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and UNRH closed at what? 79c today? UNREAL
Qatari wealth fund plans $10bn gold buying spree
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/8802793/Qatari-wealth-fund-plans-10bn-gold-buying-spree.html
What would be similarly sized / cheaply valued gold producers that could be gobbled up next, anyones ideas? I´m thinking GSS as a good candidate
Exclusive: China Shandong Gold offers $1 billion for Brazil's Jaguar Mining: sources
By Coco Li, Feng Wang and Ken Wills
BEIJING | Wed Nov 16, 2011 7:59am EST
BEIJING (Reuters) - China's Shandong Gold Group, the parent of Shandong Gold Mining (600547.SS) and a big gold producer, has made a $1 billion offer to acquire Brazil's Jaguar Mining (JAG.N) (JAG.TO), two sources close to the deal told Reuters on Wednesday.
Shandong Gold is offering $9.3 per share in cash, a 73 percent premium to Jaguar's Tuesday close in New York.
If successful, the deal would be one of the biggest overseas acquisitions by a Chinese gold miner.
"Shandong Gold made the current offer about two weeks ago, and Shandong Gold has prepared cash to get the deal done," said one of the sources, who declined to be named because he was not authorized to speak to the media.
Taking advantage of a strong yuan, Chinese resources companies have been hunting overseas for the minerals needed to power the country's fast-growing economy.
"This is a positive development for the overall sector," said Yan Chen, metals and mining analyst at Standard Chartered Bank.
"So far, there are not a lot of Chinese companies that have bought gold resources overseas."
Shandong Gold, a state-owned firm, is one of China's top three gold miners. Its listed arm produced 19.41 tonnes of mined gold in 2010. The group has said it owns about 800 tonnes of gold resources.
Jaguar Mining is one of Brazil's fastest-growing gold producers, with operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar's main development project is Gurupi, which holds reserves of 2.3 million ounces.
Li Zhongyi, vice general manager of Shandong Gold in charge of international deals, declined to comment. A spokesman for Jaguar was not immediately available for comment.
GOLD BUYS
Gold, a traditional safe-haven investment, hit an all-time high in September, reaching $1920.30. It has since fallen about 8 percent, though it remains expensive by historical standards.
Acquisitions have been on the rise in the sector because companies, concerned about depletion at existing mines and poor new discovery rates, are desperate to increase their reserves, said Michael Jansen, a precious-metals analyst with JP Morgan.
"Gold companies will tell you they are in the business of expanding mining supply organically but in reality they are in the business of buying new assets, particularly in the case of many large miners who are struggling to replace lost production," Jansen said at a conference in China last week.
There had been $28 billion worth of completed M&As in the gold sector so far this year, he said.
Notable deals this year include Newmont Mining Corp's (NEM.N) $2.3 billion acquisition of Fronteer Gold Inc and AuRico Gold Inc's (AUQ.TO) $1.5 billion deal to buy Northgate Minerals Corp.
Other recent resources M&A deals from China included Minmetals Resources' $1.28 billion (1208.HK) planned takeover of Africa-focused copper miner Anvil Mining (AVM.AX) and Sinopec Group's C$2.2 billion ($2.1 billion) agreement in October to buy Canadian oil and gas explorer Daylight Energy Ltd (DAY.TO).
Sinopec Group is the parent of China Petroleum & Chemical Corp (Sinopec) (0386.HK) (600028.SS).
(Additional reporting by David Stanway in BEIJING, Polly Yam in HONG KONG and Rujun Shen in SINGAPORE; Editing by Don Durfee and Vinu Pilakkott)
PCY nice move today + 18%. What I like about it is that it happened without NKL moving at all. My averaging down at 50c paying off a little today. Wish I had bought more though. This is easily the most underrated stock on the TSX today...
PBN: Very nice indeed! I wonder what those bozos that sold at 6 are thinking now.
