{jcomments on}OMAR, AGNEWS, BXL, le 05 mai 2010 – AFP- May 05, 2010–Canada’s federal court on Tuesday ordered a new refugee hearing for a former Rwandan military officer, saying evidence of his involvement in Rwanda’s genocide was dubious.
RWANDA
Canada court orders new refugee hearing for Rwanda soldier
(AFP)/05052010
OTTAWA — Canada’s federal court on Tuesday ordered a new refugee hearing for a former Rwandan military officer, saying evidence of his involvement in Rwanda’s genocide was dubious.
The court agreed with former Second-Lieutenant Henri Jean-Claude Seyoboka that “he had been denied refugee status on the basis of false information” and that this amounted to “a breach of natural justice.”
The Refugee Board’s decision “must be overturned and a new hearing convened before a different panel,” the court ruled.
Canada granted Seyoboka refugee protection in 1996, but vacated the status nine years later when new evidence pointed to his involvement with the Rwandan Armed Forces during the 1994 genocide.
Seyoboka, who is of mixed Hutu and Tutsi race, had been mentioned at the war crimes trials of two men who would later be acquitted by the International Criminal Tribunal for Rwanda.
He was accused of manning a barricade and killing Tutsis in the area nearby, as well as murdering his neighbor Francine because she allegedly refused to have sex with him.
In seeking to reclaim his refugee status, Seyoboka claimed Canadian authorities possessed exculpatory statements from witnesses who could exonerate him with respect to his neighbor’s murder.
He also noted that the International Criminal Tribunal for Rwanda had found “credibility problems” with some of the key evidence relied on to vacate his refugee status.
UGANDA
American Evangelical Lou Engle Promotes ‘Kill the Gays’ Bill at Sunday’s Rally in Uganda
May 5, 2010 /www.huffingtonpost.com
Over 1,300 people gathered at Makerere University in Kampala, Uganda on Sunday to hear American Evangelical Lou Engle preach at a rally and prayer service against “homosexuality, witchcraft, and corruption.”
Engle’s involvement in organizing TheCall Uganda was mired in controversy from the very beginning given his long history of violent anti-gay and anti-abortion rhetoric and preaching. At past TheCall rallies, like the one against Proposition 8 in California, Engle called homosexuality a “spirit of lawlessness” and called for “martyrs” to become “God’s Avengers of Blood” to stop the “homosexual agenda” at all cost.
Engle’s newly founded chapter of TheCall Uganda comes at a time of unparalleled violence and animus towards LGBT people in the country, including the odious Anti-Homosexuality Bill, which calls for life imprisonment for gays and their supporters, as well as the death penalty in some cases.
With this backdrop of violence, Engle chose to hold a huge religious rally to further gin up anger towards gay people in Uganda. Before the rally, Engle claimed in a press release that he would not be there promoting the “kill the gays” bill, in an effort to stem some of the push-back he was getting from human rights groups for his panned rally. Not surprisingly, once he arrived in Uganda, his tune was very different and very dangerous.
Engle’s press statement before the event said:
TheCall had no knowledge at the time, of the Uganda homosexual bill and the controversy surrounding it…
TheCall has been wrongfully marked and vilified as an organization promoting hatred and violence against homosexuals and as one that supports the Uganda bill as currently written…
We do not see the character of Christ reflected in some key aspects of the language of the current bill.
His words and actions in Uganda on Sunday told a very different story.
The New York Times reported that Engle came out strongly in support of the Ugandan anti-gay efforts:
When he [Engle] took the stage late on Sunday afternoon, with Ugandan politicians and pastors looking on, he praised the country’s “courage” and “righteousness” in promoting the bill.
“NGOs, the U.N., Unicef, they are all coming in here and promoting an agenda,” Mr. Engle said, referring to nongovernmental organizations. “Today, America is losing its religious freedom. We are trying to restrain an agenda that is sweeping through the education system. Uganda has become ground zero.”
Quite a different tune from Engle’s previous previous press release before his trip, isn’t it? His rallying support and praise for the Bill is exactly what Human Rights groups feared would happen. It seems TheCall was in no way “wrongfully marked and vilified” for its violent, anti-gay stances.
One long-time Ugandan LGBT rights activist, who asked that I not share his name for fear of his safety and that of his family, sent me this chilling first-hand report of TheCall Uganda rally, which he attended:
Pastor John Mulinde of Trumpet Church, in his prayer, condemned evils in society done by both homosexuals and heterosexuals. He emphasized that homosexuality is in schools, families, and the entire community. He also pointed out that many children are being deceived with school fees from homosexuals and recruit them into the act.
Pastor Lou Engle from America noted that he didn’t know by the time of his invitation to Uganda that there was a homosexuality bill. He went ahead to emphasize that it is the Western World using non-government organizations to promote homosexuality. He warned the youth in the crowd that when America allowed homosexuals freedom it was the end of their nation.
He [Engle] called upon the government of Uganda to be firm and hold on its righteous stand against the evil. He mentioned that homosexuals have penetrated the educational system and Ugandans must be aware of the evil. He also lectured about how God planned marriage only between man and woman and that marriage is for procreation.
