LOCAL STOCKS
The local market closed on a calm note yesterday, with CCP seeing reasonable volumes being traded at K2.35, as MSC finished 6 toeas. Last night on the AMEX saw IOC climbed 13 percent to conclude the day at US$22.50 while NBPO in London registered trades at GBP2.43.
In the pre-open phase of the market today has offers for BSP as low as K0.96 and bids for NBO are as high as K9.83, trading activity should slowly pick up as the day develops.
PNG NEWS
IOC: InterOil Corporation today reported on their gas discovery in the Antelope structure that the gas flow in PNG is a “world record natural gas discovery” and should place PNG as a co-leader with Australia in supplying Asian markets.
MOVERS
Yesterday’s movers on the local bourse 02/03/09:
BSP: 1.05%
Tuesday, March 3, 2009
Monday, March 2, 2009
POMSoX UPDATE
LOCAL STOCKS
Last week Friday, saw the market closed relatively calm with only light volumes changing hands for the trading companies. CGA ended with a reasonable selling pressure resulting in CGA loosing 7 percent. NBPO in London finished at GBP2.49 while IOC advanced 6 percent on the back of positive results released from the company.
The local bourse is expected to open lower today with bids for BSP lined up at K0.95 and offers for OSH as low as K10.00.
PNG NEWS
IOC: InterOil Corporation a Canadian company with PNG interest in the Elk structure will flow its Antelope 1 well in Gulf Province in front of a senior PNG Government delegation including Prime Minister Grand Chief Sir Michael Somare today.
MOVERS
Friday’s movers on the local bourse 27/02/09;
BSP: -1.02%
CGA: -7.14%
OSH: 5.45%
Last week Friday, saw the market closed relatively calm with only light volumes changing hands for the trading companies. CGA ended with a reasonable selling pressure resulting in CGA loosing 7 percent. NBPO in London finished at GBP2.49 while IOC advanced 6 percent on the back of positive results released from the company.
The local bourse is expected to open lower today with bids for BSP lined up at K0.95 and offers for OSH as low as K10.00.
PNG NEWS
IOC: InterOil Corporation a Canadian company with PNG interest in the Elk structure will flow its Antelope 1 well in Gulf Province in front of a senior PNG Government delegation including Prime Minister Grand Chief Sir Michael Somare today.
MOVERS
Friday’s movers on the local bourse 27/02/09;
BSP: -1.02%
CGA: -7.14%
OSH: 5.45%
Friday, February 27, 2009
POMSoX UPDATE
LOCAL STOCKS
The local bourse ended flat yesterday with BSP traded at an average price of K0.98, as CGA declined 7 percent from previous; On the upside was OSH closing at K8.70. Overseas last night, IOC on AMEX finished stronger at US$18.54 while NBPO in London registered trades at GBP2.46.
The local market is expected to open flat today with bids for HIG at a high of K0.14 and sellers for CPL willing to sell their stocks at K2.50.
PNG NEWS
On the corporate front, Steamships Trading (SST), one of the oldest diversified trading companies in PNG recorded a K16m rise in its net profit to K90.2m.
MOVERS
Yesterday’s movers on the local bourse 26/02/09:
BSP: -1.02%
CGA: -7.14%
OSH: 5.45%
The local bourse ended flat yesterday with BSP traded at an average price of K0.98, as CGA declined 7 percent from previous; On the upside was OSH closing at K8.70. Overseas last night, IOC on AMEX finished stronger at US$18.54 while NBPO in London registered trades at GBP2.46.
The local market is expected to open flat today with bids for HIG at a high of K0.14 and sellers for CPL willing to sell their stocks at K2.50.
PNG NEWS
On the corporate front, Steamships Trading (SST), one of the oldest diversified trading companies in PNG recorded a K16m rise in its net profit to K90.2m.
