Proactive Investors Chinese RSS feed

Red Rock Resources acquires option in Kansai Mining

Fri, 03 Feb 2012 12:06:23 +0800

Red Rock Resources (LON:RRR) has acquired an option to acquire a further 4.94 percent of Kansai Mining Corp.

Kansai is Red Rock's joint venture partner on the Mid Migori gold project in Kenya. Red Rock owns a stake in both Kansai and the Mid Migori Mining Company.

The latest option over 5,923,237 shares was acquired from a Kansai shareholder.

Following the transaction, Red Rock now owns and controls, or has options over, a total 45,552,237 Kansai shares, representing 37.96 per cent of the total issued and outstanding capital.

Red Rock holds Kansai stock for investment purposes.

Condor Resources reports high grade results from La India project

Fri, 03 Feb 2012 11:49:00 +0800

Condor Resources (LON:CNR) released a strong set of drilling results from its wholly owned La India gold project in Nicaragua and announced the discovery of the new Natalia vein.

Today's drilling report included the results received by the company since the last drilling update on December 20, including the last drill hole on the La India vein set and nine drill holes on the America vein set totalling 2,331 metres.

Condor reported a wide high grade gold intercept on the India-California structure including 4.19 metres grading 6.94 grammes per tonne (g/t) from the California vein and an interval of 7.37 metres at 6.31 g/t gold from the India vein.

The company said the two veins are just 25 metres apart at this intercept, which "adds credibility" to the potential for open pit mining.

The most significant results came from the Natalia vein, which was intercepted in six out of nine drill holes and is open in both directions along strike. The grades reported form this vein included 4.22 g/t gold over eight metres.

Condor is currently working on determining the 2012 drill programme, which it hopes will help it hit its target of increasing the La India resource to two million ounces of gold.

The company also plans to convert inferred resources into the indicated category, define potential open pit targets and proceed with feasibility studies for a commercial mine.

Condor decided to pause drilling during January to reassess its exploration strategy following the larger than expected mineral resource of 1.62 million ounces at La India announced on December 30.

Last week, the company received data for 3D models used to interpret the resource and plan future drill programmes.

New targets generated by the 2011 drilling campaign and recommendations from a mine concept study by consultants SRK Consulting will be used to determine drill programmes for 2012.

Investors welcomed the report as shares in Condor rose four per cent to trade at 6.75 pence in early deals, valuing the company at £37.7million.

Broker Ocean Equities said: "Condor's potential to find an open pit deposit has increased with these results on the main vein set areas, but we are also hopeful that meaningful results from the Central Breccia Zone in the near term which is clearly a likely open pit target.

"Completion of an internal concept study on mining the La India deposits has been positive and has given Condor a frame of reference to conduct future drilling. We believe this is a great result as it puts Condor on the track towards development and the company has now got a scheme of work that can be matured into preliminary assessments and feasibility studies on La India."

As at 4pm, the firm's shares stood up 5.77 per cent, to trade at 6.88 pence each.

Amphion Innovations secures US$500,000 loan from chairman

Fri, 03 Feb 2012 11:44:00 +0800

Amphion Innovations (LON:AMP), the developer of medical and technology businesses, said it has secured additional unsecured loan financing of US$500,000 from its chairman James Macaleer.

Macaleer holds a 17.37 per cent stake in the company.

The loan is repayable on December 31 2013 and carries interest at 7 per cent per annum.

The chairman's unsecured loan financing to Amphion now totals US$4 million, all with the same maturity and interest.

Macaleer will also receive 2 million warrants, expiring on December 2013, each entitling the holder to subscribe for one Amphion share at 8 pence.

This transaction is deemed a related party transaction for the purposes of the AIM Rules. As a result, the Independent Directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Max Petroleum reports flow test results from two wells in Kazakhstan

Fri, 03 Feb 2012 11:39:50 +0800

Shares in Max Petroleum (LON:MXP) rose after the Kazakhstan focused oil firm reported flow test results from two of its wells, which will soon be placed on long term test production.

The SAGW-1 well on the Sagiz West Field in Block E flowed at a stable rate of 430 barrels per day from the Triassic reservoir over a 17 hour period, Max said in today's operational update.

Only last week, Max spudded the SAGW-3 appraisal well on the field, targeting Triassic reservoirs.

Max had reported in December that the first appraisal well for the Sagiv West discovery, SAGW-2, did not encounter producible hydrocarbons.

While it found oil shows, the results indicated it was drilled close to the edge of the field.

Max said at that time that it had confidence that it could successfully appraise the Sagiz West discovery with the next two wells.

The company has also started testing a second Jurassic reservoir in the ASK-1 well in the Asanketken Field, which flowed oil at 1,005 barrels per day over a 24 hour period.

Investors welcomed the results as shares in Max rose 2.5 percent to trade at 10.5 pence in early deals, valuing the company at £106.25 million.

Both wells are connected to temporary production facilities and will be placed on long-term test production for up to 90 days.

Regency Mines reveal significant nickel results from Mambare’s Plateau zone

Fri, 03 Feb 2012 11:22:00 +0800

Regency Mines (LON:RGM) this afternoon revealed drill results from the Mambare nickel laterite project, in Papua New Guinea.

The results confirm the significant grade and tonnage potential of Mambare's Plateau zone, it said.

One of the drill holes returned the highest nickel grades encountered to date at the project, with 3.28 per cent nickel and 0.12 per cent cobalt being encountered in a 1 metre interval.

The company said that the Plateau area has never been drill tested before. It is an extensive area and it is the major target for future exploration, it added.

Regency believes it may potential to host one of the world's largest nickel laterites.

