This week: Amur doubles up, under the Bahamas sea, broadening the Range, Solo goes joint
With the announcement of a 0.5 per cent growth in GDP for the first 3 months of the year and a report that Germany could make concessions to facilitate a new aid package for Greece, the week saw a 1.2 per cent rise in the FTSE 100, while the AIM All share dipped during mid week and recovered to close at similar levels. The British Chamber of Commerce cut its GDP growth forecasts for the UK from 1.4 per cent to 1.3 per cent, and with little in the way of economic data expected for the week (except for BoE mortgage lending data), focus will shift to the US jobs report due on Friday, which forecasts for an increase in employment.
African Minerals (LON:AMI) (AMI 499p / £1,636.78m)
African minerals announced that it has signed a Memorandum of Understanding (MoU) with China Communications Construction Company Limited (CCCC) in respect of the optimisation and finalisation of a Final Engineering Study (FES) for all aspects of infrastructure for the Phase II and Phase III expansions of the AML Tonkolili Iron Ore project in Sierra Leone. Subject to all parties agreeing a formal appointment contract, on completion of the FES, CCCC will prepare a proposal to act as Engineering, Procurement, Construction and Management (EPCM) contractor to the Company. The MoU, which is intended to be binding between the parties, will be exclusive for a period of six months, during which time the engineering studies will be completed. AMI, CCCC and the Government of Sierra Leone also intend to establish a Joint Venture to design an expansion to the Bumbuna hydro-electric power generation facilities to satisfy the power needs of Phases II and III of the Tonkolili project.
Altona (LON:ANR) Energy (ANR 10.75p / £45.31m)
Altona Energy, the AIM listed Australia-based energy company last week announced that it had entered into a memorandum of understanding with Tongjiang to develop a strategic partnership in China to identify and evaluate coal and biomass gasification projects for the production of clean energy and transportation fuels. Tingjiang , a Hong Kong based private investment group, has been a strategic shareholder in Altona since February 2008 and was instrumental in the introduction of China National Offshore Oil Corporation(CNOOC) to the company.…