Honorable Minister of Ethics Nsaba Buturu was worse. He spoke out against homosexuality, saying that for those who think it’s a human right issue ‘Uganda cannot listen to that nonsense.’ He asked the audience to pray for president Museveni and his government to maintain their firms stand against evil in our society.
Pastor Mulinde then called his fellow pastor to come forward and pray for Buturo and Bahati and the government to continue with their crusade against homosexuality.
Not only did Engle fully support the Ugandan Anti-Homosexuality Bill, but he whipped up bizarre fears of evil gays lurking in schools in Uganda. He also praised the backers of a bill that seeks to kill gays and imprison those who support them. Engle happily gave a huge platform to violent, anti-gay activists with his organization’s TheCall rally in Uganda.
This is the danger of exporting radical American Evangelicalism and homophobia to other countries. Lou Engle has turned an already volatile situation into an untenable one where blood will most likely be spilled in the name of his extremism — blood that will rest firmly on his hands.
TANZANIA:
CONGO RDC :
KENYA :
ANGOLA :
SOUTH AFRICA:
Fever warning for South Africa
From: AP/ May 05, 2010
THE World Health Organisation has advised tourists in South Africa, where the World Cup starts next month, to guard against mosquito bites and contact with animals after an outbreak of Rift Valley Fever outbreak.
THE World Health Organisation has advised tourists in South Africa, where the World Cup starts next month, to guard against mosquito bites and contact with animals after an outbreak of Rift Valley Fever outbreak.
The United Nations health agency issued the warning on Tuesday after a woman fell ill in Germany after a three-week trip in South Africa, who host the World Cup from June 11 to July 11.
Around 350,000 fans are expected.
South Africa’s health ministry has reported 172 cases of the animal virus disease, including 15 deaths, across five provinces.
The German patient, who has since recovered, developed flu-like symptoms visiting the Eastern and Western Cape, which include the World Cup venues of Port Elizabeth and Cape Town.
WHO did not advise avoiding South Africa.
AFRICA / AU :
Kinross Gold Corporation Meets Analyst Expectations; KGC, AU, GFI
05 May 2010/www.learningmarkets.com
Analysts were expecting Kinross Gold Corporation (KGC) earnings to come in at $0.14 per share for last quarter, and KGC met expectations with actual earnings of $0.14—in line with the consensus estimate.
Today’s announcement shows that KGC has made some year-over-year improvements. The company reported gains of $97.55 million last quarter compared with net gains of $76.64 million during the same quarter a year ago.
We’ll have to see if this positive announcement helps KGC’s stock price in the near term. KGC has gained 0.07 percent during the past month and is currently below its 200-day moving average.
KGC is a part of the Gold industry—along with stocks like AngloGold Ashanti Ltd. (AU) and Gold Fields Ltd. (GFI). During the next five years, analysts expect the earnings-per-share (EPS) growth rate in the industry to be 11.39 percent. If you compare KGC’s projected EPS growth rate of 10 percent to that of the industry, you can see that analysts expect KGC to underperform the industry in the future by 1.39 percent.
We don’t have a five-year EPS growth projection for AU, but analysts also believe GFI’s earnings are going to grow at a rate of 14.03 percent. AU has gained 0.06 percent during the past month and is currently above its 200-day moving average. GFI has gained 0.03 percent during the past month and is currently above its 200-day moving average.
Earnings season can be a volatile time in the stock market. Check out these videos and articles to be better prepared to take advantage of the large price moves that tend to accompany earnings announcements.
UN /ONU :
Senior UN official lauds Mali’s development initiatives
www.un.org/5 May 2010
4 May 2010 – The head of the United Nations Development Programme (UNDP) today concluded a visit to the West African nation of Mali, lauding the efforts the country was making as its strives to alleviate poverty and provide basic social services to the people.
Helen Clark said Mali was committed to democratic governance and was making progress towards achieving the Millennium Development Goals (MDGs), a blueprint agreed to by all the world’s countries aiming to reduce extreme poverty and other problems by half by 2015.
Mali had also managed to reduce national HIV/AIDS prevalence from 1.7 per cent in 2001 to 1.3 per cent in 2006, and has dramatically expanded universal access to treatments and other services intended to halt the spread of the disease.
Miss Clark, the Administrator of UNDP, visited the historic mosques in the legendary city of Timbuktu and toured the library that houses its mediaeval manuscripts.
On the outskirts of Bamako, the capital, Miss Clark visited an all-women mango cooperative striving to give female farmers the right skills to grow and treat their produce for export. Each of the farmers in this UNDP-supported project, aimed at poverty alleviation, handled about 35 tons of mangoes for the export market. The project has enabled Mali’s mango exports to rise sharply, from 2,915 tons in 2005 to 12,676 tons in 2008.
“These types of aid for trade initiatives help empower women, boost family income, and even help ensure their children got to school. Everyone gains,” she said. “Mali truly has the opportunity to become the breadbasket for the region,” she added.
Miss Clark praised Mali’s respect of democratic principles in discussions with President Amadou Toumani Touré, Prime Minister Modibo Sidibé, Foreign Minister Moctar Ouane and other senior Government officials.