Mambare is being explored through a 50:50 joint venture, with Sydney based firm Direct Nickel Pty Ltd.

The latest drill campaign was completed in December, and the remainder of the assay results are expected in the coming weeks.

China Shanghai Composite Index surges 2%

Fri, 03 Feb 2012 06:10:00 +0800

China's shares surged higher Thursday, as better news from the Eurozone and the U.S., plus China "blue chip" stocks trading at historically low valuations, brought investors and funds into the market.

The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 2.0%, or 44.48 points, at 2312.56. The Shenzhen Composite Index rose 1.9%, or 16.13 points, to 865.72.

Total turnover on the two bourses rose to 103.93 billion yuan (16.47 billion U.S. dollars) from 90.09 billion yuan on the previous trading day.

China will expand its fiscal budget for agriculture and direct more fixed-asset investment toward the sector in 2012, according to a document issued Wednesday by the Central Committee of the Communist Party of China (CPC) and the State Council, or China's Cabinet.

The news boosted shares of agricultural firms, with Xinjiang Talimu Agriculture Development Co., Ltd. and Wanfu Biotechnology (Hunan) Agricultural Development Co., Ltd. surging by the daily limit of 10 percent to close at 8.22 yuan and 22.9 yuan per share, respectively.

Hunan Jinjian Cereals Industry advanced 5.3% to CNY5.20, Hunan Zhenghong Science & Technology Development rose 4.9% to CNY4.46 and Heilongjiang Agriculture climbed 3.1% to CNY8.88.

The government will relax restrictions on the usage of private capital, foreign capital and funds from international organizations in setting up small financial institutions, according to a statement released after a State Council executive meeting presided over by Premier Wen Jiabao.

Banks rose over the announcement, with the Industrial Bank Co., Ltd. gaining 4.35 percent to close at 14.15 yuan and Shanghai Pudong Development Bank up 3.52 percent to 9.4 yuan.

The Industrial and Commercial Bank of China, the world's largest bank by market value, climbed 2.34 percent to 4.38 yuan. China Vanke, the country's largest real estate developer, saw shares go up 1.59 percent to 7.68 yuan.

Ping An Insurance (Group) Co. of China jumped 6.0% to CNY39.64, Industrial Bank gained 4.4% to CNY14.15 and China Life Insurance added 4.0% to CNY19.07.

Hong Kong shares set cracking pace, up 2%

Fri, 03 Feb 2012 06:01:35 +0800

Hong Kong shares closed Thursday at their highest closing level of 2012 following positive economic data in the U.S. and Europe, with commodity firms leading the gains.

The index has risen 13% so far this year.

With Hong Kong stocks trading at historically attractive price earnings valuations, funds that are replete with high cash levels are finding ways to put the cash to good use.

Hong Kong and China shares were stronger on Thursday, lifted by strength in Chinese financials and other growth-sectors.

The Hang Seng Index rose 406.08 points, or 2.0%, to 20,739.45 after trading between 20,564.97 and 20,761.70 during the session.

Market volume totaled HK$75.17 billion, up from HK$61.64 billion Wednesday.

CNOOC Ltd jumped 3.1 percent, while PetroChina Co Ltd was up 1.8 percent, CNOOC aims to double its oil and gas production by 2020. China Petroleum & Chemical Corp (Sinopec) gained 1.7 percent.

Aluminum producer Chalco ended up 3.8% at HK$3.86, and China Coal finished up 3.7% at HK$10.06.

Resources stocks were particularly firm following the positive economic data globally.

Shares of Macau casino operators were also higher, with several rising more than 4%, adding to Wednesday's gains after Macau's January gambling revenue data released yesterday afternoon pointed to a solid start for 2012.

Macau, the only place in China where casino gambling is legal, saw gambling revenue rise 35% to MOP25.04 billion (US$3.13 billion) last month, up from MOP18.57 billion a year earlier.

Las Vegas Sands Corp. a unit of Sands China Ltd. moved higher on its fourth-quarter net profit rising 44%. The company's shares ended up 4.9% at HK$27.75, an all-time closing high.

The company, which listed in Hong Kong in November 2009, said its net profit rose to US$306.7 million from US$213.3 million a year earlier as revenue rose 22% to US$1.33 billion.

The company also declared its first-ever dividend, an interim payment of 58 Hong Kong cents per share.

Proactiveinvestors recommends

Thu, 02 Feb 2012 17:42:52 +0800

Connemara Mining (LON:CON) jumped 17 per cent in early deals after securing a partner for the Mine River block in Ireland, which is prospective for both base metals and gold.

The company has entered a joint venture agreement with Canadian group Hendrick Resources to explore the the Mine River project, which includes a group of a group of four contiguous prospecting licences covering an area of around 130 square kilometres (sq km).

Abundant mineralised float samples with gold results up to 52.18 grammes per tonne (g/t) have been found on the licence block, particularly around the Tombreen and Knocknalour area.

Previous exploration has discovered significant gold occurrences in rocks and rivers in the area of the Mine River licence block.

Under the terms of the agreeement, Hendrick will spend €500,000 to earn a 50 percent interest in the licenses and has the option to spend a further €500,000 to increase its stake to 75 percent of the joint venture.

The Canadian company can withdraw from the joint venture at any time with its interest reverting to Connemara.

The partners will start exploration work immediately, including airborne and ground geophysics, geochemistry and subsequent drill testing.

"We are delighted with this joint venture," said chairman of Connemara Mining John Teeling.

"Dale Hendrick founder of Hendrick is a highly experienced successful figure in Canadian exploration. He is of the opinion that a commercial gold deposit remains to be found in south-east Ireland. This is a view long held by the founders of Connemara.

