Regis doubles full year profit

REGIS Resources has more than doubled its full year profit due to a boost in gold sales and higher prices.

The gold miner made a net profit of $145.7 million in the year to June 30, up from $68.2 million in the previous year.

Gold sales more than doubled to 253 ounces, from 107 ounces during the same period in the previous year.

That helped to boost gold sales revenue to $416.1 million.

The average sale price increased to $1,599 per ounce, up from $1,574 per ounce.

However, the cash cost of production rose 10 per cent in the full year, due to cost increases at the company's Moolart Well operation in Western Australia.

Regis said the development of its Rosemont Gold project, also in WA, would be completed in the December quarter.

"Gold production will commence in the December 2013 quarter and is expected to contribute 48,000 to 53,000 ounces of production for the 2014 financial year as the operation is ramped up," the company said.

Meanwhile, Regis forecasts gold production at WA's Garden Well for 2014 to be between 190,000 to 210,000 ounces and Moolart Well is expected to produce between 95,000 and 105,000 ounces during the same period.

Regis declared a maiden dividend of 15 cents per share, fully franked.

Regis shares dropped 30 cents, or 7.5 per cent, to $3.70.

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Further rate cut possible, but not yet

The RBA has signalled that another rate cut is possible, but says it is not going to happen soon. Source: AAP

THE Reserve Bank is inclined to make another interest rate cut, but it doesn't look like it will happen soon.

"Members agreed that the Bank should neither close off the possibility of reducing rates further nor signal an imminent intention to reduce them," the RBA said in the minutes of its September 3 board meeting.

The central bank said June quarter economic growth was a little below trend, but housing market conditions were continuing to improve in more recent months in response to low lending rates.

The RBA last reduced the cash rate in August, by quarter of a percentage point, to a new record low of 2.5 per cent.

It said the historically low lending rates and the lower Australian dollar are continuing to provide a substantial degree of stimulus to the economy.

The RBA said this would help the Australian economy negotiate its transition away from being driven by investment in resources.

JP Morgan economist Ben Jarman said the RBA did not want to declare an end to its cycle of reducing the cash rate, but stopped short of saying there was scope to cut further.

"The minutes struggled to get very excited about the progress achieved so far," he said.

"Officials are not totally defeatist, and still are putting emphasis on monetary policy's long and variable lags."

The decision to cut the cash rate again will be dependent on future economic data and how far the Australian dollar will fall, Commonwealth Bank economist Diana Mousina said.

But she added that 2.5 per cent will be the low point for the cash rate in this easing cycle.

"On balance, the economy is progressing at a pace in line with the RBA's expectations. So a rate cut is not imminent," Ms Mousina said.

"We also suspect that policy makers would prefer to see any further easing in monetary conditions to come via a lower Aussie dollar."

The release of September quarter inflation figures on October 23 - two weeks before the RBA's Melbourne Cup day board meeting - is one of the key pieces of economic data to be released in the coming months.

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Barnett bites back at striking teachers

TEACHERS in Western Australia have been accused by Premier Colin Barnett of disrupting hundreds of thousands of children and families with "a strike for the sake of having a strike".

In an unprecedented alliance, three unions have called on 10,000 angry teachers, education assistants, library staff, lab technicians, cleaners and gardeners to attend a two-hour stop work meeting on Thursday.

They are protesting the loss of 500 education jobs, a freeze on teacher numbers and reduced funding for special programs to improve literacy, numeracy, attendance and behaviour.

But in a combative retort, Mr Barnett said the strike was unnecessary and unjustified.

"This is a strike for the sake of having a strike - what are they striking over? They are the best-paid teachers in Australia," Mr Barnett told parliament.

"It will cause distress to parents, and so many parents will be angry on Thursday if they go on strike. They will be fearful for the care of their children, that is the reality."

The State School Teachers Union, United Voice and the Community and Public Sector Union have directed members to attend stop-work meetings at Gloucester Park and in country areas.

Anger has been rising since the post-budget revelation that as many as 500 education assistants and support staff will lose their jobs as a result of a funding reallocation for WA schools.

The state government insists the cuts are not happening, pointing to a $300 million increase in funding for education this year, saying the budget is higher now than before the Liberals came into power.

