Norseman Gold Plc (NGL: AIM) review and analysis
21 March 2010 | Norseman Gold Plc is a holding company, which along with its subsidiaries (together called “the Group”) is engaged in gold production and mineral exploration activities. The Group’s principal asset is its Norseman Gold Project located in Western Australia, held via its wholly-owned subsidiary Central Norseman Gold Corporation Limited. Headquartered in London, UK, Norseman Gold primarily operates in Australia and employs around 216 people. The Company was listed on AIM in April 2007 and on the ASX on 25 June 2009.
Nighthawk Energy Plc (HAWK: AIM) review and analysis
21 March 2010 | Nighthawk Energy Plc focuses on the development and production of hydrocarbons across the US. The company has interests in four projects, all of which are operated by Running Foxes Petroleum Inc, its partner and holder of the remaining interest in the projects. The projects are as follows:
Minco PLC (MIO: AIM) review and analysis
21 March 2010 | Minco PLC (Minco) is a metals exploration & development company incorporated in Ireland with zinc exploration projects in Ireland and zinc-silver investments in Mexico. The company is primarily focused on its Pallas Green project in Ireland, and is involved in zinc-silver development projects, Bilbao and Laguna, and gold exploration at Pinos, all in Mexico, through Toronto exchange listed Xtierra Inc. (Xtierra), a 60% subsidiary.
Americas weekly economic calendar: March 22-26, 2010
21 March 2010 |
Metals Exploration Plc (MTL: AIM) review and analysis
21 March 2010 | Metals Exploration Plc's (MTL) stated principal activity is to identify, acquire and develop mining companies or projects with an emphasis on precious and base metal mining in the South- East Asia region. Since being founded in 2004, it has acquired 7 projects; Runruno, Dupax, Sulong Puray, Worldwide and Capaz in the Philippines, and Waigeo in Indonesia. While Dupax and Sulong have received Exploration Permits (EP), Puray, Worldwide, Capaz and Waigeo are still at the application stage.
Max Petroleum plc (MXP: AIM) review and analysis
21 March 2010 | Max Petroleum (MXP) is an independent oil & gas exploration and production company operating in the Pre-Caspian Basin in Western Kazakhstan. As of 31 March 2009, it owned a 100% interest in the Blocks A&E and Astrakhanskiy oil and gas license areas, covering 13,500 km².
Maple Energy Plc (MPLE: AIM) review and analysis
21 March 2010 | Maple Energy Plc (Maple) was founded in 1986 and listed on AIM in July 2007. Headquartered in Lima, Peru, Maple is an integrated oil and gas company operating in Peru, engaged in exploration and production of crude oil, natural gas, and natural gas liquids; refining, marketing and distribution of hydrocarbon products; and development of an ethanol project. Maple’s principal operations include the following:
Uranium Resources plc (URA: AIM) review and analysis
20 March 2010 | Uranium Resources plc (URA) is an exploration and development company focused on acquiring and developing resources within intermediate-term development cycles. Principally, the company seeks to broaden its uranium-focused project portfolio in Tanzania. The company seeks to increase its acreage, acquire precious metals projects and use its expertise to build a multi-commodity portfolio.
Toledo Mining Corp Plc (TMC: AIM) review and analysis
20 March 2010 | Toledo Mining Corporation Plc (Toledo) is a nickel exploration and development company with operations on Palawan Island in the Philippines. The company estimates Berong and Celestial combined pre-JORC resources of some 350 Mt grading 1.3% nickel. It reported 563,280 wet-Mt of ore production and shipped 418,350 wet-Mt in FY 2009. Moreover, although the company did not record any production during 1H 10, it shipped 143,765 wet-Mt during the period.
Stratex plc (STI: AIM) review and analysis
20 March 2010 | Stratex plc (STI) is an international exploration and development company focused on finding and developing high-value mineral resours foces, primarily gold, copper, molybdenum, nickel and zinc. The firm waunded in 2004 and admitted to AIM in 2006.
Strategic Natural Resources Plc (SNRP: AIM) review and analysis
20 March 2010 | Strategic Natural Resources Plc (Strategic) was founded in 2004 as a vehicle to develop, own and manage natural resource extraction enterprises in South Africa. The company is headquartered in London, UK and was admitted to AIM on 7 August 2007. The company currently engages in mining and exploration of coal in South Africa through its subsidiary, Elitheni Coal (Pty) Limited (Elitheni). Elitheni holds prospecting rights over approximately 185,000 hectares (ha) area in the Eastern Cape coalfield in South Africa, demarcated into Phases 1, 2, 3, 4 and 5. The current total prospective rights area is a notable increase from the initial 9,238 hectares granted in 2005 under Phases 1 and 2. Phase 5 prospecting rights area (named “Project Indlovu”) of 119,374 ha have been awarded in November 2009.
Sirius Exploration PLC (SXX: AIM) review and analysis
20 March 2010 | Sirius Exploration Plc (Sirius) is a diversified mining and exploration company with exploration leases for salt and potash mining assets in Australia and the US. In addition to mining, Sirius intends to use salt caverns created during mining to store electricity and hydrocarbons. Although Sirius also has minority stakes in metal mining assets, Management intends to focus on potash and storage of energy, natural gas and carbon dioxide over the coming years. The company followed a major acquisition program in 2009, funded through the issuance of equity, which has led to a surge in its equity base from 102.2 mn in January 2009 to 628.1 mn on 29 January 2010. On 1 March 2010 the company's ADRs (ticker SRUXY) moved up from the Pink OTC markets to the OTCQX market, to provide better information flow and higher visibility.
Providence Resources Plc (PVR: AIM) review and analysis
20 March 2010 | Founded in 1997 from the de-merger of Arcon International Resources Plc’s hydrocarbon assets, Providence Resource Plc (Providence) is an international upstream oil and gas company operating in exploration, appraisal, development and production of oil and gas. The company entered the gas storage and trading activities by exercising the option to acquire a 40% interest in the Kinsale Head Area assets (offshore Ireland) from Petroliam Nasional Berhad (PETRONAS) in September 2009. The acquisition is expected to complete by the end of 1Q2010.GBP14.4 mn. The proceeds will be used for investing in increasing production levels and providing general working capital.
Orosur Mining Inc (OMI: AIM) review and analysis
20 March 2010 | OROSUR Mining Inc. (OMI) is a fully integrated gold exploration and production company focused on identifying and developing gold mining projects in Latin America. The company operates the only producing gold mine in Uruguay (San Gregorio) and has assembled an exploration portfolio of high-quality assets in Uruguay, Chile and Argentina. San Gregorio Mine Complex: This complex is located in Uruguay’s Isla Cristalina Belt region 400km north of Montevideo and is composed of two main pits (San Gregorio and Arenal) and a gold processing plant. The San Gregorio mine complex is the company’s main gold producing asset and is a mature property. In FY 2009, San Gregorio produced 70,147 oz of gold at a grade of 1.73 g/t. For FY 2010, Orosur projects production of 57,500 oz at a grade of 1.25 g/t.
Senator Dodd outlined his proposal for financial regulation reform on Monday
20 March 2010 | Senator Dodd outlined his proposal for financial regulation reform on Monday. Dodd's bill would create an independent consumer agency within the Federal Reserve, require hedge funds with over $100M in assets to register with the Fed and force trading in certain derivative onto public exchanges. In an attempt to end the "too big to fail" problem, the bill would restrain the Fed's ability to bail out failing firms and require approval of three bankruptcy judges within 24 hours to liquidate a large firm.
There continues to be a susurrus of takeover rumors in circulation, including talk of private equity offers for Harley Davidson and Beazer Homes making the rounds
20 March 2010 | There continues to be a susurrus of takeover rumors in circulation, including talk of private equity offers for Harley Davidson and Beazer Homes making the rounds. Teva signed a deal to acquire German drug maker Ratiopharm for ˆ3.63B, further securing its position as the world's number one generic drug maker. Teva, which beat rival bids from Pfizer and Iceland's Actavis, said the combined company would have had 2009 revenues of more than $16B, up from Teva's own sales of around $14B.
The TARP was back in headlines this week as three major firms, including Comerica, Hartford Financial and Discover Financial Services
20 March 2010 | The TARP was back in headlines this week as three major firms, including Comerica, Hartford Financial and Discover Financial Services, signed deals to pay back their government funds. Discover surprised investors with a sizable quarterly loss, versus expectations of solid profitability. Discover's delinquency rates are improving, however its provision for loan losses continues to grow.
In tech, there were reports that Google would formally announce its withdrawal from the Chinese market next week
20 March 2010 | In tech, there were reports that Google would formally announce its withdrawal from the Chinese market next week, setting off a debate among industry watchers about which firms would most benefit from the move. Additionally, the London Independent reported that Facebook overtook Google as the most popular site in the US for the first time, based on data from Hitwise.