"A fresh experienced eye and the application of new and improved exploration techniques, combined with our extensive database offers exciting prospects."

Connemara traded at 11 pence this morning, up 17 percent from Wednesday's close. The company currently has a market cap of £2.85 million.

HK stocks give up gains, casino counters stronger

Thu, 02 Feb 2012 08:08:00 +0800

Hong Kong shares edged down at the close Wednesday, giving up earlier gains after the index rose in seven of the previous eight sessions.

The benchmark Hang Seng index gave up 0.28 per cent, or 57.12 points, to 20,333.37 on turnover of HK$61.64 billion($A7.51 billion)).

The market was also weighed by a report that China's new yuan loans fell short of expectations in January, heightening concerns that Beijing would continue to keep tight credit conditions.

Cheung Kong Holdings gave up 0.9% and Sino Land fell 3.6%.

Henderson Land rose 0.7 per cent to HK$42.40 and Sun Hung Kai Properties was flat at HK$107.40. Cheung Kong dropped 0.9 per cent to HK$103.50.

Li & Fung slid 1.8 percent to HK$16.66. Techtronic Industries Co., a maker of Ryobi power tools and Hoover vacuum cleaners that counts North America as its largest market, slipped 0.1 percent to HK$8.61.

Sands China, Asia’s biggest casino operator by market value, gained 0.8 percent to HK$26.45 after Macau gambling revenues jumped 35 percent in January.

SJM Holdings Ltd., a casino company founded by billionaire Stanley Ho, increased 2 percent to HK$14.16. Galaxy Entertainment Group Ltd. rallied 1.8 percent to HK$17.22.

African Energy Resources well positioned to supply energy strapped African power market

Thu, 02 Feb 2012 07:55:00 +0800

African Energy Resources' (ASX: AFR) latest resource upgrade provides further potential for a 30 million tonne per annum thermal coal production operation for over 100 years, starting in 2013.

With the large near surface resource, AFR's Sese project is centrally located in an African region that is chronically short of power. The resource positions AFR to play a role in supplying this market. Longer term, the Indian thermal coal market beckons for AFR and Sese.

The project now hosts over 2.5 billion tonnes of coal at the project in the Indicated category, after more than 95% of the in-situ resource was classified.

Part of the resource is now targeted to be moved into the higher confidence Measured category in the June 2012 quarter, which will be from Blocks B and C.

Coal product options

Currently the Lower Main Seam accounts for 61% of the total 2,626 million tonne resource, importantly containing coal which is suitable for washing to create an export quality product (up to 5,550 Kcal/kg).

Providing options for African Energy, the Upper Main Seam coal can be washed, or blended with the Lower Main Seam middlings to make a product which is suitable for use as power station fuel. Full Seam raw coal is also suitable as a power station fuel.

The coal occurs in one main seam which averages 14 metres thickness, is close to surface and which is expected to be amenable to low strip-ratio open pit mining.

Milestones on the path to production

The path to production timeline has African Energy focused on completing a Bankable Feasibility study by the end of 2012, along with mining licence approvals and financing
negotiations. The next step will then be the commencement of coal sales from stage one in mid-2013.

The defining factor for Sese is that the entire deposit is amenable to open-cut strip mining, with low risk and low costs, and mining blocks are around 500 metres by 200 metres.

The layout of exploration box-cut for the bulk sample has been designed to be the first access ramp for Stage one coal-mine, which reduces the development timeframe for the project construction.

Markets for Botswana coal

The market for Sese coal includes domestically with existing industrial customers and nearby markets, with this demand set to grow as new customers enter the market as new mines and businesses develop.

There is also a growing regional market in Southern Africa, with the Power Pool facing net regional electricity generating deficit as Eskom exports scale back.

Then there are the export markets where demand remains high, especially in India, with few undeveloped coal provinces capable of meeting this demand.

Analysis

With the latest resource upgrade, AFR is valued on an EV/Resource tonnes well under its peer averages. Recent pull-back in market valuation provides an opportunity for savvy investors to re-load on AFR. Sese is potentially in the vanguard to become the largest coal project in Botswana and also one of lowest unit cost coal projects in Africa, once developed.

Anpario says 2011 was a successful year

Wed, 01 Feb 2012 23:35:00 +0800

Agricultural additives business Anpario (LON:ANP) expects to report a successful year, when it publishes its financial results for the twelve months ended December 31 2011.

The company, formerly known as Kiotech International, today released a performance update prior to entering its close period.

The fact that it expects to report a successful year is especially encouraging because of the on-going turbulence in both the Middle Eastern and Southern European markets, which has disrupted normal order patterns in those regions, it said.

Anpario says it has implemented a new strategy to minimise exposure in countries where there is financial or political concern. This strategy also aims to broaden the company's geographic diversity and provide more sales opportunities.

"With global issues continuing to prevail, the company remains confident but cautious as it goes into 2012 and the year has had an encouraging start," the company said.

In the UK, Anpario has continued to re-structure its agriculture division with the divestment of its commodity business. This allows the firm to focus on the added value products within its portfolio, it said.

Anpario explained that overall UK sales have reduced substantially as a result, but the group's gross margins and overall profitability have improved.

The balance sheet remains strong and debt free, it added. Anpario had more than £4.3 million in cash at the end of 2011.

Anapario's full year results are expected in April.

FinnCap analyst Duncan Hall said it is certainly welcome that profit before tax is inline. Although he expects investor focus will move onto corporate development matters following the integration of the Optivite business, which was acquired late in 2009.

"Given the size of the global feed supplement marketplace, there is plenty of scope for Anpario to expand," Hall said.

