David Jones added two new stores in 2007 and will open another later this year. The company also agreed to open an outlet in the Sunshine Coast tourist region of Queensland state, with the store expected to ``significantly exceed'''' the company''s $40 million annual sales target.

""We continue to be confident of delivering at least 5%-10% PAT growth p.a. over the FY09-FY12 period and attractive dividends for shareholders throughout the life of the Strategic Plan,"" McInnes added.

BHP to sell assets if Rio takeover succeeds

BHP Billiton chief executive Marius Kloppers has hinted that the mining giant could sell more than $53 billion of assets if it acquired Rio Tinto. He told Financial Times that the takeover could create the same scenario that occurred Australia''s BHP merged with Billiton of South Africa in 2001 when 15% of the combined assets had to be sold.

Possible targets for disposal include smaller or non-core assets in aluminium, copper and ferrous metals, which could realize $57.5 billion. A merger between BHP and Rio would form a natural resources company with a combined market value of about $383 billion.

Kloppers said he was confident of securing approval from European Union competition regulators for the takeover, which is opposed by Rio, ‘in the fourth quarter’ of this year.

Rio to resuscitate Panguna copper mine

Rio Tinto Ltd is planning to resuscitate Panguna copper mine in Papua New Guinea, almost 20 years after it was closed on political unrest on the island. The mine would be resuscitated by Rio Tinto subsidiary Bougainville Copper Pty Ltd, at a mining rate of between 20 million and 50 million tons of ore annually.

In 1989, the ore at the mine was estimated at 691 million tons, containing 0.4% copper and 0.47 grams of gold per ton, making it one of the world''s richest lodes.

The company''s chairman, Peter Taylor, told the annual general meeting that it is expected to finish the study in August. Rio Tinto owns 54% of Bougainville Copper. Rio Tinto share was up 0.1%.

North West Shelf venture to replace vessel

Australia''s largest resources project, North West Shelf venture has agreed to replace the production vessel used at the Cossack oil field to extend the life of the operation at a cost of about $855 million.

The partners led by Woodside Petroleum Ltd want to extend oil output to 2025-2030. The investment in the vessel is one of several plans by the venture to ensure growth, including seeking discoveries near existing fields and a $2.6 billion expansion of liquefied natural gas capacity at Karratha, Western Australia.

The Cossack Pioneer vessel was commissioned in 1995 and was expected to be refurbished in late 2009. Other partners in the project include BHP Billiton, BP Plc, Chevron Corp, Royal Dutch Shell Plc and a venture between Mitsubishi Corp. and Mitsui & Co.

BG to keep retail unit

U.K. natural gas supplier BG Group Plc has told the New South Wales government it would not sell its retail unit in Australia. BG is bidding $12.9 billion for Origin Energy Ltd, intends to expand Origin''s business in Australia and supports its sale of power assets.

BG proposed a cash offer of $14.70 a share for Origin as it seeks reserves to gain access to the expansion of liquefied natural gas exports to Asia. Origin share gained 1.6%.