PRESS DIGEST-Australian Business News - March 31

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) faces being forced into administration if it is unable to refinance around A$1.3 billion in debt facilities by the end of today. OZ's lenders, mostly overseas banks, extended the debt facility last month until today. China Minmetals A$2.6 billion takeover bid for OZ was rejected by Treasurer Wayne Swan on Friday. However, advisers to both companies have since been working to create a deal which will be acceptable to both the Federal Government and OZ's banks. Page 17.

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Industrial products distributor Alesco (ALS.AX) yesterday announced that it has appointed Caliburn Partnership to examine the possible sale of its scientific and medical division, known as Biolab. The company said 'expressions of interest for the Biolab business have come from a number of parties, including international trade parties.' Analysts say Alesco has been under pressure to strengthen its balance sheet, and the sale of Biolabs could earn up to A$200 million. Page 19.

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Fertiliser manufacturer Incitec Pivot (IPL.AX) yesterday reaffirmed its profit guidance for the full year, with business expected to remain 'robust' according to chief executive Julian Segal. Incitec announced it expects net profit of A$450 million for the year to the end of September and said it has secured loan facilities to cover its working capital expenditure requirements for 2009 and 2010. Mr Segal also announced that Incitec will offer a dividend reinvestment plan for the next three dividends. Page 19.

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Oil and gas explorer Nexus Energy (NXS.AX) is today expected to announce the results of negotiations aimed at securing emergency funding. The company requires the extra funds to pay for this year's large capital development programs, the cost of which could force the company into administration. The funding crisis has arisen following the failure of a plan to sell its 85 percent stake in the A$1 billion Crux liquids project. Nexus has been in a trading halt since March 9, which is due to end today. Page 45.

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

Zinc mining company Terramin Australia (TZN.AX) yesterday announced two strategic partnerships that will provide the company with A$46 million in funding for the development of its Tala Hamza mine in Algeria. The deals are with China Non-Ferrous Metals Industry, which will gain an 11.2 percent stake in Terramin, and French trading house Transamine, which will emerge with an 8.3 percent stake. The deals still require approval from Australian and Chinese regulators, as well as Terramin shareholders. Page 18.

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Shareholders in stock market operator NSX (NSX.AX), which operates the National Stock Exchange of Australia and the Bendigo Stock Exchange, have called for an extraordinary general meeting to consider the removal of six directors. One of the shareholders who has called for the meeting, Steven Pritchard, said NSX lost A$12.5 million in the first-half of this financial year, while remuneration to executives and directors has continued to rise. Mr Pritchard, who is a nominee for the board, has called for a smaller board and a reduction in corporate overheads. Page 19.

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Wayne Goss, the chairman of Free TV Australia, which represents the free-to-air television industry, has said the sector must 'step up to the plate' and fund the creation of new digital channels if it is to ensure its future. Broadcaster the Ten Network (TEN.AX) launched a new sports digital channel over the weekend, however, rivals Seven Network (SEV.AX) and Nine Network have not committed to new digital channels until later this year. Mr Goss said he believed Seven and Nine are aware they must commit funding, but conceded that, 'new channels are expensive.' Page 19.