RNS Release - Re-organisation of Nominated Adviser and Broker

Wed, 01 Feb 2012 23:11:42 +0800

7:00 am RNS Number : 5177W Fluormin PLC 01 February 2012

Fluormin plc

Notification of re-organisation of Nominated Adviser and Broker

Following the completion of the acquisition by Westhouse Holdings plc of Arbuthnot Securities Limited on 20 January 2012, the business of Westhouse Securities Limited has been transferred to Arbuthnot Securities Limited. Simultaneously Arbuthnot Securities Limited is changing its name to Westhouse Securities Limited.

Enquiries:

Fluormin plc

Al Gourley, Joint Chief Executive Officer	(44)020 7556 0940 agourley@fluormin.com

Mark Bolton, Joint Chief Executive Officer	(44)020-7556-0940 mbolton@fluormin.com
Westhouse Securities

Martin Davison	(44)020 7601 6100 martin.davison@westhousesecurities.com

Tim Feather	(44)020 7601 6100 tim.feather@westhousesecurities.com
Tavistock Communications

Lydia Eades	(44)020 7290 3150 leades@tavistock.co.uk

Jos Simson	(44)020 7290 3150 jsimson@tavistock.co.uk

This information is provided by RNS The company news service from the London Stock Exchange END

China stocks edge up in volatile trading

Wed, 01 Feb 2012 05:53:00 +0800

Mainland Chinese markets were firmer Tuesday, with the Shanghai Composite Index edging up 0.3%, or 28.8 points to 9.303.65 after a volatile session in which A-share turnover neared January lows.

Energy stocks such as PetroChina Co Ltd and China Petroleum & Chemical Corp (Sinopec) were the top index gainers, up 0.8 each. Leading coal producer China Shenhua Energy Co gained 0.6 percent.

The Shanghai Composite Index gained 4.2 percent in January, on speculation the central bank will relax monetary policies to prompt higher growth.

The index fell 22 percent last year after the People's Bank of China raised interest rates three times and reserve ratios six times to cool inflation that accelerated to its fastest pace in three years in July.

The Shanghai Composite is trading at an attractive price earnings ratio of 9.4 times estimated earnings. The overall market traded at 8.9 times reached on Jan. 6.

In a sign of the adverse market conditions despite the Shanghai's first monthly gain in three, China Communications Construction Co Ltd, the country's largest builder of ports, cut its initial public offering (IPO) by 75 percent.

Global Energy Development secures US$12 mln financing

Wed, 01 Feb 2012 00:06:00 +0800

Latin-America focused Global Energy Development (LON:GED) announced today it has secured a US$12 million financing.

Yesterday, it agreed the debt security with HKN, which is interested in 60.67 per cent of the firm, the oil explorer said.

The funds will be used to redeem existing convertible notes of $9.5 million before they mature in December this year and to pay for developing its existing assets - mainly the Bocachico and Bolivar contract areas in Colombia.

The loan is not convertible into shares and allows for the full amount to be available to the company with immediate effect, the firm said in a statement.

It is subject to an interest charge of 10.5 per cent each year, payable quarterly in arrears, with the principal amount being repayable in full on September 30, 2013.

On Monday this week, the company said that it had hired consultants Maurice B Dusseault to help with its recompletion of the Torcaz No.5 heavy oil well in Colombia with the use of CHOPS technology.

The consultancy will assist the firm in reviewing the technical information of the Torcaz field and preparing for the application of cold heavy oil production with sand (CHOPS) technology in the Torcaz No.5 well.

The well is part of the Bocachico contract area in the country's Middle Magdalena Valley.

"We are looking forward to utilize the expertise of an industry CHOPS specialist such as Maurice Dusseault as we refine the equipment specifications to successfully apply CHOPS in the Torcaz No.5 well," said managing director of Global Energy Steve Voss.

The recompletion programme started in November last year with the company cleaning out the previously drilled wellbore and installing a bridge plug to control possible water influx.

It then added further perforations into the Mugrosa formation above the plug.

The well was originally sunk in 1999 and previously tested at rates of over 300 barrels of oil per day from the Mugrosa formation before sanding up using a conventional non-sand tolerant pump.

Fusion IP's Diurnal achieves major milestone

Tue, 31 Jan 2012 22:29:00 +0800

Diurnal, the drug developer 43 per cent owned by stock market listed Fusion IP (LON:FIP), has achieved a significant milestone in the progression of Chronocort, a replacement cortisol.

Clinical trials have been successfully concluded on healthy volunteers. It will allow the group to identify the formulation that most closely resembles the body's production of the hormone.

Chronocort is being designed to help patients suffering reduced levels of cortisol in a manner that mimics the body's 24-hour hormone cycle, known as the circadian rhythm.

Diurnal hopes to move into phase II trials this year, and plans to complete them by the middle of 2013.

Peter Grant, operations director for Fusion IP, said: "We are very pleased with this clinical result. A major challenge for the Chronocort concept was to show that it could mimic the natural levels of the hormone it needs to replace in humans.

"The formulation of choice needs to be further tested but a major development objective has been achieved with a concomitant increase in the value of the Chronocort offering.

"The company has the funds to complete its phase I and II trials and although it is hard to estimate what the value will be at the end of phase II, it is notable there has been acquisition activity involving a similar drug in a comparable indication which attracted high value."

Digital Learning Marketplace shares rise after positive update

Tue, 31 Jan 2012 22:28:46 +0800

Digital Learning Marketplace (LON:DLM) shares gained almost 20 per cent this morning as the firm gave an encouraging trading update.