She discussed a range of additional development issues with the President, including the key role of agriculture for Mali, the importance of tackling climate change, and the importance of improving the status of women. “Economic empowerment [of women], access to legal rights, including inheritance rights, and participation in decision-making” are key steps towards achieving women’s empowerment, she said.
UNDP and the Global Environment Facility plan to develop a $2.3 million project in Mali to bolster the resilience of the country’s agriculture in the face of climate change.
Miss Clark will travel from Mali to Burkina Faso, Tanzania and finally South Africa during her mission to Africa.
USA :
PRECIOUS-Gold flat as safe haven bid eases after rally
05 May 2010 /news.alibaba.com
* Safe-haven demand eases after signs of stabilization
* PGMs boosted by supply concerns, investment demand
* SPDR gold ETF hits record levels on Wednesday
* Coming up: U.S. first-quarter GDP data on Friday (Adds comments, closing prices, changes byline, dateline, previously LONDON)
NEW YORK, April 29 – Gold prices were largely flat on Thursday after hitting near five-month highs in the previous session, as a flight to safety fizzled amid hopes that a euro-zone debt crisis would be dealt with swiftly.
Strong investment demand driven by renewed supply concerns from top producer South Africa, and a Wall Street rally amid better economic sentiment, boosted platinum group metals (PGM).
An upbeat outlook on the U.S. economy from the Federal Reserve sharpened appetite for riskier assets such as equities and took some momentum away from gold, analysts said.
Jason Schenker, president of Texas-based Prestige Economics LLC, said that gold’s safe-haven demand was easing on positive economic data led by better U.S. jobless claims data.
“There has been a flight to quality over the past couple of days. Today, across a number of different markets, you can see crude and the dollar easing as the markets are settling in,” Schenker said.
Spot gold was at $1,168.45 an ounce at 2:54 p.m. EDT (1954 GMT), against $1,164.45 late in New York on Wednesday.
Gold on Wednesday hit its highest level this year at $1,174.18 an ounce after Standard & Poor’s cut its credit ratings on Spain, a day after downgrading the ratings for Greece and Portugal.
U.S. gold futures for June delivery on the COMEX division of the NYMEX settled down $3 at $1,168.80.
The euro rose for a second straight day on Thursday, rebounding from a one-year low in the prior session, boosted by hopes a bailout plan for Greece will be larger than previously thought and allow it to avoid a debt restructuring.
“Gold has benefited from the sovereign debt problems, which reached a head the day before yesterday,” said Credit Agricole analyst Robin Bhar.
“We have had some calmer markets since the first wave of panic hit the markets then subsided. But it is still supported by those fears.”
Global equities rose as the Fed’s more upbeat view of the U.S. economy eclipsed the euro zone’s debt issues, and the U.S. S&P 500 index marked its largest daily advance in nearly eight weeks. Oil prices also rose sharply.
INVESTMENT DEMAND UNDERPINS
Traders said that strong performance of gold-backed exchange traded funds should support the price of the metal.
Investment interest in gold was firm, with holdings of the world’s largest gold exchange-traded fund, the SPDR Gold Trust, hitting a record 1,152.9 tonnes on Wednesday.
Holdings of a London-based gold ETP, operated by London’s ETF Securities, rose 29,450 ounces on Wednesday to 3.521 million ounces, their highest level since October last year.
Among other precious metals, PGM prices climbed on worries over a potential supply shortfall from top producer South Africa due to an ongoing electricity crisis.
A senior official from South Africa’s power utility Eskom said he is confident it will be able to meet this year’s power demand, including during the World Cup, but supply will be tight from 2011-2012 unless new capacity is brought on stream.
Platinum was at $1,729 an ounce against $1,707, and palladium at $548 against $538.50.
Rising investment interest also boosted PGMs. Holdings of ETF Securities’ U.S. platinum and palladium ETFs exceeded 1 million ounces combined since the funds’ inception in January.
Silver was at $18.47 an ounce against $18.06.
Close Change Pct 2009 YTD
Chg Close % Chg US gold 1168.80 -3 -0.3 1096.20 6.6 US silver 18.549 0.442 2.4 16.845 10.1 US platinum 1733.70 20.10 1.2 1471.00 17.9 US palladium 549.00 7.10 1.3 408.85 34.3 Prices at 2:56 p.m. EDT (1856 GMT) Gold 1168.65 4.20 0.4 1096.35 6.6 Silver 18.47 0.41 2.3 16.84 9.7 Platinum 1729.00 22.00 1.3 1465.50 18.0 Palladium 549.00 10.500 1.9 405.50 35.4 Gold Fix 1166.75 -3.25 -0.3 1104 5.7 Silver Fix 18.15 19.00 1.1 16.99 6.8 Platinum Fix 1711.00 10.00 0.6 1466 16.7 Palladium Fix 542.00 4.00 0.7 402 34.8
CANADA :
4.8 Kinross profit rises 45% y-on-y
www.miningweekly.com/By: Liezel Hill/5 May 2010
TORONTO (miningweekly.com) – Canada’s Kinross Gold earned $110,6-million in the first quarter of this year, an increase of 44,6% compared with net income of $76,5-million a year ago, the company said on Tuesday.
