Ceres Power rallies as it signs new joint development agreement

By Renae Dyer / January 10, 2018 / www.proactiveinvestors.co.uk / Article Link

Ceres Power Holdings PLC (LON:CWR) shares climbed 4% to 14.95p after the solid oxide fuel cell developer announced that it signed a new joint development agreement with an undisclosed "significant" European-based original equipment manufacturer.

Ceres and the new partner will work together to develop prototype multi-kilowatt power systems for several potential applications. It marks the fifth agreement Ceres has signed in less than two years.

"We set ourselves the target of securing five major development partners within two years and we've now achieved that by signing an agreement with another global player," said chief executive Phil Caldwell.

"We are continuing to attract some of the biggest names in the power systems and energy sectors, an endorsement not just of our technology and engineering expertise, but also of the significant potential of the SteelCell(R)."

1.00pm:Avesoro Resources shares up on record output from Liberty

Avesoro Resources Inc (LON:ASO) shares edged higher saying it achieved record full year production from its Liberty gold mine in Liberia following a strong quarter. 

Production for the year from Liberty is at the top end of the company's guidance range at 76,179 ounces of gold, up 20% on 2016.

In the fourth quarter, production came to 25,563 ounces of gold, a 29% increase on the previous quarter and in line with the company's expectations.

The group's Youga and Balogo mines produced 28,845 ounces of gold in the quarter, resulting in full year total production of 115,893 ounces of gold, ahead of company forecasts.

Shares rose 7% to 1.90p.

Soco International PLC (LON:SIA) shares dipped after saying it will take a US$220mln impairment for non-core African assets following a strategic review.

The oil and gas explorer, which is currently in merger talks with Kuwait Energy, said capital expenditure remained at US$30mln in 2017 and revenue came to US$156mln with an average realised oil price per barrel of US$56.

Shares fell 2.9% to 124.2p.  

11.00am: Ortac Resources shares rise as it increases stake in Casa 

Ortac Resources Limited (LON:OTC) shares rose 14.7% to 2.7p after saying it has increased its interest in Casa Mining to 87.4% from 84.7%.

Casa holds potentially lucrative gold ground in the Democratic Republic of Congo which already boasts a significant resource.

A total of 100mln new ordinary shares will be issued to Casa shareholders, subject to shareholder approval.

Online Blockchain PLC (LON:OBC) shares dipped 7.8% to 12p after saying it had raised ?1mln following the placement of one million new ordinary shares.

The company said proceeds of the placing will be used to provide general working capital and additional resources to invest in the development of block-chain projects.

The group said its PlusOneCoin wallet is now being used by ADVFN members.The PlusOneCoin is designed as a social media cryptocurrency to allow users to interact and "up vote" content of other social media. 

9.30am: Moss Bros shares fall on profit warning

Moss Bros Group PLC (LON:MOSB) slumped after the menswear retailer issued a profit warning following disappointing sales in the second half.

The suit maker expects full year profits of between ?6.5mln and ?6.8mln, below analysts' forecasts.

The company said footfall in December was lower than anticipated and that the consumer backdrop was "very challenging".

In the first 23 weeks of the second half from 30 July to 6 January, like-for-like sales fell 0.1% compared to the same period a year ago.

Gross margins fell by 3% on last year, reflecting higher sourcing costs due to a weaker pound and the cost of funding its expansion.

Shares decreased 15.5% to 76p each.

Cambridge Cognition Holdings PLC (LON:COG) shares declined after lowering its full year revenue guidance due to a delayed start to two large contracts.

The developer of computerised tests for detection and monitoring of neuropsychological disorders said the contracts - worth a combined ?2.3mln - are now expected to commence in the first half of 2018. 

Revenue for the year to 31 December 2017 is expected to be "marginally below" the ?6.9mln reported in 2016. The company expects to break even with underlying earnings (EBITDA).

Shares dropped 17.2% to 127.50p.

Interserve PLC (LON:IRV) shares jumped after the construction and services company forecast better-than-expected operating profit for 2018 due to lower costs.

