PYX Resources: Achieving volume and diversification milestones. Watch the video here.
https://im-mining.com/2021/03/04/first-two-cat-6040-shovels-head-centamins-sukari-gold-mine/
Lloyds profits fall as it targets wealth push
24 February 2021 07:00
LONDON, Feb 24 (Reuters) – Lloyds Banking Group reported a sharp fall in profits for 2020 but resumed paying a dividend, as outgoing CEO António Horta-Osório set out fresh targets to expand the bank's insurance and wealth business and further cut costs.
Britain's biggest domestic lender reported pretax profits of 1.2 billion pounds ($1.70 billion), well down on 4.4 billion pounds the previous year, after pandemic lockdowns shrank household spending and drove up provisions for bad loans.
The profit figure nonetheless beat an average of analyst forecasts of 905 million pounds.
Among the targets set out, Lloyds said it would increase funds from customers in insurance and wealth by 25 billion pounds by 2023 and cut office space by 20% within three years.
Lloyds set aside 4.2 billion pounds to cover loans expected to sour, below a 4.5 – 5.5 billion pound range previously given.
The bank said it would pay a 0.57 pence dividend per share, the maximum allowed by the Bank of England and above a forecast of 0.53 pence.
Horta-Osório is leaving Lloyds after a decade running the bank to stand for election as chairman of Credit Suisse in April, with HSBC executive Charlie Nunn set to replace him.
($1 = 0.7048 pounds)
(Reporting by Iain Withers, Editing by Lawrence White) ((Iain.Withers@thomsonreuters.com;)
© 2021 Thomson Reuter
I currently hold shares all the way back to when this was SULA so the possibility of Dividends would be great, since the RMurphy days the company certainly has had a positive turnaround under PJ’s guidance and pure determination thank you from a long term investor, I’m holding and staying put :)
Why would a company near collapse announce a new partnership?
https://www.google.co.uk/amp/s/www.traveldailymedia.com/amp/thomas-cook-announces-partnership-with-g-adventures-and-g-touring/
Rare earths asset could provide a significant kicker to Galileo's valuation
Galileo’s Glenover rare earths project already boasts a PEA and a large stockpile of ore that’s already been mined
The Glenover project
Where is the USA going to source its rare earths if the Chinese slap an export embargo on their own output? Since the Chinese control between 70% and 80% of the world’s rare earth production, and since rare earths are essential for defence manufacturing, it’s a crucial question. Especially in these times of heightened trade war rhetoric and tit-for-tat tariffs.
It’s a question that has resulted in sudden jumps in the share prices of non-Chinese rare earths companies like Lynas (ASX:LYC) and Mkango (LON:MKA), and near frenzied buying on the part of investors who are well aware that there aren’t that many listed rare earths companies to go round.
But one company with an advanced rare earths project went largely overlooked during the recent bout of heavy buying, and that company is Galileo Resources PLC (LON:GLR).
Focus has been on zinc in recent years
It seems likely that investors passed Galileo over because its 34%-owned Glenover rare earths project in South Africa hasn’t exactly been to the forefront in its marketing campaigns lately. Instead the company has been focussing on two zinc projects in Zambia, Star and Kashitu, where it is beginning to build considerable scale in terms of resource base and understanding of the geological structures.
And Galileo can hardly be blamed for staying relatively quiet about Glenover in recent months. After all, before the end of May, investors weren’t exactly enthused by rare earths opportunities anywhere, and certainly not by projects that aren’t yet in production.
Glenover already boasts a robust preliminary economic assessment
But Glenover has several advantages over other rare earths projects in development, not least its advanced stage. Indeed, back in the days of the mining boom of the mid-2000s, serial entrepreneur put Galileo Resources together with Glenover as its key asset.
Considerable work was done on the project, to the point where it boasts a robust preliminary economic assessment, a clear route to market for its product, and a three million tonne stockpile of ore that’s already been mined.
But along the way, rare earths prices dropped away and the mining boom turned sour, and Galileo turned to focus on more immediately prospective metals like gold and zinc, where it was able to make considerable progress.
Still, Glenover was neither forgotten, nor abandoned, but continued to sit on Galileo’s books with the company continuing to pay the relevant licensing fees to the South African authorities.
Woken up by the trade war
And it looks now as though the project could come alive again.
“The Glenover project has been woken up by the trade war,” says Colin Bird.
And interested parties are now likely to be giving the project the once over again.
Aft
Sorry pasted wrong link doh!
Are we still getting a scoping study / report next Wednesday?