Polymetal ups sales guidance on high output October 17, 2012 PRECIOUS metal producer Polymetal yesterday posted record gold output of 317,000 ounces, up 48 per cent year on year, revising up its full-year production guidance. For the nine months to 30 September, gold production was up 46 per cent year on year. On a quarterly basis, production increased seven per cent. The Russian producer cited [...]
Bullish expectations over Chinese GDP send FTSE over the 5,900 level October 17, 2012 BRITAIN’S top shares hit their highest level in more than a month yesterday, propelled by strength in risk-sensitive commodity stocks ahead of economic growth data from top consumer China. Gains by miners and energy stocks accounted for nearly all the FTSE 100 index’s gains – adding 21 points and 16 points respectively – on expectations [...]
Russian bank’s London listing failure could hit future City IPOs October 16, 2012 THE RUSH of Russian firms looking to list in London took a blow yesterday as Promsvyazbank failed to attract sufficient investors. The dual London-Moscow listing was set to follow Sberbank and MegaFon in coming to the City. But the bank – 88.3 per cent owned by brothers Dmitry and Alexey Ananyev – said it had [...]
Petropavlovsk goes for gold as production increases by a third October 16, 2012 RUSSIAN precious metal miner Petropavlovsk yesterday posted gold production of 219,400 ounces over the third quarter, up 39 per cent year on year. Over the nine months to 16 October, gold production was up 11 per cent to 498,500 ounces. The FTSE 250 miner said yesterday it was on track to achieve its full-year production [...]
BP gets ready to field offers for Russian joint venture TNK-BP October 14, 2012 THE FUTURE of BP’s lucrative but fraught Russian joint venture could be decided this week, with the firm’s obligation to conduct good faith sale talks with partner AAR ending on Wednesday. After this date, BP is free to sell its stake in TNK-BP to another buyer, most likely to be Rosneft. AAR, controlled by a [...]
Hannam back on front foot with Afghan mining venture October 14, 2012 TOP city dealmaker Ian Hannam is pushing ahead with a gold mining project in Afghanistan just months after leaving his post at JP Morgan Cazenove. Hannam, famed in the Square Mile for his deal making skills, will switch his focus to mining company Centar, the firm he established to mine the Qara Zaghan gold mine [...]
Gazprom sells Manchester unit for £13.5m October 12, 2012 Energy Assets has bought Russian energy giant Gazprom’s Manchester unit for £13.5m. The London-listed gas meter specialist will acquire Gazprom’s subsidiary, Gazprom Global Energy Solutions (GGES), for £6m in cash, a bonus payment of £3m and existing debt of £4.5m that will be refinanced upon acquisition. The transaction will more than double Energy Assets’ portfolio. [...]
AFC Energy gets lift as Roman Abramovich invests almost £9m October 11, 2012 AN industrial fuel cell firm that counts a Tory MP as its chairman received a boost to its coffers – and its shares – yesterday, after an fund led by Russian billionaire Roman Abramovich invested almost £9m. Aim-listed AFC Energy said yesterday that Ervington Investments was pouring £8.7m into the firm, a move it said would [...]
Direct Line’s success is just what the bankers ordered October 11, 2012 D IRECT Line was always going to be a major test for the London listings market. Finally, it has got away, so there will be relief all around about that, even though the insurance group will not jump straight into the prestigious FTSE 100 as many at the outset had hoped for. There was a [...]
BP is under fire in Azerbaijan over its production revenues October 11, 2012 AZERBAIJAN has accused BP of making “false promises” on oil output and said the state had missed out on $8bn of potential revenues from what is one of the company’s biggest projects in the world. President Ilham Aliyev said he would take “serious measures” – threatening a third battle front for BP as it seeks [...]