Results
Caledon Resources PLC
- Final Results
Cook Mine
Costs and cash outflows contained during global
financial crisis; operational capability preserved
Revenues A$67.8m (2008: A$121.9m), impacted by
substantially lower average coal price of A$141/t
(2008:A$264/t)
Unit cost of sales fell 23% (1H09: A$171/t to 2H09:
A$131/t)
Argo South mining development well advanced to
facilitate expansion of mining activities
Sales targets for 2010 set at a minimum of 700kt - based
on increased demand and market reports of a likely increase in prices in April
2010 contract year
Minyango
Advanced concept study
completed
Base-line ecological study
progressing
Corporate
Strategic review process
terminated
Post year end - £4.2m fundraising (February 2010)
provides additional working
capital.
Rheochem PLC -
Interim Results
Group revenue increased to A$11.8m (2008 H1:
A$3.3m)*
Group EBITDA improved to a
profit of A$0.420m (2008 H1: Loss
A$13.380m)*
Drilling fluids services revenue reduced toA$11.8m
(2008 H1: A$21.3m)
Drilling fluids services EBITDA reduced toA$1.37m (2008
H1: A$5.23m)
*The prior period's results were adversely impacted by
the loss on revaluation of the venture capital
investment.
Frontline Ld -
FRO - Preliminary Fourth Quarter
and Financial Year 2009 Results
Frontline reports net income attributable to the Company
of $3.9 million and earnings per share of $0.05 for the fourth quarter of
2009.
Frontline reports net income attributable to the Company
of $102.7 million and earnings per share of $1.32 for the year ended December
31, 2009.
Frontline announces a cash dividend of $0.25 per share
for the fourth quarter of 2009.
Frontline has paid cash dividends of $70.1 million or
$0.90 per share in 2009.
The first Suezmax newbuilding from Rongsheng, Northia,
was delivered on January 5, 2010.
Four out of the five Suezmax tankers chartered in from
Eiger were redelivered during the fourth quarter. The last vessel will be
redelivered end February 2010.
Frontline signed a
bareboat charter in January 2010 for the VLCC Edinburgh for a two year period
with a two year option period. The vessel will be operated as a floating storage
unit and will cease to trade as a regular tanker.
Frontline purchased the VLCC Front Vista in February
2010 and sold it to a buyer who has secured a 10 year time charter with a state
owned oil company at a gross rate of $43,500 per day during the entire charter
period. The purchase price will be settled through instalments over a 10 year
period.
Frontline agreed
with Ship Finance in February 2010 to reduce the restricted cash supporting the
charter obligations to Ship Finance by approximately $112 million and replace it
with a Frontline guarantee for the payment of charter hire. Further, the parties
have agreed a net upfront payment of charter hire less operating expenses of
approximately $74 million, covering part of the payments due over the next six
months. This solution will reduce Frontline's cash breakeven level for these
vessels and improve Frontline's free cash balance by approximately $112 million
during this period and will thereby substantially strengthen the Company's
liquidity situation. The change of structure is expected to take effect from
April 1, 2010.
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