AVALON Rare Metals

Zurich, 18 février

Avalon Rare Metals Inc. is a mineral development company focused on rare metal deposits in Canada. Its 100%-owned Nechalacho Deposit, Thor Lake, NWT is exceptional in its large size and enrichment in the scarce heavy rare earth elements, key to enabling advances in clean technology and other growing high-tech applications. With a positive feasibility study and environmental assessment completed, the Nechalacho Project remains the most advanced potential large new source of heavy rare earths in the world outside of China, currently the source of most of the world’s supply. Avalon is adequately funded, has no debt and its work programs are progressing. Social responsibility and environmental stewardship are corporate cornerstones.

Avalon was the first junior exploration company to formally adopt the Prospectors and Developers Association of Canada’s (PDAC’s) e3 Plus principles and guidelines as policy. Avalon is committed to being an environmentally and socially responsible corporate citizen in how it conducts its exploration and development activities. View Responsible Exploration for more details.

Avalon is the proud recipient of the Prospectors and Developers Association of Canada (« PDAC »), 2010 Environmental & Social Responsibility Award in recognition of the Company’s community engagement efforts during the exploration of  its Nechalacho rare earth elements deposit, Thor Lake, NWT. RLU

Download (PDF) AVALON_NWTMN Participation Agreement Feb 2014

Source: www.avalonraremetals.com

Zürich, 10. Februar

Das vierte Quartalsresultat des zweitgrössten Uranproduzenten der Welt hat gewinnmässig enttäuscht. Der Umsatz lag mit CAD 977 Mio. um 15% über dem Vorjahresniveau und damit 3% über dem Konsens. Die Produktion lag 14% über dem Vorjahresniveau, aber die Preise gerieten unter Druck (–17%). Die realisierten Preise lagen deutlich über den Markterwartungen.

Die Kostensituation hat sich ebenfalls verschlechtert und die Abschreibungen sind höher als erwartet ausgefallen. Der publizierte GpA von CAD 0.38 (im Vorjahr CAD 0.59) vergleicht sich mit einer Konsenserwartung von CAD 0.53. Es gab keine Neuigkeiten von Cigar Lake. Dieser ist das weltweit grösste Uranprojekt (hoher Urangehalt von 16.8% im Gestein, 20% von Cameco Reserven). Der geplante Produktionsbeginn ist im 1. Quartal 2014.

Cameco befindet sich nach wie vor in einem relativ schwierigen Umfeld, aber ein übertriebener Pessimismus wäre auch nicht angebracht. Die Nuklearkatastrophe von Fukushima (Japan) hat der Branche und der Urannachfrage zweifellos einen deutlichen Schlag versetzt. Cameco ist direkt von der Entwicklung in Japan tangiert, weil gut 13% der Umsätze in dieser Region erwirtschaftet werden.

Langfristig dürfte die Kernenergie trotz ihrer Schattenseiten aber weiterhin einen wichtigen Beitrag zur Energieversorgung liefern. Bei relativ stabilen Kosten entsteht kein CO2-Ausstoss; und dies ist ein bedeutender Vorteil. Der Zeit sind gemäss der Energy Information Administration (EIA) 436 Kernkraftwerke in Betrieb. Bis 2022 sind 72 neue Werke geplant, 42 sollen stillgelegt werden. Die Nachfrage nach Uran dürfte damit auf gut 220 Mio. Pfund ansteigen, was bis 2022 einem jährlichen Zuwachs von knapp 3% entspricht.

Die Prognosen sind aber mit grossen Unsicherheiten behaftet. Die Bewertung der risikoreichen und volatilen Cameco-Aktie liegt leicht über dem historischen Durchschnitt. / RLU

10. Februar, Zürich

Standard & Poor’s

Energie Oberösterreich: A– / Outlook stabil (bisher: A / stabil)

S&P geht davon aus, dass das operative Umfeld im Bereich Energieerzeugung des österreichischen Versorgungskonzerns Energie Oberösterreich mittelfristig schwierig bleibt. Der Druck auf die Profitabilität des Gesamtkonzerns dürfte anhalten, weshalb S&P das Rating um einen Notch von A auf A– reduziert. Die Ratingagentur erwartet, dass die eingeleiteten Restrukturierungsmassnahmen das Kreditrisikoprofil so festigen werden, dass sich der operative Geldfluss vor Veränderungen im Umlaufvermögen im Verhältnis zu den Schulden (FFO / Debt) mindestens über der Marke von 23% halten kann.

