Member Info for mulledwine

CONT The time required to repair the dome, along with steps we have taken to protect local whaling operations and to ensure the safety of operations from ice floe movement, have led us to revise our plans for the 2012-2013 exploration program. In order to lay a strong foundation for operations in 2013, we will forgo drilling into hydrocarbon zones this year. Instead, we will begin as many wells, known as `top holes,' as time remaining in this season allows. The top portion of the wells drilled in the days and weeks ahead will be safely capped and temporarily abandoned this year, in accordance with regulatory requirements. We look forward to the final receipt of our drilling permits for the multi-year exploration program upon the successful testing and deployment of the Arctic Containment System. These capabilities have, most recently, been evident in Shell's ice management operations as it successfully moved one of its drill ships and support vessels safely out of the path of approaching sea ice. That drill ship, the Noble Discoverer, is expected to resume its position and drilling operations over the `Burger A' prospect in the days ahead. Also, in the coming days, Shell is expected to begin exploratory drilling in the Beaufort Sea. These operations will follow the conclusion of the fall whale hunt and the anticipated receipt of a top hole drilling permit. We have tested and assembled drill ships and support vessels, trained personnel, and acquired numerous final approved plans and permits. This exploration program remains critically important to America's energy needs, to the economy and jobs in Alaska, and to Shell.

Monday 17 September, 2012 Royal Dutch Shell Alaska Drilling Update Royal Dutch Shell Alaska drilling update 17th September 2012, The Hague: Royal Dutch Shell ("Shell") is engaged in a multi-year drilling programme to explore for new oil & gas resources in high-potential blocks in offshore Alaska. Important progress has been made with this programme, with two drill ships, more than twenty support vessels, an approved capping stack, and other redundant oil spill response equipment already in position. Shell continues to demonstrate the strength and extent of its Arctic preparations. Over the last several days, Shell has successfully completed a series of tests of the first-ever Arctic Containment System. However, during a final test, the containment dome aboard the Arctic Challenger barge was damaged. It is clear that some days will be required to repair and fully assess dome readiness. We are disappointed that the dome has not yet met our stringent acceptance standards; but, as we have said all along, we will not conduct any operation until we are satisfied that we are fully prepared to do it safely.

http://www.investegate.co.uk/Article.aspx?id=20120917070100P2F1B

Outlook Although the global economy is expected to remain under pressure for the rest of calendar 2012, the IMF forecasts growth to improve to 3.9% in 2013 and China is expected to lead the recovery, with a growth rate of c. 8%. The rate of a global recovery, however, will be highly dependent on progress in Europe and the United States. Growth in stainless steel demand is expected to continue at a rate of approximately 5.5% over the next five years according CRU Group, which will require approximately 2.4 million tonnes of additional ferrochrome. The pace of stainless steel production, which largely tracks economic growth, is very different in the various regions of the world. Capacity growth is shifting from traditional producing regions in the West to Asia and more predominantly China. Ferrochrome demand in China is expected to grow in excess of 7% and a high proportion of the supply will be serviced internally by Chinese based ferrochrome capacity. The cost of chrome ore will have a significant impact on the cost of ferrochrome production in China as the cost of power, coke and labour is expected to remain competitive. Therefore, Chinese smelters will remain key competitors in the ferrochrome market. We believe their fortunes will, to a large extent, depend on access to low grade and lower priced ore from South Africa. We expect ferrochrome contract prices to improve significantly in the early part of calendar 2013 and spot prices could increase towards the end of calendar 2012. The possibility of an export levy on chrome ore is currently being considered by the South African Government. It is reported that the Department of Mineral Resources would approach National Treasury about imposing a levy on all raw mineral exports. Currently only diamonds are levied and at a rate of 5% on the total value. This will have a direct impact on especially Chinese ferrochrome production cost as ore cost contribute c. 50% of their production cost. We may see an update in this regard as early as the end of 2012. The Company has reduced costs significantly over the last year. Additional initiatives are underway to further reduce costs and improve competitiveness. These will focus, in particular, on reducing marketing costs and improving price realisation and further reductions in specific fixed costs. As the global ferrochrome market improves, the Company remains confident that the long-term ferrochrome growth story remains intact. The combination of a sustainable long-term market for stainless steel and ferrochrome, and measures being taken within the Company to ensure it is a low-cost producer with robust operations, mean the Company is confident that it is better positioned than it has been for some time

Chris Jordaan, Chief Executive Officer of IFL commented: "The 2012 financial year marks a turnaround for the Company as the cost reduction programme started to take effect resulting in a return to profitability in the second half. We remain confident that the long-term stainless steel and ferrochrome growth story remains intact. Measures being taken by the Company will ensure it is a low-cost producer with robust, sustainable operations. We are confident that IFL is better positioned than it has been for some time."