MOVERS
Yesterday’s movers on the local bourse 26/02/09:
BSP: -1.02%
CGA: -7.14%
OSH: 5.45%
Monday, February 23, 2009
Lihir Gold Research
Record gold production and rising gold prices have enabled LGL to report a net after tax profit of $109.3 million for the year to December 2008. The Company reported its third successive year of record production, at 882,000 ounces, which was up 26% from 702,000 ounces in 2007. The increase was due to significantly higher output at the cornerstone Lihir Island operation in PNG, and because of the inclusion of production from the Bonikro mine in Ivory Coast and the Mt Rawdon mine in Queensland. These mines were acquired by LGL as part of its acquisition of Equigold NL in June 2008. Revenues increased by 52% to a record US$756 million, driven by a 23% increase in gold sales volume and a 29% rise in the gold price. For the full year 868,927 ounces of gold were sold at an average cash price of US$850 an ounce, up from US$666 an ounce in 2007.
Source: Lihir Gold Limited Website (23 February 2009)
Total cash costs were US$400 per ounce in 2008, which continues to position the company at the lower end of the global gold production cost curve. Unit costs trended lower over the course of 2008, with total cash costs reducing to $353 per ounce in the December quarter. Aggregate operating costs for the year totalled $463 million, up from $306 million in 2007, as a result of continuing cost pressures across the mining sector, higher oil prices for most of the year and because of higher throughput at Lihir Island.
LGL Managing Director Arthur Hood said the solid 2008 result reflected an outstanding performance from the cornerstone Lihir Island operation and the benefits of the merger with Equigold NL. "Going into 2009 LGL's financial position is very secure. We have healthy operating cashflows and widely diversified revenue and production sources. The company has a strong foundation to enable future investment in growth opportunities and to deliver maximum value for shareholders."
In 2009 group-wide gold production is forecast to increase by more than 10 percent to in excess of one million ounces. Falling oil prices and favourage exchange rate movements are expected to drive a reduction in total cash costs in 2009 to less than US$400 per ounce.
2009 Outlook
Total gold production is forecast to increase to another record of more than one million ounces. Production at Lihir is forecasted to be between 770,000 and 840,000 oz for the year. Bonikro is expected to contribute approximately 130,000 – 160,000 oz in its full year of production. Mt. Rawdon is expected to continue its reliable and consistent performance to deliver around 90,000 – 100,000 oz for the year. At Ballarat, production is forecast to be between 50,000 – 100,000 oz in 2009.
Falling oil prices and favourable exchange rate movements in the final quarter of 2008 are expected to have a beneficial impact on costs in the current year. Total cash costs for the group are expected to be less than $400 per ounce for the full year, excluding Ballarat.
If you want a copy of the research document send your request through to clee@bsp.com.pg
Source: Lihir Gold Limited Website (23 February 2009)
Total cash costs were US$400 per ounce in 2008, which continues to position the company at the lower end of the global gold production cost curve. Unit costs trended lower over the course of 2008, with total cash costs reducing to $353 per ounce in the December quarter. Aggregate operating costs for the year totalled $463 million, up from $306 million in 2007, as a result of continuing cost pressures across the mining sector, higher oil prices for most of the year and because of higher throughput at Lihir Island.
LGL Managing Director Arthur Hood said the solid 2008 result reflected an outstanding performance from the cornerstone Lihir Island operation and the benefits of the merger with Equigold NL. "Going into 2009 LGL's financial position is very secure. We have healthy operating cashflows and widely diversified revenue and production sources. The company has a strong foundation to enable future investment in growth opportunities and to deliver maximum value for shareholders."
In 2009 group-wide gold production is forecast to increase by more than 10 percent to in excess of one million ounces. Falling oil prices and favourage exchange rate movements are expected to drive a reduction in total cash costs in 2009 to less than US$400 per ounce.
2009 Outlook
Total gold production is forecast to increase to another record of more than one million ounces. Production at Lihir is forecasted to be between 770,000 and 840,000 oz for the year. Bonikro is expected to contribute approximately 130,000 – 160,000 oz in its full year of production. Mt. Rawdon is expected to continue its reliable and consistent performance to deliver around 90,000 – 100,000 oz for the year. At Ballarat, production is forecast to be between 50,000 – 100,000 oz in 2009.
Falling oil prices and favourable exchange rate movements in the final quarter of 2008 are expected to have a beneficial impact on costs in the current year. Total cash costs for the group are expected to be less than $400 per ounce for the full year, excluding Ballarat.
