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08/03/10 Dacha Capital Rare Earth Power Breakfast Presentation - March 8th 2010
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08/03/10 Great Western Minerals Group Rare Earth Power Breakfast Presentation - March 8th 2010
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Access Pharmaceuticals’ Cobalamin oral platform could offer new way to administer insulin: In recent months, news flow and analyst comments in US listed Access Pharmaceuticals (OTC:ACCP) has been primarily focused on the company’s oral mucositis product, MuGard, which is in the midst of commercialization in Europe. However, this morning observers and investors alike were reminded that this junior pharmaceutical company has an interesting pipeline of other products in its arsenal, including Cobalamin, a platform based on vitamin B12. What makes Cobalamin interesting is its multi-application potential as a facilitator of oral absorption of pharmaceuticals. This morning, Access Pharma reported that two independent animal studies confirmed earlier findings that Cobalamin offers “significant bioavailability of orally delivered insulin”. At present, there is no product in the market which offers oral administration of insulin. In layman’s terms, bioavailability refers to how well a drug (in this case insulin) is absorbed into the body. With any application, the key to success is not only to ensure a high percentage of the drug is absorbed, but additionally that it can be predicted ahead of time to ensure correct dosage. Hence Cobalamin as an oral drug delivery technology could supersede many products that still require injections or intravenous therapy (in the case of diabetes the most common practices is a disposable insulin ‘pen’). Access has previously reported that its Cobalamin-coated insulin containing nanoparticle formulations, delivered orally, provided a pharmacological response (lowering of blood glucose level) equivalent to “greater than 80% of that achieved by insulin delivered subcutaneously” (beneath the skin). Currently Insulin is most commonly given as an injection under the skin, usually into the thigh, buttocks, abdomen or upper arm. “We remain excited about the potential of our Cobalamin oral drug delivery technology, and the positive data being generated,” stated Jeff Davis, CEO of Access Pharmaceuticals this morning. Phillip Wise, Vice President of Business Development Strategy added that the company was in discussions with several companies about “options” to apply its Cobalamin platform to other drugs. Access has previously reported equally encouraging non-human trials for delivering human growth hormones (HGH). “The Company believes the substantial oral bioavailability found underscores the formulation’s potential for clinical development and ultimate commercialization,” the company reiterated. “Additionally, Access believes that its Cobalamin Oral Drug Delivery Technology has broad application to proteins, small molecule drugs, hormones, and potentially sRNAi therapeutics.” Access Pharmaceuticals recently began a pre-licensing program to confirm the utility of Cobalamin for targeted delivery of siRNA therapies (SiRNA stands for small interfering RNA, but is sometimes referred to as short interfering RNA or silencing RNA). Access said industry researchers have been stymied in their efforts to design a pharmaceutical product that efficiently transports siRNA therapeutics into the cells they are designed to inhibit or kill. Cobalamin's vitamin B12 uptake mechanism offers the potential for targeted delivery of siRNA because most human cells have a requirement for vitamin B12.
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Finders Resources H2 2009 pretax loss narrows to A$3.1m as sales revenues soar: Finders Resources (AIM&ASX: FIN) has released its financial report for the six months to 31 December 2009 to comply with AIM regulations after changing its financial year-end from 30 June to 31 December. AIM rules require that the company publish principal financial statements including the balance sheet, cash flow and comprehensive income statements, with comparative information for the previous corresponding period. Finders announced last week it had received official approval to change its financial year-end to align the balance dates of companies in the group, which will be effective from 31 December 2009, and flagged it would publish the first financial report for the six months ended 2009 today, 16 March. Finders said today that its pretax loss narrowed from A$5.68 million to A$3.1 million as sales revenues soared to A$2.98 million from A$51,000. The company had current cash and cash equivalents of A$7.6 million compared to A$412,000 as at 31 December 2008, while its total current assets amounted to A$11.2 million at the end of the period compared to A$993,000 at 31 December 2008. Total assets increased from A$22.25 million to A$37.46 million. Back in late January the company said the definitive study (DFS) at its Wetar copper project estimated life of mine costs at US$1/lb of copper. As scoped the project DFS arrived at a Net Present Value (NPV) of US$240 million pre‐tax at $6,500/t copper, with a total funding requirement of up to US$118 million. Late last year, the company acquired Whim Creek SX-EW (solvent extraction and electrowinning) plant from a subsidiary of Straits Resources Ltd. The Whim Creek plant has a producing capacity of 18,000 tonnes of copper cathode per annum and is suited to Finders’ needs at its Wetar copper project in Indonesia. Diamond drill testing of new areas of epithermal gold silver veining at Way Neki at the company’s Ojolali gold-silver project is currently underway with the goal of increasing the oxide gold resource to over 300,000 oz of gold.
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Bullion Monarch third quarter revenues rise as royalty income from Newmont operation jumps: Precious metals royalty and resource development company, Bullion Monarch Mining (OTC:BULM) announced record quarterly revenue of US$1.5 million for the company's third quarter ended January 31, 2010 (Q3 2010), up approximately 49% from the same period in 2009.The jump in revenues was due to increased grades and volume at the Leeville underground gold mine in Nevada’s Carlin Trend , which is operated by Newmont Mining (NYSE:NEM). Bullion Monarch has a 1% royalty gross smelter royalty from the area that includes not only the Leeville Mine, but the Four Corners deposit and North Lantern deposit, but which are being developed by Newmont, Bullion Monarch stated."Bullion Monarch remains profitable, debt free and continues to invest in mining projects from cash flow in order to avoid dilution of shareholder equity,” Don Morris, President and CEO of Bullion Monarch stated this morning, “We have never been more confident about the long-term stability or future growth potential of this company." Bullion Monarch Mining, incorporated in 1948, merged in 1969 with M.M & S Exploration, which was founded by the father of Don Morris, the current CEO and President of Bullion Monarch. M.M & S was a pioneer in the Carlin gold belt of Nevada, which contains around 200M ounces of gold and which, with cumulative production to date of around 75M ounces has produced more gold than any other mining district in the United States.Bullion’s current business model is to explore and acquire land positions, either in close proximity to major mining operations or on properties with known deposits, and to obtain production and revenues from them, either by sales with retained royalties or joint ventures, so that it can keep liabilities and expenses low, and profit potential high. Since 2006 the company has also expanded its focus from gold to include oil shale through its acquisition of 80% of EnShale Inc, which holds mineral rights to 4,650 acres of Eastern Utah and a proprietary technology for extracting oil from oil shale. Bullion’s current portfolio now comprises interests in six projects in the US and two in Brazil.
