Latest mining news : Avocet Mining, Antofagasta, VANE Minerals, European Nickel
08/03/2011 - Company Reports - 0 Comments - 341 words
Avocet Mining has responded to stories in Indonesian press which speculates that PT Merukh Enterprises subsidiary, PT Lebong Tandai intends to sue Avocet over the proposed sale of its South East Asian assets to J&Partners.
Avocet confirmed that it has not received any law suit after the press coverage speculates that PT Lebong Tandai would attempt to block any transactions, on the basis that Avocet allegedly agreed on 26 April 2010 to sell its South East Asian assets to PT Lebong Tandai.
Avocet indicated that it was confident of actions taken in the past and will take in the future are in accordance with prevailing regulations and there are no grounds for criminal or civil action.
Copper miner Antofagasta have reported that profits last year topped $1bn mark as output rose and commodity prices soared. Net profits in 2010 rose by 58% to $1.05bn, from $668m in 2009 while revenues rose by 55% at $4.58bn from $2.96bn. Antofagasta is planning to return cash to shareholders in special dividend.
European Nickel ENK has announced recommencement of Direct Shipping Ore operations at its flagship Acoje project in the Philippines. A new mining agreement was entered into with strategic partner DMCI Mining Corporation, presently mobilising to site on 3 March 2010.
Oil and gas explorer Wessex Exploration expects to withdraw from trading on the PLUS market, conditional on being admitted to AIM. The move is expected to take effect on March 23. Wessex, ticker will be WSX.
VANE Minerals, in a joint venture with Uranium One Exploration. has indicated inferred resource at Wate Uranium Breccia Pipe Project in Arizona had increased by 26% to 1.123m lbs U3O8. Project to move the development phase.
VANE chief executive Steve Van Nort added 'We believe that this is a defining moment for the company as we now have a NI43-101 compliant resource in excess of 1m lbs U3O8. This high-grade breccia pipe has sufficiently strong economics to warrant moving into the development stage.'
Latest company news : Imaginatik, Physiomics, Advanced Medical Solutions
08/03/2011 - Company Reports - 0 Comments - 366 words
Oxford-based systems biology company Physiomics PYC intends to continue its pilot Joint Services Alliance with Jubilant Biosys into commerical development phase, the company announced this morning.
Physiomics indicated, ahead of interrim results due in the next few weeks, that the experimental phase of the JV collaboration was now complete and both parties have now agreed to commence discussions with objective to sign a legally binding Alliance Agreement for next stages of the project.
Innovation management software consultancy Imaginatik IMTK has signed an annual software license with a leading US-based provider of pharmacy and clinical research services. Financial terms have not been disclosed.
Imaginatik, who already have pharmaceutical customers in Pfizer and Novartis, will convert a pilot project, in which Imaginatik delivers its Idea Central software via a hosted environment, to enable 24,000 of the customer's employees to access and participate in the company's innovation initiative.
Imaginatik chielf executive Matt Cooper commented "We are delighted another major player in the pharmaceutical industry has chosen us as their innovation partner following the successful completion of the Idea Central pilot programme. Alongside our long-standing pharmaceutical customers such as Pfizer and Novartis, this gives us further traction in the innovation centric pharma and healthcare industries."
Advanced Medical Solutions AMS has reported that revenue increased by 32% to £31.9m last year after £24.9m in 2009. Operating profit was also up 31% to £5.3 million pre-exceptional items as company indicated strong cash generation with net funds of £3.9 million at end of December.
New facilities in Winsford are now fully operational and AMS announced the US launch of companies LiquiBand® had exceeded first full year expectations. Integration of foam business was reported to be delivering strong performance and Silver alginate operations and ActivHeal® range continues to gain market share.
AMS also announced a maiden final dividend proposed at 0.38p per share Dr Don Evans, Chairman of AMS added that 2010 was an outstanding year. "A number of key commercial and operational milestones designed to fuel future growth were achieved in the year. I am pleased to report that 2011 has started well for the Group and the outlook remains very positive."
Latest engineering company news : Weir Group, Spirax-Sarco
08/03/2011 - Company Reports - 0 Comments - 292 words
Weir Group WEIR have reported operating profit up 51% as the company made good progress made on strategic initiatives including five value enhancing acquisitions, the company reported today.
The oil and gas speciality manufacturer also revealed a US$40m investment plan to expand upstream oil & gas capacity as the company increased the full year dividend by 29% to reflect new confidence in outlook.