Damn! I unloaded just a few when it went green after the horrible open and boom they shoot another 5% upwards on a horrible day for the markets. Already missing those shares! Very small float and constantly making new highs, this will become a market darling amongst fund performance chasers...
And lost 2 fields and 2 rigs along the way...
CEN vs MMT : Couldn´t agree more. Plus CEN has a really tight float with high institutional interest, just the other way around of Mart
How do you like one hydrocarbon accumulation covering over 6000 acres ? :)
COASTAL ENERGY ANNOUNCES SUCCESSFUL APPRAISAL WELL AT BUA BAN NORTH A
Coastal Energy Company has released results of the Bua Ban North A-09 appraisal well.
The Bua Ban North A-09 well was drilled to a depth of 4,625 feet TVD on the western flank of the Bua Ban North A field approximately 1 mile north of the A-08 well. The A-09 encountered 42 feet of net pay in the Lower Miocene sand with 28% average porosity. The data from this well further confirms that the Bua Ban North A & B fields are connected on the western side of the structure. This well has provided the required confirmatory data to begin construction of centrally located permanent production facilities located between the A & B fields.
Due to the long reach of the well, the A-09 will be plugged and abandoned. The location will be re-drilled from the new planned central production facility.
The Company will now spud the A-10 well, which is a horizontal well in the western fault block. The well is designed to improve production rates and ultimate recoveries.
Randy Bartley, President & Chief Executive Officer, commented:
"The results of the A-09 well provide us with final confirmation that the two fields are in communication on the western side of the structural closure and the entire Bua Ban North area is one hydrocarbon accumulation covering over 6000 acres. We now plan to drill a horizontal well to test the productivity of the Lower Micoene from a lateral. Horizontal wells are expected to help maximize production and recovery factors. The results of the horizontal well will help us evaluate future development at Bua Ban North A & B.
"The mobile production unit is expected to arrived on location at Bua Ban North A this week and we expect to begin tying in production from this field in the coming weeks."
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.com or may be found in documents filed on SEDAR at www.sedar.com.
We seek Safe Harbor.
© 2011 Canjex Publishing Ltd.
top notch company...
BMO? Maybe we end up seeing Don Coxe on the board of directors for PCP...
Yes, that should draw the attention of fund managers seeking to chase performance...
CEN going wild... looks like finally discovered by the herd
Globe says Coastal Energy rated "sector outperformer"
Coastal Energy Company (2) (C:CEN)
Shares Issued 112,702,155
Last Close 10/18/2011 $11.44
Wednesday October 19 2011 - In the News
The Globe and Mail reports in its Wednesday, Oct. 19, edition that CIBC World Markets analyst Ian Macqueen has commenced new coverage of Coastal Energy ($11.44) with a "sector outperformer" rating. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. MacQueen says he is impressed with Coastal Energy's oil holdings. The CIBC World Markets stockpicker says the company discovered two oil fields in the Gulf of Thailand this year that are estimated to contain 95 million barrels of recoverable oil and should enable the company to triple production to 22,000 barrels per day by year end. Mr. Macqueen sees Coastal Energy trading at $19.50 within 12 months to 18 months. Coastal Energy stock has a 52-week range of $4.01 to $11.65
Junior sold for 800% more 18 months after IPO as coal miners go mad for Mongolia
http://www.mining.com/2011/09/13/junior-sold-for-800-more-18-months-after-ipo-as-coal-miners-go-mad-for-mongolia/
PCY moving to main TSX listing
Prophecy Coal to be removed from S&P/TSX-V indices
Prophecy Coal Corp (C:PCY)
Shares Issued 198,056,297
Last Close 10/14/2011 $0.48
Monday October 17 2011 - Miscellaneous
Standard & Poor's will make the following changes in the S&P/TSX Venture indices.
The Toronto Stock Exchange announced today in the daily bulletin that the shares of Prophecy Coal Corp. will graduate to trade on the TSX at the open of trading on Wednesday, Oct. 19, 2011. The ticker symbol will remain PCY and the Cusip number will remain 74346B 10 3. The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Tuesday, Oct. 18, 2011.
