Essential Assets for October 6

October 6, 2015 11:02 AM

The chemical and product tanker Stena Imperial was named in Savannah, Georgia. The Stena Imperial is a 50,000 DWT MR tanker based on the IMOIIMAX concept, owned by a joint venture of which Stena Bulk and Indonesian Golden Agri Resources (GAR) each own 50 percent. The vessel is a further development of a well-established and successful concept offering high cargo flexibility and lower fuel consumtion. IMOIIMAX tankers have been designed to transport both vegetable oils, chemicals as well as clean and dirty petroleum products.

Minbos Resources Ltd advises that merger discussions with joint venture (JV) partner Petril Phosphates Ltd (Petril) have been discontinued as the parties could not come to a mutually satisfactory outcome on certain key terms. The principal terms requiring agreement were the escrow conditions for existing and incoming shareholders (with Petril proposing that MNB’s major shareholders should be escrowed until completion of BFS). The negotiations on the merger were complicated by the difficulties of combining a public listed and private company and the different cultures, both in terms of the needs of the various stakeholders but also the different business culture and approach.

Centrex Metals Limited has completed a regional rock chipping campaign at its Oxley Potash Project located around 125km southeast of the Port of Geraldton in Western Australia. Centrex is due to commence resource definition drilling within the Central Area of the project once Government approvals have been received.

St George Mining Limited is pleased to announce further positive assay results from the diamond drilling at the Desert Dragon Central nickel sulphide prospect within the Company’s 100% owned East Laverton Property in Western Australia.

Carbon Neutral has achieved global recognition with the first Australian carbon emissions reduction project to receive Gold Standard certification. Over the past eight years, Carbon Neutral has established innovative large-scale reforestation projects which extend across 10,000 hectares of the Western Australian Wheatbelt – in the process creating Australia’s largest revegetation project based on carbon capture and biodiversity.

The Davis Tax Committee has rejected the introduction of new mining taxes such as windfall taxes, surcharges based on cash flows, separate flat royalty charges and rent resource taxes, saying they are not necessary given the existing mineral royalties, which should be retained. This may not seem significant now, given that the mining industry finds itself in dire straits, but the industry is notoriously volatile and its fortune is bound to turn and profits recover.

Jacka Resources Limited is pleased to announce that the Aje-5 well has reached its planned total depth of 3,255m MD (2,619m true vertical depth (TVD)) and has encountered Cenomanian age oil reservoirs, consistent with pre-drill estimates for depth, thickness and reservoir characteristics. Operator FASL drilled the well under budget and ahead of schedule. The Aje field, discovered in 1996, is located in the western offshore portion of Nigeria close to the border with Benin. The field is situated in water depths ranging from 100 to 1,000 metres and approximately 24 km from the Nigerian coast. The primarily gas condensate field, which was subsequently delineated with three additional wells, discovered hydrocarbons in three distinct zones, Turonian (gas-condensate), Cenomanian (oil) and Albian (gas-condensate).

Minbos Resources Limited is an ASX-listed exploration and development company focused on phosphate ore within the Cabinda Province of Angola and the adjoining areas of the far western DRC. Through its subsidiaries and joint ventures, the Company is exploring over 400,000ha of highly prospective ground hosting phosphate ore.

Potash West NL advised the ASX on 27th June 2015 that it had finalized a capital raising, to the value of $1.8M. Funds were received from the majority of applicants in the days following that announcement and shares issued, as recorded in ASX releases on 7th July 2015. Funds, to the value of $700,000, have been delayed, and shares for these subscriptions have not been issued. $40,000 was received in the last week and the Company has been informed that the balance of $660,000 will be forthcoming in the next few weeks. The Company makes this announcement in the interests of ensuring an informed market.

Blackham Resources Ltd is pleased to announce the latest results received from drilling at the Matilda Gold Project in Western Australia. The recently completed programme has identified a number of extensions that could expand and add further confidence to the free milling, open pit mining inventory prior to the planned recommissioning of the Wiluna Gold Plant next year. Drilling has also provided samples for metallurgical test work and geotechnical assessment as part of the preliminary feasibility study which is currently well advanced.

St George Mining Limited is pleased to confirm it has received a cash payment of $1,326,000 pursuant to the Federal Government’s R&D Tax Incentive Scheme. The Company’s 2014/2015 financial year tax return was assessed to include research and development expenditure eligible for the cash rebate under the Scheme, which is administered jointly by AusIndustry and the Australian Taxation Ofice.

Argex Titanium, Inc. announced it is engaging in pro-active measures towards setting its Health, Safety and Environmental Policy (HSE) as well as its code of conduct and ethics.

Comstock Mining Inc. announced that, on Saturday, September 5, 2015, in conjunction with American Mining and Tunneling LLC, it commenced construction of an underground exploration portal and drift at the north end of the floor level in the existing Lucerne Surface Mine.   The weekend started off with the inaugural blast launching the underground portal and drift development.

Australian resources company, Cauldron Energy Limited has recently completed a comprehensive geological review of the mineralisation setting of its wholly owned Bennet Well Uranium Deposit. This review has shown areas proximal to the deposit that have high potential to further extend the Mineral Resource (refer ASX Announcement 14 July 2015). The review provided the technical basis, which allowed the Western Australian Department of Mines and Petroleum to award a grant of up to $150,000 for drill testing greenfield type targets.

MPJ is pleased to announce that ongoing exploration at the Company’s 100% owned Roe Hills Project continues to identify high priority targets which will be systematically drill tested over the coming months. The Roe Hills Project is located only 120 kilometres east of Kalgoorlie, 70 kilometres east of Kambalda in the Eastern Goldfields of Western Australia.

Energy and Infrastructure Services Group, VALMEC Limited provides a trading update and earning guidance for the half year ending 31 December 2015. With an order book underpinning the half year, Valmec expects 1H 2016 revenues of between $30 and $33 million with an Earnings before Interest, Tax and Depreciation and Amortisation (EBITDA) margin in the range of 6% to 8%. Additionally, Valmec expects to utilise the benefits of its unused tax losses in respect of its entire profit for the period.

Finnair will add belly cargo capacity to its route between Helsinki, Finland and London Heathrow from the beginning of winter season starting on 25 October 2015, and will operate three weekly frequencies on the route with a wide-body aircraft, to facilitate increased cargo demand on the route. Finnair has recently established its third cargo hub in London to better connect the United Kingdom with its extensive Asian network, and to offer improved connections for Finnair customers to North America utilizing the extensive cargo network of its partner IAG Cargo. Finnair also has cargo hubs in Brussels, Belgium, and in Helsinki, Finland.

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About the Author

Lauren is the editorial assistant for Futures Magazine. She graduated from DePaul University in 2013 with a degree in English.