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Proactive Investors United Kingdom
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ts/ac/tr
Angel Biotechnology shares surge as it reveals three new contracts : Angel Biotechnology (LON:ABH) shares surged more than 13 per cent in early deals as it announced signing three new manufacturing contracts worth over £4.5 million in total.The agreements are with Materia Medica Holding (MMH) and put the deal to create a joint venture company between the two, announced in October last year, on a strong footing.It is expected the projects will run concurrently and take around 22 months to finish, the company said.Under the proposals, Angel will start the projects within existing facilities, with a view to transferring production to its Cramlington site, which it is currently re-commissioning, during this year.Investors greeted the news warmly and as at 8.20 am, the firm's shares were up 13.04 per cent, to trade at 0.26 pence each.Chairman of Angel Dr Paul Harper said: "The commission of these three new agreements provides a robust basis for the proposed JVC (joint venture company) between Angel and MMH and demonstrates the confidence the customer has in Angel's capabilities. "These agreements will put the proposed JVC on a sure footing from the outset, but is also an excellent example of the value Angel can provide via significant alliances such as this."Last year, Angel Biotechnology said it was forming the joint venture company with Russian pharmaceutical firm Materia Medica Holding to allow Angel to continue the expansion of its core business. The new joint venture, 51 per cent-owned by MMH, will commission new product programmes and manage their production in a dedicated ‘good manufacturing practice’ facility that will be operated by Angel on behalf of MMH.
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ar/st/re
EMED Mining shares advance as Chinese back Rio Tinto copper mine restart: EMED Mining (LON:EMED, TSE:EMD) shares shot-up around 15 per cent this morning as its efforts to restart the Rio Tinto copper mine were endorsed by a new Chinese partner. This morning the company revealed an arrangement with Yanggu Xiangguang Copper Co (XGC). This future off-take partner is providing EMED with US$30 million and taking a 10 per cent stake in the company. EMED says that XGC will be a cornerstone customer and as part of today’s deal it will have the rights for 25 per cent of the mine’s currently reported copper reserves, at market prices. XGC is investing US$15 million in equity, buying new EMED shares priced at 9 pence each. It has also agreed to provide or arrange a US$15 million debt facility. "The financing and offtake arrangements announced today reflect our long-stated commitment to build the highest-quality links for a small portion of our production into China, the key driver of global demand for our product,” said managing director Harry Anagnostaras-Adams. “To do so via an alliance with leading Chinese metal processor XGC is especially pleasing.” He added: "This complements our overall product strategy wherein most of our production is expected to be delivered for copper production use in Spain and other European smelters, with whom we have also established appropriate dialogue". EMED is coming towards the end of a lengthy permitting process to restart a major copper mine in the Andalucía region of Spain. Once operational mine is expected to produce 37,000 tonnes of copper each year, from 9 million tonnes of ore. EMED said that talks are continuing with the regulatory authorities in Andalucia in regards to the various permits required to start project works at the end of 2012, which will allow production to start in 2013. Additionally EMED also told investors that it is in advanced talks with potential project financiers, with a view to finalising a mandate for US$175 million of project debt financing. "Progress continues on the key business plan tasks for the quarter and the company's finance plans head in the previously reported targeted direction,” Addams added. At 9:00, EMED shares were up 1.88p, or 17 per cent, to trade at 12.62p each.
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an/Gh/n
Afren and Eni spud Nunya-1X exploration well in Ghana: Afren (LON:AFR) announced the spudding of the Nunya-1X exploration well on the Keta block in Ghana to test a reservoir similar to those that have yielded significant discoveries in West Africa.The drilling is undertaken by Eni Ghana, a subsidiary of Italian supermajor Eni, which holds a 35 percent operating interest in Keta. Afren currently has a 35 percent stake in the project.“We are pleased to have commenced drilling at the Nunya prospect offshore Ghana where we are looking to test the regionally proven Upper Cretaceous play that has yielded successful results elsewhere along the West Africa Transform Margin,” said chief executive of Afren Osman Shahenshah.The spudding came three weeks after Afren’s Okoro East well offshore Nigeria made an oil discovery. Afren called this a successful start to the 2012 exploration campaign, which will see it participate in multiple wells across each of its core areas.Today the group said each of the wells it plans to drill as part of its busy 2012 programme has the potential to materially increase its discovered reserve base.Afren expects its output to average between 42-46,000 barrels of oil equivalent per day (boepd) in the current year after achieving an exit rate of 53,200 boepd.Shares in the group traded at 132 pence this morning, down 1.5 percent from Friday’s close. Afren currently has a market cap of £1.42 billion.
