The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Enami and Chilean state miner Codelco in coming weeks will officially announce an agreement to jointly develop one of Ecuador's top copper deposits, Llurimagua, for which Codelco has already spent $40 million on exploration, he said.
"We own the asset, we facilitate the process, they (Chile) are the investors."
This really concerns me - and I must confess it's not something that has crossed my mind before. Solg has the right to go to production or does it have to involve the state?
I don't have doubts - which is why I have a sizeable holding (by my standards). Im merely saying basing your investment decision on "BHP paid 45p a share so it must be worth at least that" is not a good reason to hold.
Whether or not they have become conservative or not is by the by. At the end of the day the amount they have invested in SOLG is next to nothing given there expected capital and exploration spend of 6.8 billion USD in 2018.
Dont get me wrong BHP entering SOLG has to be good - but them buying shares for 45p a share does not give a cast iron guarentee that the share is worth that. Just a good indication.
I think they are hoping to start in 2012 depending on x, y and z
After a thorough drubbing by the twin ravages of the recession and the internet, newspapers may finally be turning a corner. This week saw a flurry of good results. Pearson, the owner of the Financial Times, said sales of the paper and related products were up 9 per cent in the first six months of the year. More significantly, advertising revenues returned to growth for the first time since 2008. On Tuesday, Daily Mail & General Trust released a trading update which it described as the most positive in two years. Advertising revenue at The Daily Mail and The Mail on Sunday rose by 13 per cent in the third quarter. Even regional advertising seems to be getting better. After double-digit falls the previous year, the bleeding at DMGT’s Northcliffe division slowed to a 4 per cent decline. Good news for DMGT turned into better news for Sly Bailey, the boss of Trinity Mirror, on Thursday. Advertising at the Daily Mirror and Trinity’s other national titles has been positive every month this year, she said. Healthy profits, partly garnered from heavy cost-cutting, caused Trinity’s shares to rise more than 30 per cent. Looming austerity cuts and a January VAT hike may derail the recovery yet, publishers warn. But most are quietly confident. Significantly, newspapers are finally learning how to make money from the internet. Ad revenue at Mail Online rose 47 per cent and the website is expected to turn profitable next year. Mecom, the European newspaper publisher run by ex-Mirror chief David Montgomery, now gets 10 per cent of its total advertising revenue from the web. But it’s not all about advertising. The FT, like The Times, charges for access to its websites and digital subscriptions have risen 27 per cent so far in 2010. Almost quarter of a million FT iPad apps have been downloaded. The message from analysts is that a number of business models, whether advertising or subscription based, could work for newspapers on the web. The trick, as ever, is deciding which is best for what content.
Cant link you as you have to subscribe to view - but here is there take on the MEC results Online advertising revenue at Mecom leapt by 47 per cent in the first six months of the year, as the European newspaper group reported pre-tax profits of £29.5 million. Advertising on Mecom’s 200 websites, which operate in the Netherlands, Denmark, Norway and Poland, brought in about €40 million, or more than 10 per cent of total advertising revenue. This is up from 6.8 per cent in the same period last year. “Advertisers are increasingly looking at the quality of audiences,” David Montgomery, Mecom’s chief executive, said. “They can access the 15-29 year old segment who don’t buy printed newspapers.” Mr Montgomery, a former chief executive of Mirror Group, said that Mecom’s websites had “broken even in the last few months”. He said he would continue to move resources online, adding: “There’s no reason why our digital products shouldn’t make better margins than our newspapers.” His comments follow those of Peter Williams, the financial director of Daily Mail & General Trust, who told The Times on Tuesday that Mail Online, the website of The Daily Mail newspaper, would also break even next year. Mr Montgomery remained wedded to the principle of charging online, probably in the next two years. “Our long-term ambition is to have paid-for content,” he said. “Our approach is to establish the advertising before introducing the element of subscription.” Paul Richards, a media analyst at Numis, said a number of business models had emerged to monetise online content. “The Financial Times’ subscription is almost akin to a business to business model,” he said. “Then there are examples of more general high-end premium services which can charge a subscription, like The Times [which started charging for online content this month]. “Mail Online can drive a huge audience which they can then monetise. And Mecom can tap into the local market to provide regional information that no-one else has.” He added: “When you look at the entire newspaper industry now it’s a lot more positive than a year ago. Online then was a big unknown. Now there’s a wide range of different models which could all work.” Mecom reported earnings before interest, tax, depreciation and amortisation of €70 million, a 48 per cent increase over the same period last year. Circulation revenue climbed 2 per cent year-on-year to €280 million, partially offseting an overall 3 per cent decline in advertising revenue to €334.7 million. Total group revenue remains almost flat at €708 million. The group raised its forecast on the basis of the results and is now expecting EBITDA growth of “at least” 15 per cent in 2010, up from 10 per cent. But it said that full-year
They are - July the 28th
I think your being optimistic. My predicition is just shy of 250p at results. If they are good it will fall to 150 ish if they are bad it will prob go up a little
With the amount DM holds I wouldnt get too excited with a purchase of 30k shares. If you added a 0 then maybe.
well thats DM and GA buying 10k shares each.
Doubt it - its only 20,000 shares hardly a big statement.
DAVID MONTGOMERY has just aquired 20k shares.
He could tell thats why he apologised.....
I think the news overall is good but not spectacular. I would hope it would stabalise just under the 250 mark and that can be the basis for future growth. I cant see fireworks from this news at all but you never know. I also deep down expect it to fall as past experience suggests it will.
It always falls when news is good!
If you go to the mecom website you can sign up to alerts as well. Then everytime an RNS is issued you get an email telling you
RNS said that
Sell 237.25 buy 239.5