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GeoPark completes drilling and testing of new oil discovery in Chile: Latin America focused oil and gas company GeoPark (AIM: GPK) announced the successful drilling and testing of a new discovery oil well, on the Guanaco prospect on the company’s wholly-owned Fell Block in Chile. The Guanaco-3 well was drilled to a total depth of 2,752m, and a production test in the Springhill formation, at 2,590m in an 8 metre perforated interval, flowed at approximately 470 barrels per day (bpd) of oil.GeoPark said that preliminary results and further production history will be required to determine stabilised flow rates and the extent of the reservoir. A beam-pumping unit and production facilities are now being installed and production is targeted to commence within seven days."In addition to the discovery of the new Guanaco oil field, this result is also important because it opens up a new area of prospectivity on the Fell Block in Chile”, GeoPark Chief Executive James F. Park said. “The Fell Block continues to demonstrate its underlying value and potential with its diversified portfolio of production, development and exploration opportunities”.The company noted that the Guanaco-3 production test represents the third successful well and first exploration discovery drilled by GeoPark in 2010. Preliminary interpretations indicate the Guanaco structure to be approximately 3.5 square kilometres in area. The Guanaco field is located in the south central area of the Fell Block, and it represents a previously undrilled area which covers approximately 150 squre kilometres. “It is encouraging that after nearly three years of continuous drilling on the Fell Block our team continues to develop new plays and discover new oil and gas reserves”, Park added. At Guanaco, historic 2D interpretations indicated the presence of several oil and gas prospects. GeoPark is currently completing a 90 square kilometre 3D seismic survey over the area, in addition to further seismic exploration work being conducted throughout area. Once the programme is complete GeoPark expects 57% of the total Fell block area to be covered by 3D seismic.Elsewhere in Chile, as part of the company’s 15-17 well 2010 drilling program, GeoPark has completed drilling of Aonikenk Sur-1, where testing operations will begin in April. The company is also drilling the Alakaluf-7 well, which will be followed by the Alakaluf-9 well. On the large Tranquilo and Otway Blocks in southern Chile, GeoPark has initiated 2D seismic surveys covering 545km and 3D seismic surveys covering 430km₂. The company noted that drilling on the Tranquilo Block is targeted to commence in Q410.
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Anglo American's focus will now be on value accretive assets: Not only did Anglo American (LSE, AAL) have to deal with relatively low commodity prices last year, the company was also under threat of takeover/merger from Xstrata. Anglo rebuffed the approach and to justify going it alone to stockholders the miner has had to move to cut costs itself and to focus the group on shareholder value. The changes have been made.To take organisational change as an example, the group will now put the headquarters for particular metal groups in the areas of production. Thus copper will be run from Chile and Metallurgical coal from Australia. Previously these metal groups had been headquartered in the UK. Corporate headcount has also been reduced by 25%. On the divestment front, $400m of sales have been agreed so far in 2010 which includes the leading supplier of building materials the Tarmac group. This compares to divestments in 2009 of $2.4bn as this included gold producer AngloGold Ashanti. The rational for the sale of AngloGold was that it would achieve a higher stock market value as a separate entity.On the overheads front over 2009 cost reductions across the group came in at 5% with a total reduction in headcount of 23,400. Asset optimisation targets for operating profit improvements were beaten, as were targets for procurement cost savings.However, no amount of internal changes can insulate a business from external conditions. This was evident in the 2009 results as the group was hit by falling commodity prices. Operating profit in 2008 was $10bn but this fell to $5bn in 2009 with price falls causing $4bn of this fall. Associate businesses also caused a reduction in profits of $1.5bn while inflation provided a further $0.5bn hit.Set against this the factors the group can control appeared to perform well. Volume production increases boosted profits by $0.4bn while cash cost savings helped to the tune of an additional $0.5bn. As such the group does appear to have made the best of a difficult situation. We also like the fact that the miner is able to take on the chin a dramatic fall back in some commodity prices as its diversified production base ensures relatively resilient financials.Looking forward the prospects for growth remain very strong for the group. Copper production is set to increase by a third by 2012 while the Barro Alto project is set to triple Nickel production. Looking at the group as a whole the aim is to increase production by 33% by 2013 which is on the basis of approved projects. The four key areas of focus are Los Bronces, Minas Rio, Kolomela and Barro Alto. However, if unapproved projects are also added production could increase 90% over current levels by to the year 2013 which is extremely strong growth. The focus of the group will now be on "value accretive assets" where it has a competitive advantage. These include copper, iron ore, coal, nickel, PGMs, Diamonds and Manganese.Looking on a financial front the group has remained strong despite taking up rights issues in two subsidiaries. Net debt remained the same as in 2008 at $11bn, gearing has fallen from 38% to 31%. This is a good performance and shows that the financial position of the group hasn't deteriorated despite commodity price falls. As such the dividend looks set to be restored in the current year after being halted in 2009.