It said that the company's sales continue to grow. And a recent industry exhibition helped generate new business and leads.

DLM participated in the 2012 Learning Technologies exhibition, at the Olympia, on January 25 and 26.

The company said that it continues to receive considerable interest in its products. At the exhibition people were particularly interested in products that incorporate serious games and are seen as immersive learning solutions.

There continues to be considerable interest in the Company's products, particularly its offerings that incorporate serious games and are seen as immersive learning solutions.

DLM said that it has won new orders as a result of the exhibition and it is also now negotiating with a number of potential new customers.

Additionally the firm, which recently re-launched itself as Digital Learning Marketplace, told investors it would be switching its accounting dates. It is changing its year to December.

At 9:40 on AIM Digital Learning Marketplace shares were trading at 0.24p, up 17.5 per cent.

Advanced Computer Software increases reach of mobile working products

Tue, 31 Jan 2012 22:13:03 +0800

Advanced Computer Software Group (LON:ASW) is increasingly supplying mobile devices inclusive of airtime as part of its iConnect and iNurse mobile working products.

To date in the current financial year to February 29, The IT and software group has added 8,000 new healthcare professionals to use an ACS mobile device complete with either an Orange or Vodafone airtime package, it said in a statement.

The group's iConnect and iNurse are mobile offerings for health and care applications which support high quality care in patients' homes.

Benefits include improved service delivery, reduced costs and the provision of both data security and lone worker safety. ACS estimates the number of potential iNurse and iConnect users at approximately 465,000 professionals.

IConnect is aimed at carers in the community. In addition to delivering real-time task lists and care recipient data to care workers via their mobile phones, the product records actual arrival and departure times.

ACS's iNurse is a mobile patient management system, which enables community clinician and nursing teams to record and communicate patient care information using handheld Windows Mobile and BlackBerry devices.

INurse allows healthcare professionals to access, record and communicate patient care information and records, using a smartphone at the point of care, thereby allowing them to increase both the time spent with patients and the number of patient visits.

Chief executive Vin Murria said: "Our simple "one stop shop approach" of mobile devices plus airtime enables us to rapidly deliver iConnect and iNurse to more care professionals - resulting in increased patient-facing time and significant improvements in efficiency.

ACS provides patient management software for the healthcare sector and back office software for businesses and organisations in both the public and commercial sectors.

It has an annual turnover of over £95 million with 850 staff based in six regional offices serving approximately 7,000 customers within the UK.

The Health and Care division sells a range of products to the NHS and private sector healthcare operators including patient workflow and case management for social care providers, mobile applications for care in the community and rostering applications for social care settings.

The Business Solutions division provides accounting, payroll, HR and document management software to local authorities, health organisations and a range of companies across the commercial sector.

The Advanced 365 division covers Cloud computing, IT outsourcing, Software as a Service (SaaS) and other managed services.

Shanghai plans to become global financial hub

Tue, 31 Jan 2012 12:35:15 +0800

Shanghai is set to become a global yuan trade center by 2015, according to a blue print by the National Development and Reform Commission, China's top economic planning agency, and the Shanghai government.

The city aims to be one of the world's top five financial derivative markets by 2015, according to the plan.

This was to be achieved by doubling trading volume in financial markets and liberalising yuan exchange rates and interest rates.

It envisages Shanghai becoming a leading international financial hub and global center for yuan trading, clearing and pricing by 2015.

Financial market transactions have almost tripled to 1,000 trillion yuan (US$158 trillion), city authorities said yesterday as a detailed plan for the future international financial center was revealed.

Yesterday's announcement was the first detailed follow-up since the State Council announced in 2009 its aim of making Shanghai an international financial hub by 2020.

Shanghai and Hong Kong, as two major financial centers in China, will continue to step up communication and cooperation in areas such as financial markets, institutions, products, businesses and talents, he added.

The scale of overseas investment in the city's financial markets will be markedly expanded by that time, with major stock indices and commodities futures prices of those markets having a greater global influence.

Hong Kong Index up 148 points at lunch

Tue, 31 Jan 2012 11:57:56 +0800

Hong Kong shares and the Hang Seng Index have kicked 148.95 points at lunch on Tuesday, or +0.72% higher at 20,304.65 points.

Energy Ventures encouraged by preliminary uranium metallurgical results from Aurora deposit

Tue, 31 Jan 2012 11:36:00 +0800

Energy Ventures (ASX: EVE) continues to progress the Aurora uranium deposit which is located in Oregon, U.S., and has today delivered to the market a positive set of initial metallurgical results.

The Aurora uranium deposit in Oregon has a total resource base of 38 million pounds (Mlb) eU3O8 comprising an Indicated Resource of 36.7 Mlb eU3O8 at a grade of 253 ppm eU3O8.

Aurora displays strong potential due to hosting a near surface, flat lying zone of higher grade mineralisation amenable to open pit mining.

Importantly, scrubbing and wet screening tests have demonstrated that the Aurora mineralisation can be separated into size fractions with distinctly different physical and mineralisation characteristics.

The test results show:

- Separation of approximately 30% of the sample as a hard, coarse material containing around 10% of total uranium.

- Scrubbing attrition resulting in around 55% of total uranium mineralisation reporting to sizes less than 2 mm and around 35% reporting to sizes less than 149 μm.

- Separation of fine mineralisation into clay and non‐clay fractions.

The significance of these results is:

- Potential for efficient removal of internal waste through scrubbing and screening with minimal uranium losses. This would allow bulk mining of the resource and upgrading of mineralisation prior to leaching.

- Removal of hard, coarse waste and low‐grade material should significantly reduce crushing and grinding costs, as well as reducing capital costs due to lower volumes requiring grinding.