It also announced it would buy a 9,4% interest in Africa-focused gold producer Red Back Mining.
Kinross said revenue for the quarter rose 23%, to $657,6-million, helped by higher realised gold prices and a slight increase in gold output.
The company produced 544 134 gold-equivalent ounces in the first quarter, up 3% compared with the same period of 2009.
But the average realised gold price for the period increased 19% year-on-year, to $1 065/oz.
Excluding some items, adjusted net earnings rose to $97,4-million, compared with $70,7-million in the first quarter of 2009.
Kinross owns mines in the US, Russia, Brazil and Chile, is looking at expecting some of its existing operations and also has development projectsin Ecuador and Chile.
“Kinross had a strong first quarter, with significant year-over-year increases in revenue, margins and adjusted net earnings,” said CEO Tye Burt.
“We continue to advance our organic growth projects at existing operations while making good progress at the major development projects.”
Kinross recently completed the acquisition of junior Underworld Resources, for its White Gold project, in Canada’s Yukon territory, and agreed earlier in the year to buy a high-grade gold deposit located about 90 km from its remote Kupol mine, in eastern Russia.
In February, the company announced it would sell half of its 50% holding in the large Cerro Casale gold/copper project, in Chile, to partner and larger rival Barrick Gold.
The firm revealed on Tuesday it has bought a 9,4% stake in Red Back Mining in a private placement, for C$600-million. Red Back has two gold mines in Mauritania and Ghana, and has been very successful in increasing the size of the resources.
“Kinross’ investment in Red Back enhances our leverage to the gold price and gives us a strategic stake in a fast- growing producer with great exploration potential, a first-class management team, and assets in one of the world’s most prolific gold regions,” Burt said in a statement.
Edited by: Liezel Hill
Canadian Superior Energy Inc. Announces Departure of COO
May 5, 2010/www.marketwatch.com
CALGARY, ALBERTA, May 04, 2010 (MARKETWIRE via COMTEX) — Canadian Superior Energy Inc. (“Canadian Superior” or the “Company”) /quotes/comstock/11t!e:sng (CA:SNG 0.59, +0.01, +1.72%) /quotes/comstock/14*!sng/quotes/nls/sng (SNG 0.58, -0.01, -1.29%) today announced that Leif Snethun, Chief Operating Officer, will be leaving the company effective May 4, 2010.
“On behalf of Canadian Superior’s Board of Directors, I would like to thank Leif for his contributions to the company, and wish him well for the future,” said Marvin Chronister, Chairman of the Board.
Mr. Snethun was appointed as the Chief Operating Officer on April 30, 2009. He initially joined the company in February 2008 as Vice President, Western Canada. Until a replacement is in place, Mr. Snethun’s portfolio will be managed by Mr. Bill Dirks, who has been retained by Canadian Superior on a consulting basis, with the support of Canadian Superior’s Board of Directors.
Bill Dirks has 29 years of E&P leadership experience, with an expertise in the North American onshore basins of the US and Canada. His recent background includes roles as Managing Partner of Tecton Energy, LLC, a privately-owned E&P company he co-founded, (2006-2009); President of Samson Canada Ltd., (2002-2005), and Vice President of Business Development for Samson Resources (2001-2002). From 1981-1999 he worked for the Royal Dutch / Shell Group of companies in a variety of roles, including President and Chief Executive Officer of Shell Technology Ventures Inc., Division Manager of Shell’s Onshore U.S. Exploration Division, District Manager of the Deepwater Gulf of Mexico Division, and Manager and Budget Coordinator of Shell Oil Co. E&P Finance.
About Canadian Superior
Canadian Superior Energy Inc. is a Calgary, Alberta, Canada based diversified global energy company engaged in the exploration and production of oil and natural gas and in the development of a liquefied natural gas (“LNG”) project. Its operations are located offshore Trinidad and Tobago, Western Canada, North Africa, offshore Eastern Canada, and offshore Eastern United States. See Canadian Superior’s website at www.cansup.com to review further detail on Canadian Superior’s operations.
This news release contains forward-looking information, including the expectation of successful future results. Actual results could differ materially due to changes in project schedules, commercial negotiations, changes in energy pricing, unforeseen technical or the inability to raise additional capital, therefore there can be no assurance that any of the foregoing actions by the Company will be completed as contemplated. Forward-looking information contained in this news release is as of the date of this news release. The Company assumes no obligation to update and/or revise this forward-looking information except as required by law.
Statements contained in this news release relating to future results, events and expectations are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties, scheduling, re-scheduling and other factors which may cause the actual results, performance, estimates, projections, resource potential and/or reserves, interpretations, prognoses, schedules or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company’s annual reports on Form 40-F or Form 20-F on file with the U.S. Securities and Exchange Commission.
Contacts:
Canadian Superior Energy Inc.
Investor Relations
(403) 294-1411
(403) 216-2374 (FAX)
www.cansup.com
Canadian Superior Energy Inc.
Suite 3200, 500 – 4th Avenue S.W.