Post period highlights · Sky Chrome ramps up to record 70,000 tonnes per month run of mine · Furnaces performing well delivering a better than expected 39,700 tonnes of ferrochrome in July and August · Co-gen plant achieved 6.9% of total power demand in July; 10.2% in August, nearing 11% target

Financial Results for the year to 30 June 2012 Highlights Financial highlights · Revenue of ZAR1.5 billion; down 5% on 2011 (ZAR1.58bn) · Operating margin improved to 3% (2011: -3%) · Company returned to profitability with a profit before tax of ZAR67 million in the second half of the year · Ore sales of 345,000 tonnes, 20% higher than the prior year, due to reduced internal ore consumption during Eskom-related furnace shutdowns (2011: 288,000 tonnes). · Adjusted Rand production costs for the year decreased by 4.9% from prior year which represents 40% of the target cost reduction. · EBITDA of ZAR63 million against a loss of ZAR72 million in the prior year (H2 FY12: ZAR136 million) · Net borrowings of ZAR308 million at 30 June 2012 Operational highlights · FeCr production down 21% to 153,046 tonnes as a result of furnace roof rebuilds and Eskom related shutdown · Sky Chrome ramping up as planned and now replacing Lesedi open pit mine which closed in July'12 · UG2 chrome recovery plant delivering 15ktpm since April 2012 as planned

http://www.investegate.co.uk/Article.aspx?id=201209170700113601M

The Ministry of Defence is demanding safeguards over the Trident nuclear weapons programme as a condition of the £30bn merger between BAE Systems and EADS, its Franco-German rival. Politicians in London, Paris, Berlin and Washington are poring over the national security risks of waving through a deal that would create the world’s biggest aerospace and defence group by annual revenues. The top priority for ministers from the Ministry of Defence and Department for Business is to safeguard the Trident nuclear submarine programme, built by BAE at its yard in Barrow-in-Furness, Cumbria. BAE and EADS last week stunned the market with their nil-premium merger plan. The marriage would create a European version of Boeing, with a balanced portfolio of military and commercial aerospace interests, The Sunday Times reports.

For the merger between BAE and EADS to go ahead, countless parties will need to be convinced, not least the shareholders of both firms. Zafar Khan, defence analyst at Soc Gen, for example, thinks that BAE’s share of the combined group should be closer to 35% rather than the proposed 40%—and EADS’s investors may agree. Nevertheless, as Boeing’s boss, Jim McNerney, said on hearing of the proposal, it is likely to start a wave of consolidation in the defence industry. Guy Anderson of IHS Jane’s, a defence and aviation consultancy, reckons that in particular the European firms left out of the deal, such as Thales of France and Finmeccanica of Italy, will be acutely worried about being left behind. A new age of military alliances looks in prospect, The Economist says.

Shares in agricultural and farming group MP Evans rose on Friday, despite a significant slide in interim profits. Investors were focusing on future prospects. The most important contributor to profits is the group’s Indonesian palm oil business – and palm oil prices have been soft in the first six months. The group also owns a share in Australian cattle group NAPCo, which was impacted by falling beef prices. Palm-oil prices averaged $1,096 a tonne, 8% lower than the first half of 2011. However, a slump in pricing is not expected. Prices should be supported by the high price of its alternative, soybean oil. Production of fresh fruit bunches (ffb) rose 22% on its majority owned estates. Evans expects to produce 300,000 tonnes this year, rising to 500,000 tonnes by 2015. Questor last said buy when the shares were at 473.5p on April 18. They are trading on a 2012 earnings multiple of 14, falling to 12.3 and remain a buy, Questor affirms.

Randgold Resources is the largest listed gold miner in the UK. The company is exploring in Burkina Faso, Côte d’Ivoire, DRC, Mali and Senegal. As well, Mark Bristow, its South African chief executive, has also said he would be interested in M&A. This is because valuations of smaller gold miners have plunged, which marks a departure from his usual strategy of explore-discover-build and is evidence of how far gold equities have fallen. There is country risk in Mali (although it has been waning) and in the DRC. However, Bristow is very experienced in working in such backdrops after building Randgold up from scratch. Furthermore, Ben Bernanke pulled the trigger on QE3 on Friday, which is positive for the gold price, as it weakens the dollar. This makes gold cheaper in other currencies. It also prompts fears of inflation - and gold is seen by many as a natural hedge. Credit Suisse said on Friday that its model suggested this round of QE could propel gold to $2,000 an ounce. Over the last year Randgold shares have – more or less – shadowed moves in the gold price. They are trading on a current-year earnings multiple of 21, falling to 16.8. This is not cheap, but the gold price is in the driver's seat. Buy, says Questor.