The group, which issued a series of profit warnings last year, expects cost savings of at least ?40mln to ?50mln by 2020 from the plan, with 2018 savings estimated to be ?15mln.

Following good progress with its 'Fit for Growth' three-year initiative, focused on boosting efficiency and improving its company-wide procurement processes, the operating profit for 2018 is now expected to be ahead of current market expectations.

Shares rose 17.8% to 117.30p in morning trading.

Altona Energy PLC (LON:ANR) gained after identifying an area within its Westfield tenement in Australia that appears to contain significant quantities of coal.

A commissioned study confirmed the existence of two coal seams in the tenement and the company will now move on to identify drilling targets.

"Our next step is to develop a detailed exploration strategy to continue to prove up the resource and de-risk this exciting opportunity," said chief executive, Nick Lyth.

Proactive news headlines:

Fuel cell technology company Ceres Power Holdings PLC (LON:CWR) has signed another joint development agreement with an original equipment manufacturer (OEM). Ceres noted this is the fifth co-development agreement it has signed in less than two years.

Telematics specialist PST Electronics has selected Telit Communications PLC's (LON:TCM) deviceWISE platform to support its plans to scale its Internet of Things suite of solutions into new global markets.

Rainbow Rare Earths Ltd (LON:RBW) has initiated a new round of drilling at the Gakara project in Burundi. If successful, the drill results will be incorporated into a new resource update due later this year. Gakara is already in production, with ramp up continuing.

Amryt Pharma PLC (LON:AMYT) said it has expanded its route to market for its key product Lojux. It has inked an exclusive distribution deal with GryNumber Health covering Central and Eastern Europe. It builds on similar deals in Saudi Arabia and Switzerland.

Background check specialist ClearStar Inc (LON:CLSU) will hit market forecasts this year as revenues continued to rise in the second half. Strong demand for job and employee screening from transport firms, contractors and in education lifted direct services revenue by 21% year-on-year, while the number of active clients here rose by 18%. The number of people screened by ClearStar for direct clients rose by 26% year-on-year.

Tharisa PLC (LON:THS), the platinum group metals (PGM) and chrome producer, said the handover from contractors to its own mine employees at its operation in South Africa's Bushveld Complex had been concluded successfully. And, judging from the latest production update, in which the company also restated its full-year guidance, the process appears to have gone without a hitch.

W Resources PLC (LON:WRES) told investors it has hired all mineral Aufbereitungstechnik GmbH which will provide design and construction services for the La Parrilla mine's new concentrator. The concentrator is the third core component of La Parrilla's plant infrastructure.

Investors in Curzon Energy PLC (LON:CZN) are looking forward to an extensive well to start shortly at the Coos Bay coal bed methane project, in Oregon, United States. Curzon, In a statement, it said that a five well workover programme has now been completed and that outcomes have so far "completely correlated" with the pre-programme technical work.

A 50%-owned subsidiary of Bacanora Minerals Ltd (LON:BCN) has acquired 295 hectares of new exploration ground situated within 5 kilometres of the Zinnwald lithium project, also 50%-owned. The new ground covers a previously-mined area called Falkenhain. The thinking is that material from the new ground could help to prolong the life of any project developed at Zinnwald.

Ortac Resources Ltd now owns 87.4% of Casa Mining as shareholders continue to accept its offer to acquire all of Casa shares. Casa shareholders have until May 2018 to accept the offer, but according to Ortac, acceptances are now coming in daily. Casa Mining owns significant gold resources in the Democratic Republic of Congo.

Recent News

China's gold holdings to central bank reserves still low

September 30, 2024 / www.canadianminingreport.com

China has broad effect on gold market

September 30, 2024 / www.canadianminingreport.com

Gold stocks mixed after previous week's huge gains

September 23, 2024 / www.canadianminingreport.com

Large TSXV gold multiple driven up by high Artemis weighting

September 23, 2024 / www.canadianminingreport.com

Monetary-driven precious metals outperform major base metals

September 09, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok