Metal Tiger (LON:MTR) has made application to the High Court to cancel the existing share premium account to accommodate any future distribution of cash or equity as realized from activities in its Metals Projects division.
MTR also is expanding its Asset Trading division to enable a higher level of activity in the Metal Project division with dedicated staff time. To that end, Alex Borrelli, non-executive director is moving up to the CEO role effective from 17 October, 2016 to replace Paul Johnson who moves to a consulting role in new project development and investor relations. A new non-executive director will be appointed in coming days.
Randgold Resources (RRS)
The Malian government has escalated the long running tax dispute with Randgold Resources (RRS) to the extent that the group’s offices in Bamako have been closed. Closure has not affected operations at its three mines in the country.
The long running beneficial relationship between RRS and the Mali government is clearly not running smoothly when it comes to tax. We hope that good sense and clear law prevails.
Q2 and H1 results for Vedanta Resources (LON:VED) show a 5% fall in average daily gross operated oil production HoH to 206,342bpd. Refined Zn production at Zinc India was down HoH by 37% to 252,000t and QoQ to 150,000t for a fall of 29% while silver output rose by 6% to 6.26mozs HoH. Zinc International production was also significantly lower HoH by 38% to just 82,000t. Iron ore was a relative bright spot with production increasing QoQ and HoH as exports from Goa resumed after the wet season. Copper output was 3% higher QoQ and HoH to 97,000t cathode and 198,000t respectively.
Total power output was higher YoY due to additional units being put on line at BALCO and TSPL.
No forward forecasts were given but we would hope that production rates could be increased across the group going forward across the commodity portfolio to improve on these lacklustre numbers in our view.