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BP: Second Quarter 2013 Results

BP announced its financial results for the second quarter of 2013. Underlying replacement cost profit for the quarter was $2.7 billion, compared to $4.2 billion in the first quarter of the year and $3.6 billion in the second quarter of 2012. Operating cash flow in the quarter was $5.4 billion.

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UK Mining-Equipment Exporters Target China

World coal production rose by an estimated 2% last year to 7,865 million tonnes (Mt), and China increased its dominant role with an almost 4% rise in output to 3,650 Mt (representing over 47% of the global total). The second largest coal producer, the USA, produced only 922 Mt in 2012 after a 7% fall in output.

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Commodity price rise needed to trigger mining & metals deal flow

M&A and capital raising activity by mining and metals companies globally during January – June 2013 (1H) remained very subdued, pointing to the third consecutive year of declining deal volumes for the sector.

During the first half of 2013 there were 350 deals worth US$78.6b, with deal volume down 30% compared to the same period in 2012, according to EY’s Mergers, acquisitions and capital raising in mining and metals 1H 2013 report, released today.

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Anglo American plc Production Report for the second quarter ended 30 June 2013

Overview

  • Kumba Iron Ore production decreased marginally by 1% to 11.3 Mt as weaker production at Sishen, following the recovery from the strike in H2 2012, was offset by a strong performance at Kolomela
  • Export metallurgical coal production decreased by 9% to 4.4 Mt due to strategic production cuts executed in 2012 in anticipation of weakening market conditions, a planned longwall move at Moranbah and the recovery following adverse weather conditions
  • Export thermal coal production from South Africa decreased by 5% to 4.0 Mt. Cerrejón production decreased marginally to 3.0 Mt following the strong recovery after the strike in Q1 2013
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GE Oil & Gas Expands Subsea Manufacturing Capacity in the UK

  • Scotland Minister John Swinney, Secretary for Finance, Employment and Sustainable Growth, Opens 10.4 Million Pound ($16 Million) GE Oil & Gas Facility Expansion in Montrose, Scotland
  • Expansion Increases Machining Capacity by More Than 40 Percent
  • Production Capacity to Increase from 63 Systems a Year to More than 90 to Keep Pace with Increased Global Industry Demand
  • GE’s Broader Strategy to Boost Subsea Equipment Production in Scotland Will Add More than 50 New Jobs in Montrose in 2013

GE Oil & Gas has strengthened its position in the worldwide energy market, unveiling the results of a significant expansion of to its subsea systems manufacturing, test and assembly facility in Montrose, Scotland. The product of a 10.4 million pound ($15.8 million) investment, the Brent Avenue site has almost doubled in capacity, enabling GE to harness the growing global demand for its products and services.

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Deutsche Rohstoff: Tekton Energy setzt Horizontalbohrungen fort - Längerfristiger Vertrag für Bohrgerät unterzeichnet/Weiter sehr gute Förderraten

Tekton Energy wird kurzfristig mit der nächsten Phase seines Horizontalbohrprogramms beginnen. Bohrbeginn für die erste Bohrung soll in der übernächsten Woche sein. Es ist geplant, nacheinander fünf Bohrungen vom Bohrplatz Pavistma Süd niederzubringen und dann anzuschließen. Die Produktion aus diesen Bohrungen wird voraussichtlich in der ersten Novemberhälfte beginnen.

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Amara Mining: Baomahun Feasibility Study confirms robust financial returns

Amara Mining plc, the dual AIM and TSX-listed West African focused gold mining company, announced the results of its Feasibility Study for its 100% owned Baomahun Gold Project in Sierra Leone.

  • The FS outlines a robust and economically viable project
  • The Project is expected to generate a post-tax Internal Rate of Return (“IRR”) of 22% and a post-tax NPV of US$127 million at a discount rate of 8% and a gold price of US$1,350/oz
  • Life of mine (“LOM”) average total cash costs of US$799 per ounce (inc. royalty and refining)
  • Maiden Mineral Reserve defined for Baomahun of 1.21 million ounces (23.3Mt at 1.62g/t) at a gold price of US$1,100oz
  • Amara intends to immediately investigate the recommendations generated by the FS to optimise capital intensity, initial capital outlay and payback period
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Lynch invests in Atlas Copco plant for crossrail

As part of a £12 million investment in new equipment during the last twelve months, Lynch Plant Hire and Haulage, a leading name in the UK plant hire sector, has purchased no fewer than 22 Atlas Copco hydraulic breaker and compactor attachments, and the company is planning to make an even larger purchase of Atlas Copco products in the near future.

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Churchill Mining PLC: Jurisdiction hearing held in the international arbitration claim against the Republic of Indonesia

Further to the announcement of 10 May 2013, the Directors of Churchill Mining PLC (AIM: CHL) advise that the hearing on the Republic of Indonesia’s (“ROI”) challenge to the arbitral tribunal's jurisdiction to hear claims for damages against ROI raised by Churchill and its wholly owned subsidiary Planet Mining Pty Ltd (“Planet”) was held in Singapore on 13 and 14 May 2013 under the auspices of the International Centre for Settlement of Investment Disputes (“ICSID”).

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BASF to Strengthen Competitiveness of its Performance Products Segment

  • Restructuring of the businesses with plastic additives, pigments, water, leather and textile chemicals
  • Reduction of about 500 positions by the end of 2015
  • Adjustments at sites in the Basel area to adapt to changed market conditions
  • Further measures being analyzed worldwide

BASF is taking a number of steps to strengthen the competitiveness of its Performance Products segment.

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Anglo American believes long-term thinking is critical to sustainable development

Anglo American will launch its Sustainable Development Report 2012, "Creating Value with the Future in Mind", at recently held annual general meeting in London. The report details Anglo American's sustainable development performance for 2012, highlighting how long-term thinking helps to generate wealth, mitigate environmental harm, combat poverty and promote development in the communities in which we operate.

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