Zinc price nears three-year high on concerns of supply shortages July 9, 2014 Zinc approached a three-year high yesterday, as investors clamour to buy the metal amid fears of a supply shortage. Stockpiles of zinc in London Metal Exchange warehouses have fallen 29 per cent this year, down to levels held in late 2010. A number of mine closures and forecasts of increased demand from the US and [...]
Brent crude oil price slips as Iraq supply concerns ease July 8, 2014 Brent crude fell below $110 a barrel yesterday, taking the price back to the level it was before the crisis sparked off in Iraq almost a month ago. News that Libya is set to ramp up production after rebels ended an almost year-long blockade on oil exports from two major ports put further pressure on [...]
Drax wins £238m EU funding to build its carbon storage project July 8, 2014 COAL-FIRED power station operator Drax has received €300m (£238.6m) funding from the European Commission for its carbon storage project, the UK government said yesterday. The news is a boost for the burgeoning carbon capture and storage (CCS) technology, which aims to cut carbon emissions while still burning fossil fuels. The White Rose project at Drax’s [...]
Lafarge-Holcim list asset sales for merger plan July 7, 2014 Lafarge and Holcim yesterday unveiled a bumper list of proposed asset disposals as part of their planned mega-merger, which the cement giants hope will satisfy anti-trust regulators worldwide. France’s Lafarge and Swiss firm Holcim unveiled a share-for-share deal in April, which would create a self-proclaimed “merger of equals” with sales of €32bn (£26.5bn). The firms [...]
Abzena IPO: Life sciences firm secures £20m ahead of flotation on Aim July 7, 2014 Life sciences company Abzena yesterday priced its upcoming Aim flotation at 80p per share, valuing the company at £77.9m. The London-headquartered firm, which provides technology for drug companies to develop new products, has raised £20m via a placing of 25m shares at 80p per share. Abzena receives payments or royalties from a number of major [...]
Alkane forecasts strong second half after electricity output falls July 7, 2014 ALKANE Energy yesterday posted a decline in electricity output for the first half of the year, but said it was looking forward to a strong second half of 2014. The Aim-listed energy company, which recently sold its onshore shale gas assets to Egdon Resources in return for shares, said its electricity output had fallen to [...]
Oil price slides as Libya set to boost exports July 7, 2014 Brent crude oil fell to a three-week low yesterday, on news of a potential rise in Libyan supply. The global oil benchmark dropped to just above $110 a barrel, having lost 2.3 per cent last week, after Libyan rebels agreed to allow the resumption of oil exports from two major ports, ending an almost year-long [...]
Official figures show UK could hold up to 21bn barrels of oil July 7, 2014 The UK’s oil and gas reserves could equate to as much as 21bn barrels of oil, according to the latest official estimates released yesterday. The government has been keen to maximise the country’s oil and gas resources in order to bolster the country’s energy security and boost its coffers through tax revenues on production. It [...]
Petropavlovsk share price skyrockets as gold miner affirms full-year guidance July 7, 2014 Shares in Petropavlovsk soared almost 28 per cent yesterday, after the Russian gold miner reassured the market that it was on track to deliver its full-year production target. “Petropavlovsk notes the recent weakness in the company’s share price and advises the group is performing operationally in accordance with its strategic plan and budget and maintains [...]
Global oil firms welcome Egypt fuel subsidy cut July 7, 2014 INTERNATIONAL oil companies yesterday welcomed the Egyptian government’s decision to slash subsidies on fuel and natural gas, which took effect over the weekend. The cut was met with anger by a number of minibus and taxi drivers in the country, after it sent fuel prices up more than 70 per cent, but the government is [...]
