of gold.
Oursuant to the merger deal, Kirkland Land Gold shareholders will get 0.7935 of an Agnico Eagle common share for each Kirkland Lake Gold common share held.
The stock KLA last closed at AU$60.000 per share on ASX.
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29th Sep 09:31 AM AEST
ASX 200 to fall due to weak commodity prices
The Australian share market is set to open lower on Wednesday, likely pulled down by losses in iron ore and copper miners on muted commodity prices due to concerns over production curbs from China amid widening power cuts.The ASX 200 is expected to open the day 81 points or 1.1% lower after falling 1.5% to 7,275.6 points in the previous session.
Meanwhile, a few shares such as Meridian Energy, VIP Gloves, Coventry Group, and Perpetual Equity Group will go ex-dividend on Wednesday.
On the other hand, Wall Street saw a disappointing night of trade as the Dow Jones fell 1.6%, the S&P 500 dropped 2%, and the NASDAQ sank 2.8%. Investors were spooked by a rise in US bond yields due to interest rate hike bets.
The 10-year US Treasuries hit a level last seen in middle of June as expectations over inflation surged. The bonds continued their sell-off for the fourth day on Tuesday.
- 2-year yield: US 0.30%, Australia 0.02%
• 5-year yield: US 1.02%, Australia 0.77%
• 10-year yield: US 1.54% Australia 1.48% Germany -0.20%
• The US dollar touched a 10-and-a-half month high, supported by rising Treasury yields.
• The dollar index rose 0.31%.
- 2-year yield: US 0.30%, Australia 0.02%