The FOMC meeting, not surprisingly, was the main focus of Treasury market coming into the week
20 March 2010 | The FOMC meeting, not surprisingly, was the main focus of Treasury market coming into the week. Prices rallied and yields dropped after the Fed left rates unchanged and indicated they were still months away from considering moving the funds rate. Fed fund futures even ticked a little higher initially, indicating slightly lower expectations the Fed will move at the end of this year, but better demand was primarily seen at the long end of the curve.
FX traders shifted focus away from European peripherals and toward the FOMC and BOJ central bank meetings early on this week
20 March 2010 | FX traders shifted focus away from European peripherals and toward the FOMC and BOJ central bank meetings early on this week. But the Greek tragedy refused to leave the stage, and the euro continued to suffer from more EU discord over how to help Greece get out of its debt hole. EU Finance Ministers provided a strategy for emergency "standby" loans in case Greece's ˆ4.8B austerity measures failed to bring the country's budget deficit back into line with Maastrict Stability Pact criteria.
Greece submitted a progress report on its 4.8B euro deficit cutting plan to the EU
20 March 2010 | Greece submitted a progress report on its ˆ4.8B deficit cutting plan to the EU. The rating agencies seem pleased with Greece's progress so far. On Tuesday S&P took Greece off its credit watch negative list and affirmed the country's BBB+ sovereign rating. At their meeting this week, European finance minters discussed the proposed European Monetary Fund (EMF), while France and Germany exchanged barbs over how best to handle the problem.
The hot-button Chinese currency issue hit a fever pitch this week
20 March 2010 | The hot-button Chinese currency issue hit a fever pitch this week ahead of next month's semi-annual US Treasury report that could see China formally labeled a currency manipulator. Bipartisan support quickly fell in behind Senator Schumer, who said he would reintroduce legislation to confront China on currency late last week. A group of 130 members of the House sent a letter to Treasury Secretary Geithner urging him to name China a currency manipulator.
All in all the euro maintained its now familiar range of 1.34 to 1.38
20 March 2010 | All in all the euro maintained its now familiar range of 1.34 to 1.38 but saw bearish momentum from the Greek situation. The currency hit 17-month lows against the Swiss Franc at 1.4315 (just above the all-time low made back in Oct 2008 at 1.4297) after the SNB newest member Danthine said exchange rates should be guided by market forces, seeming to go against the SNB's well established policy of fighting CHF appreciation.
Sterling price action continued to reflect political uncertainties
20 March 2010 | Sterling price action continued to reflect political uncertainties, setting out on a soft tone as the latest election polls continued to point toward a hung parliament.
The Bank of Japan yielded to political pressure to address deflation
20 March 2010 | The Bank of Japan yielded to political pressure to address deflation with new easing measures by expanding its 3-month 0.1% funding operation to ¥20T from ¥10T, but failed to impress the markets, which had expected either a 6-month lending expansion or an increase in monthly JGB purchasing.
Gulfsands Petroleum, Borders and Southern, Cluff Gold news briefs
19 March 2010 | Gulfsands Petroleum (HOLD, £3.00) rejected the unsolicited approach received yesterday regarding a possible offer for the Company. Borders and Southern announced that the Company has appointed Mirabaud Securities LLP as its joint broker with immediate effect. Cluff Gold announced record gold production of 19,288oz for the first two months of 2010.
EMED Mining Public Ltd (EMED: AIM) review and analysis
19 March 2010 | EMED Mining Public Ltd (“EMED”) along with its subsidiaries (together called “the Group”) is engaged in exploration and development of natural resources, with a focus on copper and gold. With its corporate headquarter in Cyprus and operations base in Spain, EMED operates in Europe and Middle East regions. The company was listed on AIM in May 2005. It changed its name from Eastern Mediterranean Resources Public Ltd to EMED Mining Public Ltd in September 2006
Emerging Metals Ltd (EML: AIM) review and analysis
19 March 2010 | Emerging Metals Limited (EML) is focused on investing in metals and bulk commodities where there is an anticipated imbalance in supply and demand.