- Separation of clay and non‐clay mineralisation will allow different leach processes for each ore type, with potential for improved reagent consumption and recoveries compared to bulk leach results from previous work.

The next step

The results allow Energy Ventures to now move to evaluating the leaching characteristics and uranium recovery of the separate screen fractions.

Additional diamond drill core collected during 2011 has now been delivered to Hazen Research and preparation of a composite sample has been completed, with results expected in the June quarter of 2012 - after which a decision will be made to undertake more detailed flow sheet development and feasibility studies.

Also at Aurora, an internal Scoping Study has been undertaken and a Pre-Feasibility study is anticipated by mid-2012.

Aurora Resource

The Aurora uranium deposit in Oregon has a total resource base of 38 million pounds (Mlb) eU3O8 comprising an Indicated Resource of 36.7 Mlb eU3O8 at a grade of 253 ppm eU3O8, and an Inferred Resource of 1.2 Mlb eU3O8 at a grade of 151 ppm eU3O8 (grade cut-off 100 ppm eU3O8).

Permitting

Preliminary meetings were conducted during the quarter with key Oregon and US federal agencies responsible for the permitting process for the Aurora uranium project.

These include the Oregon Department of Geology and Mineral Industries (DOGAMI), the Oregon Energy Facility Siting Council (EFSC, a division of the Oregon Department of Energy), and the US Bureau of Land Management (BLM).

Aurora: just one of a portfolio of projects

Energy Ventures has five uranium exploration and development projects in the U.S, with Aurora in Oregon and the nearby Virgin Valley project in Nevada, along with three projects in Colorado known as Maybell, Skull Creek and Coyote Basin.

Where the story gets even more interesting for the company, is that all of the projects have significant historical exploration and current or historical resources defined, which highlights the prospectivity and potential of the land holdings.

Another plus is established mine permitting regimes, along with supporting infrastructure.

South Korea relying on China for rare earths

Tue, 31 Jan 2012 05:30:03 +0800

South Korea is relying on China more than ever when it comes to rare earth supplies in 2011.

China accounted for nearly 80 percent of South Korea's rare earth imports, customs data showed Monday.

South Korea purchased a total of 282 tons of rare earths from China last year, accounting for 78 percent of the country's total imports of 360 tons, according to the Korea Customs Service.

South Korea's dependence on China for rare earths in 2011 rose by 13% from a year earlier, the data showed.

Rare earth materials are key components of many modern-day technologies, including hybrid electric vehicles, liquid crystal displays and other high-tech equipment.

Although South Korea is a leading exporter of semiconductors and smartphones, it depends almost wholly on outside supplies for the rare earth materials used in making these high-tech items.

"We are now importing rare earth materials from 18 countries, up 3 countries from before but our dependence on China has been increasing," the agency said.

"High reliance on a single country leaves us vulnerable to possible price hikes caused by market monopoly," it said while stressing the need for finding alternative materials and diversifying import sources.

HK Shares snap six sessions of gains, losing 1.7%

Tue, 31 Jan 2012 05:23:17 +0800

Hong Kong's benchmark index snapped a six consecutive session gaining streak to end lower Monday, amid strong profit-taking pressure, with Chinese property developers and lenders leading the decline.

The Hang Seng Index fell 341.26 points, or 1.7%, to 20,160.41, ending a 7.8% gain across six sessions, with investors showing disappointment with the weakness of China's equities market after the week-long Lunar New Year holidays there.

Local shares were also dragged by concerns about U.S. economic growth after gross domestic product numbers there came in below expectations.

Exporters fell in Hong Kong as U.S. growth slowed and ahead of the first European Union summit of 2012 dealing with the debt crisis.

Li & Fung fell 4.9 percent to HK$17.50. Cosco Pacific Ltd., China’s largest shipping line, fell 3.4 percent to HK$10.84. Hutchison Whampoa Ltd., an operator of retail chains and ports that gets 53 percent of its revenue in Europe, fell 1.4 percent to HK$72.50.

New World Development fell 3.6 percent to HK$8.31. Sino Land Co. dropped 1.2 percent to HK$12.94. Sun Hung Kai Properties Ltd., Hong Kong’s top developer, lost 2.3 percent to HK$107.20.

China Resources Land Ltd., a state-owned developer, tumbled 3.1 percent to HK$13.66. Shimao Property Holdings Ltd., a developer which earns all of its revenue on the mainland, plunged 6.7 percent to HK$7.98.

Zijin Mining Group Co., China’s biggest gold producer by market value, posted its biggest decline in eight weeks after a fatal copper smelting accident led to a facility being shut down. The stock fell 4.2 percent to HK$3.43.

Chinese Resources Land fell 3.1% at HK$13.66, adding to a 2% decline Friday after a five-session gain of 11.6%, on anticipation of softening property prices. Rival China Overseas Land fell 3.1% to HK$14.52.

Developer Country Garden dropped 11.3% to HK$3.22, after brokerage Citigroup Monday downgraded the stock to Sell from Neutral and lowered its target price to HK$3.02 from HK$3.31.

Bank of Communications fell 3.8% to HK$6.10, after a 9.7% rally over the previous six sessions, because of profit-taking pressure. Bank of China ended 2.7% lower at HK$3.28.

The city's benchmark index traded between 20,144.95 and 20,518.00 during the session, with market volume totalling HK$66.52 billion, up from HK$58.51 billion Friday.

Legacy Iron Ore in advanced negotiations to secure $200m line of credit

Mon, 30 Jan 2012 20:02:17 +0800

Legacy Iron Ore (ASX: LCY) is in advanced discussions to secure a monster $200 million line of credit to fund mine development at Mt Bevan as well as acquisitions.

Due diligence is underway by Legacy to finalise negotiations on Minemakers' (ASX: MAK) Wonarah phosphate project and Atlas Mining's (ASX: AGO) Ridley iron ore project.

The Convertible Securities Agreement with SpringTree Global Investors LLC has now been cancelled.

All new Australian projects proposed to be acquired will be developed through Legacy. These may be made through a joint venture agreement, partial or full acquisition.

Legacy disclosed it is also running a pen over Coking/Thermal Coal projects.

Analysis

With this announcement, Legacy is looking beyond the development of Mt Bevan, itself a sizeable undertaking. However, with the backing of India's NMDC, has propelled Legacy into a new league as well as value adding for Legacy holders.

Elementos (ASX: ELT) has extended the high grade gold structure at the Yvette prospect on the back of infill sampling.

Mon, 30 Jan 2012 19:51:23 +0800

Elementos (ASX: ELT) has extended the high grade gold structure at the Yvette prospect on the back of infill sampling.

The Yvette prospect is part of Elementos' Santo Domingo Project in Argentina, which also includes the Divisoria gold-copper porphyry prospect.

Trenching on the Yvette Norte gold silver trend has indicated the presence of a new parallel, high grade gold silver structure under talus cover.

Infill sampling was carried out over a 700 metre long segment, and returned high grade gold and silver results along with lead, zinc and copper.

Highlights from rock chip sampling include:

- 20.8 grams per tonne (g/t) gold and 82g/t silver over 1 metre;
- 46.2g/t gold and 541g/t silver over 0.5 metres; and
- 32.2g/t gold and 20g/t silver over 0.4 metres.

This sampling program shows the continuity of high grade gold and silver over the main north-south sub-vertical trend.

It has also identified a series of smaller parallel structures, between 3 and 20 metres from the main structure.

Significantly, vertical gradation has been identified from low grade gold-silver close to the surface to high grade gold-silver mineralisation at deeper levels.

Deep penetration geophysics will be carried out to test both the vertical and horizontal extents of the system.

With a strong spatial relationship between the Yvette structural system and the Divisoria porphyry environment at surface, Elementos has increased the potential size of the combined mineralised systems.

The company's next steps at Yvette will depend on the geophysics from the Divisoria prospect.

Global Energy Development hires CHOPS technology expert to assist with Torcaz recompletion

Mon, 30 Jan 2012 19:24:41 +0800

Oil epxlorer Global Energy Development (LON:GED) has hired Maurice B Dusseault Consulting to assist it with the recompletion of its Torcaz No.5 heavy oil well in Colombia with the use of the CHOPS technology.

The consultancy will assist the company in reviewing the technical information of the Torcaz field, preparing an equipment specification and procedures for applying cold heavy oil production with sand (CHOPS) technology in the Torcaz No.5 well.

The well is part of the Bocachico contract area in the country's Middle Magdalena Valley.

"We are looking forward to utilize the expertise of an industry CHOPS specialist such as Maurice Dusseault as we refine the equipment specifications to successfully apply CHOPS in the Torcaz No.5 well," said managing director of Global Energy Steve Voss.

The recompletion programme started in November last year with the company cleaning out the previously drilled wellbore and installing a bridge plug to control possible water influx.

It then added further perforations into the Mugrosa formation above the plug.

The company is currently in the process of modifying the pump in order to attain optimum depth for the targeted Mugrosa perforations and optimum fluid level production.

The well was originally drilled in 1999 and previously tested at rates of over 300 barrels of oil per day from the Mugrosa formation before sanding up using a conventional non-sand tolerant pump.

Azure Minerals's project gains more funding from Japan's JOGMEC

Mon, 30 Jan 2012 12:25:00 +0800

Azure Minerals (ASX: AZS) has recommenced diamond drilling at its wholly owned El Tecolote Project in Mexico with an increased exploration budget from its joint venture partner, Japanese Government organisation Japan Oil, Gas and Metals National Corporation (JOGMEC).

Following the evaluation of positive results received to date, JOGMEC has increased its 2011-12 total budget to US$2.27 million to include an additional 1,000 metres of diamond drilling within the current stage of the El Tecolote exploration program.

Situated between the company’s San Eduardo and La Tortuga Projects, El Tecolote covers 178 square kilometres of land containing abundant evidence of base metal mineralisation with potential for both porphyry copper and skarn copper-zinc-silver deposits.

The El Tecolote Mine – which previously produced 1.4 million tonnes at 1.9% copper, 7% zinc and 47 grams per tonne silver – closed in 1984 due low commodity prices, with unmined copper and zinc mineralisation remaining around the old mine workings.

An intensive US$1.5 million exploration program has identified several new targets, including Reyna del Cobre (skarn), extensions of the El Tecolote Mine (skarn) and several nearby porphyry copper prospects, all of which will be tested by the increased 4,000 metre drilling program.

To enable this program to be completed by March, Azure has mobilised a second drill rig to site.

Azure/JOGMEC JV

JOGMEC manages Japan's stockpiling of oil, liquefied petroleum gas (LPG) and rare metals, including the construction of national LPG stockpiling bases.

Under the terms of the joint venture, JOGMEC will spend US$5 million on exploration over three years for a 51% interest in El Tecolote, and can earn an additional 19% stake by spending a further US$8 million during the following three years, which would increase the interest to 70%.

Importantly, these funds not only ramp up exploration at the highly prospective El Tecolote Project, but provide a huge vote of confidence for Azure.