If you want a copy of the research document send your request through to clee@bsp.com.pg
POMSoX UPDATE
LOCAL STOCKS
On Friday, the local market ended relatively quiet with only a few trades going through for CPL at K2.50, while CCP closed unchanged at K2.43. In the overseas markets, LGL finished at AUD3.40 with a high of AUD3.52 while on the local market it closed with bids as high as K5.20. And NBO concluded the week at GBP2.52.
The market is expected to open flat today, with offers for OSH as low as K8.50 and BSP bids still steady at K0.98.
PNG NEWS
On the corporate front, LGL released its annual report announcing a 54 percent increase in their net earnings on the back of a strong gold price and an increase in the production output.
MOVERS
Last Friday’s movers on the bourse 23/02/09:
BSP: -1.01%
CPL: 0.80%
On Friday, the local market ended relatively quiet with only a few trades going through for CPL at K2.50, while CCP closed unchanged at K2.43. In the overseas markets, LGL finished at AUD3.40 with a high of AUD3.52 while on the local market it closed with bids as high as K5.20. And NBO concluded the week at GBP2.52.
The market is expected to open flat today, with offers for OSH as low as K8.50 and BSP bids still steady at K0.98.
PNG NEWS
On the corporate front, LGL released its annual report announcing a 54 percent increase in their net earnings on the back of a strong gold price and an increase in the production output.
MOVERS
Last Friday’s movers on the bourse 23/02/09:
BSP: -1.01%
CPL: 0.80%
Friday, February 20, 2009
Highands Pacific Group Announcement
COMPLETION OF SALE OF UNMARKETABLE PARCELS
Highlands Pacific Limited (“the Company”) refers to its announcement of 17 December 2008 and the letter mailed to shareholders of unmarketable parcels on 19 December 2008.
The Company wishes to advise that the sale of 8,606,078 shares were sold off market today. The proceeds from the sale of these unmarketable parcels will be paid to shareholders with cheques anticipated to be mailed out today.
The process resulted in 4,444 shareholders being eliminated from the Company’s register and this will represent significant cost savings going forward.
Highlands Pacific Limited (“the Company”) refers to its announcement of 17 December 2008 and the letter mailed to shareholders of unmarketable parcels on 19 December 2008.
The Company wishes to advise that the sale of 8,606,078 shares were sold off market today. The proceeds from the sale of these unmarketable parcels will be paid to shareholders with cheques anticipated to be mailed out today.
The process resulted in 4,444 shareholders being eliminated from the Company’s register and this will represent significant cost savings going forward.
Wednesday, February 18, 2009
POMSoX UPDATE
LOCAL STOCKS
Tuesday, the local bourse finished active with reasonable volumes changing hands. LGL gained some territory to end at K5.20 while CCP closed with a high selling pressure pushing down the price to K2.43 with CPL finishing steady at K2.48. IOC last night fell 9 percent to end at US$17.61 in the US.
Trading should pick up slowly as the day progresses, with BSP bidders at K0.98 and sellers for NBO selling at a low of K12.00.
PNG NEWS
In company news, IOC reported yesterday that they will be giving a presentation at the ENERCOM Oil & Services Conference in San Francisco. Also Kina Asset Management released its Net Tangible Asset (NTA( as 31st January 2009 is at K0.90.
MOVERS
Yesterday’s movers on the bourse 17/02/09:
BSP: 1.02%
CCP: -2.01%
CPL: -0.80%
LGL: 8.10%
MGO: -5.88%
NBO: 0.10%
Tuesday, the local bourse finished active with reasonable volumes changing hands. LGL gained some territory to end at K5.20 while CCP closed with a high selling pressure pushing down the price to K2.43 with CPL finishing steady at K2.48. IOC last night fell 9 percent to end at US$17.61 in the US.
Trading should pick up slowly as the day progresses, with BSP bidders at K0.98 and sellers for NBO selling at a low of K12.00.
PNG NEWS
In company news, IOC reported yesterday that they will be giving a presentation at the ENERCOM Oil & Services Conference in San Francisco. Also Kina Asset Management released its Net Tangible Asset (NTA( as 31st January 2009 is at K0.90.
MOVERS
Yesterday’s movers on the bourse 17/02/09:
BSP: 1.02%
CCP: -2.01%
CPL: -0.80%
LGL: 8.10%
MGO: -5.88%
NBO: 0.10%
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