Empyrean Energy Plc (EME: AIM) review and analysis
19 March 2010 | Empyrean Energy Plc (Empyrean) was established with the aim to identify, analyse and finance rewarding projects in the fields of exploration, development and production of energy resources around the world. It primarily focuses on traditional Oil & Gas sector exploration and production activities in geopolitically stable environments like the US and Germany. Empyrean currently generates revenues from oil and gas sales from two of its three prospects in Texas, US. The company was incorporated in the UK in March 2005 and was listed on the AIM in July 2005. The company’s main assets are as follows:
European Nickel Plc (ENK: AIM) review and analysis
19 March 2010 | European Nickel Plc (European Nickel) identifies, acquires, develops and exploits nickel-cobalt deposits internationally. The company has developed a low cost, heap leach process for the extraction of nickel from nickel laterites which it plans to commercialise at its flagship project in Turkey. It also has operations in the Philippines and Albania. On 2 Feb 2010 the company announced a merger implementation agreement (MIA) to acquire Rusina Mining NL's entire issued share capital in an equity-based transaction and the raising of USD19.4 mn. The combined group will have a total attributable resource base of 1.35 mn tonnes of contained nickel, with a medium term nickel production target of 50,000 tonnes per annum. Its 2 key projects are:
Finders Resources Limited (FND: AIM) review and analysis
19 March 2010 | Wetar Copper project: Finders owns a 94% stake in the Wetar project. Wetar comprises 2 high-grade copper deposits; Kali Kuning and Lerokis, whose geology is suitable for open pit mining. These deposits contain JORC compliant proved and probable ore reserves of 8.18 Mt at 2.5% Cu using a 0.5% Cu cut-off. The project also includes a potential 1Mt copper resource at 2.3% grade at Meron (non-JORC compliant), which has been kept on the sidelines for the time being. Wetar has already been used for gold mining and the project benefits from existing mining infrastructure and the expertise of local inhabitants. Finders is currently running a demonstration solvent-extraction electro-winning (SX-EW) copper cathode plant, with a nameplate capacity of 1,800 tpa, which will be scaled up to 23,000 tpa in the coming 18-24 months.
Forte Energy NL (FTE: AIM) review and analysis
19 March 2010 | Forte Energy NL (Forte Energy) focuses on the exploration and development of uranium, with projects in the Republics of Guinea and Mauritania in West Africa, where it has 15 exploration licences over 12,742 sq. km. The company has a strategic alliance with Areva NC, which holds an 11.6% stake in the company. As part of its agreement with the company, which runs for a period of 2 years ending June 2010, Forte Energy has had access to Areva's uranium exploration database as well as technical cooperation and on-ground support for exploration and evaluation of its Mauritania projects. Subject to identification of a minimum 60-80 Mlb of JORC compliant inferred uranium resource by June 2010, the companies may form a JV to develop assets in Mauritania, with Areva taking a 25% stake. Post JV formation, Areva may increase its JV stake to 51%, subject to fulfilment of conditions.
Fortune Oil Plc (FTO: LSE) review and analysis
19 March 2010 | Fortune Oil Plc (Fortune Oil) operates in oil and gas supply and related infrastructure projects in China. The company also has contractor rights for coal bed methane (CBM) block in Shanxi Province in China. The CBM project is part of the company’s strategy to grow into an independent integrated gas company with presence across the value chain. The company got listed on the Main Market of London Stock Exchange in 1993. Fortune Oil’s gas business is grouped under Fortune Gas Investment Holdings Limited (Fortune Gas). In 2008, Wilmar International Limited, one of the largest companies listed on the Singapore Stock Exchange, acquired a 15% stake in Fortune Gas. The gas business includes the following:
Getech Group plc (GTC: AIM) review and analysis
19 March 2010 | GETECH Group plc (GTC) is a leading petroleum and minerals consultancy. It provides Services, Data and Studies to assist its clients in making informed and efficient exploration decisions. It is able to provide integrated solutions across a broad range of disciplines, involving both geological and geophysical contributions.
Xtract Energy Plc (XTR: AIM) review and analysis
19 March 2010 | Xtract Energy Plc (Xtract) primarily focuses on identifying and investing in early stage technologies and businesses in both the conventional and unconventional energy sectors. The company’s current activities include various oil and gas exploration and production interests in Australia, Turkey, Morocco, Central Asia, Denmark and the Netherlands. The company was established in October 2004 as Resmex Plc and was listed on AIM in March 2005.
