Australia Stocks: Kingsgate, Mirvac, Mt. Gibson, Orica, Sino

By Shani Raja

July 22 (Bloomberg) -- The S&P/ASX 200 Index fell 48.30 points, or 1 percent, to 4,963.50 at 10:30 a.m. in Sydney. The broader All Ordinaries Index declined 38.50, or 0.8 percent, to 5,036.90, while the futures index expiring in September lost 1.2 percent to 4,944.

Oil companies: Woodside Petroleum Ltd. (WPL AU), Australia's second-largest oil and gas producer, rose for a second day, jumping 96 cents, or 1.7 percent, to A$57.36. Santos Ltd. (STO AU) gained 40 cents, or 2.2 percent, to A$18.61, the most since July 11.

Crude oil rose from a six-week low as a tropical storm entered the Gulf of Mexico, and Iran, the world's fourth-biggest producer, resisted demands to suspend nuclear research. Crude for August delivery rose $2.16, or 1.7 percent, to settle at $131.04 a barrel at 2:59 p.m. on the New York Mercantile Exchange. It was the first increase in five days.

Kingsgate Consolidated Ltd. (KCN AU), owner of Thailand's biggest gold mine, soared A$1.30, or 28 percent, to A$5.99, the most since 1998. The company said it received final ministerial approval for the Chatree North mining lease next to its existing operation.

Mirvac Group Ltd. (MGR AU), an Australian property investor, plunged 23 cents, or 9.4 percent, to A$2.22, the most since July 8. The company expects to slash its fiscal 2009 dividend by 39 percent from the previous year as it retains some earnings to battle a global credit squeeze that has cut asset values.

Mt. Gibson Iron Ltd. (MGX AU) advanced 24 cents, or 10 percent, to A$2.58, the most since Jan. 25. The Australian iron- ore producer said annual profit doubled to a record because of higher output and increased prices. Unaudited net profit after tax was A$113.3 million ($111 million) for the 12 months to June 30, the Perth-based company said yesterday in a statement to the Australian stock exchange.

Orica Ltd. (ORI AU), the world's largest explosives maker, gained A$1.14, or 4.3 percent, to A$27.47, the most since April 21. The company will spin off its consumer products unit next year, and plans to sell as much as A$900 million ($878 million) of shares to existing holders to fund growth and reduce debt.

Sino Gold Mining Ltd. (SGX AU), owner of China's second largest gold mine, rose 32 cents, or 5.9 percent, to A$5.78, the index's sixth-biggest gainer, after saying second-quarter output at the Jinfeng operation rose more than threefold as mining rates improved.

To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net.