Gold miner Newmont Mining Corporation
(ASX:NEM) has poured its first gold at its Boddington mine in Western Australia.
The event marks the start of gold production at Boddington after the first production of copper concentrate in August.
The miner who has significant assets in the U.S. also says it has trucked its first shipment of copper concentrate from the mine to the port in Bunbury.
Newmont believes that at full production Boddington will be Australia’s largest gold mine with annual gold output estimated at around one million ounces a year for the first full five years.
The company forecasts production costs of US$300 an ounce.
CEO Richard O’Brian says the Boddington mine is a world-class mine and will be a cornerstone asset providing a stable production base for many years.
Newmont Mining posted a profit in 2008 after a massive loss the year before.
Property investment trust Macquarie DDR Trust (ASX:MDT) says it has agreed to terms to extend the maturity date of the US$111.1 million non-recourse commercial mortgage backed securities debt for a further 60 days to December 1 2009.
The trust says it will continue to work with its financiers for a longer term extension to mid-2010.
Macquarie DDR Trust says this extension allows the company and commercial mortgage backed securities special servicer to review the impact and possible advantages of changes to legislation governing commercial mortgage backed securities loans in the U.S. which it says grants increased flexibility to servicers of the loans.
Macquarie DDR says the loan is secured by 13 assets valued at US$182.7 million as at June 30 2009, and has an interest coverage ratio of approximately 2.5 times for the prior 12 months.
The trust says that since December 2008 this loan has been reduced by US$61.8 million by applying cash earnings and proceeds from asset sales towards the repayment of the loan.
Macquarie DDR Trust has posted net losses in the last two years following three years of profits.
Commercial television operator Ten Network Holdings Ltd (ASX:TEN) says two directors have resigned from the board following the sell down of the 50.06 per cent investment in Ten by Canwest Global Communications Corp.
Leonard Asper and Thomas Strike, who are connected with Canwest, have resigned from the board effective immediately.
The board will now consist of five directors; executive chairman Nick Falloon, Jack Cowin, Paul Gleeson, John Studdy and Peter Viner.
Chairman Nick Falloon says there has been a positive reception and wide institutional support for the sell-down of Canwest’s investment in Ten Holdings.
Mr Falloon says Peter Viner, a former CEO of The Ten Group and currently president of Canwest Broadcasting, will remain as a director of Ten Holdings.
Ten Holdings annual result for the year to August 31 2009 will be released on October 22 2009. Ten reported a profit of $273.4 million in 2008, its best result in five years.
Wholesale distributor and marketer of groceries and liquor Metcash Ltd (ASX:MTS) has signed an agreement with iCash Payment Systems Ltd (ASX:ICP) for iCash to become part of Metcash Advantage.
Metcash Advantage is a program that provides Metcash customers with a comprehensive range of technology based products and services.
iCash chairman James Manny says this agreement is structured to deliver competitive benefits to all stakeholders.
Mr Manny says the iCash vertical integration model delivers competitive pricing through control of the value chain. It also addresses the non-price imperatives of the relationship.
Mr Manny says this is achieved through the company’s control of, and direct access to, the ATM manufacturer.
Metcash posted net profit of $202.5 million in 2009, and looking at the past five years iCash is yet to post a net profit.
