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Last updated: 15:03 22 May 2012 BST, First published: 19:03 22 May 2012 BST

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Today, the spotlight was on Cluff Natural Resources (LON:CLNR), which started trading on the AIM market this morning.

Entrepreneur Algy Cluff told Proactive Investors that he hoped that by the end of July his new venture would have snapped up the first of its investment deals, on its journey towards building a global resource player.

And he said he hoped these deals would be, "within a relatively short space of time", cash positive.

"One of them is likely to be in the North Sea, and one in Africa," Cluff told Proactive Investors.

"What I'm looking for is actual, or imminent cash flow," he said.

The company, which is focused on oil and gas and mining assets, was launched in the City this morning having raised £3.75 million before expenses in what Cluff said was a "heavily oversubscribed" placing.

It issued 75 million new shares at 5 pence per share and issued 35 million warrants.

Cluff explained, however, that cash was not key to the firm's onward development, as some of the firm's proposed transactions will be for shares.

Cluff Natural Resources plans to make use of the veteran oil man’s extensive experience and contacts he has made over the last 40 years to source opportunities.

It believes the UK North Sea still draws major investment interest and that Africa is positioned to become the second fastest growing region in the world.

Getting busy again in the North Sea sees Cluff going back from whence he came (he founded Cluff Oil in the 1970s) - something he is relishing, though he noted things there "have changed very much".

"Having been a fairly hostile environment to the small companies, it's now becoming quite a benign environment," he told Proactive.

"Twenty- to thirty years years ago, it was frowned on for small companies to farm out their obligations - now they are positively encouraged to do that," he said.

Proactive also drew investors’ attention to potash group Elemental Minerals (ASX:ELM, TSX:ELM), which has taken a very restrained approach to marketing itself since it started developing the project about three years ago.

And this has been a deliberate strategy, according to Iain Macpherson, chief executive of the group, which owns the Sintoukola potash property in the Republic of Congo.  

“The project is good, so we have taken the decision to get our heads down and let it speak for itself,” said Macpherson.

The story was introduced to a new audience au fait with the dynamics of the potash market recently via its listing in Canada. 

The TSX IPO raised about C$61 million, which will fund the group through its bankable feasibility study scheduled for next April.

In terms of outside interest in the project, the preliminary feasibility, due for publication in August or September this year, may prove pivotal.

“The PFS is not a traditional go, no-go decision point for the company,” said Macpherson. 

“It is more a marketing process for future project finance requirements or capital requirements.”

So far, exploration work has focused on the Kola deposit, which represents 60 square kilometres of a possible 1,400.

Even so it has delivered a 43-101 sylvinite resource of 413 million tonnes in the measured and indicated catagories with a further 261 million tonnes in the inferred mineral resource category. 

This is the key component of a potash resource of just over 959 million tonnes in the measured and indicated categories, with a further 513 million tonnes in the inferred mineral resource category.

“We are exclusively focussed on the highly sought after sylvinite resource,” said Macpherson.

“And despite having examined only a very small section of the Sintoukola property we have already confirmed sufficient sylvinite tonnage to support a long life production of two million tonnes a year of finished potash, which is a vital ingredient in fertiliser.” 

Two other reports from Proactive covered today’s news from energy group Wasabi Energy (LON:WAS), which has received approval to buy into an advanced geothermal power generator in Turkey from the current owner, and coal miner Ncondezi Coal (LON:NCCL).

Ncondezi this morning unveiled a major overhaul of its board, including the appointment of a new chairman and chief executive, ahead of the development of its coal project in Mozambique’s Tete Province.

Michael Haworth, a former managing director of mining and metals corporate finance at the blue-chip American bank JP Morgan, becomes chairman, replacing Richard Stuart, who will remain on the board as a non-executive director.

So too will CEO Graham Mascall, who will be replaced in that role by the company’s chief operating officer, Nigel Walls. 

Paul Venter, who has 39 years mining experience across Africa, Mongolia, China and Russia, has been drafted in as COO.

In his role TSX-listed Prophecy Coal Corp Venter oversaw the successful commissioning of the Ulaan Ovoo coal mine in Mongolia just six months after acquiring the asset.

Haworth said: "I would like to thank Richard and Graham for successfully guiding and transforming Ncondezi over the past two years. 

“I am pleased that they have agreed to remain on the board so we will continue to have access to their expertise and advice."

Meanwhile, Wasabi’s Turkish subsidiary Imparator Enerji signed an option to take a 50 per cent stake in the Tuzla Geothermal Power Project (TGPP) in April subject to partner and regulatory approval.

TGPP owner and operator Enda Enerji has now given its go-ahead, though the exercise of the option remains subject to the project lender's consent as well as regulatory approvals, Wasabi said.

The total consideration for the option is US$11.75 million (including a US$5 million loan note).

The project includes an operating 7.5 MWe geothermal power plant in Canakkale Turkey, with opportunities to expand further.

Historical studies indicate geothermal power generation potential of up to 80 MWe said Wasabi, which has started work on a pre-feasibility study for the development of a first stage 14 - 17.5 MWe build-out.

Wasabi will develop the project with Enda, which is an experienced power plant developer and operator in Turkey. 

The TGPP covers an area of approximately 11sq km of a very shallow and relatively high temperature geothermal zone in North Western Turkey and hosts a recently installed and currently operating 7.5 MWe power plant. 

The Tuzlageothermal field has also been extensively studied and drilling has confirmed the TGPP as a major regional geothermal resource.

Wasabi added the proposed 14 - 17.5 MWe first-stage build-out at the TGPP may utilise its Kalina Cycle technology, which has the potential to increase power generation at the project by 20 per cent.

Wasabi said the option and development work would be funded through asset sales and other capital raising initiatives.

In other news, retail giant Marks and Spencer's (LON:MKS) profits fell for the first time in three years while it cut its sales growth targets because of the uncertain economic outlook.

The clothing and luxury food group now expects to increase revenue by £1.1 billion to £1.7 billion next year, after originally targeting growth of £2.5 billion.

Chief executive Marc Bolland said: “While conditions in the UK are predicted to be more difficult than originally forecast, we are on track to deliver both international and multi-channel targets.”

Pre-tax profits for the year to the end of March fell 16 per cent to £658 million compared to last year’s figure of £781 million.

Total group sales were up two per cent at £9.9 billion, while in the UK the company reported an increase in like-for-like sales of 0.3 per cent, driven by a strong performance in food.

With the “increasingly challenging consumer backdrop” in mind M&S launched its ‘value’ food range, Simply M&S this month.

The company said it also had a record year in kidswear while womenswear had a more mixed performance partly due to merchandising issues in the third quarter.

Like-for-like sales of general merchandise suffered, down 1.8 per cent on the previous year.

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