Home' InDaily : February 26th 2010 Contents AICD EVENTS DIRECTORS LUNCHEON
Interview Luncheon with
Senator Nick Minchin
Join us for a rare intimate fireside
style chat with Senator Nick Minchin,
Leader of the Opposition in the Senate
as he is interviewed on the hot topics
such as the current federal political
landscape, global issues, climate
change, and current director issues.
Date: Wednesday 24 March 2010
Venue: InterContinental Adelaide
Time: 12.00pm to 2.00pm
Do not miss your place at this
To register, contact Nadine Turhan
on 1300 783 566 or email
February 26 - March 4, 2010
BHP Billiton chairman Don
Argus plans to hand over
the reins to Jac Nasser at the
end of next month.
The retirement of Mr Argus,
aged 72, as chairman of the
world s biggest resources
company was flagged last year,
with Mr Nasser named as a
Mr Nasser has paid tribute to
Mr Argus, who led the board of
BHP, and remained chairman
after the company s merger with
Billiton in 2001.
"The board wishes to pay
special tribute to the immense
contribution Don Argus has made
to BHP Billiton over many years
of dedicated service," Mr Nasser
"In the 13 years since he joined
the BHP board, and particularly
over his 10 years as chairman,
Don has led BHP Billiton to the
distinctive leadership role in its
sector," he said in a statement.
The market capitalisation of
BHP Billiton under Mr Argus
chairmanship rose from $US31
billion in 2001 to its current figure
of $US190 billion.
Mr Nasser had a 33-year career
with Ford and was chief of the US
car company from 1998 to 2001.
In the statement on Wednesday,
Mr Argus thanked BHP Billiton s
shareholders for their support.
"It is to them I have been
accountable for the governance
and performance of BHP
Billiton," Mr Argus said.
"It has been an outstanding
highlight in my life, and an
extraordinary privilege, to serve
Mr Nasser will now discontinue
executive management responsi-
bilities with One Equity Partners,
the private equity arm of JP
Morgan, but will continue in an
advisory and non-executive role.
He will remain a director on
British Sky Broadcasting and
a member of the International
Advisory Council of Allianz AG,
BHP Billiton said.
Golf Bore on par
Southern Gold has marked a
milestone in its exploration career
-- announcing the Company s first
JORC-classified gold resource estimate
across any of its operations in Western
Australia, South Australia and
Adelaide-based Southern Gold
announced an Inferred Mineral
Resource of 102,600 ounces of gold
at a grade of 1 gram per tonne Au,
contained within 3.2 million tonnes
of mineralised material -- at its Golf
Bore prospect, 40km northeast of the
Dominion Mining-owned producing
Challenger gold mine in South
Australia s far west.
Golf Bore is located in the most
north-eastern aspect of a gold joint
venture exploration footprint between
Southern Gold and Dominion.
It is one of more than six joint
venture prospects surrounding the
mine subject to a comprehensive
drilling and exploration campaign by
Southern Gold and Dominion.
"Southern Gold s maiden resource
currently defined at Golf Bore may
have economic potential in the future
as a satellite deposit or as part of a
larger operation if other mineable
deposits are discovered in the vicinity,"
Southern Gold s managing director, Mr
Stephen Biggins, said.
"We will review the opportunities
to further increase the size of the
resource at Golf Bore in the context of
exploration success nearby, and also
future gold prices," Mr Biggins said.
"To achieve our maiden JORC gold
classification is a welcome milestone
and validates our confidence in the
potential for further economic gold
mineralisation discoveries in the
joint venture and other areas around
Dominion Mining has made the
Challenger mine one of the country s
most profitable gold mines since the
deposit s discovery in 1995.
Southern Gold s gold and base
metals exploration portfolio also
includes the advanced Bulong South
gold project near Kalgoorlie in Western
Australia, and more than 1600 sq km of
tenement holdings in Cambodia.
Hastie Group has reported
expectations of an upturn in business
driven by resource-rich States,
including South Australia.
The outlook comes despite a fall
of more than 30 per cent in first half
net profit with the company saying
it is well placed to take advantage
of economic recovery and return to
growth in core markets.
Hastie, which provides technical
services to the building and
infrastructure sectors, reported a net
profit of $21.6 million down from $31.8
million in the prior first half.
Hastie chief executive David Harris
said conditions remained patchy but
Hastie was well positioned to take
advantage of economic recovery and
return to growth in its core markets.
"In Australia we are seeing an
upturn in tenders, with greater signs
of activity in the resource-rich states
of Queensland, Western Australia
and South Australia, and, while we
are experiencing ongoing demand
in northern England, other regions
and the Republic of Ireland remain
subdued," Mr Harris said.
"The Middle East remains
mixed, with ongoing major project
opportunities in Abu Dubai and Qatar
for which we are actively bidding."
He said the group had commitments
for 100 per cent of its 2009/10 revenue,
assuming similar revenue to 2008/09
and expected the current financial
year s earnings before interest and
tax to be between $80 million and $84
million, depending on timing.
"With a strong balance sheet and
a secure debt position, we also have
financial flexibility to capture growth
Meanwhile, Sydney-based provider
of accommodation services to
resources, construction and tourism
projects Mac Services Group reported
net profit in the half year to December
31 of $13.79 million, up 13.9 per cent.
Mac chief executive officer, Mark
Maloney, said the company s "trading
environment had improved over the
past six months".
"We remain interested in expanding
our presence in Western Australia
beyond the goldfields region and
continue to review prospects in that
market," Mr Maloney said.
"Discussions are continuing with
BHP Billiton in relation to a new
village at Roxby Downs to service
the needs of Olympic Dam in South
Australia, however we do not expect
this to proceed this financial year."
SA resources set to
drive Hastie Group
Oil producer, Stuart Petroleum
reported a net profit after tax of $1.8
million for the half-year ended 31
"This profit derived from
production of oil from the company s
Cooper Basin oil fields and associated
hedge positions," its report said.
Stuart s production for the half-
year totalled 122,000 barrels of oil.
Revenue for the period was $15.1
million, including the recognition,
during the half-year, of production-
associated hedges sold before the
In a post-half event, the Company
received $10.3 million in settlement
of its sale of interest in Timor Sea
exploration tenement AC/P33. This
includes an amount for recovery
of some prior costs and the cost of
casing transferred to the purchaser.
The company also announced it
had eliminated bank debt, retained
cash at bank, retained its strong
cash flow from Cooper/Eromanga
Basin oil production and secured a
Basin exploration portfolio, the
consequence of a recent award of
acreage from Government.
"Stuart s successful sale of its
Timor Sea exploration interest
has left it able to capitalise on the
outstanding opportunities contained
in its Cooper/Eromanga exploration
portfolio," Stuart s managing
director Tino Guglielmo said.
"Stuart is looking forward to a
strong performance in the Cooper
Basin when drilling resumes
Stuart returns to profit
Jac Nasser takes over from Don Argus (inset) as BHP chairman next month.
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