| PEM | The Ore Reserve has been established and a new Life of Mine plan for Southern Operations has been developed with economic production for approximately 10 years as of 30 June 2012. As at 30 June 2012 the new ore reserve stands at 11.7 million tonnes containing 6.2% zinc, 4.8% lead and 50g/t of silver. The Mineral Resource has decreased by 4.4% to 21.7 million tonnes containing 9.2% zinc, 7.0% lead and 89 g/t of silver. The new Broken Hill Mineral Resource & Ore Reserve takes account of the previous 12 months of mining depletion. Mining depletion and a lower metal price environment have resulted in a lower tonnage in the latest Ore Reserve, however, there is an increase in grade resulting in only a 6.7% decrease in contained metal (combined zinc and lead) in the 2012 Ore Reserve compared to the 2011 Ore Reserve. There is a substantial Resource base for potential conversion to Reserves at a later date. Resource and Reserve drilling will be continuing in 2013 at Broken Hill’s Southern Operations to increase confidence around existing resources and reserves, and potentially extend the Resource. | Company report |
| China | December HSBC China Manufacturing PMI 51.5 (vs. 50.5 in November), the highest reading since May 2011. The “New Orders” sub index came in at 52.9, which is the highest since January 2011 | Market Watch |
| KAR | Karoon has now commenced the drilling of its first Santos Basin exploration well, with the spudding of the Kangaroo-1 exploration well at 10:00 hours (Brazilian Summer Time) BRST on 28 December 2012. As at 6:00 hours BRST on 30 December 2012, the well had been drilled to a depth of 915 metres below rotary table and 20” casing was being prepared to be run in the hole. Kangaroo-1 is located within Blocks S-M-1101 and S-M-1165 and has multiple targets at several geological levels. The well is expected to continue into February 2013 with results being released as they become available. | Company report |
| SSN | Samson has completed an internal estimate that suggests the MB/TF in the Northern Tier will recover a gross EUR of 7.1 MMSTB (net 3.4 MMSTB) valued at $42.4 million net to Samson. Samson has owned an equity position in the North Stockyard Oilfield for several years and has participated in the drilling of six Bakken Formation wells along with a Mission Canyon Formation well. The six Section area, (three Sections are designated as the Northern Tier, and three Sections the Southern Tier) has been developed with a 640 acre spacing utilizing 5,000 foot laterals. Standard industry practice has evolved and the norm is to develop the Middle Bakken and the First bench of the Three Forks Formation at 160 acre spacing. Samson has been keen to develop the North Stockyard field to this drilling density; however, several of the other working interest owners in the field, including the Operator, do not wish to accelerate the development of this field at the optimal acreage spacing. As a consequence, Samson and the Operator group have negotiated an acreage swap for the Middle Bakken/First Bench of the Three Forks (MB/TF), whereby Samson will acquire these parties’ undeveloped acres in the Northern Tier and will divest undeveloped acres in the Southern Tier. After the swap, Samson will own 64% and 57%, respectively, in the two overlapping 1,280 acre spacing units located in the Northern Tier. Samson will become Operator for the entire Northern Tier. Samson will retain its existing equity in the seven producing wells and the deeper benches of the Three Forks in both the Northern Tier and the Southern Tier. The formal agreement documenting the swap has been completed and was executed by Samson and the Operator today. Samson has appeared in front of the North Dakota Industrial Commission (NDIC) and requested a 160 acre spacing order in the Northern Tier. Samson expects that this request, which was unopposed, will be approved and that the NDIC will consent to the drilling permits that have already been lodged. This administrative step will then allow Samson to drill an additional 14 wells in the Northern Tier to develop the MB/TF to a 160 acre spacing. | Company report |
| US | The President has called for congressional leaders to come to the White House in hopes of forging an agreement. There is little sign, however, of any movement towards legislation with a chance of being passed. “I don’t know timewise how it can happen now,” said Senate Majority Leader Reid. “Republicans aren’t about to write a blank check for anything the Democrats put forward just because we find ourselves at the edge of a cliff,” says Minority Leader McConnell. | Seeking Alpha |
| DML | Discovery Metals notes the satisfaction of certain Takeover Offer conditions and waiving of another in the Third Supplementary Bidder’s Statement. In the interests of continuous disclosure, Discovery Metals wishes to inform shareholders that in relation to Takeover Offer condition 10(c)(ii), the Botswana Competition Authority delivered a decision on 18 December 2012 (copy attached) but notes that condition 10(c)(ii) has yet to be waived or notified as being satisfied by the Bidder. | Company report |
| OSH | Oil Search has completed the sale of its 40% stake in an oil block in Yemen to France’s Total SA for US$44 million and will book a net profit from the sale in its annual results of about US$28 million. The sale, first announced in March, involves Total becoming operator of the block. | Company report |
| RED | Red 5 Philippine subsidiary Greenstone Resources Corporation has entered into a three year prepaid swap facility whereby Credit Suisse advanced US$25 million against the sale of future gold production. The facility is repayable over thirty months commencing six months after draw down. The repayment schedule includes interest at a commercial rate and amortised establishment fees. In addition, to protect the loan the facility provides GRC with a zero cost put and call structure over 40,000 ounces (13% of production during the loan period). | Company report |
| AZJ | Aurizon has continued to grow its presence in the New South Wales coal haulage market with the announcement of a new long-term contract with Whitehaven Coal Limited. The new 12 year agreement will see Aurizon expand into the Gunnedah Basin from 1 July 2014, hauling up to 16 million tonnes per annum of coal to the Port of Newcastle from four load sites, including the new Maules Creek project, which is in the final stages of its approval process. | Company report |
| LEI | Leighton Contractors has been awarded a $923 million contract to undertake the Ichthys Project Onshore LNG Facilities Main Civil Works in Blaydin Point, Darwin, Northern Territory, bringing its oil and gas awarded contracts to more than $4.5 billion. The project involves delivering the main civil infrastructure required for the Ichthys Project Onshore LNG facilities, including piling, foundations, trenching for pipes, cables, sewers and drainage, roads, paving, electrical and instrumentation cabling. | Company report |
| US | The Conference Board said its consumer confidence index sunk to the lowest level since August as respondents fret over looming tax increases and spending cuts. The gauge matched a similarly large drop in the University of Michigan read several days ago. The last time confidence turned negative so quickly was in August 2011 amid the debt ceiling showdown and U.S. credit rating downgrade. | Seeking Alpha |
| Fe | Rebar futures in Shanghai are headed for their best quarterly performance in two years, up 8.9% amid hope of a renewal of the Chinese property boom. New home prices are back on the rise in most Chinese cities, according the the country’s statistics bureau. Moving along with rebar prices is iron ore, up 56% this quarter. | Seeking Alpha |
| US | The Institute for Supply Management’s Chicago-area purchasing managers index for December came in at 51.6, beating estimates for a gain to 51.0. | WSJ |
| US | Pending-home sales in November rose to their highest level in nearly three years; the monthly gain of 1.7% topped expectations for a 1.2% rise. | WSJ |
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