Company news

Kenmare output up

Kenmare Resources – a leading global producer of titanium minerals – reports a significant increase in mining and production in the first quarter. Ore mined increased by 81% to 7,543,000 tonnes (Q1 2013: 4,156,000 tonnes) with production of heavy mineral concentrate up 51% to 287,000 tonnes (Q1 2013: 189,800 tonnes). Production of ilmenite rose by […]

LGO will not appeal MOG decision

Leni Gas & Oil’s board has decided not to appeal in its case against Mediterranean Oil and Gas over the sale of its 10% interest in Malta Area 4 PSC. LGO says it will remain focused on its core oil production business in Trinidad where a major 30 well development programme is now under way […]

Allergan's ratings on negative watch

Fitch Ratings has placed the ratings for Allergan Inc, including the ‘A+’ issuer default rating, on rating watch negative. The rating action stems from Valeant Pharmaceuticals International Inc’s unsolicited offer to acquire Allergan for approximately $45.6bn. The rating action applies to $2.1 billion of outstanding Allergan debt. Story provided by

Jupiter Energy output up

Kazakhstan-focused Jupiter Energy produced 67,800 barrels of oil during the three months to the end of March – up from 64,000 barrels a year ago. Jupiter said this year’s production generated domestic oil sales of ~US$2.148m at an average price of ~US$32 per barrel at the well head. Oil sales achieved for the nine-month period […]

Eden gets 'notice of allowance' for Canada patent

The Canadian Intellectual Property Office has issued a ‘notice of allowance’ for Eden Research’s platform encapsulation technology. The patent covers the company’s core technology, specifically “compositions containing a hollow glucan particle or a cell wall particle encapsulating a terpene component, methods of making and using them.” The patent is owned outright by Eden and is […]

Beowulf unit submits revised Kallak North application

Beowulf says its wholly-owned subsidiary, Jokkmokk Iron Mines, has recently submitted an updated exploitation concession application for the Kallak North deposit to the Swedish Mining Inspectorate at Bergsstaten. The Kallak North deposit is located within the Kallak nr1 permit area within the municipality of Jokkmokk in Norrbotten County in northern Sweden. The updated application is […]

Carrefour's outlook revised to positive

Fitch Ratings has revised Carrefour SA’s outlook to positive from stable. Its long-term issuer default rating and senior unsecured rating have been affirmed at ‘BBB’. Fitch says the positive outlook reflects signs of a successful turnaround in Carrefour’s French business in 2013 (including strong operating margin improvement and better price positioning), rapid de-leveraging over the […]

Blue Star's Oak inks licence agreement with RHF

Blue Star’s Oak Media has signed a licence agreement with RHF Productions Ltd for the marketing and promotion of Oak’s white label casino products across RHF’s UK TV channel inventory. The service will be launched in the second quarter across RHF’s 10 subscription TV channels on the Sky, Virgin & Freeview platforms. It will also […]

Co-op Bank's debt and deposit ratings downgraded

Moody’s Investors Service has downgraded the Co-Operative Bank’s senior unsecured debt and deposit ratings by one notch to Caa2 and maintained the negative outlook on the ratings. The bank’s standalone bank financial strength rating (BFSR) has been affirmed at E, which is equivalent to a baseline credit assessment (BCA) of ca. The BFSR has a […]

Berkeley gets mining licence for Retortillo

Berkeley Resources has been granted a mining licence for Retortillo by the regional government of Castilla and León. The Retortillo deposit forms part of the company’s flagship Salamanca project in Spain and is the first resource from which production is scheduled to commence. The licence is valid for an initial period of 30 years and […]

Conviviality confirms talks with Bibby Retail

Conviviality Retail has confirmed it is in talks over the acquisition of a small number of off licences from Bibby Retail Services, owner of the Rhythm & Booze chain of off-licences. Conviviality says any transaction would be funded through existing resources. Conviviality says it continues to look for value-enhancing investments and to manage its existing […]

Global Telecom wins 3G spectrum auction in Pakistan

Global Telecom subsidiary Mobilink is one of the winners of the 3G spectrum auction, conducted by the Pakistan Telecommunication Authority. Under the terms of the auction, Mobilink won 2×10 MHz spectrum at 2100 MHz band. Total price for the spectrum is US$300.9m. The licence is valid for 15 years. Story provided by

African Copper output up

African Copper produced 2,515 metric tonnes of copper in concentrate in the fourth quarter, a marginal increase on the third quarter when 2,499 Mt were produced. The amount of ore mined from the Thakadu pit was affected by frequent breakdowns of the mining contractor’s fleet and rain. Ore transported from Thakadu to Mowana for processing […]

ABG gold output up 18%

African Barrick Gold’s gold production rose to 168,375 ounces in the first quarter – 18% up on a year ago. Gold sales were 5% below production at 159,384 ounces, but 10% higher than last year. Chief executive Brad Gordon said: “We have delivered another strong set of results, with production of 168,375 ounces and all-in […]

Chemring agress sale of European munitions busines

Chemring has agreed the sale of its European munitions business which implements a key recommendation of its strategic review. The group said it had agreed an aggregate cash consideration for Mecar and Simmel of up to €167.8m from Nexter Systems SA, following a competitive sale process. The group says this strategic disposal re-shapes the Group […]

Mining Roundup

Landore Resources’ (LON:LND) shares jumped after it revealed that new potential nickel sulphide mineralisation zones had been identified on the Junior Lake nickel-copper property in Ontario, Canada. It says DC resistivity results from the recently completed 3D DCIP + MT ground geophysical survey have identified the presence of nine significant new zones, ranging from approximately […]

EastCoal creditors approve proposal

EastCoal’s creditors have unanimously approved the company’s proposal under the Bankruptcy and Insolvency Act (Canada). The proposal trustee, Deloitte Restructuring Inc and the company intend to seek an order from the Supreme Court of British Columbia approving the proposal. Story provided by

Kitron to cut jobs at Arendal operations

Kitron is cutting 60-100 jobs at its Arendal operations in Norway this year.Kitron posted first quarter losses of NKr1.7m compared with a profit of NKr1.4m last time – despite revenues rising to NKr435.8m from NKr378.3m a year ago.Interim chief executive “While the increase in revenue was a positive aspect of this quarter, margins are suffering […]

Generali's €1bn subordinated notes rated 'BBB(EXP)'

Fitch Ratings has assigned Assicurazioni Generali SpA’s upcoming issue of EU1bn senior dated subordinated notes an expected ‘BBB(EXP)’ rating.The assignment of the final rating is contingent on the receipt of final documents conforming to information already reviewed.The notes will be issued by Generali under a €10bn euro medium term note (EMTN) programme renewed in April […]

BP to sell interests in four Alaska oil fields

BP has agreed to sell interests in four of its operated oil fields on the North Slope of Alaska to Hilcorp.The sale agreement includes all of BP’s interests in the Endicott and Northstar oil fields and a 50% interest in each of the Liberty and the Milne Point fields. The sale also includes BP’s interests […]

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