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Proactive Investors United Kingdom
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on/n / i
Copper Development Corporation: Copper Development Corporation (LON:CDC) is a fully-funded, AIM-listed gem whose efforts in the Philippines don’t really seem to be receiving the market recognition they deserve. The recent drilling results from the company’s Basay deposit on Negros Island are a case in point. They threw up some of the best high-grade intersections identified to date, including 14.3 metres grading 5.47% copper. Yet this barely seemed to move the dial so far as the share price is concerned. “In the last five years how many times have we seen intersections like those?” asked chairman Mitch Alland. “The market has slept through this one.” The rather indifferent response to the latest data and a succession of earlier very positive updates reflects the state of the small-cap market at the moment with risk-averse investors taking their money off the table. This has been an indiscriminate sell-off, though in recent weeks we have seen the first green shoots of a recovery. The upturn can’t come quickly enough for CDC, which has a decent tale to tell. It is essentially two copper investments wrapped up in one. The first, Hinoba-an, will provide a near term interest, while Basay, the second, possibly more exciting investment, has the potential to be a company maker. Additionally, the CDC owns most of the tenements covering the 25 kilometres between the two deposits, which becomes very important if Basay fulfils its potential. CDC owns 92.5% of the Hinoba, a 319 million tonne deposit grading 0.35 per cent copper. For a relatively small project on world scale, the economics are compelling and at 38.5 per cent internal rate of return it is up there with some of the giant copper projects being developed by the industry’s super-majors. That IRR is based on a mine producing 35,000 tonnes of copper a year for 18 years, which gives a net present value of US$485 million at a discount rate of 10 per cent. The next big news from Hinoba will come next month when the group receives the results of a preliminary feasibility study for the project, which will allow CDC to go out and find a buyer or joint venture partner for the project. With infrastructure power and roads in place and easy access to the nearby ports, this will be one of the easier projects to develop. CDC may sanction an outright sale, or agree a joint venture where it retains a free carry for a minority stake in Hinoba, Alland revealed. He hopes to have a deal tied up by the end of the year. “With the PFS the project will be ready to go,” he added. “Generally, it might appeal to the Chinese, Korean and Japanese trading and mining companies looking to secure a source of concentrate.” If Hinoba is a neat, relatively small project, then Basay has the potential to be a monster, in terms of its expected large size and grade. The block is 70 per cent owned by CDC, with the remainder held by Solfotara Mining Corp, a private Canadian company. Last year a total of almost 22,000 metres were drilled and results later this month should confirm a historic resource in the order of 200 million tonnes. The plan for this year is to drill a minimum of 44,000 metres at a cost of about US$15 million – though the programme could be far more ambitious than this. “If we continue getting the fantastic intercepts we have been getting we will try to accelerate the programme - it may go to 60-80,000 metres,” said Alland. “The difference is 44,000 metres might take it to 500 million tonnes. With 60-80,000 we might make it to 1 billion tonnes - now that is a very large project. “How long we take to prove it up who knows? If it is 1 billion tonnes then we might be able do to it in the next year. If it is 4 billion it will take longer.” CDC is funded to carry out an ambitious exploration programme with US$26.9 million in the bank as at the end of December. However at some point, if Basay proves its world class potential, then the group will have to team up with a big brother with the financial and technical wherewithal required to take the project forward. “You don’t want to go too early and leave too much on the table,” Alland said of the tricky decision of just when to bring in a partner for Basay. “We can’t really value the project now without more drilling — we would be risking a big undervaluation. All we know is this project is worth a lot.” The perceived political risk of the Philippines emanates from an embargo on open-pit mining in the province of South Cotabato, which has hit Xstrata’s US$5.2 billion Tampakan copper-gold project there. This is a regional, rather than a nationwide ban, Alland said. The Negros district is home to a number of former mining communities, which means the local administration has a far more balanced view of the natural resources industry than other jurisdictions, he added. “We are not particularly exercised by Philippine political risk. We understand it,” said the CDC chief. At 25.5 pence the stock is still well below the all-time high for the stock of close to 50 pence and the listing price of 35 pence. The recent decision to seek permission to buy back up to 10 per cent of is its own stock reflects the company’s view on the current share price. However a 28 per cent rise in CDC’s valuation in the last month suggests investors are starting to re-appraise the company’s prospects and its potential.