Calgary, Alberta, Canada
T2P 2V6
AUSTRALIA :
Lihir backs improved offer from Newcrest
By Peter Smith in Sydney /www.ft.com/Published: May 5 2010
Lihir Gold yesterday recommended an improved A$9.5bn (US$8.7bn) takeover offer from rival Newcrest Mining, Australia’s biggest gold miner, but retained the right to continue talks with other suitors for another month.
Ross Garnaut, Lihir chairman, declined to name the rival suitors or the status of the talks, which he said could continue until June 8, the date when Newcrest said it would complete “confirmatory” due diligence. Reports in Australia have suggested that Lihir, which is listed on the Australian stock exchange but whose main mine is on Papua New Guinea’s Lihir island, could be in the sights of Canada’s Barrick Gold, Newmont Mining of the US and AngloGold Ashanti, which is listed in Johannesburg.
However, analysts were doubtful about the prospects of a higher offer, saying it would be difficult to displace Newcrest. After being rebuffed in early April , Newcrest sweetened its shares-and-cash offer by 6.4 per cent to secure Lihir’s qualified backing.
A Newcrest/Lihir combination would create a mining group with a pro-forma market value of A$25bn operating 10 mines in Asia, including Australia and Papua New Guinea, as well as west Africa. It would hold 73.4m ounces of gold reserves, 4.7m tonnes of copper reserves and 26.7m ounces of silver reserves.
Based on those numbers, the groups said the combined entity would rank fourth in world equivalent gold reserves.
The Newcrest bid is subject to an independent expert’s report, which will assess whether the offer is in the best interests of Lihir shareholders in light of the Australian government’s decision to impose a 40 per cent tax on mining group profits from 2012. Lihir would largely escape any proposed tax because the bulk of its assets are outside Australia.
Ian Smith, Newcrest chief executive, said the tax was likely to be watered down before it was passed into law and that both miners had considered its impact before agreeing the deal.
Cape Lambert Resources, an iron ore miner, yesterday said it had postponed exploration activities in the Pilbara region of Western Australia because of uncertainty created by the tax changes.
Peabody Energy of the US, which is attempting to buy Macarthur Coal for A$4.1bn, has told the Australian group it is “continuing to work through” the impact of the tax proposals.
Gold miners have been buoyed by record prices as investors have switched into the precious metal as a haven against turmoil in financial markets.
See Lex
Bannerman Appoints Dr David Smith as Chairman
May 5, 2010/www.marketwatch.com
PERTH, AUSTRALIA, May 04, 2010 (MARKETWIRE via COMTEX) — The Board of Bannerman Resources Limited /quotes/comstock/11t!e:ban (CA:BAN 0.35, -0.05, -11.54%) (ASX: BMN)(NSX: BMN) (“Bannerman” or the “Company”) is pleased to announce the appointment of Non-Executive Director Dr David Smith as Chairman of the Board, with immediate effect. Dr Smith – who has extensive minerals industry experience – resides in Perth, Western Australia and will work closely with Bannerman’s Perth-based management team to complete the Definitive Feasibility Study (DFS) for the Company’s Etango Uranium Project.
Dr Smith said “Bannerman remains firmly focussed on its key objective to develop a world-class uranium mine in Namibia. I look forward to working with the very experienced Bannerman Board and the excellent team employed by the Company to deliver this objective and to work closely with all stakeholders.”
Dr Smith, who joined the Bannerman Board in November 2009, gained more than 30 years’ experience in technical, operational and senior management roles with the Rio Tinto organisation. His roles included: President of Rio Tinto Atlantic covering the Simondou Project in Guinea, West Africa; Managing Director of Rio Tinto’s extensive Pilbara iron ore operations in Western Australia: and Chief Executive Officer of Rossing Uranium Limited in Namibia responsible for annual sales of over 5 Mlbs of uranium oxide to power utilities worldwide. Dr Smith is also a Non-Executive Director of Western Australian iron ore producer Atlas Iron Limited and Australian mine and construction contracting group Macmahon Holdings Limited.
Incumbent Chairman Mr Geoff Stanley will remain on the Board as a Non-Executive Director. Mr Stanley, who resides in New York, USA, joined the Board as Chairman in 2008 and has overseen a number of significant achievements during his tenure. These achievements include completion of extensive feasibility study activities for the Etango Project; execution of successful capital raising activities in a challenging and highly competitive global financial market; and broadening the Board’s skill-set in line with the Company’s move towards development of its key asset. The Board sincerely thanks Mr Stanley for his leadership as Chairman and looks forward to his continued contribution.
Bannerman CEO Len Jubber added his thanks to the outgoing Chairman. “We thank Mr Stanley for his significant contributions and greatly welcome the opportunity to work closely with Dr Smith who has provided valuable input and guidance since joining the Bannerman Board. His relevant operational, development and leadership experience, coupled with his accessibility in Perth, will be of significant value to the Bannerman management team.”
About Bannerman – Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. Bannerman’s principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto’s Rossing uranium mine and to the west of Paladin Energy’s Langer-Heinrich mine. Etango is one of the world’s largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on Bannerman’s website at www.bannermanresources.com.
Regulatory Disclosures:
Bannerman has not completed feasibility studies on its projects. Accordingly, there is no certainty that such projects will be economically successful. Mineral resources that are not ore reserves do not have demonstrated economic viability.