Keith Cochrane, Weir Chief Executive added "Weir delivered an exceptional performance in 2010, demonstrating great agility in responding to improving conditions in our upstream oil and gas and mining markets. The Group is well on track to achieve its ambition to double 2009 profits by 2014."
Weir enters 2011 in excellent financial health with a record order book, a clear strategy and plans to drive future growth. We are confident the Group will deliver good progress this year" added Keith Cochrane.
Spirax-Sarco Engineering SPX have reported sales up 14% with growth led by emerging markets and Watson-Marlow division. Profit margin exceeds 20% as the engineering valves group indicated good cash flow and strong balance sheet with net cash of £34 million.
Sarco also announced total dividend up 19% plus an additional payout to share holders with a special dividend of £20 million.
Commenting on the results Spirax-Sarco Chief Executive Mark Vernon added "The Group's consistent financial performance and good growth opportunities benefit from our fundamental strengths and resilient business model. Given no renewed market weakness or significant negative currency movements, the Board is confident in the prospects for the Group this year."
"We generated a significant underlying cash inflow and the dividend has again been increased with an additional special dividend proposed for the first time" added Mark Vernon.
Latest oil & gas news : Kea Petroleum, Green Dragon Gas, Valiant Petroleum
08/03/2011 - Company Reports - 0 Comments - 419 words
Kea Petroleum KEA is to acquire a major interest in two onshore Australian petroleum exploration areas South Australia's Otway Basin and Queensland's Surat Basin.
In both interests, Kea will become Operator and earn 50% interest in the two licence areas, PEL 155 in South Australia's Otway Basin and ATP 837P in Queensland's Surat Basin, by part funding a total of three wells. All the drilling targets are mapped on recently acquired, good quality 3D seismic, and all are near to existing production.
Kea Chairman Ian Gowrie-Smith added "We are delighted to join with Rawson Resources and Energetica, with whom we already have a close working relationship, to test these drill-ready targets."
"These activities are the start of what we hope will be an exciting year for Kea, with the drilling of our large Felix Prospect scheduled at the end of the year, preceded by further wells on Wingrove and on the Douglas Prospect" added Gowrie-Smith.
China-focused Green Dragon Gas GDG has announced an increase in its audited reserve numbers and value estimate, as provided by independent reserve engineers Netherland Sewell & Associates.
The new figures included reserves highlights of 25.5 Tcf on all blocks total original gas in place. Net 3P reserves increase 11% to 2.6 Tcf from 2.3 Tcf in 2009. Net 2P reserves increase 4% to 273 Bcf from 261 Bcf in 2009 and Net 1P reserves increase 24% to 41 Bcf from 33 Bcf in 2009.
Green Dragon Gas CEO Randeep Grewal commented that the increase in reserves was a reflection of the Company "having reached the point at which it is able to roll out production wells having proved the SIS drilling methodology works as an effective and commercial method."
Valiant Petroleum VPP has reached a series of agreements to farm-down and swap part of its 100% holding in Northern North Sea blocks 210/29c and 210/30b which contain the Cladhan South prospects Cladhan South.
The three separate transactions are with Sterling Resources, Wintershall UK North Sea, both of whom are existing and original equity holders in Cladhan discovery, plus Agora Oil and Gas.
Following completion of the Transactions, Sterling will become operator of Cladhan South bringing with it strong subsurface knowledge of the area.
Valiant CEO Peter Buchanan added "We look forward to working together with our new partners and benefiting from their extensive knowledge gained in the area from the drilling to date which has taken place on the Cladhan discovery."
Latest company news : BATM Advanced Communications, SDL, Access Intelligence
07/03/2011 - Company Reports - 0 Comments - 422 words
Telecoms systems and medical equipment company BATM Advanced Communications BVC has announced preliminary results for year ended 31 Dec 2010 indicating that despite a strong second half, up 18%, revenue for the full year was down 10.9% at $120.6m from $135.4m in 2009.
Gross profit also fell 26.0% at $42.7m from $57.7m previously, although profit was up significantly in the second half the year as company recommended a dividend of 0.8 pence per share for 2010.
Medical division grew significantly, reaching sales of $40m and company believes it will move into profit during 2011 as BATM Chief Executive Dr Zvi Marom added that company overcame a setback in 2010 after a decline in sales to Nokia Siemens Networks, however new customers "especially tier 2&3 plus growth in orders in the U.S market", led to a recovery in sales with trendexpected to continue in the first half of 2011 and beyond.
Leading provider of Global Information Management solutions SDL also announced prelim results for the year ended 31 December 2010 indicating strong growth in revenue and profit before tax with revenue up 18% and profit before tax at £28.8m up 20%.
