The Olympic Dam ore body in South Australia was discovered in 1975 by Western Mining Corporation. WMC Resources, as it became, was subsequently bought by BHP Billiton for $9 billion in 2005. At that time, Olympic Dam had capacity to produce 235,000 tonnes of copper every year and was a large underground operation.

More seismic activity in the Christchurch region and sluggish construction activity in New Zealand and Australia have forced Fletcher Building to downgrade its earnings forecast. The Christchurch rebuilding theme and excellent positioning of the company in the Australasian building materials and construction markets is intact but the timing is not. We are now recommending Members sell Fletcher Building.

Lower copper production was offset by improving coal production and a record quarter for iron ore. Given the latter is much more significant for Rio’s earnings, the quarterly production report scores a pass mark, in our view.

Shareholders voted decisively for the NBN deal with the federal government that will deliver approximately $11 billion of value in return for the shutdown of the old copper network and transfer of its customers to the NBN. The resulting financial position leaves Telstra with more flexibility than it has had for many years, including maintaining its generous dividend and consideration of further capital management.

Another Greek bailout, a sweeping euro zone rescue plan, and a G20 finance ministers meeting and Halloween – it must be October.