Certain disclosures in this release, including management’s assessment of Bannerman’s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman’s operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause Bannerman’s actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in Bannerman’s various statutory reports, including its Annual Information Form available on the SEDAR website, sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
ABN 34 113 017 128
Contacts:
Bannerman Resources Limited – Perth, Western Australia
Len Jubber
Chief Executive Officer
+61 (0)8 9381 1436
admin@bannermanresources.com.au
Bannerman Resources Limited – Perth, Western Australia
Peter Kerr
Chief Financial Officer
+61 (0)8 9381 1436
Bannerman Resources Limited – Toronto, Ontario, Canada
Ann Gibbs
Investor Relations
+1 416 388 7247
ann@bannermanresources.com
www.bannermanresources.com
India Feeds Its Hunger for Coal
By Priyanka Bhardwaj and Michael Economides / www.energytribune.com/ May. 05, 2010
India is hungry for coal and domestically there is neither the quantity nor the quality to feed the country’s needs. The situation is exacerbated because coal consumption has soared in the construction (steel, cement) and power generation sectors. Given ongoing high demand, the problem is expected to become even more pressing.
Following China’s example, India is seeking new and distant coal locations in the US, Colombia and Russia to add to supplies from Indonesia, Australia and South Africa, the usual sources of the recent past. It is expected that American and Colombian coal will be shipped to India before the end of the year. China, paving the way, has imported several million tons of coal from Colombia this year. The Chinese generally blaze the coal import trail for India to follow. This is a routine that is already happening in South Africa. India imported 1.4 million metric tons (Mt) from South Africa in February, double the January figure of over 720,000 Mt.
India and China, the two fastest growing large coal-consuming countries, are looking for high-energy content coal at a low average cost that would justify the long-distance shipment. “It’s good to know that India is a market into which we can sell our coal, even if it’s not our first choice,” a Colombian supplier said.
Industry sources say that over the last few months many global coal producers and traders have been assessing the prospects of the Indian market. These include Colombia’s Cerrejon, conglomerates Vale, Xstrata, Rio Tinto, BHP Billiton, Anglo Coal, and Mechel from Russia. In addition Europe is close to shipping surplus coal for the first time from Netherlands to India. In the export hubs of Amsterdam, Rotterdam and Antwerp, coal stockpiles are reportedly over 7 million metric tons (Mt) out of a total capacity of around 9 million Mt.
The search for more coal is due to India’s need for more electricity. The Eleventh Plan of India (ending March 2012) calls for the addition of more than 50 GW of new coal-fired generating capacity.
Coal accounts for over half of India’s total energy consumption . About 70 percent of India’s own coal production is already utilized for power generation while three quarters of India’s electricity is generated from over 80 coal-fired thermal plants. India, the third biggest coal producer in the world, had reserves of 56,498 million Mt, or nearly 7 percent of the world total.
Yet, India’s federal coal minister Sriprakash Jaiswal recently said coal imports are likely to rise 21 percent over the next year. The imports are needed because domestic output is not keeping pace with the demands of a fast-growing Indian economy. Jaiswal added that coal imports in 2010/11 are estimated to top 85 million Mt up from 70 million Mt in the current fiscal year. “Though local production has increased by about 8 percent, yet energy requirements have risen by 15 percent,” Jaiswal said. The import figures represent almost 15 percent of India’s coal consumption of over 600 million Mt.
More coal imports are almost certain in the future. The Indian government estimates that imports could reach 200 million Mt by 2017.
Indian largest coal producer, the state owned Coal India Limited (CIL), is looking to buy joint global stakes with the US’s largest coal firm, Peabody Energy Corp, in America, Australia, Indonesia and South Africa. CIL has earmarked over $2 billion over the next four years to buy stakes in overseas assets. Last year, CIL acquired two blocks with estimated reserves of 1 billion tons in Mozambique
State-owned National Thermal Power Corp (NTPC), India’s biggest power producer, and Tata Power are also looking to put in place coal supplies from Australia, Indonesia and Africa.
Following suit is the $15-billion, Ruia family-controlled, Mumbai-based Essar Group (with interests in oil, steel, retail, power) that recently finalized a deal to buy Aries coal mines in Indonesia from an unnamed private company. The deal follows the Essar Group’s recent acquisition of US-based Trinity Coal (200 million tons reserves) for $600 million. The company has plans to raise about $3 billion by listing its energy and power businesses on the London bourse, to fund its $8 billion India expansion plans.
To facilitate these acquisitions New Delhi has drawn plans to create a sovereign fund that will help state-run firms finance the purchase of oil, gas, coal, LNG, and other energy sources abroad. The government has also ratified a coal ministry move to auction coal blocks to ensure transparency and speed the allotment process. “Only the highest bidder would be given coal blocks in the country, as it was found that private players were acquiring them as property assets,” the coal ministry has said. The government has also proposed setting up a coal regulator to deal with coal pricing and disputes.
Despite these efforts, India has a long way to go to meet its coal requirements and it’s clear that international sources are likely to dominate India’s ever-increasing energy appetite.
EUROPE :
CHINA :
Asian community rally supports end to violence
C.W. Nevius, Rachel Gordon/ www.sfgate.com/May 5, 2010
The issue of African American violence against Asian residents continues to build momentum, and leaders in the Asian community are beginning to show political and media savvy. Tuesday night there was a rally in front of City Hall calling for an end to violence.
The rally created so much buzz that spokesman Chai-Chi Li says that some Chinatown shops closed early so workers could attend.
While organizers admit that the victims have been reluctant to report and express public outrage over incidents in the past, the community seems united now.
At Tuesday’s rally, victims were encouraged to record their stories on video and write out the details on cards. Li says the hope is the notes and the videos will eventually be posted on a Web site.
Organizers say they want to end the problem of chronic under-reporting of crime and violent incidents, but they stress that they also have ideas to help.
“A lot of the kids who are perpetrators are not strangers to the community,” Li said. “We know who they are, but they don’t have the resources to provide services for them.”
Li says his group has discovered a federal grant that provides funds for underserved communities.
“We are hoping to make this a positive,” he said.
– C.W. Nevius
Go Gigantes! In its first test of whether to take a stance against Arizona for its tough new immigration law, the Board of Supervisors took a time out.
The board was set to vote on whether to extend a contract with Acumen Fiscal Agent, an Arizona company that provides payroll services for the city’s Jobs Now program. The program uses federal stimulus funds to reimburse companies for the wages paid new workers who were recently jobless.
Instead, the board voted 8-3 to send the proposal back to committee to, in part, determine whether the city can handle the payroll work in-house.
While that issue is sorted out, everyone should continue getting their checks, assured City Controller Ben Rosenfield.
The debate over the Acumen contract came before the board was to consider a nonbinding resolution for the city to boycott businesses with Arizona headquarters. A vote was expected to be delayed a week. Supervisor Chris Daly threw a curveball into the Arizona issue when he called for a boycott of the Arizona Diamondbacks games home and away.
Daly also asked the Giants to wear their “Gigantes” uniforms during the home stand against the D-backs “to show our support for Latino baseball players and the Latino and immigrant communities.”
– Rachel Gordon
Board highlights: The Board of Supervisors voted 9-2 Tuesday to support an amendment to the city’s payroll tax exemption for biotechnology companies.
The tax break is supposed to help lure more employers to San Francisco. The payroll tax exemption, which is set to sunset in 2014, can be claimed by qualified companies for up to 7 1/2 years. Under current law, companies that applied for the exemption after 2007 would not be able to benefit from the full 7 1/2 years.
Supervisor Michela Alioto-Pier sponsored legislation to allow biotech firms to reap the full benefit if they apply by Aug. 12, 2014. The supervisors also mandated that participating employers adhere to the city’s local hiring goals.
Joining Alioto-Pier in approving the legislation on the first of two required votes were Supervisors David Campos, David Chiu, Carmen Chu, Bevan Dufty, Sean Elsbernd, Eric Mar, Sophie Maxwell and Ross Mirkarimi. Opposed were Supervisors John Avalos and Chris Daly. A final vote is scheduled for next week.
In other action Tuesday, Chiu called on the board to reject the Municipal Transportation Agency’s proposed budget, which includes a 10 percent service cut.
Chiu also introduced an ordinance seeking an “alternative or a complement” to the sit/lie ordinance backed by Mayor Gavin Newsom and Police Chief George Gascón that would make it a crime to sit or lie on public sidewalks.
Chiu wants to create a task force to study neighborhood-based community courts that would also provide social services.
Campos requested a hearing on the management audit of the Municipal Transportation Agency, which should be released soon.
And finally, Daly introduced a resolution calling the elections held by Burma’s military regime “illegitimate.”
– Rachel Gordon
INDIA :
London headlines
May 5, 2010 /by Kate Mackenzie /blogs.ft.com
*Chinese May Day property sales plummet
*Indonesia’s Indrawati named World Bank managing director
*South Africa targets emerging markets for $16bn foreign investment
*Hewlett-Packard’s India unit under investigation
*Chinese companies unfazed by Australian resources tax
*Russian investors open first Ugandan gold refinery
*Indian finance minister firm on fuel tax hike
*TFI looks to Brazil and Russia
*Firstsource lauds US healthcare reforms
*Philippines tumbles on fears of election delay
*Markets
Chinese May Day property sales plummet
Property transactions in China’s major cities plummeted during the May Day holiday – traditionally a hot season for home sales, China Daily reports, attributing the 98 per cent year-on-year fall to the government’s tightening measures began to take effect.
Indonesia’s Indrawati named World Bank managing director
Indonesian Finance Minister Sri Mulyani Indrawati has been named as Managing Director of the World Bank Group, Reuters reports. World Bank President Robert Zoellick said Indrawati had been an outstanding finance minister.
South Africa targets emerging markets for $16bn of foreign investment
South Africa has targeted some of the world’s fastest growing economies, such as China, to reach a minimum target of R115bn in foreign investment projects by 2013, Reuters reports. One official said there was major interest in the energy sector, particularly renewable energy.
Hewlett-Packard’s India unit under investigation
India’s Directorate of Revenue Intelligence is investigating Hewlett-Packard’s India unit over payment of duties, The Times of India reports. The company refuted the DRI’s position and said it was cooperating on the probe, Bloomberg reports.