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Edison Investment comments on Epistem interims: Edison Investment Research said that Epistem’s interim results last week show that it is maintaining its position in the competitive contract research and biomarker business. According to Edison, Epistem is profitable and it is supported by the prospect of future royalties and milestones from the Novartis deal, which ends in February 2011. The research house noted that the company’s major two-year Novartis deal is well underway and it is progressing strongly. Through the Novartis collaboration, Epistem received £2.8m upfront in March 2009, and it is to receive a further £1.2m per year in direct R&D costs. Edison noted that Epistem achieved a 90% increase in revenues relating to the collaboration compared to H109. As the deal passes its first anniversary, Edison indicated that a renewal of the Novartis collaboration may prove to be influential for Epistem.Additionally Edison identified Epistem’s Biomarker business as a potential growth area. The researcher noted that the number of new tests used in inflammatory bowel disease may be growing, and a US government contract remains important. According to Edison the division is stable overall with a loyal customer base.Edison said the Biomarker business remains a major potential growth area for Epistem, with potential sales estimated in the £2-3m range by 2012-13. However the research house also said that whilst it is still too early to tell after 18 months, there is no obvious sales momentum. According to Edison, a major clinical trial contract would transform the business and would subsequently lead to other customers.Epistem has indicated its desire to acquire a revenue earning, profitable, high-growth diagnostics business although a transforming one-off transaction has proved difficult, Edison said. Alternatively a series of smaller transactions would be more complex to execute and integrate, but may offer better returns, the researcher added.
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British Airways, ENRC, Legal & General, ICAP and Rolls-Royce lead FTSE 100 higher: Overview: the FTSE 100 moved in line with pre-trade projections, climbing 0.65% as commodities recovered from yesterday’s falls with mining companies emerging as the top performers among the blue chips. Airline British Airways (LSE: BAY) was in the lead, climbing 3.8%. Miner Eurasian Natural Resources (LSE: ENRC) and insurer Legal & General (LSE: LGEN) followed with gains of 3.3% and 2.8% respectively. Other notable risers included interdealer broker ICAP (LSE: IAP) and turbine manufacturer Rolls-Royce (LSE: RR), which both added 2%. Just four FTSE 100 constituents lost 1% or more. Security services group G4S (LSE: GFS), which slid 3% after releasing its final results today. Insurer Prudential (LSE: PRU) was down 1.4%, while caterer Compass Group (LSE: CPG) and consumer goods company Reckitt Benckiser (LSE: RB) lost 1%. US stocks opened higher ahead of today’s Federal Reserve policy meeting. The Dow Jones Industrial Average added 0.3%, while the broader S&P 500 index climbed 0.5%, as did the technology heavy NASDAQ composite. Commodities Oil prices rose ahead of the Federal Reserve’s interest rates decision. Investors will also be looking to Wednesday’s meeting of the OPEC (Organisation of Petroleum Exporting Countries), which will make a decision on its production quotas. Saudi Arabia’s oil minister Ali Naimi has said that the organisation would not allow the oil market put too much pressure on the prices. May Brent Crude improved to US$80.12/barrel, while US light, sweet crude reached US$81.12/barrel. Blue chip oil and gas producers didn’t show much movement today. Shell (LSE: RDSB) was in the lead with a 1.3% gain, while fellow supermajor BP (LSE: BP) rose marginally, as did BG Group (LSE: BG). Cairn Energy (LSE: CNE) added nearly 1%. Oil and gas engineering firms Amec (LSE: AMEC) and Petrofac (LSE: PFC) were flat. Midcaps were mixed. Dana Petroleum (LSE: DNX) and Salamander Energy (LSE: SMDR) were in the lead with gains of 1.7%. Heritage Oil (LSE: HOIL), JKX Oil & Gas (LSE: JKX) and Soco International (LSE: SIA) made little headway. Dragon Oil (LSE: DGO) and Premier Oil (LSE: PMO) posted marginal losses, while Melrose Resources (LSE: MRS) slid to the bottom of the pile with a 2.7% decline. Services companies headed in different directions as while Wood Group (LSE: WG) tacked on 1.8%, Wellstream Holdings (LSE: WSM) dropped 2.5%. EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) was in decline, shedding 4%. North American based explorer Nighthawk Energy (AIM: HAWK) and Mongolia-focused Petro Matad Ltd (AIM: MATD) both lost 3%. Gold climbs ahead of Fed meeting Gold advanced ahead of today’s meeting of the Federal Open Market Committee (FOMC), which is set to make a decision on interest rates. While no change is expected to the current ultra-low rates, the Fed’s report could give indications as to when it could raise the borrowing costs, which depends on the strength of the ongoing economic recovery. A positive assessment of the economy could signal an imminent decision on hiking the interest rates, which could come as soon as Q3. Low interest rates support the demand for gold, which is seen as an inflation hedge. US dollar declined to further strengthen gold, which is seen as a riskier investment alternative and usually moves inversely to the American currency. Gold was on the rise yesterday despite speculation of the possible launch of a European Monetary Fund to confront the debt problems that have been ravaging several euro zone countries, keeping the euro under pressure for weeks. Last Friday, the president of the European Central Bank Jean-Claude Trichet said that such a proposal could be considered. Gold rallied to US$1,123/oz late in the afternoon, while silver reached US$17.43/oz. Platinum declined to US$1,619/oz, cooling off after last week’s rally. All major miners posted gains today with the sole exception of silver producer Hochschild Mining (LSE: HOC), which lost less than 1%. Silver and gold miner Fresnillo (LSE: FRES) led the sector in the FTSE 100 with a gain of 1.6%. Gold producer Randgold Resources (LSE: RRS) followed, adding nearly 1%, while platinum miner Lonmin (LSE: LMI) rose marginally. Specialty chemicals firm Johnson Matthey (LSE: JMAT) held steady. Gold miner Petropavlovsk (LSE: POG) led the midcaps, advancing 2.3%, while Aquarius Platinum (LSE: AQP) added 1.5%. Kazakhstan operating gold producer