Sharyn O'Neill, director general of WA's Department of Education, said it was not yet clear how many schools may shut on Thursday, but she was anticipating it would be only a handful.

"It is too early to speculate on the numbers of staff involved. It is possible that I may have to endorse the closure of some schools if they cannot provide adequate supervision for students," Ms O'Neill said.

State School Teachers' Union president Anne Gisborne said she wanted the premier to acknowledge the issues his reform would present to hundreds of schools.

"We have got a belligerent premier and a belligerent minister who are holding the line that there will be no cuts and everything will be hunky dory," Ms Gisborne said.

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Australia has 160,000 toxic sites: expert

THERE are close to 160,000 toxic sites in Australia, says an environmental health expert whose main concerns include mines and old railways.

There's not much people can do about toxic dust or poison leaching into groundwater, says Professor Ravi Naidu.

However, at the very least they should keep away from old railway lines, which are poisoned with herbicides and pesticides that include arsenic.

Prof Naidu's organisation, CRC CARE, is hosting 150 delegates from 40 countries at CleanUp 2013, a Melbourne conference aimed at finding solutions for toxic sites around the world.

Topics discussed at the conference include the world's ever-growing garbage pile of electronic waste and how it is poisoning children.

Delegates are also discussing global contamination and its impact on health, economies and ecosystems.

Poisons like lead and arsenic are big problems in Australia because of past practices in the mining industry, says Prof Naidu.

Electronic waste is also a problem because it used to be disposed in landfill sites before appropriate legislation was passed.

"We have many old landfill sites that have received electronic waste but do not have appropriate barriers.

"As a consequence we have contaminants leaching from the electronic waste and there is evidence of this in ground water."

For children the biggest concern is toxic substances in the air.

These could be from domestic carpets, for example. But children living close to mining areas are at particular risk of being exposed to lead in dust particles.

"The main message for Australians is to be aware of the danger of toxic substances in the air and to be aware that contaminants are present where ever there are old railway tracks.

"Keep your children away from them. They are not always fenced off."

He says the government and industry needs to do more.

"There should be improved mine processing techniques that do not generate as much dust."

Most toxic sites in Australia are in urban environments and people living nearby are often not aware.

"We should be concerned that with so many potentially contaminated sites the pace with we are rehabilitating them is very slow," says Prof Naidu.

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Labor slams Abbott for one-woman cabinet

IT'S a sad day for the nation when the cabinet of Afghanistan has more women in it than the cabinet of Australia, says acting Labor leader Chris Bowen.

Prime Minister-elect Tony Abbott unveiled his ministerial line up on Monday, revealing the only woman in the cabinet is Foreign Affairs Minister Julie Bishop.

The outgoing Labor government had six, Mr Bowen said.

"The cabinet of Afghanistan now has more women (three) in it," Mr Bowen said.

"It is a disappointing day when Australia goes so backwards, so backwards."

But equally worrying were the large sectors of the community that will be ignored by Mr Abbott's decision not to have a minister for disability care, seniors/ageing, tourism, resources, energy and the financial services sector, Mr Bowen said.

Mr Bowen also criticised the coalition for an emerging pattern of promising one thing before the election and then doing another thing after.

He highlighted reports Mr Abbott's government would not release their mid-year economic forecast until the January holidays.

He said it was a cynical breach of the promise Mr Abbott gave at his campaign launch last month to show the state of the books within 100 days of winning office.

"There will not be the normal scrutiny that you get in this building in other months of the year," Mr Bowen said.

Mr Bowen also slammed Mr Abbott for not visiting Indonesia within a week of winning the election to discuss key issues between the neighbouring countries.

"Now we're told (Foreign Affairs) Minister Bishop will catch up with (Indonesian Foreign) Minister Marty Natalegawa in New York for coffee," he said.

Australian Greens Senator Richard Di Natale said Mr Abbott's frontbench ignored the major challenges of the 21st century.

"Tony Abbott has made an art out of ignoring the science of climate change so it's no surprise that he has failed to include science or research," Senator Di Natale said.

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One-punch killer jailed after third trial

A MAN who killed a promising young footballer with a single punch will be eligible for parole in just over two years.