Outlook For the remainder of 2012, ABI has a two-fold focus aimed at delivering measurable year-end results: 1) grow the Company's HIT-screening franchise through the Q3 introduction of the PIFA PLUSS PF4 rapid test, and 2) seize the breath testing opportunities within the alcohol safety and nutraceutical industries by supporting the sales efforts of our specialized distributors. The organization is now primed for success and we are confident in the Company's ability to deliver H2 performance results that will enhance shareholder value.

Thomas A. Nicolette, President and Chief Executive Officer, commented, "The Company's goals for the first half of 2012 were to continue revenue growth for ABI's flagship products, while reducing administrative expenses and streamlining our manufacturing processes, all in preparation for the US launch of the PIFA PLUSS PF4 product line extension and increased manufacturing demand for breath alcohol detectors commencing H2 2012. "With these developments in mind, the Board of Directors is confident that the Company will accelerate revenue generation in the second half of 2012. We will expand adoption of the growing PIFA, HIT-testing product franchises through our relationships with our US distribution partners and aggressive support from our dedicated technical sales force. Discussions with distributors in Europe, the Middle East and China have also commenced and are expected to be solidified in 2012. "The recently-issued French decree requiring that each automobile be equipped with two, "NF-compliant" .05% disposable alcohol detectors is a development which is projected to generate incremental revenues in H2 2012 and beyond. The emergence of such a regulatory driver has the potential to deliver opportunities for ABI's future revenue growth given the Company's ability to quickly adjust manufacturing to meet the breath alcohol testing specifications of individual countries. We look forward to keeping our valued and ever-supportive investors abreast of our commercial progress aimed at elevating shareholder value in the short-term and into the foreseeable future."

Interim Results for the Six Months Ended 30 June 2012 ABI, a leading designer and manufacturer of rapid diagnostic screening and testing products, announces its interim results for the half year ended 30 June 2012. Financial Summary § Revenue totalled $787,194 (H12011: $1,090,000) § Adjusted EBITDA: ($782,580) (H12011: ($537,469)) § Adjusted Loss Before Tax: $1,023,283 (H12011: $838,352) § Gross Profit Margin: 50% (H1 2011: 66%) § Administrative expenses reduced by 31% from H1 2011 § Company continues to be debt free with current assets in cash and cash equivalents of $482,950 (H1 2011: $2,598,094)

http://www.investegate.co.uk/Article.aspx?id=201209170700103585M

Kristen Kleiman, Director of Investments and Acquisitions at FourWinds Capital Management ("FourWinds"), the Company's investment manager, commented, "Cerro Chato is a high quality plantation with excellent growth rates that has been managed well. This is Pradera Roja's second property sale in the past three months, again representing a significant premium to the allocated appraised values. We had several investors interested in Cerro Chato as we have seen renewed interest in Uruguayan forestry as the global timber markets show signs of recovery."

Phaunos Realises Portion of Uruguayan Property Cerro Chato Eucalyptus Plantation Sold for US $2.9 million in Cash (17 September 2012), The Board of Phaunos Timber Fund Limited ("Phaunos" or the "Company") is pleased to announce the sale of the Cerro Chato plantation, part of Phaunos' Pradera Roja investment, for US $2.9 million, payable to the Company in cash in US dollars. Cerro Chato is located in eastern Uruguay and comprises approximately 690 hectares with over 490 hectares planted in various Eucalyptus species. The Cerro Chato land was purchased by Pradera Roja in December 2009 for US $1.3 million. Cerro Chato represents just under 7% of the Pradera Roja estate of 10,354 hectares. The Pradera Roja investment was valued by the Company at US $32.2 million as at 31 December 2011. The portion of this value attributed by the Company to Cerro Chato as at 31 December 2011 was approximately US $2.0 million. The sale of Cerro Chato follows the realisation of the Don Chico plantation in July 2012. The buyer of the Cerro Chato plantation is a private investor. After the sale, Phaunos' remaining land ownership in the Pradera Roja estate will be 9,664 hectares, with approximately 4,500 hectares planted in Eucalyptus plantations.

http://www.investegate.co.uk/Article.aspx?id=201209170700053197M

Valuation: Highest yield and further upside We have adjusted our financial forecasts and updated MDME’s portfolio of execution projects and studies. We calculate that MDME’s prospective P/E multiple (base case scenario) in FY13 is at a discount to all of its peers and at a slight discount to the average of its peers in FY14. If MDME converts its potential projects – Taung Gold (Evander 6 Shaft) and Asia Minerals (Kudumane) – to full-execution contracts in FY13, we forecast the company will increase earnings from US$11.4m to US$15.1m, which on today’s P/E multiple of 7.3x would indicate a value of c 191p/share. Based on MDME’s dividend policy, we forecast a dividend that will give it the highest yield of its peers at 6.8%.