Green Dragon Gas Ltd. (GDG: AIM) review and analysis
19 March 2010 | Green Dragon Gas Ltd. (“GDG”) is the parent company of Greka China Ltd (“Greka”). GDG was incorporated in March 2006 and listed on AIM in August 2006. Headquartered in Hong Kong, GDG is a vertically integrated player engaged in development, production, distribution and sale of natural gas, having exclusive focus on China. It is the largest independent gas company in China, operating as Greka in the following segments:
Velosi Limited (VELO: AIM) review and analysis
19 March 2010 | Velosi Limited (Velosi), incorporated in March 2006, is the holding company for Velosi Group. The Group, founded in 1982, provides asset integrity management, health, safety and environment services, which cover quality assurance and quality control services, to a number of leading national and multinational companies, primarily in the oil and gas sector.
Gulfsands Petroleum plc (STI: AIM) review and analysis
19 March 2010 | Gulfsands Petroleum Plc (GPX) is an independent oil and gas exploration and production company. The group’s major focus is on the Middle East. Gulfsands has oil exploration and development projects in the Syrian Arab Republic, and upstream and midstream oil and gas business development activities in Iraq.
Herencia Resources (HER: AIM) review and analysis
19 March 2010 | Herencia Resources plc (Herencia) is a UK-based mineral exploration and development company with a primary focus on Chile, South America. Herencia was incorporated in January 2005 and listed on AIM in November 2005. Herencia holds interests in several prospective projects/properties in northern Chile. The most advanced of these is the Paguanta Project (zinc-lead-silver-gold) in which Herencia has a 70% interest. The company also has two porphyry-copper prospects in northern Chile. In the near term, the company aims to develop its Paguanta project as well as identify further projects to generate future value for its shareholders.
The war of the yuan: What investors should expect
18 March 2010 | The political temperature is rising sharply in Beijing and Washington in a war of words over the value of the yuan. This is a battle that has been brewing since 2003, with U.S. lawmakers arguing that China has gained an unfair trade advantage by artificially depressing the value of the yuan. The war of words escalated sharply over the weekend and it continues to grow hotter.
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Singapore stock market and companies daily report (Google, Singapore trading hub, Sino-Environment) (March 22, 2010)
Threatening to shut down its operations in China, Google is at risk of closing off a key avenue of future growth. It’s been a difficult first quarter so far this year for oil traders in S’pore, as prices for oil and oil products have stayed range bound and trading volumes have been largely flat, even though higher than in Q1 last year. Last week, Sino-Environment disclosed that during a visit by some of its directors to the Fuzhou plant, the key managers there pledged their support to restart business operations in return for a stake of at least 20 per cent through the subscription of new shares.
Indian stock market and companies daily report (March 22, 2010, Friday)
The Indian indices opened marginally positive but maintained a trend of directionless trade, as they gyrated in a narrow band for most of the session. Volatility ruled the roost until mid-session, as the markets traded with minor, updown swings, although they sustained in the green. The markets slipped in the red in the final session, but a sharp recovery, led by benchmark heavyweight Reliance Industries, helped the indices close at their day’s highs. Both the Sensex and the Nifty gained 0.3% each, while the BSE Mid-cap and Small-cap indices registered gains of 0.1% and 0.4%, respectively. Among the front-liners, Bharti Airtel, RCom, Hero Honda, SBI and HUL were up by 1-4%, while HDFC, DLF, M&M, TCS, and ICICI Bank were down by 1-2%. In the mid-cap segment, Kirloskar Oil, United Breweries Holding, HSBC Investdirect, Deccan Chronicle and Apollo Tyres were up by 5-8%, while Motilal Oswal, Novartis, Carborundum, REI Six Ten Retail and IBREL were down by 3-5%.
Malaysia stock market and companies daily report (March 22, 2010)
DMG & Partners Securities said in its research note today, that it expects the Overnight Policy Rate (OPR) to be normalised to 3% by the second half of this year. PLUS Expressways is eyeing more highway concessions in the Asia Pacific region as part of its expansion plans. Unisem (Malaysia) expects revenue to grow 44% to RM1.5b, for the financial year ending 31 December 2010, bringing performance back to pre-crisis levels, as demand for semiconductor equipment recovers.