Company invested £2.6 million to generated new customers in Fidelity Investments, Affinion, Saab, United Airlines, Virgin Money and AstraZeneca. Business has a cash balance of £46.6 million after net cash outflow of £25.9 million on acquisitions.
SDL announced a maiden dividend of 5.5 pence per ordinary share has been recommended as Mark Lancaster, Executive Chairman added "We saw a steadily improving demand environment for our technology and services. We were particularly pleased with the levels of cross-selling of products and services achieved during the year, delivering broader Global Information Management solutions that address our customers' strategic needs."
Compliance Software group Access Intelligence ACC has reported turnover from continuing activities up 38% to £7.9m from £5.7m in 2009.
Adjusted trading profit on continuing activities up 153% to £1.47m from £584,000 in 2009 as companies cash balance remains healtha at over £2.2m from £1.7m in 2009.
Company raised £3m at 5p per share in February 2010 and acquired Cobent Ltd on 1 March 2010 for £5.2m although company indicated 'disappointing sales progress at Cobent' had resulted in a re-evaluation of future performance and a goodwill impairment of £2.6m.
Executive Chairman Michael Jackson commented "The board remains confident that the strategy to focus on compliance and ability to offer a "rented" as well as a "purchased" solution through software-as-a-service will provide good long-term returns for our shareholders."
Latest mining news : African Aura Mining, Stellar Diamonds, Conroy Gold, Alexander Mining
04/03/2011 - Company Reports - 0 Comments - 556 words
West Africa-focused Stellar Diamonds STEL has reported Diamond sales of US$971,561, with 28,967cts from Mandala and 1,664cts at Bomboko projects however Stellar noted that operations at Alluvial mining projects had underperformed against expectations.
The company also announced that a £1.9m placement in October 2010 has successfully used to advance the Tongo and Droujba kimberlite projects.
Stellar Chief Executive Officer Karl Smithson commented "the Company is going through an exciting transformation. We have recently reported excellent results from the Company's kimberlite drilling and bulk sampling programmes and I look forward to building on this progress through 2011 which will position Stellar as a leading diamond company in Africa."
Sub-Saharan iron ore and gold focused African Aura Mining is expected to be renamed Afferro Mining AIM ticker AAAM. A circular detailing the proposed restructuring of its assets involving Aureus Mining Inc will today be posted to shareholders.
A Special Meeting is scheduled for 5 April 2011 and if voted through, the efective date of the arrangement wil be 13 April 2011. Trading of the Shares of the Company under the new name Afferro Mining Inc. on AIM will also be 13 April 2011.
President and CEO of African Aura President and CEO Luis da Silva added "There is now a clear timetable for the split. A real opportunity exists for investors to buy-in to the split concept and the upside that management believes will be created by holders receiving two new shares in the resulting pure iron ore and gold entities, Afferro and Aureus, respectively."
Conroy Gold and Natural Resources CGNR has commenced infill drilling at its Clontibret gold target following a Scoping Study, completed by Wardrop Engineering, which showed positive results on technical and financial grounds with recommendation that infill drilling should proceed.
Chairman, Professor Richard Conroy added "Following the positive technical and financial results of the Scoping Study by Wardrop on 20 per cent of the target we have now commenced infill drilling to further define the resource. This is the next stage as we move towards developing a mine at Clontibret"
Alexander Mining AXM have announced that AmmLeach® amenability test work conducted by Alexander's wholly owned subsidiary, MetaLeach Limited , for Firestone Ventures on its Torlon Hill zinc oxide project in Guatemala has produced highly favourable results.
It is anticipated that recoveries can further be improved by optimisation of the leaching conditions and Alexander and Firestone have agreed to work together collaboratively to identify and target other high acid-consuming, carbonate-hosted zinc oxide opportunities in Firestone's portfolio which may be suitable for using AmmLeach®.
Martin Rosser, CEO of Alexander commented "Firestone has been advancing assiduously its zinc exploration activities in Guatemala and has built up an extensive zinc oxide property portfolio. This step is a significant one in Alexander's aim of demonstrating the commercial use of AmmLeach® for processing high grade zinc oxide deposits."
UK stock market mid-morning. BSkyB, Aviva, Taylor Wimpey, IMI
03/03/2011 - Company Reports - 0 Comments - 412 words
As unrest in Libya rumbles on, UK stock market was in the blue all morning on hopes that the middle east public rights protests will not extend further across the region. Brent crude also fell by more than $3.
