Deutsche Bank analysts expressed confidence over Rio Tinto (LON:RIO) following a positive visit to the mining giant’s key Pilbara iron ore operation in Australia. The analyst team, led by Rob Clifford, note Rio management’s upbeat projection for expansion of the facility, with the company targeting an increase in production from 225 to 333 million tonnes per annum (Mtpa). The expansion could come in six months ahead of schedule in time for the first half of 2015 and remains on budget.
Tesco's (LON:TSCO) relative trading performance has improved slightly in recent months according to data, says City broker UBS Investment Research. In a note, analyst Mike Tattershall looked at the food giant's prospects for sales in the first quarter (to June 14) and questions whether there are early signs of improvement in the UK.
Smiths Group (LON:SMIN) said that at constant currencies and excluding the benefit from acquisitions, underlying sales were ahead of last year in the 10 months to 28 May 2011.
Headline operating cash conversion has strengthened since the half year; net debt was £797 million as at 28 May 2011, having taken account of the payment of the interim dividend in April, said Smiths.
SThree (LON:STHR) said that in the six months to 29 May 2011, group gross profit increased by 23 percent year on year to about £90 million.
Punch Taverns (LON:PUB) said that it is on track to meet its full year expectations.
Defence and aerospace firm Cobham (LON:COB) is an attractive investment, according to City broker Morgan Stanley. Management recently reiterated its guidance for 2011 and said that opportunities within areas such as air-to-air refuelling should enable the company to return to growth, it said.
Plant Impact (LON:PIM) has signed a distribution agreement with Canada’s Engage Agro Corporation, which the crop health firm’s management believes will lead to the development of several new technologies for the Canadian market.
Power company Rurelec (LON:RUR) said today it is now virtually debt-free and is considering a special dividend for shareholders. The company released its results for the year to 31 December 2010, in which it posted a return to profit after tax following a loss in 2009. It wants to develop power generation projects in Latin America.
Oilex Ltd (ASX:OEX, LON:OEX) has spudded the Cambay-76H horizontal well in India. The Cambay-76H proof-of-concept well will evaluate the production potential of the Y Zone interval of the extensive Eocene tight reservoirs in the onshore Cambay Production Sharing Contract in Gujarat State.
Shares in oil and gas group Northern Petroleum (LON:NOP) edged up in early trade after it sounded a confident note on outlook, pointing in particular to the “significant” upside potential of projects in Italy. The company, which announced a profit warning last month, revealed a small loss over its full year.
AIM listed companies Afferro Mining (LON:AFF, CVE:AFF) and Iofina (LON:IOF) have appointed new joint brokers today. Afferro has hired RBC Capital Markets, which will join Evolution Securities in providing broking support to the company, while Iofina named Ambrian Partners its new broker, joining Mirabaud.
Healthcare systems expert Avia Health Informatics PLC (LON:AVIA) revealed today it now has four clients with access to the latest version of its key Odyssey TeleAssess and PatientAssess diagnostic offerings.
Cluff Gold PLC (LON:CLF, TSE:CFG) said it has amicably settled the labour dispute at its Kalsaka mine in Burkina Faso. Normal operations resumed yesterday, June 7, and the temporary disruptions have not affected the company's annual production guidance of 70,000 ounces from Kalsaka in 2011.
Shares in Latin America focused Global Energy Development (LON:GED) were lifted on news that a successful workover programme at its Tilodiran 2 and 3 wells within the Colombian Rio Verde contract has led to a significant rise in production. The stock was trading up more than 40 percent in early deals at 96 pence.
Exploration at Botswana Diamonds’ (LON:BOD) diamond licence in Cameroon has identified possible diamond bearing rock. The company reported that a small diamond was recovered from a sample taken from a stream in the same area where the conglomerate was identified. A follow-up drilling and trenching/pitting programme will now be undertaken to determine the extent of the rocks and whether they are diamondiferous.
Global Petroleum (LON:GBP) has received approval from the Namibian competition commission - a key step in its purchase of Jupiter Petroleum. The AIM-listed firm says it is now working towards satisfying the remaining conditions as soon as possible.
Mongolia-focused oil group Petro Matad (LON:MATD) saw its shares ease after it issued an update on its drilling activities on the group’s Davsan Tolgoi Prospect on Block XX in Eastern Mongolia. Drilling operations on the DT-5 well have been completed to a depth of 1,954m below surface with numerous thin zones of hydrocarbons identified.
Patagonia Gold (LON:PGD) has appointed Philip C. Yee as chief financial officer. Yee is a Canadian chartered accountant and was formerly vice president finance for the Kumtor gold mine in the Kyrgyz Republic, the flagship gold project for Centerra Gold (TSE:CG).
Shares in SacOil (LON:SAC), the oil group focused on Africa, edged up after it confirmed it currently has 684 million shares in issue and reiterated independent assessments of the value of its oil and gas interests.
GW Pharmaceuticals (LON:GWP) is to launch its Sativex therapy for multiple sclerosis sufferers in Denmark later this month after the country recently approved the medicine.
Strategic Minerals (LON:SML) has listed on London's AIM today and revealed it had raised £750,000 in a placing to help it realise its goal of finding iron ore in Australia to serve the steel markets of China. The firm has assets in Queensland and its 100 percent subsidiary Iron Glen Ltd has a permit around 40km southwest of Townsville.
Falkland Oil & Gas (LON:FOGL) revealed today it is in early talks with firms interested in taking part in its exploration programme south of the islands. But the company said it did not expect to conclude any farmout agreement until later this year.
Uruguayan gold miner Orosur Mining (LON:OMI, CVE:OMI) reported today that its San Gregorio operation exceeded the firm’s production target of 55,000 ounces for the year to 31 May.
Investment bank Renaissance Capital highlighted the potential for significant growth for Beacon Hill Resources (LON:BHR) as its Moatize coal project in Mozambiquenears completion. Jim Taylor, analyst at the Moscow-based bank, released a research note on the mine developer this morning. The broker started coverage on Beacon Hill with a ‘buy’ recommendation, targeting 27 pence a share.
Brazil focused Horizonte Minerals (LON:HZM) has appointed Bill Fisher to the board as a non-executive director, calling his track record invaluable to the company. Fisher was previously chief executive of Globestar Mining Corp, where he oversaw the development and finance of the Cerro de Maimon project, the Dominican Republic's first copper mine.
Ovoca Gold (LON:OVG) revealed this morning it had continued to buy back its own stock. It acquired 25,000 shares for 33.75 pence each on Tuesday, following on from the June 1 purchase of 35,000 at 31 pence.
Human tissue specialists Asterand (LON:ATD) has launched its isletOrganDOT system - which it hopes will help in the development of new treatments for diabetes. The company has secured the exclusive worldwide licencing for the platform from Capsant Neurotechnologies Ltd. The system offers scientists numerous options for how to test new compounds to treat the global disease.