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Pan Pacific Aggregates secures £2m facility from Yorkville Advisors: Pan Pacific Aggregates (LON:PPA) has secured a £2 million standby equity distribution agreement (SEDA) with YA Global Master to fund the development of its projects.Pan Pacific and YA Global Master, an investment fund managed by Yorkville Advisors, entered into a non-binding heads of agreement over a SEDA on January 10 this year.Under the terms of the agreement, shares issued under the SEDA will be priced at 95 percent of the lowest of the daily volume weighted average prices in the ten day period following a draw down request.There are no penalties for not requesting draw downs, while the implementation fee of £100,000 will be paid in quarterly instalments.“The SEDA will provide the company with ready access to capital to assist in funding the development of the group's business and ongoing working capital requirements,” said executive chairman Lynda Chase-Gardener.Last month, the group said its main asset Quadling Quarry in British Columbia had traded well in the local market despite the challenging macroeconomic environment.The local market, said Chase-Gardener, should grow two percent in both 2012 and 2013 as major infrastructure works that started a couple of years ago are now in full swing.As a result, PPA expects to see growth in aggregate prices this year, which, along with continuing improvements and expansion of Quadling, should help it achieve its goal of becoming cash flow neutral as soon as possible.Shares in Pan Pacific Aggregates traded at 4.5 pence this morning, down 2.7 percent from Friday’s close. The company currently has a market cap of £1.76 million.
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ENERGY MARKETS REPORT INCLUDING: WTI Crude futures have fallen from a three-day high over concerns that Greece still have not reached a debt-swap deal, threatening the European economy and fuel demand. The Algerian Oil Minister has commented that OPEC are happy with the current price levels of oil, adding that OPEC have never planned to offset Iranian supply cuts with a boost in production. Oil & Gas News: • OPEC have agreed that crude prices should remain at current levels and have said that the organisation has never discussed pumping more oil to offset a possible drop in Iranian exports, according to Algeria’s Oil Minister. • China will cut crude oil imports from Iran for a third month because of differences over payment and price terms, according to unidentified sources. • China may see the growth in net crude oil imports slow to 5.9% this year, reflecting the lowest level in 2006, according to the China National Petroleum Corp. • The Italian Industry Minister has said the country’s gas situation is “certainly critical”. As a result, Italy is importing more gas from Algeria to offset lower Russian supplies, according to the CEO of energy giant Eni. • A final framework is at hand on sweeping legislation to impose an impact fee and update safety regulations on Pennsylvania’s booming natural gas industry, according to top Republican state lawmakers. • National Iranian Oil Company will supply light cargoes to the Asian region at the lowest premium in six months after a reduction by Saudi Arabia yesterday. Geopolitical News: • Iran's oil minister said the state would not retreat from its nuclear programme even if its crude oil exports grind to a halt. • An explosion hit a gas pipeline running from Egypt to Israel on Sunday, the latest in a series of attacks on the installation that crosses the increasingly volatile Sinai region, witnesses and state media reported. • A Nigerian militant group based in the oil-producing Niger Delta has claimed responsibility for an attack on an oil pipeline owned by Italian company Eni, a strike the military said was the work of criminal gangs. • An explosion has ripped through a major oil pipeline feeding refinery in the Syrian city of Homs, according to residents. Corporate News: • Total have reported a power outage that affected pumps at its Port Arthur refinery in Texas. Power has since been restored. • Russian gas exporter Gazprom has brought supplies to Europe back up to normal after reducing them "for a few days", but it is unable to meet increased demand amid freezing weather, a company official told Russian Prime Minister Vladimir Putin. • Petrobras has found oil and natural gas in a Block in the state of Amazonias, the state-run oil company announced late Friday night. This is the second successful exploration in the area. • Moeller-Maersk will not renegotiate the agreement with the Danish government that governs oil and gas exploration in the Nordic country’s part of the North sea, according to a Maersk executive. • Petroleos de Venezuela have said their Cardon refinery in Falcon State, Venezuela has suffered a considerable fire. • According to press reports, Chinese oil giant PetroChina has exported the first gasoline cargo from its 200,800BPD Qinzhou refinery. Weather news: Weather Derivatives forecast sees average temp. in the US for the next 6-10 days to be 3.0% above the average at this time of the year. The data is accurate as of 3rd February, 2012. There are no tropical cyclones at this time. All 12 regions in Japan are expected to experience below-average temperatures in the month from January 28 to February 27, the weekly weather forecast released Friday by the Japan Meteorological Agency showed.