China shares slide at lunch, gold stocks higher

Mon, 30 Jan 2012 12:11:00 +0800

The Shanghai Composite Index was almost unchanged at lunchtime sliding 7.42 points, or 0.3 percent, to 2,311.70.

China’s stocks fell after investors retreated as the government signaled caution toward further easing of monetary policy by holding off on a cut in bank reserve requirements.

The Hang Seng Index sucumbed to profit taking after the past month's rally, falling 124.58 points, or 0.58% to 20,382.83.

On the plus side, gold stocks were stronger.

Zijin Mining, China’s largest gold producer, jumped 2.2 percent to 4.57 yuan, while Zhongjin Gold Corp. (600489), the second largest, climbed 3.2 percent to 23.17 yuan.

Globe Metals & Mining extends rare earth zone at Mount Muambe

Mon, 30 Jan 2012 11:41:00 +0800

Globe Metals & Mining (ASX: GBE) has yet again extended the rare earth elements strike zone at the evolving Mount Muambe project in Mozambique.

China's East China Minerals Exploration and Development Bureau (ECE) is the largest shareholder in Globe.

The strike has now been extended to over 600 metres south of main fluorite / rare earth element zone, with the latest drilling highlights including:

Southern extension drilling; 12 metres at 17.1% fluorite from 1 metre, including 4 metres at 26.8% fluorite; and 14 metres at 0.7% TREO with 336ppm Dy2O3 from 13 metres.

Infill drilling on the Main Zone delivered; 5 metres at 50.0% fluorite from 8 metres; and 18 metres at 40.9% fluorite from 15 metres, including 14 metres at 48.4% fluorite.

Globe Metals said that the new fluorite results and additional infill drilling from the 2011 drilling program have further strengthened the company's confidence in a significant zone of contiguous fluorite mineralisation at the project’s main zone.

The impact from the recent results is that they continue to support a model of fluorite dominantly hosted in sheets of fenite above a larger carbonatite body containing both light rare earth oxide and heavy rare earth oxide enriched mineralisation.

News flow pending; JORC Resource

The progress at the project during 2011 has positioned Globe Metals to be able to deliver a fluorite JORC Resource in the March quarter of 2012.

There are also drilling results pending within weeks, as the 2011 reverse circulation program for 9400 metres still has over 4000 metres of assays to be announced.

$39.2 million cash

Globe Metals is in an enviable position of having $39.2 million cash in the bank at the end of 2011, with the well funded company announcing a share buy back just last week.

Globe's cash position equates to a cash backing of $0.18 per share, and what will be of interest to investors is the company's shares last changed hands at $0.175.

Subject to approval of ASIC, ASX and FIRB, (shareholders approval not required), the on-market buy-back is for up to 10.08 million shares, which represents around 5% of the issued capital, at no more than $0.23 per share.

Mark Sumich, managing director, commented at the time: “Globe’s current share price does not reflect its intrinsic value, let alone its cash backing.

"Accordingly, given our strong cash position and the relatively small amount of cash required to undertake the buy back, the board considers this to be a very appropriate use of our funds.”

Hang Seng Index rises for sixth session, valuations still cheap

Sat, 28 Jan 2012 11:02:49 +0800

The Hang Seng Index closed up 0.3 percent to 11,446.52 on Friday. With valuations still relatively cheap, funds are targeting lower valued inventory.

Markets in China will resume trading on Jan. 30 following a week-long Lunar New Year holiday.

A feature of trading on the Hong Kong bourse over the past six sessions and the last couple of weeks has been the flow of funds into Hong Kong equities.

The reason? Companies in the Index trade around 10.3 times forecast earnings, down from 14.4 times at the beginning of 2011.

With the Hong Kong market down 20 per cent in 2011, fund managers are sitting on high cash levels and money is finding a home in cheaper priced equities.

On Friday, Li & Fung rose 3.4 percent after the consumer goods exporter announced the first acquisition by its regional distribution arm LF Asia, fuelling hopes for accelerating expansion.

Li & Fung, a major supplier of merchandise to US retailers Target Corp and Wal-Mart Stores Inc, closed at its highest since May 20 last year. It has surged 28 percent in January to date, also partly on the back of an improving US economy.

China Mobile gained 1.9 percent and was the Hang Seng Index's top gainer.

Its smaller competitor, China Unicom, which was among the best performers in 2011 as investors sought the relative safety of its perceived steady earnings growth, climbed 2.2 percent.

Legacy Iron Ore appoints non-executive director

Fri, 27 Jan 2012 19:38:32 +0800

Legacy Iron Ore (ASX: LCY) has appointed Timothy Turner, who has previously been non-executive chairman, as a non-executive director.

A partner with accountants Hewitt Turner and Gelevits, Turner specialises in mergers and acquisitions, corporate and tax structuring, due diligence reporting, new ventures and business development consulting.

Turner is currently non-executive director of Cape Lambert Resources, International Petroleum and African Petroleum Corporation.

Meanwhile, Legacy is continuing to step up the pace at the Mt Bevan Iron Ore Project delivering another set of very positive results to the market.

Drilling has now consistently intersected the thick, shallowly dipping magnetite bearing banded iron formation (BIF) unit over an extensive 10 kilometre long strike.

On top of that Davis Tube Recovery (DTR) testing has again displayed high level weight recoveries and concentrate grades with low silica and negligible phosphorus and sulphur.

Using a relatively coarse grind size of P80/50 - 55 microns, DTR testing shows achievable grades of 69% to 70% iron, with high weight recoveries of circa 45%.

SRK Consulting is currently working on a JORC Inferred Resource for the whole Western BIF target, with results forecast to be delivered at the end of this month.