Prophecy is also a constituent of the S&P/TSX Venture Select Index. The company will be removed from this index effective after the close of Monday, Oct. 24, 2011, at which time it will be listed on the TSX.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
MMT: I highly doubt an agreement would double the price overnight although I would certainly add to my position on an agreement. This market sucks right now and MMT is not trading on anything loosely based on fundamentals right now so I doubt the news on a settlement with AGIP would put this where it belongs in a heartbeat. On the other hand CEN has better visibility with a listing on the TSX and all its going with it with news every 2 weeks or so... So that´s why I have CEN as #1 and MMT #2
Absolutely mind blowing success they have, with no pipeline restriction and no BS. Makes me wonder why on Earth I´m still holding on MMT
good luck. I found out on previous crisis ( 2008) that is the easiest way to lose all your money.... switching between stocks that have fallen off a cliff too often. Now RG dropped 50% in a few days, you switch to NKL, let´s hope it doesnt drop 40% cause you are now down 70% on your original investment while probably while your new darling NKL has fallen, RG has bounced back strongly. Happens all the time...
Yes, saw that . Wonder what he means by "major" update. Although the guy who always get it dead right on that thread is "belt". Almost looks like an insider as he nails the exact date of releases...
I hope your check got stuck in the mail cause now you can get all you want at 8, not 9... :)
PCY: Great reading on Mongolia growth prospects
http://thedailygold.com/featured/interview-with-harris-kupperman-ceo-of-mongolia-growth-group/?p=6795/
Very brave buying anything today...
CEN: Yes, probably best looking junior oiler out there. I sold some HNR earlier in the day to switch for more CEN. HNR is getting me nervous as we approach results for the Indo well. Even there is NOTHING built in the share price for Indo, if it is a duster it might get hit real bad. Couple that with another market downturn and we might see crazy valuation on HNR as we did in August. CEN on the other hand is making repeated new 52 week highs which has to set a lot of attraction to it by managers seeking returns. Anyway, I see CEN at 20 to 30 bucks next year easily!
hmmmm....
so NY finally imposed a fracking moratorium ???
I had not followed that but should have figured it out....
I must stress this, which I did not when I saw the bellow videos almost a year ago and wanted to post here but I have to say the level of pathetism and idiocy of the Left/Green movement in Europe where I live is indeed huge, but frankly I have to say you guys in US manage to over do it!!!
If this Ruffalo (untalented hollywood mediocre actor as observed on his pathetic act on the video
Damn IB, always screwing the small investor at the worst possible time. Luckily I am now only holding CEN.TO and HNR with them so both dont qualify as their market caps are well above that treshold.
Sometime soon I will be leaving any US based investing facility altogether as US is becoming a very unfriendly place to invest in or conduct any business with. As it turns out, If I die tomorrow of a heart stroke, the IRS will come out after my wife for inheritance of the HNR shares trying to make her pay because it´s a US listed stock and I was holding above USD 60k worth of stock. Can you believe that? It sounds unreal, but IT IS REAL !
Well, it gets even worse.... next target of US IRS is to enforce capital gain taxes ABROAD on any US listed stock on anyone disposing of such stock no matter where the account is.... that is MARXISM at its worse! This might sound like crazy, but it´s info spread around on offshore heavens in Europe at least as some sort of warning from US and everyone is on hold waiting to hear the final word...
As bad as things are getting, doesnt surprise anyone that no new IPOs are going into US markets but into Singapore, Hong Kong and the likes...
And doesnt surprise me then what Intel is doing for instance. They keep most of their cash earned abroad and dont repatriate to the US cause they would be charged AGAIN on those earnings. And see what they just announced? A bond issue of 1.5 Billion intended for share buy backs at about the same rate of their dividend yield (3.5%), so this way they can buy back shares at no cost to them.
