Briefs

Murchison shares dive

Murchison Metals has dismissed reports that its partner, Mitsubishi Development, wants to pull out of the construction of the $4 billion Oakajee iron ore port in Western Australia. Murchison and Mitsubishi are equal partners in Oakajee Port & Rail, which is developing a deepwater port north of Geraldton. Investors dumped Murchison shares yesterday: its stock fell 12.7 per cent to $1.20.

TAKEOVERS

Xstrata presses Sphere

Xstrata has taken out full-page newspaper ads in an attempt to push through its bid for Sphere Minerals. With just days until its $514 million bid expires, the Swiss group has increased its stake in the iron ore company to 30 per cent. Xstrata has said it will withdraw the offer if it does not secure more than 50 per cent by Friday.

MEDIA

Positive Fairfax outlook

Standard & Poor's has reaffirmed its credit rating for Fairfax Media and raised its outlook for the company. It kept Fairfax's long-term corporate credit rating at BB and lifted its outlook on the long-term rating from stable to positive.

AVIATION

Etihad wins again

The Middle Eastern airline Etihad Airways has been named the "world's leading airline" for the second successive year at the World Travel Awards in London.

MINERAL SANDS

Iluka bullish on zircon

The mineral sands miner Iluka Resources says a worldwide shortage of zircon means high prices will be sustained. The company intends to increase production of the element.