MAR17-05

Page 1

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Images of the Outback Fringe Festival Pages 16 & 17

Trading resumes after BHP offer OLYMPIC DAM…WMC Resources resumed trading on the Australian Stock Exchange this week following a $7.85 share offer from BHP Billiton. The WMC Board of Directors has unanimously recommended that WMC shareholders accept the offer, “in the absence of a superior proposal”. ‘The BHP Billiton offer represents a substantial increase on the current $7.00 per share Xstrata cash offer and is in the upper half of the valuation range of Independent Expert, Grant Samuel,’ WMC Resources Ltd CEO, Andrew Michelmore told The Monitor. “We believe this $7.85 offer represents excellent value for WMC shareholders,’ Mr Michelmore said. “We will work with BHP Billiton to put the offer to WMC shareholders as soon as practicable.’ While the paperwork is still being shuffled back and forwards between the two mining magnates, spokesmen for both corporations are confident that the $9.2 billion deal will go ahead smoothly making BHP Billiton the world’s second biggest copper producer. While at Olympic Dam this week, Premier Mike Rann gave a commitment to ensure the proposed expansion of the Far North site go ahead as planned if the merger goes ahead. Mr Rann met with WMC executives in Roxby Downs on Monday to discuss the latest Centre of Economic Studies Report commissioned by WMC, outlining the economic impact of the expansion on SA’s economy. “The plan is to increase the life of what is arguably one of the greatest ore deposits in the world by a further 70 to 100 years,” Mr Rann told The Monitor. “This move is likely to create more than 10,300 jobs in SA during the three-year expansion phase…and leave an additional 8400 permanent jobs on completion.” The report also indicates royalties to the SA Government are expected to more than double to around $100 million a year – more than $5 billion over the life of the mine. Under the expansion outline, copper production would more than double from 220,000 tonnes a year to 500,000 tonnes a year - while uranium output could more than triple, from 4000 tonnes per year to 15,000 tonnes. Gold production will rise from 80,000oz to 500,000oz per annum making Olympic Dam one of the largest gold mines in Australia.

ANDAMOOKA FUNDS...APOMA chair celebrated the news of significant new funding for Andamooka roads announced by Premier Mike Rann and Member for Giles Lyn Breuer during the Community Cabinet forum on Monday.

Remedy for local roads

ANDAMOOKA...Premier Mike Rann this week announced that the SA Government will triple funding for Andamooka roads. The funding increase - from $5000 to $15,000 per year - will be complemented by an additional $30,000 for restructuring. The announcement was made during the SA Cabinet’s visit to Roxby Downs and Andamooka on Monday. “There’s been a lot of issues raised during our visit and it’s good to know that some things we can fix right away,” Mr Rann said. Member for Giles Lyn Breuer told The Monitor she was “absolutely delighted that the Cabinet could visit the region and get a chance to understand the local conditions and issues”.

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MARCH COPPER CARD SPECIAL FREE garlic or cheese and chive bread in the Steak House Restaurant

Happy Hour every night! 5.30pm - 6.30pm, except Wednesday

March 23 - Carvery March 30 - Foods of the World April 6 - Buffet April 13 - Seafood

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Treasure Chest, Meat Tray Raffles, Spin the Wheel

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BE A WINNER

Just by filling out our Frou Frou Competition coupon in today’s Mini Monitors – Page 6. This exclusive maternity and baby wear boutique in Norwood, Adelaide, is offering a $75 voucher to spend at the store on The Parade. Our final winnner will be drawn on March 25 and the winner will be announced on March 31, in Mini-Monitors. DON’T MISS OUT! This is your last chance to win so be quick and turn to page 6.

Party On! Antacid

Live Band

Saturday, March 19

Squirrel Grip

Live Band

Saturday, February 26

JD the DJ

DJ

Wild Thing

DJ

Saturday, April 2

Saturday, April 9

‘Charity of the Month’ Andamooka Frontier Services


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