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Newmont Mining Corporation (NEM) announced its first gold pour at its Boddington mine in Western Australia. The company added that it has also trucked its first shipment of copper concentrate from the mine to the port in Bunbury. Newmont said at full production, Boddington would be Australia’s largest gold mine with annual gold production estimated at approximately one million ounces a year for the first full five years. The company said the mine would prove to be a cornerstone asset.

Key Petroleum Limited (KEY) shares surged Thursday morning after the company announced the completion of its acquisition of UK company Midmar Energy Onshore Limited and its two onshore oil fields, Lidsey and Brockham in the southeast of England. Key said, as a result, it was now an oil production company. Key said work undertaken by its technical team and consultants has led the company to believe that there is considerable scope for improving production flow rates at the Lidsey field by drilling a horizontal production well. The company said the well is being designed to intersect a geological structure that has the potential to increase oil flow rates by up to 500 or more barrels per day, if successful and tap into an estimated 9 million barrel STOIIP oil pool. As part of its move into the UK, Key Petroleum has also established Key Petroleum UK Ltd.

Freedom Eye Limited (FYI) said it has executed a Tenement Acquisition Agreement with Empire Resources Limited (ERL) to acquire a 100% interest in Empire’s Yarlarweelor uranium project in Western Australian. Freedom said it is a 100% scrip deal, while Empire Resources is to be issued 40% of the post reconstructed share capital of Freedom Eye. The transaction is subject to shareholder and regulatory approval, as well as successful completion of due diligence. The company said the terms of the acquisition agreement contemplate a capital raising of a minimum of $1 million. Freedom Eye said it intends to raise these funds through either a share purchase plan or a prospectus or a combination of both.

Southern Gold Limited (SAU) said it has earned a 51% stake in the Challenger Area gold exploration project after spending the required $2 million to earn the majority holding with its joint venture partner, Dominion Mining Limited (DOM). Under the terms of the joint venture, Southern Gold said Dominion now has the option to contribute to 49% of JV expenditure to maintain its interest at that level, and if it elects not to do so, Southern Gold can move to an 80% interest by spending a further $2 million by October 2012.

Southern Uranium Limited (SNU) said it had accelerated the exploration of its 100% owned 1,000 square kilometre tenement in the Northern Yorke peninsula. This area includes at least 30km of the northern extension to the Pine Point Fault Zone, in which Rex Minerals had discovered gold and uranium.

Paramount Mining Corporation Limited (PCP) said it has executed a Loan Agreement with China-based Resource Global Finance Ltd (“RGF”). The agreement allows the Paramount to draw down US$1 million in two tranches of US$500,000, at nil interest until 31 December 2010. The company said the funds would be used for working capital and to further pursue opportunities in Indonesia.

Pacific Energy Limited (PEA) said subsidiary Pacific Energy Pty Limited (KPS) has signed a new electricity supply agreement with OM Manganese Limited for the acquisition and capacity expansion of the Bootu Creek Manganese Mine power station to 3.0MW in the Northern Territory. The company said the new electricity supply contract has a term of approximately 6 years. Pacific Energy said the mine has a current mine life of 13 years. The company said, as a result of the new contract, its total contracted capacity had increased to 120MW at 13 mines sites.

Perilya Limited (PEM) confirmed that full power was restored at its Broken Hill mining operations on Tuesday night after grid power was restored to the region the same evening. The miner said it expects to return to full mining production today after being halted due to a power outage on September 22. As was previously advised, Perilya said it does not anticipate the power outage to have any impact on production for the December quarter, with the company expecting to achieve market guidance for metal production for both the December quarter and the full financial year.

RBS – Round Up – 011009

iCash Payment Systems Limited (ICP) and Metcash Limited (MTS) have signed an agreement enabling iCash to become part of Metcash Advantage. The ATM manufacturer and operator said the program provides Metcash customers with a comprehensive range of technology based products and services.    

iCash Chairman and Executive Director, James Manny, said the agreement is structured to deliver competitive benefits to all stakeholders.

“The iCash vertical integration model delivers competitive pricing through control of the value chain,” Mr Manny said.

“It also addresses the non-price imperatives of the relationship.”

Mr Mann said this was achieved through the company’s control of, and direct access to, the ATM manufacturer.

iCash said the agreement with Metcash provided iCash with a significant increase in customer reach, improved risk management through market diversification and a strong referral network, supported by an existing sales force that has a successful track record with EFTPOS distribution within the Metcash customer network.

At the close of trade yesterday, iCash shares were trading at 6.6c, while Metcash shares were trading at $4.50.

Substantial Shareholder Changes 
30 September 09

All movements are percentage changes.

For Director Changes click here.

Campbell Brothers Limited (CPB) said it intends to launch a takeover offer for PearlStreet Limited (PST) of 56c per share, a 31.8% premium to the closing price Wednesday. The proposed offer values PearlStreet at $86.7 million.

Campbell Brothers also noted the price offered for PearlStreet, which provides asset management and engineering services to the energy sector, was a 79% premium to 5-day average price to the end of last week.

In outlining the offer Campbell Brothers said PearlStreet would be entitled to retain their final 1c per share dividend already declared by the board, however further dividends declared could reduce their offer by that amount.

Campbell Brothers’ managing director, Greg Kilmister, said it expanded it presence across more sectors.

”It represents a significant step towards our goal of diversifying our analytical services business, both geographically and in terms of capabilities,” Mr Kilmister said.

The company said conditions were attached to the offer, including a board recommendation and a minimum 90% acceptance. 

At the close Wednesday, Campbell Brothers shares were down 43c to $29.59, while PearlStreet shares were off by 4c to $42.5c.

Macquarie Group Limited (MQG) announced it had entered into an agreement to acquire US based specialist investment bank Fox-Pitt Kelton Cochran Caronia Waller LLC (“FPK”). Macquarie said the transaction consideration consists of US$130 million in equity value, plus US$16.7 million of long-term liabilities, less cash on balance sheet at financial close.

Macquarie said the acquisition would enhance its integrated offering to financial institutions around the world.

The company said two thirds of FPK’s executive staff are employed in the firm’s securities business, with the remainder in advisory, corporate broking and capital markets.

President & CEO of Macquarie Capital (USA) Inc, Tim Bishop, said the acquisition was the ideal way to expand the company’s financial institutions presence beyond the Asia-Pacific into North America and Europe.

“It is consistent with our focus on key industry sectors and adds financial institutions as a core specialty for Macquarie,” Mr Bishop said.

“We plan to develop and grow FPK’s valued specialist research, execution and advice and build their underwriting capacity.”

Global Head of Macquarie Securities Group, Roy Laidlaw, said FPK and Macquarie’s equity offerings in financial institutions were complementary and together would deliver a wider and stronger mix of products.

“The combination will take our combined FIG research offering to 765 stocks globally and double the stock coverage universe in our growing U.S. and European securities platforms,” Mr Laidlaw said.

The company said the impact on Macquarie’s regulatory capital surplus as a result of the acquisition is anticipated to be immaterial.

Macquarie expects closing to occur by the end of the fourth quarter of 2009, while the acquisition remains subject to regulatory approvals.

At the close of trade yesterday, Macquarie shares were trading at $58.79.