The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Blencowe Resources PLC - London-based miner focused on developing the Orom-Cross graphite project and Akelikongo nickel project in Uganda - To fund a delivery of 100 tonnes of bulk sample to China from Orom-Cross, Blencowe places 18.8 million shares at 4 pence each to raise £750,000 with three shareholders. Brazil-focused mining company Jangada Mines PLC invests £610,000 in Blencowe via placing 15.3 million shares. Jangada now holds 9.5% of Blencowe’s enlarged share capital.
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Ecora Resources PLC - London-based natural resources royalty company - Anticipates stronger portfolio in third quarter that ended September 30 on expected softening of commodity prices. Expects a portfolio contribution of UD34.1 million, up 44% from $23.6 million a year prior. Expects royalty & stream income to grow 47% to $31.8 million from $21.6 million a year ago. However, compared to $47.8 million in the second quarter, that would be a 33% fall. Chief Executive Officer Marc Lafleche says: ‘We expect a strong finish to the year with key commodity prices underlying our portfolio currently in excess of average third quarter price levels. As a permanent source of capital to the mining sector, we are well positioned to respond to opportunities which may present themselves as a result of challenging market conditions.’
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Nexus Infrastructure PLC - Essex, England-based infrastructure services provider - Anticipates higher annual revenue but lower operating profit than a year ago. For the financial year that ended September 30, it expects a revenue up to £173 million, 25% higher than £138m a year ago. Expects annual operating profit between £3.8m and £4.2m, at least 18% lower than £5.1 million a year ago. Says order book is up 10% at £316 million versus £286 million. Net cash is 33% higher at £24.2 million compared to £18.1 million a year prior.
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Victoria Oil & Gas PLC - Domestic energy supplier in Africa through its wholly-owned subsidiary Gaz du Cameroun SA, which has operations in the industrial port city of Douala, Cameroon - Provides update on settlement discussions regarding legal dispute between its subsidiary Gaz du Cameroun SA and RSM Production Corp. Says RSM Production files motion to partially vacate and partially confirm arbitration award. Victoria says that the motion was filed despite ‘material progress’ in the settlement talks. Notes that Gaz du Nameroun and RSM remain in the process of finalising a term sheet for settlement of the International Chamber of Commerce, or ICC, award.‘The motion seeks to contest and overturn the Addendum based on Section 10 of The Federal Arbitration Act USA on grounds that the arbitrators exceeded their powers in reducing the amount of the original award for a computational or other similar error,’ Victoria explains. In July, the Arbitral Tribunal of the International Chamber of Commerce issued an addendum, lowering the amount Gaz du Cameroun has to pay to RSM to $6.6 million plus interest, from an original $10.6 million plus interest.
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