So far, low key protests in Oman and Saudi Arabia seemed to be running out of steam as news emerged that the people uprising's in the middle-east have not been widely reported China.
Regulatory go-aheads for Rupert Murdochs £8.4 billion takeover of BSkyB seemed to be well received in the city, despite concerns that acquisition would create a singularly powerful media entity that would control UK major news channels.
Rupert Murdoch’s NewsCorp publishes the Times and Sun newspapers and looks likely to gain control of Sky News through BSKyB satellite broadcaster, if the proposed acquisition finally succeeds as News Corp continues to acquire shares in BSkyB that it does not already own.
Shares in Daily Mirror newspaper group Trinity Mirror fell after the company held back from reinstating its dividend despite a jump in profits to £101.5m from £72.7m previously year, revenues fell to £761.5m from £763.3m.
Engineering group IMI was amongst the risers after increases in demand plus cost cutting impacted full-year profits by 44%. Revenue was also up 7% to £1.91bn as oil contracting engineering group Amec reported pre-tax profits up at £258.2m from £203.5m in 2009.
Insurer group Aviva, formed out of the old Norwich Union reported profits by 35% in 2010. Company indicated that it now has 19m customers in UK and profits before tax of £2.44bn in 2010.
Credit card insurance group CPP was making first reports this morning, after listing as a public company last year, noting that revenue rose 12% to £325.8m from £292.1m in its pre-listing days in 2009. Profits also up 30% on 2009.
Housebuilder Taylor Wimpey has reported an expected turnaround to profit in 2010 with profit before tax of £75.1m compared with a £96.1m loss in 2009. The new homes builder also indicated a positive start to current year with prices up in some areas however total completions fell from 15,166 to 14,272.
Tullow Oil reported finding light crude in an "exceptional result" from drilling offshore Ghana. successfully encountering oil in "excellent quality sandstone reservoirs". The oil discovery is now named Enyenra after adjacent oil fields were found to be connected.
Latest oil & gas news : Amec, Roxi Petroleum, Tullow Oil
03/03/2011 - Company Reports - 0 Comments - 440 words
Oil & gas engineering contractor AMEC have reported a strong 2010 operating performance with revenue up 16% on 2009 at £2,950.6m and earning on EBITA1 basis of £271.8m, up 30%.
AMEC reported that its order book is strong at £3.1 billion with order intake up 25% on 2009. The company continues to hold a strong bank balance with net cash reported at £740m as of end 2010.
The oil & gas engineering contractor also indicated dividends up 50%, to 26.5 pence and pointed out that, over last five years dividends have more than doubled. Chief Executive Samir Brikho commented "AMEC made excellent progress in 2010 and is well positioned with growing demand for natural resources, power and water."
"The pipeline of potential acquisitions has strengthened. In 2011 we expect continued growth resulting from our customer focus; with margins maintained at around the 9 per cent mark" added Samir Brikho.
Kazakhstan-focused Roxi Petroleum may be seeking additional funding after Canamens informed decided not to continue its investment in BNG assets. As a result, Canamens will forfeit approximately a 6.25% interest in the BNG Contract Area to Roxi.
Roxi indicated that, in the short term Canamens decision would have little operational impact as CEO David Wilkes added "We have been aware that Canamens shareholders have been conducting a strategic review of its operations."
Jan Kielland, CEO of Canamens said "Canamens has decided to refocus its resources. The consequence of this is to crystallize our interest in BNG to 28.75% in accordance with the agreement with Roxi Petroleum. We are looking forward to working in an optimal way alongside our partners to explore and develop the hydrocarbon potential in the BNG block."
Tullow Oil has reported that the Enyenra-2A appraisal well in the Deepwater Tano licence offshore Ghana has successfully encountered oil within 'excellent quality sandstone reservoirs'.
Tullow believes there in evidence of communication with the earlier Owo-1 well and confirmed that the Owo oil discovery, now renamed Enyenra, is a major light oil field.
Tullow is operator of Deepwater Tano licence with 49.95% , partnered by Kosmos Energy at 18%, Anadarko Petroleum with 18%, Sabre Oil & Gas at 4.05%. Ghana National Petroleum Corporation holds the remainder.
Tullow Exploration Director Angus McCoss commented "The result is a major step forward in the appraisal of the Enyenra-Tweneboa area and is highly encouraging for our target to declare commerciality later this year."
We are now looking forward to leveraging our expertise in the Jubilee play across the Atlantic through drilling the high-risk, high-impact, Zaedyus prospect in French Guiana in March." added Angus McCoss.