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al/ri/ t
e-Therapeutics bolsters board ahead of clinical trials: e-Therapeutics (LON:ETX) has bolstered its board with the appointment of a drug discovery expert.Dr Rajesh Chopra has joined the company as a non-executive director, it said today.Since 2009, Dr Chopra has been vice president at Celgene Corporation and leads 100 people in their work to integrate drug discovery and clinical development at Celgene sites in the USA and Spain.Before joining Celgene, he spent five years at AstraZeneca and was also previously clinical director of the department of haematological oncology at the Christie Hospital, Manchester.Oliver James, chairman of e-Therapeutics, said the appointment represented a further significant strengthening of the board. "He (Dr Chopra) brings highly relevant senior-level experience gained in world-leading pharma and biotech companies and substantial expertise in oncology."His input will be of great value as we advance our clinical programmes and bring more new drugs through into development from our discovery operation.”Meanwhile, Dr Chopra added that he was delighted: “e-Therapeutics is the world leader in network pharmacology, which is turning out to be a fascinating, highly distinctive and influential approach to drug discovery."Last month, the company said it was looking forward to an important 2012 year - as it advances four of its drugs into clinical trials.Anti-cancer drug ETS2101 will undergo a phase 1 programme beginning in the first quarter of this year. In Q2, the phase 1 trial for ETX1153c concerning C. difficile infection will begin.A phase IIb trial for anti-depressant ETS6103 will begin in the third quarter, while, for MRSA, the phase 1 trial for ETX1153a will start in the fourth quarter, the company told investors.
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te/le/mp
African Eagle Resources says IFC investment completed: African Eagle Resources (LON:AFE) said the US$5 million, or £3.1 million, investment by World Bank Group member IFC for a 10 per cent stake has been completed.It announced in November 2011 that the IFC would subscribe for shares in the group, and that the new funds will be used primarily to finance the evaluation of African Eagle’s flagship Dutwa nickel project in Tanzania. It has issued 45,509,570 ordinary to the IFC at a placing price of 6.8 pence per share.IFC is the largest global development finance institution that is focused on private sector development in frontier and emerging markets.Dutwa was discovered in 2008 and is a nickel laterite project with unusually beneficial geometallurgical properties. Since discovery, the progress of development has been rapid. Dutwa has a JORC resource of 99 million tonnes at 0.93 per cent Nickel, offering ready mining from two hilltop deposits and straightforward low consumption atmospheric acid leaching, leading to strong economics. African Eagle has development projects in Tanzania and Zambia.
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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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06/02/12
Calzada targets US$400 million per annum market with first wound treatment trial
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06/02/12
Market strength reflected in all sectors of ASX
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06/02/12
Kinetiko Energy pens in 1.12Tcf South African coal seam gas resource, eyes conventional upside
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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
Australian Pacific Coal announces East Wandoan coal resource
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06/02/12
PanTerra Gold conserves US$1m in working capital through share placement to contractor
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06/02/12
Oro Verde kicks off gold drilling at Vega, accelerated by good ground conditions
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06/02/12
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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06/02/12
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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06/02/12
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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06/02/12
Elementos acquires option over highly prospective copper project in Chile
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06/02/12
Black Fire Minerals: resource potential increases at Pilot Mountain with latest drill results
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06/02/12
Hastings Rare Metals in pre open pending capital raising announcement
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06/02/12
Central Petroleum raises A$9.9m to appraise Surprise-1 discovery, plans oil sales