Wally James Hung was sentenced to six years and nine months' prison in the Supreme Court in Brisbane on Monday.

Earlier in the day a jury found him guilty of the manslaughter of 23-year-old Todd Parnell.

Hung will be eligible for parole on December 31, 2015 after taking into account time served in pre-sentence custody and for another assault.

Parnell, a junior Broncos player, was "king hit" by Hung in the early hours of July 26, 2009 at a post-game celebration on Bribie Island and died in hospital the next day.

A different jury had previously found Hung guilty of the offence, but his legal team was able to secure him a retrial on appeal.

A second trial was dismissed when the jury was unable to reach a verdict.

Prosecutor Phil McCarthy told Hung's sentencing hearing that Hung had served 12 months' prison for punching another person in the head while on bail for manslaughter.

Mr Parnell's mother and sister read out victim-impact statements during the sentencing.

Mother Jenny Stirling said her son had just been beginning the next phase of his life while sister Tara Parnell lamented that she would never see her brother's cheeky grin and hear his contagious laugh.

Hung's barrister James Godbolt said his client suffered depression and anxiety and expressed regret at the outcome of the punch.

However Judge John Byrne questioned how that could be, given Hung had committed a similar crime while on bail.

"The civilised community does not tolerate such sickening, lethal violence," he said.

The judge added that Hung had attacked Mr Parnell from the side without warning but told police Mr Parnell had raised his hand first.

Outside court Mr Parnell's father Tony Parnell said the parole eligibility date did not fit the crime.

"It doesn't matter what happens, Todd will never come back," he told reporters.

Ms Stirling said she had been unable to move on from her son's death and she had not changed his bedroom or moved his shoes from the door in the four years since he'd died.

She said Hung had expressed no remorse.

"I'm a compassionate person, always have been (but) there will never be forgiveness," she told reporters.

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Comedian Simon Pegg in Perth for film

Shaun of the Dead star Simon Pegg has arrived in Perth to film Kill Me Three Times. Source: AAP

ENGLISH actor and comedian Simon Pegg has arrived in Perth to work on the Australian film, Kill Me Three Times.

The star of Hot Fuzz, Shaun of the Dead and the recently released The World's End tweeted on Friday: "G'day Perth. Let's make a film."

Pegg seemed to enjoy Perth's sunshine on Sunday too, tweeting: "Beautiful day in Perth, WA. I might even leave the hotel, if I can find the exit."

An hour later he joked: "People keep recommending a bar called The Lucky Shag. Australia, you beautiful bitch, I don't think I could love you more at this point."

The Lucky Shag is a waterfront bar in Perth's CBD.

Written by James McFarland and steered by Red Dog director Kriv Stenders, Kill Me Three Times is a crime thriller set in the Australian surfing town of Eagle's Nest.

It tells the story of a young woman linked to three tales of murder, blackmail and revenge.

Pegg will play a murderer in the film, in stark contrast to his previous good guy roles.

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Worst over in Vic baby illness mystery

More than a dozen babies in Melbourne's Royal Women's Hospital have fallen ill to a mystery bug. Source: AAP

VICTORIAN Health Minister David Davis says the worst is over after more than a dozen babies in a hospital nursery came down with a mysterious infection.

Fifteen newborns being cared for in The Royal Women's Hospital's intensive and special care nursery were quarantined when the illness emerged nine days ago.

Two babies had to have surgery for an inflammatory bowel condition.

Mr Davis said the outbreak was a challenge that had been well-managed.

"An infection in neonatal has been worked through and followed up with the support of the chief health officer of Victoria," he said.

"We are now eight days since any further infection. This can happen from time-to-time but has been handled appropriately and carefully."

Mr Davis said state opposition allegations that funding cuts were to blame for stress in neonatal units were false and bed numbers were at record numbers.

He said adequate bed numbers in neonatal units was a long-term challenge for government that was separate to the infection.

"From time-to-time there are peaks in demand (of beds) and there is pressure. However the state government is working to ensure their sufficient capacity," he said.

A hospital spokeswoman said there was no danger to new arrivals and that the babies are getting better.

Australian Nursing Federation state secretary Lisa Fitzpatrick said she was concerned about the stress on neonatal care units across the state.