and copper developer Frontier Mining (AIM: FML) was one of the leading performers among the juniors, advancing 4.5%. Africa operating gold miner GMA Resources (AIM: GMA) and South American based explorer Mariana Resources (AIM: MARL) slipped 12% and 5.5%. Copper and nickel rally to boost miners Base metals followed as copper and nickel reached US$3.36/lb and US$9.95/lb respectively, while zinc rose to US$1.04/lb. Eurasian Natural Resources (LSE: ENRC) led the base metal miners, climbing 3.5%. Antofagasta (LSE: ANTO) and Kazakhmys (LSE: KAZ) added 2.3% and 1.9%, while BHP Billiton (LSE: BLT) and Rio Tinto (LSE: RIO) both tacked on 1.6%. Vedanta Resources (LSE: VED) moved up 1.1%, Anglo American (LSE: AAL) added nearly 1% and Xstrata (LSE: XTA) rose marginally. London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) also posted a small gain. Tantalum concentrate supplier with assets in Mozambique Noventa (AIM: NVTA) led the juniors with a 6% gain. Russia focused copper and nickel miner Amur Minerals (AIM: AMC) headed in the opposite direction, slipping 7%. Banks, insurance, private equity Barclays (LSE: BARC) led the banking sector, climbing 2.5%. Royal Bank of Scotland (LSE: RBS) and Standard Chartered (LSE: STAN) both gained 1.5%, while HSBC (LSE: HSBA) and Lloyds (LSE: LLOY) added less than 1%. Insurance companies were mixed. Legal & General (LSE: LGEN) rose 3.2%, Aviva (LSE: AV) and Standard Life (LSE: SL) added 1.8% and 1.5% respectively, while Old Mutual (LSE: OML) tacked on 1% and RSA Insurance Group (LSE: RSA) posted a marginal gain. Prudential (LSE: PRU) slipped into the red, shedding 1.3%, while Admiral Group (LSE: ADM) declined marginally. Private equity group 3i (LSE: III) advanced 1.7%. Large and Mid Cap News Infrastructure group Balfour Beatty (LSE: BBY) said that its recently acquired professional services business Parsons Brickerhoff (PB) has landed three new contracts to manage high-speed and intercity passenger rail projects in Illinois, Ohio and Florida. Now that China appears to be repairing bridges with Australia in general, and Rio Tinto (ASX:RIO, LSE:RIO) in particular, there is strong speculation that Rio may be taking co-operation with the Chinese to the next stage by partnering with Chinalco in its investment in the giant Oyu Tolgoi gold/copper project in Mongolia, close to the Chinese border. Scottish and Southern Energy’s (LSE: SSE) Renewables unit has been awarded exclusive rights to develop a combined 800MW of wave and tidal energy in the Pentland Firth and Orkney Waters, North Scotland. The company was awarded four of the ten lease rights tendered by The Crown Estate in the world’s first commercial leasing programme for wave and tidal energy generation. Small Cap News Medusa Mining (ASX, AIM: MML, TSX: MLL) said the commissioning of the mill expansion is at the Co-O mine in the Philippines is progressing well and the company is set to meet its targeted production of 25,000 ounces of gold this quarter. NetPlay TV plc (AIM: NPT) announced that its managing director, Gavin Whyte, intends to step down from the board to explore new opportunities. Whyte has decided to establish his own mobile gaming business, but he will continue to assist NetPlay with its mobile strategy on a freelance basis. Goldplat PLC (AIM: GDP) said it has, through its Ghanaian business Gold Recovery Ghana Ltd (GRG), signed an ongoing agreement with AngloGold Ashanti Ltd’s (LSE, ASX: AGG; NYSE: AU) unit in the country to purchase gold bearing materials for processing at its operations in Tema, Ghana. Range Resources (ASX: RRS; AIM: RRL) has announced an update on the company’s US Gulf Coast interests following the successful connection of the Smith #1 well in Texas to the sales line late last month. Synchronica (AIM: SYNC) said that, as previously announced , its distribution partner for the MessagePhone low-cost device has received the first purchase orders for devices from subsidiaries of tier-1, multi-national mobile operator groups in Africa and Latin America. It has now received the first purchase order from the distributor for the Mobile Gateway email product worth US$203,000. Aurelian Oil & Gas (AIM: AUL) said its strategy to test prospective areas in Bulgaria with minimal investment was on track after the company secured a zero-cost option over a new exploration license, called Provadia, while partner Sorgenia has exercised its farm-in option to drill on Aurelian's 30% owned B1-Goliza license. Vatukoula Gold Mines (AIM: VGM) has finalised the Vatukoula trust deed and made the first payment of Fiji$1.5 million (US$0.77 million) to the trust account of the Social Assistance Trust, formalising a number of key concessions and exemptions to the company’s wholly owned subsidiary Vatukoula Gold Mines in Fiji. Finders Resources (AIM&ASX: FIN) has released its financial report for the six months to 31 December 2009 to comply with AIM regulations after changing its financial year-end from 30 June to 31 December. Medical and technology investor Amphion Innovations (AIM: AMP) and its partner companies have performed well in the full year and continued to make progress throughout 2009. In the year ended 31 December 2009, Amphion increased revenues by 22% to US$8.6m, subsequently gross profits increased almost 70% to US$5.8m. Rusina Mining (ASX: RML; AIM: RMLA) has focused its efforts on developing projects with shorter pay-off period in the six months to 31 December 2009, while raising funds to improve its cash balance. Red Rock Resources’ (AIM: RRR) associate Resource Star (ASX: RSL) has signed a joint venture agreement with Globe Metals & Mining (ASX: GBE), to earn up to 80% interest in the advanced Livingstonia uranium project in Malawi. The AIM listed company also noted that, through two transactions this month, it has increased its shareholding in Resource Star to 26.3%, up from 24.4% when its associate relisted on the ASX in February. Allenby Capital said that Plant impact (AIM: PIM), the developer of technologies that improve crop productivity, has world-class products and its sales are growing. According to the broker, increasing pressure on arable land, coupled with a consumer driven shift away from synthetic chemical agricultural products is creating a mass market, worth US$105bn, for ecologically sound alternatives. Institutional investment bank Fairfax has issued a positive note on Medusa Mining (ASX, AIM: MML, TSX: MLL) following the company’s update on the commissioning of mill expansion at the Co-O mine in the Philippines earlier today.
