Friday, 27 August 2010

Oil rallies, metals mixed (Friday, 27 August 2010) US oil prices rallied for a second day in a row, despite a substantial increase in US crude reserves. Singapore’s Tapis crude also made gains, rising $US3 to close at $81.46. Full Story... Lihir posts improved profits (Friday, 27 August 2010) PAPUA New Guinea gold miner Lihir Gold has posted profits after tax for the half year of $US142.5 million ($A160 million), up 17% from the $121.5 million recorded in the December half. Full Story... GE snaps up PNG LNG work (Friday, 27 August 2010) GE Oil & Gas has secured contracts to supply equipment and long-term service to the $US15 billion ($A16.8 billion) PNG LNG project. Full Story... Exploration work to continue in PNG (Friday, 27 August 2010) OIL Search is planning to continue its exploration efforts in Papua New Guinea aimed at building gas reserves and its portfolio in the offshore Papuan Basin. Full Story... Ramu tailings system subject of court hearing (Friday, 27 August 2010) A COURT date of September 21 has been set for Highlands Pacific and its Chinese partners regarding the injunction over the construction and operation of a deep sea tailings placement system at its $US1.4 billion ($A1.58 billion) Ramu nickel-cobalt project in Papua New Guinea. Full Story...

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