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Sunrise Resources reveals high grade results from Derryginagh barite project – UPDATE: ---Adds comments from broker Northland Capital--- Sunrise Resources (LON:SRES) says that its continued feasibility work is justified at the Derryginagh barite project as drilling returns high grade results. This morning the company revealed results from the company’s first drill programme at the project in south-west Ireland. The findings confirm high-grade vein intersections below historical mine workings, Sunrise said. The best results included a 3.6 metre intersection containing 89 per cent barite from a depth of 200 metres and a 3.2 metre intersection of 61 per cent barite from 220 metres. Sunrise says the barite mineralisation remains open at depth and along strike. "These results confirm that high-grade extensions to the Derryginagh barite vein system exist well below the old mine workings, and below the level of previous drilling carried out in the 1980s," said chairman Patrick Cheetham. "The dimensions of the vein system outlined by drilling to-date are encouraging and further feasibility studies are justified." Sunrise is now planning further feasibility work at the project. Barite is an industrial mineral that has many uses, it is most commonly used as a weighting agent in drilling and as a filler in paint. Sunrise believes that the Derryginagh barite is of a sufficient quality to be used as a ‘premium’ paint filler, and as such its market value is estimated at around £200 per tonne. “The market seems to be warning to the barite story given recent strong pricing and demand fundamentals which we see continuing,” said Andrew McGeary, analyst at Northland Capital. The analyst added: “The (drill) campaign has successfully extended the mineralisation at depth, and demonstrated high grades with good continuity.” According to McGeary it is expected to be a relatively simple task to extrapolate the thickness of Derryginagh’s barite mineralisation so that Sunrise can gain a good understanding of the deposit. “Thus, while it is not ruled out at this stage, a JORC resource may not be necessary to progress the deposit. The next stage is likely to comprise some form of scoping study incorporating the new data,” he said.
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Avanti Communications to raise £73.8 mln to fully fund HYLAS 3 satellite: Avanti Communications Group (LON:AVN) reported a strong rise in revenues for the first half and announced a placing to raise £73.8 million after expenses to fully fund the design, construction and launch of the HYLAS 3 satellite.Avanti will issue 26,785,714 shares with new and existing institutional investors.The satellite broadband Internet service provider said HYLAS 3 will be a "hosted payload", flown on a new European Space Agency (ESA) satellite. HYLAS 3 is to provide Ka band services, as with HYLAS 1 and 2. Under the terms of the ESA programme, Avanti will retain ownership and operational control of the HYLAS 3 hosted payload. Avanti was selected by ESA after a competitive tendering process conducted last year. The final contract is expected to be signed in March 2012. Avanti and ESA have also worked together on ESA's first public private partnership which led to the successful launch of HYLAS 1.HYLAS 1 launched in November 2010, and HYLAS 2 is currently on track for a June 2012 delivery date. Avanti has notified launch service provider Arianespace that it wants to launch as soon as possible after June 30.The sales of capacity on HYLAS 1 and pre-sales on HYLAS 2 to date demonstrate that demand for Ka band satellite capacity is evident at the expected prices, Avanti said.The group said it seems likely that it will sell out the capacity on HYLAS 1 within three years of service launch. In the light of the demand it is experiencing, it has also accelerated the guidance previously provided for the sell-out of HYLAS 2, from five years after service launch to four years. In a separate statement, Avanti reported a rise in revenues for the first half to December 31 2011 to £5.135 million from £1.227 million in the previous first half. Pretax loss widened slightly to £6.6 million from £6.3 million.
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Proactive Investors United Kingdom
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Proactive Investors Australia
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06/02/12
Norseman Gold says talks with potential strategic partner ongoing
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06/02/12
Forte Energy gets two new uranium exploration permits in Mauritania
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Calzada targets US$400 million per annum market with first wound treatment trial
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Market strength reflected in all sectors of ASX
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Kinetiko Energy pens in 1.12Tcf South African coal seam gas resource, eyes conventional upside
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Australian Pacific Coal announces East Wandoan coal resource
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PanTerra Gold conserves US$1m in working capital through share placement to contractor
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Oro Verde kicks off gold drilling at Vega, accelerated by good ground conditions
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Syndicated Metals copper gold intersections continue at Kalman near Mt Isa
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Proactive Investors US & Canada
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06/02/12
Energio advances towards maiden iron ore resource at Agbaja with further drill results
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06/02/12
Syndicated Metals copper gold intersections continue at Kalman near Mt Isa
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PanTerra Gold conserves US$1m in working capital through share placement to contractor
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06/02/12
Empire Resources: High grade depth potential confirmed at Yuinmery with 3m at 4% copper
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Oro Verde kicks off gold drilling at Vega, accelerated by good ground conditions
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06/02/12
ABM Resources completes $15.1 million placement, well funded for gold exploration and development
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Elementos acquires option over highly prospective copper project in Chile
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Black Fire Minerals: resource potential increases at Pilot Mountain with latest drill results
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Hastings Rare Metals in pre open pending capital raising announcement
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Central Petroleum raises A$9.9m to appraise Surprise-1 discovery, plans oil sales