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FTSE 100 gains 0.6% as Dow Jones, S&P 500 and NASDAQ open higher: Overview: the FTSE 100 moved in line with pre-trade projections, climbing 0.65% as commodities recovered from yesterday’s falls with mining companies emerging as the top performers among the blue chips. Airline British Airways (LSE: BAY) was in the lead, climbing 3.8%. Miner Eurasian Natural Resources (LSE: ENRC) and insurer Legal & General (LSE: LGEN) followed with gains of 3.3% and 2.8% respectively. Other notable risers included interdealer broker ICAP (LSE: IAP) and turbine manufacturer Rolls-Royce (LSE: RR), which both added 2%. Just four FTSE 100 constituents lost 1% or more. Security services group G4S (LSE: GFS), which slid 3% after releasing its final results today. Insurer Prudential (LSE: PRU) was down 1.4%, while caterer Compass Group (LSE: CPG) and consumer goods company Reckitt Benckiser (LSE: RB) lost 1%. US stocks opened higher ahead of today’s Federal Reserve policy meeting. The Dow Jones Industrial Average added 0.3%, while the broader S&P 500 index climbed 0.5%, as did the technology heavy NASDAQ composite. Commodities Oil prices rose ahead of the Federal Reserve’s interest rates decision. Investors will also be looking to Wednesday’s meeting of the OPEC (Organisation of Petroleum Exporting Countries), which will make a decision on its production quotas. Saudi Arabia’s oil minister Ali Naimi has said that the organisation would not allow the oil market put too much pressure on the prices. May Brent Crude improved to US$80.12/barrel, while US light, sweet crude reached US$81.12/barrel. Blue chip oil and gas producers didn’t show much movement today. Shell (LSE: RDSB) was in the lead with a 1.3% gain, while fellow supermajor BP (LSE: BP) rose marginally, as did BG Group (LSE: BG). Cairn Energy (LSE: CNE) added nearly 1%. Oil and gas engineering firms Amec (LSE: AMEC) and Petrofac (LSE: PFC) were flat. Midcaps were mixed. Dana Petroleum (LSE: DNX) and Salamander Energy (LSE: SMDR) were in the lead with gains of 1.7%. Heritage Oil (LSE: HOIL), JKX Oil & Gas (LSE: JKX) and Soco International (LSE: SIA) made little headway. Dragon Oil (LSE: DGO) and Premier Oil (LSE: PMO) posted marginal losses, while Melrose Resources (LSE: MRS) slid to the bottom of the pile with a 2.7% decline. Services companies headed in different directions as while Wood Group (LSE: WG) tacked on 1.8%, Wellstream Holdings (LSE: WSM) dropped 2.5%. EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) was in decline, shedding 4%. North American based explorer Nighthawk Energy (AIM: HAWK) and Mongolia-focused Petro Matad Ltd (AIM: MATD) both lost 3%. Gold climbs ahead of Fed meeting Gold advanced ahead of today’s meeting of the Federal Open Market Committee (FOMC), which is set to make a decision on interest rates. While no change is expected to the current ultra-low rates, the Fed’s report could give indications as to when it could raise the borrowing costs, which depends on the strength of the ongoing economic recovery. A positive assessment of the economy could signal an imminent decision on hiking the interest rates, which could come as soon as Q3. Low interest rates support the demand for gold, which is seen as an inflation hedge. US dollar declined to further strengthen gold, which is seen as a riskier investment alternative and usually moves inversely to the American currency. Gold was on the rise yesterday despite speculation of the possible launch of a European Monetary Fund to confront the debt problems that have been ravaging several euro zone countries, keeping the euro under pressure for weeks. Last Friday, the president of the European Central Bank Jean-Claude Trichet said that such a proposal could be considered. Gold rallied to US$1,123/oz late in the afternoon, while silver reached US$17.43/oz. Platinum declined to US$1,619/oz, cooling off after last week’s rally. All major miners posted gains today with the sole exception of silver producer Hochschild Mining (LSE: HOC), which lost less than 1%. Silver and gold miner Fresnillo (LSE: FRES) led the sector in the FTSE 100 with a gain of 1.6%. Gold producer Randgold Resources (LSE: RRS) followed, adding nearly 1%, while platinum miner Lonmin (LSE: LMI) rose marginally. Specialty chemicals firm Johnson Matthey (LSE: JMAT) held steady. Gold miner Petropavlovsk (LSE: POG) led the midcaps, advancing 2.3%, while Aquarius Platinum (LSE: AQP) added 1.5%. Kazakhstan operating gold producer and copper developer Frontier Mining (AIM: FML) was one of the leading performers among the juniors, advancing 4.5%. Africa operating gold miner GMA Resources (AIM: GMA) and South American based explorer Mariana Resources (AIM: MARL) slipped 12% and 5.5%. Copper and nickel rally to boost miners Base metals followed as copper and nickel reached US$3.36/lb and US$9.95/lb respectively, while zinc rose to US$1.04/lb. Eurasian Natural Resources (LSE: ENRC) led the base metal miners, climbing 3.5%. Antofagasta (LSE: ANTO) and Kazakhmys (LSE: KAZ) added 2.3% and 1.9%, while BHP Billiton (LSE: BLT) and Rio Tinto (LSE: RIO) both tacked on 1.6%. Vedanta Resources (LSE: VED) moved up 1.1%, Anglo American (LSE: AAL) added nearly 1% and Xstrata (LSE: XTA) rose marginally. London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) also posted a small gain. Tantalum concentrate supplier with assets in Mozambique Noventa (AIM: NVTA) led the juniors with a 6% gain. Russia focused copper and nickel miner Amur Minerals (AIM: AMC) headed in the opposite direction, slipping 7%. Banks, insurance, private equity Barclays (LSE: BARC) led the banking sector, climbing 2.5%. Royal Bank of Scotland (LSE: RBS) and Standard Chartered (LSE: STAN) both gained 1.5%, while HSBC (LSE: HSBA) and Lloyds (LSE: LLOY) added less than 1%. Insurance companies were mixed. Legal & General (LSE: LGEN) rose 3.2%, Aviva (LSE: AV) and Standard Life (LSE: SL) added 1.8% and 1.5% respectively, while Old Mutual (LSE: OML) tacked on 1% and RSA Insurance Group (LSE: RSA) posted a marginal gain. Prudential (LSE: PRU) slipped into the red, shedding 1.3%, while Admiral Group (LSE: ADM) declined marginally. Private equity group 3i (LSE: III) advanced 1.7%. Large and Mid Cap News Infrastructure group Balfour Beatty (LSE: BBY) said that its recently acquired professional services business Parsons Brickerhoff (PB) has landed three new contracts to manage high-speed and intercity passenger rail projects in Illinois, Ohio and Florida. Now that China appears to be repairing bridges with Australia in general, and Rio Tinto (ASX:RIO, LSE:RIO) in particular, there is strong speculation that Rio may be taking co-operation with the Chinese to the next stage by partnering with Chinalco in its investment in the giant Oyu Tolgoi gold/copper project in Mongolia, close to the Chinese border. Scottish and Southern Energy’s (LSE: SSE) Renewables unit has been awarded exclusive rights to develop a combined 800MW of wave and tidal energy in the Pentland Firth and Orkney Waters, North Scotland. The company was awarded four of the ten lease rights tendered by The Crown Estate in the world’s first commercial leasing programme for wave and tidal energy generation. Small Cap News Medusa Mining (ASX, AIM: MML, TSX: MLL) said the commissioning of the mill expansion is at the Co-O mine in the Philippines is progressing well and the company is set to meet its targeted production of 25,000 ounces of gold this quarter. NetPlay TV plc (AIM: NPT) announced that its managing director, Gavin Whyte, intends to step down from the board to explore new opportunities. Whyte has decided to establish his own mobile gaming business, but he will continue to assist NetPlay with its mobile strategy on a freelance basis. Goldplat PLC (AIM: GDP) said it has, through its Ghanaian business Gold Recovery Ghana Ltd (GRG), signed an ongoing agreement with AngloGold Ashanti Ltd’s (LSE, ASX: AGG; NYSE: AU) unit in the country to purchase gold bearing materials for processing at its operations in Tema, Ghana. Range Resources (ASX: RRS; AIM: RRL) has announced an update on the company’s US Gulf Coast interests following the successful connection of the Smith #1 well in Texas to the sales line late last month. Synchronica (AIM: SYNC) said that, as previously announced , its distribution partner for the MessagePhone low-cost device has received the first purchase orders for devices from subsidiaries of tier-1, multi-national mobile operator groups in Africa and Latin America. It has now received the first purchase order from the distributor for the Mobile Gateway email product worth US$203,000. Aurelian Oil & Gas (AIM: AUL) said its strategy to test prospective areas in Bulgaria with minimal investment was on track after the company secured a zero-cost option over a new exploration license, called Provadia, while partner Sorgenia has exercised its farm-in option to drill on Aurelian's 30% owned B1-Goliza license. Vatukoula Gold Mines (AIM: VGM) has finalised the Vatukoula trust deed and made the first payment of Fiji$1.5 million (US$0.77 million) to the trust account of the Social Assistance Trust, formalising a number of key concessions and exemptions to the company’s wholly owned subsidiary Vatukoula Gold Mines in Fiji. Finders Resources (AIM&ASX: FIN) has released its financial report for the six months to 31 December 2009 to comply with AIM regulations after changing its financial year-end from 30 June to 31 December. Medical and technology investor Amphion Innovations (AIM: AMP) and its partner companies have performed well in the full year and continued to make progress throughout 2009. In the year ended 31 December 2009, Amphion increased revenues by 22% to US$8.6m, subsequently gross profits increased almost 70% to US$5.8m. Rusina Mining (ASX: RML; AIM: RMLA) has focused its efforts on developing projects with shorter pay-off period in the six months to 31 December 2009, while raising funds to improve its cash balance. Red Rock Resources’ (AIM: RRR) associate Resource Star (ASX: RSL) has signed a joint venture agreement with Globe Metals & Mining (ASX: GBE), to earn up to 80% interest in the advanced Livingstonia uranium project in Malawi. The AIM listed company also noted that, through two transactions this month, it has increased its shareholding in Resource Star to 26.3%, up from 24.4% when its associate relisted on the ASX in February. Allenby Capital said that Plant impact (AIM: PIM), the developer of technologies that improve crop productivity, has world-class products and its sales are growing. According to the broker, increasing pressure on arable land, coupled with a consumer driven shift away from synthetic chemical agricultural products is creating a mass market, worth US$105bn, for ecologically sound alternatives. Institutional investment bank Fairfax has issued a positive note on Medusa Mining (ASX, AIM: MML, TSX: MLL) following the company’s update on the commissioning of mill expansion at the Co-O mine in the Philippines earlier today.