"There is continuing pressure put on those units and we know that there has been an issue this week with 20 babies still being barrier nursed," Ms Fitzpatrick said.

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London mayor Johnson backs UK fracking

London Mayor Boris Johnson says wind farms are a "disease" and the UK should embrace nuclear power. Source: AAP

WIND farms are a "disease" which have blighted Britain's countryside and the country should embrace nuclear power and fracking to meet its energy needs, London Mayor Boris Johnson says.

Johnson accused the energy companies of "ruthlessly exploiting" a shortage of supply as he insisted the UK must stop "pussy-footing around" and start exploiting shale gas reserves.

The senior Tory said turning to a new generation of nuclear plants and fracking would cut energy bills and boost the economy.

Writing in The Sun on Sunday he said he was shocked by the number of wind turbines he saw on a recent drive to Scotland.

"It is a good 20 years since I last drove all the way to Scotland, and in the interim something unbelievable has been done - in our name - to our green, pleasant and precious countryside," he said.

"I mean the windmills, the turbines - whatever they are called. I mean the things that look like some hideous Venusian invasion, marching over the moors and destroying the dales; the colossal seaside toys plonked erratically across our ancient landscape; the endless parade of waving white-armed old lunatics, gesticulating feebly at each other across the fields and the glens.

"They seemed to be everywhere, and I asked myself, when were we consulted? Was there a referendum? Did someone ever warn the British people that these moaning seagull slicers were going to be erected on some of the most sensational scenery that God ever called into being?

"The answer is that no one warned us, because no one really took the decision to do it. It just sort of happened. We have contracted these mills like a disease, because of our pathetic apology for an energy policy."

Claiming that the turbines would not meet the UK's needs he blamed the last Labour administration for failing to get to grips with the issue, leaving the UK facing an energy crisis.

"It is time to take the fight to the energy companies, who have been ruthlessly exploiting their position - and the best answer is an enormous increase in supply. We can do it, and we can do it in a way that is as clean and green as any technology on earth," he said.

"First we need to grow some collective cojones and launch the nuclear energy programme that this country has too long delayed. Do you know how much of their juice the French get from their nuclear programme? Almost 80%. They are laughing at us - us, the nation that split the atom!"

He added: "Next, we must stop pussy-footing around, and get fracking. Even if we have 100s of fracking pads, they are nothing like as ugly as windmills, and they can be dismantled as soon as the gas is extracted."

Mr Johnson said shale was "clean and green" and would help the UK secure its own energy supply without relying on gas from countries such as Russia.

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Holden to cut more jobs

Holden has moved to cut more jobs as it continues to restructure its Australian operations. Source: AAP

CAR maker Holden is moving to cut more jobs as it continues restructuring its Australian operations in a bid to ensure a long-term future.

The company said on Friday it had taken the difficult decision to axe some of its salaried staff.

Holden hasn't revealed how many jobs will go but says all staff affected will be offered support, including career transition and financial counselling.

"It is never easy to make changes like these but we have to take these steps to protect Holden's long-term future in Australia," the company said in a statement.

The latest losses follow the axing of 400 workers from its assembly operations in Adelaide earlier this year along with about 100 from its Melbourne operations.

The remaining assembly staff also agreed to a revised wages and conditions deal to help the company cut costs.

The new redundancies are expected to centre on Melbourne where Holden does most of its design and engineering work.

The company said it was doing all it could to ensure it continued to have a strong future as a design, engineering and manufacturing centre.

"Australia is arguably the most open and competitive automotive market in the world," it said.

"Staying nimble in such a competitive marketplace is an ongoing process that demands our continued attention.

"We have done some significant work in addressing the manufacturing side of our operations but must also work on the other areas of our business to be as efficient and effective as possible."

As the restructuring continues, Holden is also waiting to renew talks with the incoming coalition government on financial assistance.

The company negotiated a $275 million package with the former government in return for a commitment to build two new models in Australia from 2016.

But that deal stalled heading towards the election, prompting Holden to put a final decision on its future in Australia on hold until after the poll.

While Labor appeared committed to providing more funds, the coalition has so far held firm to its policy to cut $500 million from overall auto industry assistance.

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