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Godrej Properties IPO review and analysis by Angel Broking, 9 December 2009
Godrej Properties Limited (GPL) intends to develop its projects through joint development agreements with land owners. Under this asset-light model, GPL will enter into revenue, profit or area-sharing agreements with land owners, instead of an outright purchase of the land. This model avoids direct land dealings for GPL and the locking-up of extensive capital in land. Around 80% of GPL's existing land bank will be executed through joint developments with partners. The Godrej brand name has been associated with quality and strong corporate governance. Both of its existing listed entities, Godrej Consumer Products and Godrej Industries have given CAGR Returns of 48% and 77%, respectively, to investors since 2001. We believe that GPL could leverage its parentage brand (with respect to access to the land at Vikhroli and a strong customer preference towards it), assuring a timely delivery of execution. More than 50% of GPL's existing land bank is exposed towards township projects and in one location (Ahmedabad), which will be executed over the next ten years. Any delay in this execution or a fall in property prices in Ahmedabad will impact our NAV estimates, as 50% of our NAV is derived from this project.
JSW Energy Ltd IPO review and analysis by Nirmal Bang, 8 December 2009
JSW Energy Ltd. (JSWEL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has two thermal power projects under operation, with a combined installed capacity of 860 MW. JSWEL is a part of the JSW Group, a leading business group in India. JSW Group has a presence in high growth sector like Steel, Energy, Aluminium, Cement, Infrastructure and Logistics. Post IPO holding of Promoter and Promoter Group would be 78.12%
JSW Energy IPO review and analysis by Angel Broking, 7 December 2009
JSW Energy (JSWEL) currently has operational capacity of 995MW and is in the process of executing projects with capacity of 2,655MW. In addition, the company has 7,740MW power generation projects at an early stage of development. A major portion (2,145MW) of JSWEL’s upcoming capacities is expected to be operational by FY2011E thereby providing near-term visibility. Out of the plants under construction, the company expects to commission 570MW by end FY2010E, while another 1,575MW is expected to get operational in FY2011E. Thus, a robust portfolio and near-term Revenue visibility is a major positive for the company.
Surgutneftegas: Currency rates are putting away the dividends..., 26 November 2009
We have revised our model of Surgutneftegas. The reason for that was the output of the 3Q 2009 report, correction of our suppositions of the company’s future development, and also the postponing of the target time and evaluation one year forward. Particularly, in our model of Surgutneftegas we have corrected the former forecast of income for the current year towards reduction: on EBIT – by 2.2%, on the net profit – by 21.5%. Mainly that happened due to the corrections on the operating estimates, and also due to the continuing strengthening of Russian ruble, which, considering significant dollar liquidity of the company, turns into negative currency exchange. Due to the negative currency exchange precisely For the second quarter in a row Surgutneftegas shows low level of the net profit. The fourth quarter, as we see it, will not make an exception and we expect negative currency exchange similar to the ones in the third quarter.
Gazprom: Having passed the bottom, 23 November 2009
We have revised our estimation of Gazprom’s shares. The reason for up-dating the company’s model was the report by IAS for 1H 2009, the budget draft for the next year and corrections of WACC method calculation. The provided financial report of the gas monopoly totally brought no surprises. As it has been expected, the second quarter was worse than the first one and likely was the weakest within the whole year. In 1H 2009 the financial estimates were affected by the decline of the gas sale at all markets by 22.3% average, and by the reduction of the retail price of gas by 9.6% in the state of the far abroad and by 24% in Russia. As a result within the six months of the year 2009 sales slipped by 24.1 bn USD or by 32.8% and formed 49.285 bn USD, operating profit and EBITDA showed reduction by 56.7% and 52.6% respectively and formed 12.98 bn USD and 16.18 bn USD.
Cox and Kings IPO review, analysis and recommendation, 18 November 2009
Cox and Kings proposes to make its IPO in the price band of Rs316-330/share, at a face value of Rs10 each, and to issue 1.85cr shares, of which 30.5lakh shares are offered for sale by Lehman Brothers Opportunity, Deutsche Securities Mauritius and Merrill Lynch Capital Markets Espana. Therefore, the fresh issue by the company will be to the extent of 1.55cr shares. The company plans to use the proceeds for debt repayment (Rs129.6cr), acquisitions and other strategic initiatives (Rs150cr), investment in overseas subsidiaries (Rs62.5cr), and investment in corporate offices and upgrading its existing operations (Rs60cr).
| | News |
Norseman Gold Plc (NGL: AIM) review and analysis, 21 March 2010
Nighthawk Energy Plc (HAWK: AIM) review and analysis, 21 March 2010
Minco PLC (MIO: AIM) review and analysis, 21 March 2010
Americas weekly economic calendar: March 22-26, 2010, 21 March 2010
Metals Exploration Plc (MTL: AIM) review and analysis, 21 March 2010
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