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in/et/me
FTSE 100 adds 0.6% as commodities gain ahead of Federal Reserve meeting: Overview: the FTSE 100 moved in line with pre-trade projections, climbing 0.65% as commodities recovered from yesterday’s falls with mining companies emerging as the top performers among the blue chips. Airline British Airways (LSE: BAY) was in the lead, climbing 3.8%. Miner Eurasian Natural Resources (LSE: ENRC) and insurer Legal & General (LSE: LGEN) followed with gains of 3.3% and 2.8% respectively. Other notable risers included interdealer broker ICAP (LSE: IAP) and turbine manufacturer Rolls-Royce (LSE: RR), which both added 2%. Just four FTSE 100 constituents lost 1% or more. Security services group G4S (LSE: GFS), which slid 3% after releasing its final results today. Insurer Prudential (LSE: PRU) was down 1.4%, while caterer Compass Group (LSE: CPG) and consumer goods company Reckitt Benckiser (LSE: RB) lost 1%. US stocks opened higher ahead of today’s Federal Reserve policy meeting. The Dow Jones Industrial Average added 0.3%, while the broader S&P 500 index climbed 0.5%, as did the technology heavy NASDAQ composite. Commodities Oil prices rose ahead of the Federal Reserve’s interest rates decision. Investors will also be looking to Wednesday’s meeting of the OPEC (Organisation of Petroleum Exporting Countries), which will make a decision on its production quotas. Saudi Arabia’s oil minister Ali Naimi has said that the organisation would not allow the oil market put too much pressure on the prices. May Brent Crude improved to US$80.12/barrel, while US light, sweet crude reached US$81.12/barrel. Blue chip oil and gas producers didn’t show much movement today. Shell (LSE: RDSB) was in the lead with a 1.3% gain, while fellow supermajor BP (LSE: BP) rose marginally, as did BG Group (LSE: BG). Cairn Energy (LSE: CNE) added nearly 1%. Oil and gas engineering firms Amec (LSE: AMEC) and Petrofac (LSE: PFC) were flat. Midcaps were mixed. Dana Petroleum (LSE: DNX) and Salamander Energy (LSE: SMDR) were in the lead with gains of 1.7%. Heritage Oil (LSE: HOIL), JKX Oil & Gas (LSE: JKX) and Soco International (LSE: SIA) made little headway. Dragon Oil (LSE: DGO) and Premier Oil (LSE: PMO) posted marginal losses, while Melrose Resources (LSE: MRS) slid to the bottom of the pile with a 2.7% decline. Services companies headed in different directions as while Wood Group (LSE: WG) tacked on 1.8%, Wellstream Holdings (LSE: WSM) dropped 2.5%. EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) was in decline, shedding 4%. North American based explorer Nighthawk Energy (AIM: HAWK) and Mongolia-focused Petro Matad Ltd (AIM: MATD) both lost 3%. Gold climbs ahead of Fed meeting Gold advanced ahead of today’s meeting of the Federal Open Market Committee (FOMC), which is set to make a decision on interest rates. While no change is expected to the current ultra-low rates, the Fed’s report could give indications as to when it could raise the borrowing costs, which depends on the strength of the ongoing economic recovery. A positive assessment of the economy could signal an imminent decision on hiking the interest rates, which could come as soon as Q3. Low interest rates support the demand for gold, which is seen as an inflation hedge. US dollar declined to further strengthen gold, which is seen as a riskier investment alternative and usually moves inversely to the American currency. Gold was on the rise yesterday despite speculation of the possible launch of a European Monetary Fund to confront the debt problems that have been ravaging several euro zone countries, keeping the euro under pressure for weeks. Last Friday, the president of the European Central Bank Jean-Claude Trichet said that such a proposal could be considered. Gold rallied to US$1,123/oz late in the afternoon, while silver reached US$17.43/oz. Platinum declined to US$1,619/oz, cooling off after last week’s rally. All major miners posted gains today with the sole exception of silver producer Hochschild Mining (LSE: HOC), which lost less than 1%. Silver and gold miner Fresnillo (LSE: FRES) led the sector in the FTSE 100 with a gain of 1.6%. Gold producer Randgold Resources (LSE: RRS) followed, adding nearly 1%, while platinum miner Lonmin (LSE: LMI) rose marginally. Specialty chemicals firm Johnson Matthey (LSE: JMAT) held steady. Gold miner Petropavlovsk (LSE: POG) led the midcaps, advancing 2.3%, while Aquarius Platinum (LSE: AQP) added 1.5%. Kazakhstan operating gold producer and copper developer Frontier Mining (AIM: FML) was one of the leading performers among the juniors, advancing 4.5%. Africa operating gold miner GMA Resources (AIM: GMA) and South American based explorer Mariana Resources (AIM: MARL) slipped 12% and 5.5%. Copper and nickel rally to boost miners Base metals followed as copper and nickel reached US$3.36/lb and US$9.95/lb respectively, while zinc rose to US$1.04/lb. Eurasian Natural Resources (LSE: ENRC) led the base metal miners, climbing 3.5%. Antofagasta (LSE: ANTO) and Kazakhmys (LSE: KAZ) added 2.3% and 1.9%, while BHP Billiton (LSE: BLT) and Rio Tinto (LSE: RIO) both tacked on 1.6%. Vedanta Resources (LSE: VED) moved up 1.1%, Anglo American (LSE: AAL) added nearly 1% and Xstrata (LSE: XTA) rose marginally. London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) also posted a small gain. Tantalum concentrate supplier with assets in Mozambique Noventa (AIM: NVTA) led the juniors with a 6% gain. Russia focused copper and nickel miner Amur Minerals (AIM: AMC) headed in the opposite direction, slipping 7%. Banks, insurance, private equity Barclays (LSE: BARC) led the banking sector, climbing 2.5%. Royal Bank of Scotland (LSE: RBS) and Standard Chartered (LSE: STAN) both gained 1.5%, while HSBC (LSE: HSBA) and Lloyds (LSE: LLOY) added less than 1%. Insurance companies were mixed. Legal & General (LSE: LGEN) rose 3.2%, Aviva (LSE: AV) and Standard Life (LSE: SL) added 1.8% and 1.5% respectively, while Old Mutual (LSE: OML) tacked on 1% and RSA Insurance Group (LSE: RSA) posted a marginal gain. Prudential (LSE: PRU) slipped into the red, shedding 1.3%, while Admiral Group (LSE: ADM) declined marginally. Private equity group 3i (LSE: III) advanced 1.7%. Large and Mid Cap