Nighthawk remains jolly 09/02/2012
US-focused Nighthawk Energy is launching a $7.5 million program to invest in its Colorado-based Jolly Ranch project.
Insurance delay hits Oxus project
South African contractor Maed has emerged with a 20 per cent-plus shareholding in Oxus Mining – at the very moment when Oxus' plan to develop the 3 million-plus oz Amantaytau gold field in Uzbekistan has been thrown into the melting pot by its failure to obtain an insurance guarantee for a crucial project loan. Robert Tyerman reports.
Aim-listed Oxus is taking legal advice after reaching the conclusion that insurance broker Templeton will be unable to arrange a guarantee, from AA-rated German insurer Hermes, for repayment of a $23 million (£17 million) subordinated loan, to Oxus, from the Société Generale banking group. The loan was to enable Oxus to fund its share of the Amantaytau project – a joint venture with local groups – for which a Soc Gen-led banking syndicate had agreed to lend Oxus' half-owned operating subsidiary, Amantaytau Goldfields, nearly £20 million.
Oxus, headed by chief executive Roger Turner and advised by merchant bank Brown Shipley, maintains that Templeton had guaranteed that Hermes would provide the cover and allowed its own name (Templeton) to be included in the loan prospectus. While Turner and his advisers consider their legal and other options, they are also considering new ways of funding Amantaytau.
'We are looking for a like-for-like insurance replacement,' says Oxus spokesman Sacha Borthwick. But, if that is not forthcoming, he says Oxus will look at alternatives such as scaling down the project with contract mining or lease purchase, or seeking a 'strategic partner'.
The move by South African mining contractor Maed to buy the 19 per cent of Oxus hitherto held by US mining giant Newmont, plus some more, for an undisclosed sum opens up other possibilities, as yet unexplored. Since raising what is now realised as an inadequate £8 million last year at 30p, Oxus has seen its shares plunge to 4.5p, where an opportunistic bid could be a possibility – if Amantaytau is thought to be worth it.
Subscribe today
Subscribe today and save 50%. Receive company watch recommendations and extensive company profile tips, released two months ahead of the market.
Advertisement
Spread Trading. New from Halifax Share Dealing
£100 credit when you open five trades within 60 days – terms apply. Spread Trading is not for everyone please ensure you understand the risks as you may lose more than your initial deposit. Click here for more information.
Institutional Investors in AIM 2011 - New Report
This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.
Coverage of AIM, techMARK and PLUS Markets
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
If you're interested in business tax updates visit our specialist tax guide website.
Latest small-cap and growth company news
Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.
Popular News
Acquisition
Acquisitions
Aim
Aim Market
Boardroom Moves
Breaking-even
British Technology
Cash
China
Commodities
Credit Crunch
Deals & Contracts
Debt
Dividend
Emerging Markets
Full List
Fundraisings
Gold
Growth Company
Growth Stocks
Main Market
Mergers & Acquisitions
New Issues
Penny Shares
Placing
Plus Markets
Profit Warning
Renewables
Restructuring
South Africa
Speculative Punts
Technology
Trading Update
Turnaround
Undervalued
Advertisement
Latest News
Tower raises £5.4m 09/02/2012
Africa-focused Tower Resources (TRP) has raised £5.4 million via a placing with a mixture of institutional investors and directors.
Thomas nurses £91m loss 08/02/2012
Beleaguered travel operator Thomas Cook (TCG) has reported a loss of £91 million its first quarter also announcing the sale of its Indian division.
Chariot finishes 3D survey 08/02/2012
AIM-quoted Chariot Oil and Gas (CHAR) has completed a 3D seismic survey across its central blocks.
Aminex and Solo disappoint 07/02/2012
Aminex (AEX) and Solo Oil (SOLO) both reported the Ntorya-1 well had 'not encountered' sandstone intervals after drilling 2500 metres.
Brady to raise £18m 07/02/2012
Brady (BRY), the supplier of software to the commodities sector, is to raise £18 million to fund two acquisitions.
Sectors
Aerospace & Defence
Alternative Energy
Automobiles & Parts
Banks
Beverages
Chemicals
Construction & Materials
Electricity
Electronic & Electrical Equipment
Equity Investment Instruments
Financial Services
Fixed Line Telecommunications
Food & Drug Retailers
Food Producers
Forestry & Paper
Gas, Water & Multiutilities
General Financial
General Industrials
General Retailers
Health Care Equipment & Services
Household Goods
Industrial Engineering
Industrial Metals
Industrial Transportation
Leisure Goods
Life Insurance
Media
Mining
Mobile Telecommunications
Nonequity Investment Instruments
Nonlife Insurance
Oil & Gas Producers
Oil Equipment, Services & Distribution
Personal Goods
Pharmaceuticals & Biotechnology