So thanks for all the cheap money and loony tax policies, as you can see:
1) Don´t help to create any jobs
2) Scares capital away out of the U.S.
Similarly, like a "retail Intel" I will be leaving the US as an investment jurisdiction soon and moving out to other countries.
I haven´t visited Asia since the 90s, maybe it´s time for me to do so again.
If anyone has experience with any good brokerage there, please let me know...
PetroBakken Energy arranges 9,361,755-share buyback
PetroBakken Energy Ltd (C:PBN)
Shares Issued 187,235,094
Last Close 9/9/2011 $10.94
Monday September 12 2011 - News Release
Mr. John Wright reports
PETROBAKKEN ANNOUNCES NORMAL COURSE ISSUER BID
PetroBakken Energy Ltd.'s board of directors has approved a normal course issuer bid (NCIB).
The Toronto Stock Exchange has accepted the corporation's notice to make the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, PetroBakken is authorized to purchase up to 9,361,755 common shares, representing approximately 5 per cent of the currently issued and outstanding common shares of PetroBakken. As of today's date, there are 187,235,094 common shares outstanding. On any trading day, PetroBakken will not purchase more than 200,724 common shares.
PetroBakken is authorized to make purchases during the period from Sept. 14, 2011, to Sept. 13, 2012, or until such earlier time as the NCIB is completed or terminated at the option of PetroBakken. Any common shares PetroBakken purchases under the NCIB will be purchased on the open market through the facilities of the TSX and other markets, including Alpha, Omega, Pure, Chi-X and Match Now, at the prevailing market price at the time of the transaction. All common shares acquired under the NCIB will be cancelled.
© 2011 Canjex Publishing Ltd.
Banpu Offer to Acquire Australia’s Hunnu Coal for About A$477 Million
Q
BySoraya Permatasari-Sep 12, 2011 2:30 AM ET
Banpu Plc, Thailand’s biggest coal producer, agreed to buy the shares it doesn’t already own in Hunnu Coal Ltd. (HUN), valuing the Australian explorer seeking to develop mines in Mongolia at A$477 million ($493 million).
Banpu, which owns about 12 percent of Hunnu Coal, is offering A$1.80 cash for each share, the Bangkok-based company said today in a statement. That’s 30 percent more than the Sept.8 close of the Perth-based company, whose board today unanimously recommended the bid.
Buying Hunnu will give Banpu full control of a company that owns 11 coking and thermal coal projects in Mongolia, home toone of the world’s largest unexploited reserves of the fuel.Banpu, which last year agreed to buy Australia’s Centennial CoalCo., has said Mongolia’s coal industry has great potential because of its closeness to markets including China.
“This bid by Banpu takes a lot of pressure off Hunnu’s management and it’s not surprising that they recommended this bid because it basically removes any pressure on them to finance these projects,” said Matthew Whittall, a Hong Kong-based analyst at Renaissance Capital Ltd. “They have large resources that are close to China.”
Hunnu Coal climbed 25 percent to A$1.725 at the 4:10 p.m.Sydney time close on the Australian stock exchange, its biggest gain since February last year. The shares were halted on Sept. 9.Banpu fell 1.3 percent to 626 baht at 12:36 p.m. in Bangkok.
Steel Mills
Mongolia’s coal production doubled last year to 25 millionmetric tons to become the nation’s top export earner, as demand gained in China and India, the world’s fastest growing major economies. Prices of coking coal, used by steel mills, and thermal coal, used by power stations, reached records this year.
Banpu’s offer is 51 percent higher than Hunnu’s 20-dayshare price average, while 19 similar-sized Australian coal acquisitions in the past five years have an average premium of60 percent, according to data compiled by Bloomberg.
“Banpu’s share offer for Hunnu is at a significant premium to recent trading levels and has regard to the strong prospects of Hunnu’s coking and thermal coal deposits,” Banpu ChiefExecutive Officer Chanin Vongkusolkit said in a statement.
