Briefly

SYDNEY: Iluka Resources Ltd, the world's second largest mineral sands group, said its board has approved plans to invest an initial A$270mil in the construction of the Douglas mine and mineral concentrating facilities in the Murray Basin.  

In a statement, Iluka said the planned investment, which is considerably larger than previously foreseen, will expand the group's longer-term opportunities and maximize the potential returns from its entire suite of rutile and zircon resources in the Murray Basin. – AFX-Asia 

SYDNEY:

Australia's share of globally traded metallurgical coking coal supply looks set to rise significantly as demand from China's booming steel industry reduces the amount of Chinese coal available for export, JBWere Goldman Sachs said. 

In a research report, it said Chinese exports of coking coal could conceivably fall by eight million tonnes this year while imports could rise by three million tonnes, making a net swing of 11 million tonnes from the traded market. – AFX-Asia 

SYDNEY:

Equity indices provider Standard & Poor's said media giant News Corp Ltd would not be allowed to be on both the US and Australian main indices if the group goes ahead with its plans to move its base to the US.  

In a statement, S&P said News Corp will not be eligible for a simultaneous listing on its S&P 500 index and Australia's S&P/ASX 200 or S&P/ASX 50 indices, or any other of S&P's Australian indices. – AFX-Asia  

In a statement, Iluka said the planned investment, which is considerably larger than previously foreseen, will expand the group's longer-term opportunities and maximize the potential returns from its entire suite of rutile and zircon resources in the Murray Basin. – AFX-Asia