News Infrastructure group Balfour Beatty (LSE: BBY) said that its recently acquired professional services business Parsons Brickerhoff (PB) has landed three new contracts to manage high-speed and intercity passenger rail projects in Illinois, Ohio and Florida. Now that China appears to be repairing bridges with Australia in general, and Rio Tinto (ASX:RIO, LSE:RIO) in particular, there is strong speculation that Rio may be taking co-operation with the Chinese to the next stage by partnering with Chinalco in its investment in the giant Oyu Tolgoi gold/copper project in Mongolia, close to the Chinese border. Scottish and Southern Energy’s (LSE: SSE) Renewables unit has been awarded exclusive rights to develop a combined 800MW of wave and tidal energy in the Pentland Firth and Orkney Waters, North Scotland. The company was awarded four of the ten lease rights tendered by The Crown Estate in the world’s first commercial leasing programme for wave and tidal energy generation. Small Cap News Medusa Mining (ASX, AIM: MML, TSX: MLL) said the commissioning of the mill expansion is at the Co-O mine in the Philippines is progressing well and the company is set to meet its targeted production of 25,000 ounces of gold this quarter. NetPlay TV plc (AIM: NPT) announced that its managing director, Gavin Whyte, intends to step down from the board to explore new opportunities. Whyte has decided to establish his own mobile gaming business, but he will continue to assist NetPlay with its mobile strategy on a freelance basis. Goldplat PLC (AIM: GDP) said it has, through its Ghanaian business Gold Recovery Ghana Ltd (GRG), signed an ongoing agreement with AngloGold Ashanti Ltd’s (LSE, ASX: AGG; NYSE: AU) unit in the country to purchase gold bearing materials for processing at its operations in Tema, Ghana. Range Resources (ASX: RRS; AIM: RRL) has announced an update on the company’s US Gulf Coast interests following the successful connection of the Smith #1 well in Texas to the sales line late last month. Synchronica (AIM: SYNC) said that, as previously announced , its distribution partner for the MessagePhone low-cost device has received the first purchase orders for devices from subsidiaries of tier-1, multi-national mobile operator groups in Africa and Latin America. It has now received the first purchase order from the distributor for the Mobile Gateway email product worth US$203,000. Aurelian Oil & Gas (AIM: AUL) said its strategy to test prospective areas in Bulgaria with minimal investment was on track after the company secured a zero-cost option over a new exploration license, called Provadia, while partner Sorgenia has exercised its farm-in option to drill on Aurelian's 30% owned B1-Goliza license. Vatukoula Gold Mines (AIM: VGM) has finalised the Vatukoula trust deed and made the first payment of Fiji$1.5 million (US$0.77 million) to the trust account of the Social Assistance Trust, formalising a number of key concessions and exemptions to the company’s wholly owned subsidiary Vatukoula Gold Mines in Fiji. Finders Resources (AIM&ASX: FIN) has released its financial report for the six months to 31 December 2009 to comply with AIM regulations after changing its financial year-end from 30 June to 31 December. Medical and technology investor Amphion Innovations (AIM: AMP) and its partner companies have performed well in the full year and continued to make progress throughout 2009. In the year ended 31 December 2009, Amphion increased revenues by 22% to US$8.6m, subsequently gross profits increased almost 70% to US$5.8m. Rusina Mining (ASX: RML; AIM: RMLA) has focused its efforts on developing projects with shorter pay-off period in the six months to 31 December 2009, while raising funds to improve its cash balance. Red Rock Resources’ (AIM: RRR) associate Resource Star (ASX: RSL) has signed a joint venture agreement with Globe Metals & Mining (ASX: GBE), to earn up to 80% interest in the advanced Livingstonia uranium project in Malawi. The AIM listed company also noted that, through two transactions this month, it has increased its shareholding in Resource Star to 26.3%, up from 24.4% when its associate relisted on the ASX in February. Allenby Capital said that Plant impact (AIM: PIM), the developer of technologies that improve crop productivity, has world-class products and its sales are growing. According to the broker, increasing pressure on arable land, coupled with a consumer driven shift away from synthetic chemical agricultural products is creating a mass market, worth US$105bn, for ecologically sound alternatives. Institutional investment bank Fairfax has issued a positive note on Medusa Mining (ASX, AIM: MML, TSX: MLL) following the company’s update on the commissioning of mill expansion at the Co-O mine in the Philippines earlier today.
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at/st/ E
Scottish and Southern Energy awarded wave and tidal energy rights from Crown Estate: Scottish and Southern Energy’s (LSE: SSE) Renewables unit has been awarded exclusive rights to develop a combined 800MW of wave and tidal energy in the Pentland Firth and Orkney Waters, North Scotland. The company was awarded four of the ten lease rights tendered by The Crown Estate in the world’s first commercial leasing programme for wave and tidal energy generation."SSE is committed to building on its existing renewable portfolio by developing viable wave and tidal sites using industry-leading marine technologies”, SSE Renewables chief executive Paul Dowling commented. SSE has been awarded two projects which it will develop itself, totalling 400MW: The Costa Head wave project and the Westray South tidal stream project. It is also undertaking two separate joint developments also totalling 400MW. The Brough Head wave project will be developed in partnership with Aquamarine and the Cantick Head tidal stream project is being developed with OpenHydro.The company and its partners will be working closely with The Crown Estate and other stakeholders over the next few years, bringing forward applications to construct the wave and tidal energy developments.According to SSE, the vast majority of the construction work is not expected to begin until after 2015.
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