PRESS DIGEST-Australian Business News - April 1

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

-- Mining company OZ Minerals (OZL.AX) is believed to have reached agreement on a new deal with China Minmetals which will provide OZ with between A$1.6 billion and A$2 billion. The original deal, worth a total of A$3.7 billion, was rejected by Federal Treasurer Wayne Swan last Friday on national security grounds. The new deal will see OZ retain its Prominent Hill mine and the Martabe mine in Indonesia, as well as its listed investments. The new deal is expected to help OZ secure an extension on A$1.1 billion of debt which fell due yesterday. Page 49.

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Telecommunications company Telstra (TLS.AX) yesterday continued its criticism of the Federal Government's national broadband network (NBN). Telstra's Kate McKenzie said taxpayers' money would be better spent on providing improved telecommunication services to rural and regional areas, as there is abundant competition in the cities. However, rival group Optus said the lack of competition in rural areas was due to Telstra's 'anti-competitive behaviour.' The Government is expected to announce a winner of the NBN tender next week. Page 50.

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Oil and gas company Nexus Energy (NXS.AX) yesterday announced that it had sold its remaining 15 percent share in an exploration permit in the Browse Basin off Western Australia to Royal Dutch Shell for US$19 million. The sale provides some relief from pressures to fund an extensive program of exploration and development commitments. However, the company yesterday requested a further two-week extension to its trading halt as it continues negotiations to sell all or part of its 85 percent stake in the Crux liquids project. Page 50.

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Stephen Gerlach, chairman of oil and gas company Santos (STO.AX), yesterday announced he will retire at the end of this year, after eight years in the role of chairman, and 20 years as a board member. Following a change of chief executive last year, Mr Gerlach said his departure would complete a renewal process in the company. Mr Gerlach will be replaced by Peter Coates, who joined the board of Santos last year, and is also chairman of mining companies Xstrata Australia (XTA.L) and Minara Resources (MRE.AX). Page 51.

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THE AUSTRALIAN (www.theaustralian.news.com.au)

-- Electricity and gas retailer AGL Energy (AGK.AX) is to purchase 63 power-generating wind turbines under an agreement with India's Suzlon Energy (SUZL.BO). The turbines are to be part of a A$341 million wind-power project in South Australia. Last month AGL said it expects to approve around A$1.1 billion of energy projects driven by wind and gas-fired generation this year. The Federal Government is aiming to increase power generation from renewable energy from its current level of 9,500 GWh to 45,000 GWh by 2020. Page 20.

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Energy utility asset fund DUET Group (DUE.AX) yesterday launched an institutional placement and entitlement offer to raise A$264 million in capital. The company also said it would cut its second-half distribution from A14.125 cents to A10 cents a unit. The group is offering stapled securities at A$1.30 each, a 24 percent discount on DUET's last traded price of A$1.72. The company said it is undertaking the capital raising in order to strengthen its balance sheet, reduce leverage and provide funding for possible growth opportunities. Page 20.

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Creditors to Gold Coast-based property company Raptis Group yesterday approved a deed of company arrangement (DOCA). Raptis founder Jim Raptis hopes the move will be the first step in a restructure of the company that could lead to its relisting on the Australian Securities Exchange. Raptis went into administration at the start of this year, with A$940 million owed to a consortium of lenders, and over A$1 billion in total liabilities. The DOCA will see creditors take 40 million shares in the company in place of debt. Page 21.