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Precious metals giant Polymetal has announced a significant increase in mineral resources at its Albazino project in the Khabarovsk territory, Russia. The miner said that as of August 1st, mineral resources at Albazino were estimated at 37Mt with an average grade of 4.8g/t of gold (Au) containing 5.7Moz of Au. The previous estimate was around half this size: as of January 1st, resources were predicted to be 19Mt at 4.5 g/t Au containing 2.8 Moz of Au. "Once again, exploration results at Albazino highlight the tremendous potential of this asset and pave the way for the expansion decision to be taken in the second half of 2013," said Vitaly Nesis, Chief Executive Officer of Polymetal. "Albazino is an excellent example of Polymetal's ability to create value by discovering high-grade ounces close to existing processing facilities". The company said that active exploration at the site is ongoing with further mineral resource potential identified. In-fill underground drilling in the first half of next year is "expected to lead to a substantial upgrade of inferred resources and allow meaningful resource-to-reserve conversion." The completion of the optimisation study is expected in the second quarter of 2013.

Jefferies maintained its 'hold' rating for the stock today, saying that while the disposal proceeds are attractive - 35% higher than consensus estimates when the sale of the remaining stake in CMC is factored in - it has potential implications for dividend prospects. While there is no change in the company's dividend policy, Jefferies highlighted that the M&I division contributes 22% of group operating free cash flow "so investors will need to understand how management intends to replace these cash flows".

The $680m will be paid on a cash- and debt-free basis, and represents 6.3 times EBITDA (earnings before interest, tax, depreciation and amortisation) of the businesses being sold. Batelco will pay CWC on completion. CWC Chief Executive Officer Tony Rice said: "The disposal of the Monaco & Islands portfolio is consistent with our objective of building a growth-driven, Pan-America focused business. The Monaco & Islands portfolio is a premium telecoms business and we are pleased to have agreed a deal that achieves an attractive value for our shareholders.: In addition, the companies have also agreed to certain put and call option arrangements over CWC's remaining 75% interest in CMC. These options will allow Batelco to buy up a contolling stake in Monaco Telecom for $345m.

Cable & Wireless Communications (CWC) has agreed to sell the majority of its businesses in its Monaco & Islands division as it attempts to scale back its geographic footprint and focus on its core operations. CWC is selling the assets to Bahraini telecoms firm Batelco Group for an enterprise value of $680m. The news follows confirmation in September that the two firms were in discussions. CWC will sell its interests in businesses in the Maldives, Channel Islands and Isle of Man, the Seychelles, South Atlantic and Diego Garcia as well as a 25% shareholding in Compagnie Monegasque de Communication, the company which holds CWC's 55% interest in Monaco Telecom. The proceeds of the sale will be used to pay down debt and increase CWC's "financial flexibility". Following the disposal, the group's net debt position will be cut to around $937m, down from $1,588m at the end of September. In a statement on Monday morning, the firm said: "The disposal accelerates the delivery of CWC's strategy to reshape its business, reduce its geographic spread, and focus on the Central American and Caribbean region, as well as increasing the company's financial flexibility."

Lastly, and amongst some of the key features of Kedco's business plan for the next twelve months are: starting construction of the 12MW Enfield Biomass project, in London; to start the installation of the second stage of the 4MW Newry Biomass which will be fully commissioned by end of the 2013; to obtain planning permission for the 8MW Clay Cross Biomass project.

The group also reduced its annual interest charge by approximately €1.5m, while at the same time eliminating €10.8m in debt via a debt-for-equity swap and the sale of its Latvian subsidiary, SIA Vudlande. Even so, the company's net loss fell in a less pronounced manner - to €2.5m from €4.5m a year ago - as discontinued operations added to the red ink to the tune of €870,000. In addition to all of the above, during the period in question Kedco also managed to raise new financing, proceed with its expansion plans and pursue the acquisition of Reforce, with the latter expected to close imminently. Its acquisition target is a project developer with 60 active projects and a capacity in excess of 40MW at various stages of development in the UK and Ireland. Furthermore, Kedco highlighted that Reforce has a strong and experienced management team with over 10 years' experience across 500MW+ of renewable energy projects.

Renewable energy group Kedco on Monday unveiled its preliminary results for the full year ended June 30th 2012. The company announced losses before taxes and from continuing operations of €1.6m, versus the previous fiscal year's restated loss of €5.3m. Meantime, the top-line expanded to reach €10.1m, far ahead of 2011's equivalent figure €936,000. The outfit delivered significant cost savings through the exit from non-core and non-profitable business segments, creating a leaner, more efficient business structure with the focus purely on the renewable energy power generation business, management explained in a statement. Administrative costs, for example, were cut to €0.95m from €3.6m in the previous fiscal year.

First-half results from pubs giant Greene King will be released on Tuesday morning with the market expecting a slight improvement in profits. The company had reported a strong start to the year in September with like-for-like (LFL) sales up 5.1% in the first 18 weeks despite the poor summer weather. Analysts at Panmure Gordon are forecasting a first-half profit before tax of £82.4m (earnings per share of 28.8p), up 6.7% year-on-year. In a research report on Friday, the broker said: "We expect LFL sales growth in managed pubs to have moderated over the rest of H1 reflecting the tougher comps, particularly in October. "We expect the current trading update will highlight a robust performance in November and the group well positioned to capitalise on the Christmas trading period."

Work Group: Merchant Securities reduces target price from 10.50p to 7.50p and reiterates a hold recommendation.

Unilever: Panmure Gordon raises target price from 2500p to 2600p and maintains its buy recommendation. Investec raises target price from 2300p to 2400p, while reiterating a hold rating.

UBM: Investec downgrades to hold, keeping a target price of 745p.

St. Modwen Properties: Peel Hunt reduces target price from 235p to 250p; buy recommendation maintained.

SThree: UBS reduces target price from 350p to 335p and maintains a buy rating. Numis downgrades to add and keeps a target price of 350p.

Stagecoach Group: Barclays reduces target price from 340p to 335p and keeps an overweight rating.

Segro: Societe Generale reduces target price from 290p to 280p and keeps its buy recommendation.

Schroders: Bank of America upgrades from neutral to buy.

Scapa Group: Numis raises target price from 77p to 80p; buy rating remains unchanged.

RSA Insurance Group: Deutsche Bank raises target price from 120p to 136p and upgrades to buy.

Rio Tinto: Canaccord Genuity raises target price from 3750p to 3850p, maintaining a buy recommendation.

Pay Point: Jefferies initiates with a target price of 1020p and a buy recommendation.