London Mining soars on £70m royalty deal with BlackRock July 30, 2012 SHARES in Aim-listed London Mining soared yesterday after the firms said BlackRock World Mining Trust would pay it $110m (£70m) for a two per cent royalty on iron ore sales from its Marampa project in Sierra Leone. “Although the company is already funded to achieve 5m tons per annum (Mtpa) of capacity next year, the [...]
UTV appoints former Chrysalis boss Huntingford as chairman July 30, 2012 BROADCASTER UTV has ended its drawn-out search for a new chairman by appointing former Chrysalis chief executive Richard Huntingford to the role. Huntingford, who led Chrysalis for seven years until the music group’s radio arm was sold in 2007, will be tasked with stabilising the management of UTV after a bitter boardroom revolt in February [...]
CWW reshuffle from Vodafone July 30, 2012 VODAFONE has replaced top Cable & Wireless Worldwide (CWW) executives with its own following its £1bn purchase of the telecoms operator. Chief executive Gavin Darby has stepped down, with the head of Vodafone’s global enterprise division Nick Jeffery taking over. Darby will stay at CWW until October as Vodafone integrates the two firms’ technologies. Vodafone completed [...]
Web boss out of Ladbrokes July 30, 2012 LADBROKES has fired its head of digital operations, as delays to the bookie’s website revamp are set to lead to it reporting its worst online performance since 2004. The dismissal of Richard Ames, who had been in the job for just a year, is the latest setback for Ladbrokes, which has struggled to match rivals [...]
ADVISERS GOLDMAN SACHS July 30, 2012 London Mining was advised on the royalty transaction by Goldman Sachs, while Standard Chartered was lead adviser on the debt finance component of the planned expansion of its Marampa mine. Goldman is no stranger to mining deals, and has a long pedigree of involvement in the sector, including its ongoing role advising Xstrata on its [...]
Rio holds onto Ivanhoe stake July 30, 2012 Rio Tinto said yesterday it had paid about $935m for 133.6m shares of Ivanhoe Mines, or 51 per cent of the stock the Canadian miner put up in a shareholder rights offering. The purchase allows Anglo-Australian mining giant Rio to maintain its 51 per cent ownership stake in Ivanhoe, which is developing the massive Oyu [...]
Olympic builder triples profit July 30, 2012 Ground engineering company Keller Group’s first-half profit more than tripled on strong revenue growth at its American business, it said yesterday, as it enjoyed an even stronger second half. Keller, which built the foundations for London’s Olympic Stadium, said pre-tax profit rose to £11m for January to June from £3.4m a year earlier. Revenue rose [...]
Seals boost Diploma revenues July 30, 2012 Technical products supplier Diploma said yesterday revenue rose five per cent for the third quarter helped by its seal business in North America, but the rate of underlying growth in that business slowed compared to the first half. Year-to-date revenue from its seals business increased 28 per cent, helped by the acquisition of J Royal [...]
CITY MOVES | WHO’S SWITCHING JOBS July 30, 2012 Canary Wharf Group Eric Van Der Kleij has been appointed as a specialist adviser to the property group. As current chief executive of the Tech City Investment Organisation, he will advise on linking Canary Wharf with opportunities in digital technology. Janus Capital Matthew Nagele has been appointed as head of UK for the investment firm’s [...]
BEST of the BROKERS July 30, 2012 TAYLOR WIMPEY Peel Hunt has a “sell” rating on the property firm and has put its 27p target price under review ahead of the firm’s interim results tomorrow. The broker believes the results will show a two-and-a-half times surge in pre-tax profits, but it remains cautious about the longer term. SPECTRIS UBS rates the precision [...]
