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VIDEO: Weekly news highlights

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A new oilfield has been discovered off the North West shelf of WA, 180km from Port Hedland.

Perth exploration company Carnarvon Petroleum says the Phoenix South-1 well has produced samples of light oil, with preliminary estimates indicating the resources could produce 300 million barrels.

Playing hard to get has paid off for Robust Resources, as an increased takeover bid thrust their share price up 52 per cent.

The Australian-based precious metals miner resisted takeover bids from Stanhill Capital Partners in July, with chairman David King warning shareholders to take no action on the offer of 31 cents per share.

The announcement of Stanhill’s new bid of 49 cents per share took the stock from 29.5 up to 45 cents per share on Friday.

This represents a premium of 123 per cent on the share price of 22 cents at the time of the initial offer.

Clive Palmer never fails to raise eyebrows, but on the ABCs QandA program on Monday night, after making a number of salient and compassionate observations about welfare in Australia, the audience was astonished when he launched into an anti-chinese tirade.

Palmer accused the communist government in China of attempting to control Australian shipping ports in order to get out of paying for quantities of iron ore.

For the biggest news of the week, the upcoming BHP Billiton demerger which will see the non-core assets split into a separate company known as ‘Newco’, please go to our website for all the details about the biggest play in mining this year.

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