There were $20.15 billion of takeover bids for coal-mining companies valued at $100 million or more in the first nine months of this year, compared with $7.06 billion a year earlier,according to data compiled by Bloomberg.
Citigroup Inc. in July raised its 2013 estimates for hard coking coal by 30 percent and thermal coal by 36 percent, citing limited new supplies of coking coal and more use of thermal coal for electricity and increased Chinese and Indian imports.
Banpu wants to acquire Hunnu because it “is an advanced exploration company with two advanced projects and the valuation is relatively cheap,” said Renaissance Capital’s Whittall.
Banpu, which agreed in March to pay A$45 million to become the largest shareholder in Hunnu Coal, is being advised by JPMorgan Chase & Co. and Allen & Overy.
To contact the reporters on this story:Soraya Permatasari in Melbourne atsoraya@bloomberg.net
To contact the editors responsible for this story:Andrew Hobbs atahobbs4@bloomberg.net;Rebecca Keenan atrkeenan5@bloomberg.net.
Kelertas is such an "expert" he publicly stated on an interview that FED- Ethiopian Potash had not even started drilling just a few days before FED confirmed first samples sent to the lab!.
By the way it looks like his math is a little bit off track on the decline percentages for AAA or maybe he wrote the piece before a truck ran over AAA on the TSX? Now down to 1.18, anything below 2 can´t be marginable on most brokers, so really no big effect being listed on the TSX now.
2011-08-29 08:48 ET - News Release
Mr. John Lee reports
PROPHECY SECURES COAL OFFTAKE AGREEMENTS FOR 2011
Prophecy Coal Corp. has signed coal sales agreements with Mongolian and Russian buyers totalling 92,000 tonnes.
In particular, 22,000 tonnes of coal have been sold to Energy LLC, a company registered in the Buryatia Republic of the Russian Federation. This coal will be consumed in local Buryat power stations and boilers. During the next 60 days, the coal stockpiled at Sukhbataar rail station will be loaded and railed cross-border into the Republic of Buryatia in Russia via Naushki. Energy LLC had imported a landmark trial shipment from Prophecy in June.
The remaining four coal purchasers are two local Mongolian companies and two Mongolian government power plants, committing to buy a minimum of 70,000 tonnes to be delivered in 2011. Prophecy expects to deplete its coal stockpile and operate continually to meet the off take commitments.
John Lee, CEO and Chairman of Prophecy Coal states: "Ulaan Ovoo's clean coal with its low ash (8%) and sulphur (0.5%) is highly desired. We are making steady and solid progress to establish Ulaan Ovoo as a recognized coal supplier in local and international markets."
Ulaan Ovoo is now operating on 100% Company owned new mining fleet and coal transportation trucks.
The Company would like to thank the Mongolian local community and government in helping turn Ulaan Ovoo into a successful mine and reaffirm its commitment to supply coal to local power plants this coming winter.
I suggest locking in kozuh in a room where the Three Stooges are played 7/24 and throwing the key to the Atlantic! :))
Someone mentioned some 6M warrants on PCY issued out at the time of the NKL transaction would explain why PCY so weak right now. I could not find anything about those warrants so I assume that piece of "info" is garbage, which fits the source (stockhouse)....
anyone see those warrants anywhere?
LOL. can you point me to that conversation?
PCY: Is this for real??? Am I missing something ???
I get a total of 145M between their latest stated cash position (19M), the 22.5M NKL shares and their small stakes in NI.V and CEC.V, classified as ready for sale investment. Divide by 195M shares = 0.746. Currently trading at just 70c, which basically means the 2 coal mines in Mongolia and the rest of assets do not only come for free but actually have NEGATIVE VALUE !!!
(I´m not counting warrants and options as some are way out of the money and the warrants would add cash in the coffers anyway)
Looks to me it is hugely nake shorted. I dont know what they have in their minds
Not that it wont matter much....HNR down again. 8.81 what a friggin joke
Anyone been able to access the Barrons piece mentioning HNR?