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Briefs

MORTGAGES

MORTGAGES

Growth in mutual loans

Home borrowers flocked to credit unions and building societies in the year to June, driving mutuals' annual home loan growth to three times that of the big four banks. The 103 credit unions grew their collective loan book by 17.5 per cent to $39.9 billion during that period.

FORESTRY

Pulp mill under the gun

Gunns' $2.3 billion pulp mill project is again under legal pressure, this time over whether the forestry company has done enough to satisfy Tasmanian government permit conditions. The Pulp Mill Environmental Permit expired at midnight last night, according to legal advice to the Greens.

ENERGY

Beach hopes to cash in

Beach Energy is confident of taking advantage of higher gas prices, after booking a full year loss of $97.5 million, compared to a $33.1 million net profit last year. Beach said the result was due to costs related to stopping production at its mothballed project in Bass Strait.

GOLD

Kingsgate profit down

Gold miner Kingsgate Consolidated has seen a sharp fall in full year net profit - down from $73 million for 2009/10 to $21 million this year - due to lower sales of the precious metal. This reflected "abnormal" operating conditions at two of its mines.

MINING

Ausdrill going strong

Mining services firm Ausdrill has posted its seventh consecutive record profit after strong commodity prices boosted activity. Profits rose 52 per cent to $73.3 million for the latest year, partly due to the acquisition of Brandrill.

RESOURCES

Resolute back in black

Resolute Mining has swung back to profitability and expects gold production to rise in the current year. The company reported a net profit of $61.39 million for the 12 months to June 30, compared with a loss of $37.17 million last year.

ENGINEERING

$200m deal for Forge

Forge Group has won a $200 million contract to provide engineering, procurement and construction work for primary iron ore crushing hubs at Fortescue Metals' Solomon mine.

ELECTRICITY

Nuclear call rejected

The West Australian government has rejected a call by Rio Tinto for it to consider using nuclear energy plants to supply some of the state's future electricity needs.The government said it had sufficient capacity through gas, coal and renewables for at least two decades.


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