Chinese companies unfazed by Australian resources tax
China Daily quotes ‘industrial insiders’ saying that Australia’s new resources tax won’t deter Chinese companies. Meanwhile Bloomberg reports the Shell/PetroChina takeover of Arrow Australia is likely to survive the tax change.
Russian investors open first Ugandan gold refinery
Uganda has opened its first gold refinery, hoping to tap into processing the precious metal from neighbouring producing countries, Reuters reports. The refinery, established by Russian-owned Victoria Gold Star , can process 1.2 tonnes of raw gold per month.
Indian finance minister firm on fuel tax hike
India’s finance minister, Pranab Mukherjee, refused opposition calls to roll back a hike in duties on crude oil, petrol and diesel as Upper House debate on the country’s budget wound up, the Hindu Times reports. The changed had increased petrol prices by Rs2.71 a litre and diesel by Rs 2.55 per litre in Delhi, the Economic Times reports.
TFI looks to Brazil and Russia
The First Investor, a Qatari investment company linked to the country’s sovereign wealth fund plans to launch two $500m funds to invest in Russian and Brazilian real estate, the FT reports, in a further sign of deepening economic links between emerging market countries.
Firstsource lauds US healthcare reforms
Reforms by President Barack Obama of the US healthcare system are expected to provide a boost to India’s outsourcing industry, Matthew Vallance, the new head of Mumbai-based Firstsource, told the FT.
Philippines tumbles on fears of election delay
Philippine bonds, stocks and the peso fell after vote-counting machines malfunctioned in tests this week, Bloomberg reports, raising concern there will be a delay in choosing a new leader to replace President Gloria Arroyo, with the May 10 election looming.
Markets
– Americas
DJIA down 2.02% at 10,926.77
S&P down 2.38% at 1,173.60
Bovespa down 3.35% at 64,869.32
– Asia
Nikkei 225 up 1.21% at 11,057.40
Shanghai Composite down 1.17% at 2,802.241
Hang Seng down 2.11% at 20,324.73
– Commodities
Brent Crude (ICE) down 0.48% at 85.26
Light Crude (Nymex) down 4% at 82.74
Gold oz down 0.23% at 1,168.63
– Currencies
$/¥ 94.72 (94.54)
€/$ 1.3 (1.3)
MSCI Emerging Markets down 1.75% at 990.64
MSCI Frontier Markets down 0.24% at 552.6558
BRASIL:
Despite spill, Cascade-Chinook to start 2H 2010
May 5, 2010/Reuters/By Kristen Hays
Petroleo Brasileiro S.A. – Petrobras
PETR4.SA
R$ 30.46
-1.10-3.49%
12:00am UTC+0200
* Cascade-Chinook on schedule despite disaster
* First FPSO in US Gulf expected to start second half 2010
HOUSTON, May 4 (Reuters) – Despite the recent drilling rig
disaster in the Gulf of Mexico, Petrobras (PETR4.SA) still
anticipates startup of its new Cascade-Chinook oil production
platform in the second half of 2010, Petrobras executives said
Tuesday. Petrobras Americas Chief Executive Orlando Azevedo told a
news conference at the Offshore Technology Conference that the
project is “on track for the second semester.” Executives
previously have said startup could come as early as this
summer. The offshore oil industry has come under scrutiny since a
massive oil spill caused by the April 20 explosion and fire
aboard Transocean Inc’s Deepwater Horizon, which killed 11
workers. The facility, which is 250 miles (400 km) south of New
Orleans, would be the Gulf’s first floating production, storage
and offloading (FPSO) facility, pumping oil produced from the
Cascade and Chinook and putting it in shuttle tankers rather
than pipelines for delivery ashore. Jose Sergio Gabrielli, top executive of the
state-sponsored, investor-backed Brazilian oil company, said it
is too early to predict the impact on operations from the
accident but said plans for Cascade-Chinook are going forward. “It’s common to revisit procedures once we know what
happened and the investigation is complete. It’s too early to
say we will change anything,” he said. Gabrielli expressed “complete solidarity” with efforts to
recover from the Deepwater Horizon accident and cope with its
effects on the industry, the economy and the environment. FPSOs are common in offshore Brazil and west Africa, but
have not been used in the Gulf until now because wells only
recently been drilled too far offshore and in water too deep
for convenient pipeline access. Petrobras aims to reach first-phase production of 80,000
barrels per day within three years. Petrobras has its own experience with disaster while
operating offshore of Brazil. Two explosions on March 15, 2001, rocked the P-36
semisubmersible platform operated by Petrobras in the Roncador
Field in the Campos Basin. Ten platform workers were killed and
one firefighter was fatally injured. The platform, one of the largest in the world at the time,
capsized and sank five days later. Two workers were killed
earlier the same year by poisonous gas while working on another
Petrobras platform. In 1984, another drilling rig off Brazil exploded and
caught fire, and 36 workers drowned trying to escape.
(Writing by Bruce Nichols; Editing by Lisa Shumaker)
EN BREF, CE 05 mai 2010 … AGNEWS / OMAR, BXL,05/05/2010