Das Outlook der neuen Einstufung wird mit stabil angegeben. /Bloomberg/RLU

National Bank of Romania

Bucharest, 04.02.2014

Teams from the International Monetary Fund and the European Commission visited Bucharest during January 21-February 4 to conduct discussions on the combined first and second reviews under the IMF Stand-By Agreement (SBA) and on the status of Romania’s precautionary balance of payments program with the European Union.

Staff level agreement has been reached. The program remains broadly on track. Most end-December performance criteria were met and structural benchmarks have either been met or are nearing completion.

In 2013, real GDP growth picked up to an estimated 2.8 percent, on the back of continued strong exports, while domestic demand remained subdued. Economic activity was driven mostly by robust industrial output and an abundant harvest. In 2014, real GDP is projected to advance by 2.2 percent with domestic demand firming on the basis of a supportive policy framework, better absorption of EU funds, and an improvement in confidence. Historically low inflation is projected to decline further in the first half of 2014 before returning to the upper part of the central bank’s target band in the second half of 2014. The current account deficit is expected to remain between 1 and 1.5 percent of GDP, contributing to Romania’s strong external position, which has helped the country weather recent pressures on emerging markets.

The authorities approved a budget consistent with a deficit target of 2.2 percent of GDP for 2014. A subsequent delay in the implementation of excise taxes on fuel products will be compensated with freezes on the expenditure side. The authorities intend to continue fiscal adjustment in 2015, in order to reach Romania’s medium-term budgetary objective of a structural deficit of 1 percent of GDP, while also accommodating expected further increases in co-financing of projects supported by the EU.

Monetary policy continues to be accommodative, which has translated into a considerable reduction in lending rates. Combined with the government loan guarantee programs, this should enable lending activity in lei to start a modest recovery. Notwithstanding pressures on asset quality, the banking sector continues to maintain reassuring capital, liquidity and provisioning buffers.

Progress on reducing state-owned enterprise arrears has stalled. However, corrective actions are being launched, including budgetary transfers and restructuring measures. An action plan to sustainably lower arrears over the medium term will be defined. Building on the success of the Romgaz IPO, progress toward completion of IPOs of three other state-owned enterprises remains broadly on schedule. Regulatory reforms in energy and transport sectors are set to continue, as well as deregulation of the gas and electricity prices, in line with the earlier agreed roadmaps.

Sources: International Monetary Fund, Regional Office for Romania and Bulgaria press release and European Commission press release

E. R. Regli

Helsinki, 30.01.14

Norway’s government said it had excluded Sesa Sterlite Ltd. (SSLT), Africa Israel Investments Ltd. (AFIL.TV) and Danya Cebus Ltd. (DNYA.TV) from the investment portfolio of the country’s USD 812 billion oil fund on environmental, and ethical established criteria.

The Norwegian Ministry of Finance said iron ore and copper producer Sesa Sterlite Ltd. was excluded due to « an unacceptable risk of serious environmental damage and serious violations of human rights » connected to its business in India.

Sesa Sterlite’s parent company, U.K.-based Vedanta Resources PLC (VED.LN), has been excluded from the fund’s investments since 2007, after the Norwegian government found its activities in India damaged the environment and injured people.

The ministry said it had excluded Africa Israel Investments Ltd. and its subsidiary Danya Cebus Ltd. because they contributed to « serious violations of individuals’ rights » through the construction of Israeli settlements in Eastern Jerusalem, which is considered illegal, according to Norway’s Council of Ethics and Advisory Board established in 2004 to advise the government on ethical investments.

Africa Israel Investments and Danya Cebus were previously excluded from the fund’s portfolio from August 2010 to August 2013 due to the construction of settlements in Israeli-occupied territories. The investment ban was lifted after Africa Israel Investments claimed it didn’t plan to build more settlements, but was reinstated after Danya Cebus confirmed that it’s doing construction in Eastern Jerusalem.

The ministry of finance also said it had ended a ban on Myanmar government bonds, but said the oil fund was now excluded from investments in government bonds from North Korea, Syria and Iran, should those countries decide to issue them.

The government declared the oil fund wasn’t a foreign policy instrument, and that it only banned investment in certain government bonds when required by international sanctions. The ministry of finance makes the final decision on the fund’s investment strategy.

Eleni Regli