The order to not process stays till the earlier of the proceedings determination or two months after the date of this order from the Takeover Panel.

Zinifex stock rose 5.7%.

Straits Resource mulls assets sales

Australian copper and gold mining company, Straits Resources Ltd hinted today that it might sell some metal assets as it plans a fivefold increase in output of the fuel in Indonesia as reported by AAP and Bloomberg.

Chief Executive Officer Milan Jerkovic told reporters by phone that an asset sale was under review and that decide which gold or copper assets may fit in the portfolio.

Straits Resources owns two copper mines, Tritton and Whim Creek, as well as the Hillgrove and Mount Muro gold mines. The plans come after Straits completed the $350 million purchase of a second Indonesian coal mine in December and bought a coal project in Madagascar last month.

Straits Resources' stock rose 9.7% after reporting a threefold increase in its estimate of coal resources at its Sebuku mine in Indonesia.

Lion Nathan expects increased income

Australia's second-largest brewer, Lion Nathan Ltd forecasted that its annual net income would be between $265 million and $275 million for the 12-months ending September 30. In November the company had predicted earnings between $270 million and $280 million, which excluding the recent acquisition of J. Boag.

Leighton records 32% rise in profits

Australia's largest engineering and construction company, Leighton Holdings Ltd today announced a 32% rise in its first-half profit on the back of contracts it won to develop mines, roads and airport terminals.

Net income climbed to $250.3 million, or 90 cents a share, in the six months ended December 31, from $190 million, or 68.3 cents, on total sales of $6.5 billion.

The company's shares fell 5.5%.

Commonwealth Bank of Australia defends rate rise

The Commonwealth Bank of Australia today said its decision to raise mortgage rates by more than last week's central bank rise was justified and added that it may revise the rates again.

The company's shares recovered in trading today gaining 1.8% after falling to a 52-week low yesterday.

Allco defers release of first half results

Allco Finance Group Ltd today announced to delay its first half results to Monday next week.

The company said its shares would remain in voluntary suspension. API, a private investor and Allco's largest shareholder was forced by two of its margin lenders to dump 46% of its holding in the group. Separately an investment company made an offer to purchase Allco at a price of $2.70 per share.

The margin calls were triggered by a run on Allco's shares, on the growing investor concern about the level of debt used in its investment strategy.