Bezant Resources Share Discussion Threads

[buywell2] 07/5/2014 16:41

Swap moron for person and I'll buy that

[kiwimonk] 07/5/2014 16:32

It shows a number of positives. If you are a positive thinking person.

[currypasty] 07/5/2014 13:51

no idea why a swap around at vulpes should trigger punters buying today.. perhaps there is pent up demand just waiting for an excuse to pile in ? lol

[currypasty] 07/5/2014 11:25

one of their funds to another ?


VULPES PRECIOUS METALS FUND - VULPES TESTUDO FUND

[david77] 07/5/2014 11:16

VULPES TESTUDO FUND acquired nearly 8 million shares on the 2nd May and disposed of them on the same day - ???

[currypasty] 01/5/2014 14:46

lets hope the 'for sale' board is up, and they are promoting it

[alan@bj] 01/5/2014 09:49

Toon - As a fellow supporter I thought for a minute I was reading another piece about Newcastle United - "existing management though look bloody clueless" seems spot on.

[jamesiebabie] 01/5/2014 09:32

Toon - put your money in EDG. :0) You know you want to with now month on month growth and profits. :0)

LGO looking good over the last few days.

[thetoonarmy2] 01/5/2014 09:27

Curry we aint looking to good on this are we mate? Suppose we cant blame the management for goldfields walking away and the Boss popping his clogs but the existing management though look bloody clueless we need to merge/takeover/reverse whatever with a company that have the expertise to manage these projects otherwise we will stay a zombie stock for years.

[buywell2] 21/4/2014 12:53

IN CONNECTION WITH THE ABOVE



April 20, 2014 6:08 pm

Barclays to wind down commodities trading

By Martin Arnold and Daniel Schäfer in London



Barclays, one of the world's biggest commodities traders, is planning to exit large parts of its metals, agricultural and energy business in a move expected to be announced this week.

The shake-up comes as commodity trading suffers a sharp slide in revenues and attracts greater scrutiny from regulators, which has already led to the withdrawal of several big banks from the area.








Chief executive Antony Jenkins is preparing a strategic update for investors on May 8 and is expected to slash several thousand jobs by cutting Barclays' exposure to areas that do not generate returns above their cost of capital. These are likely to be moved into an internal "bad bank" and either sold or closed down.

But the retreat from parts of its commodities business is due to be announced on Tuesday. Barclays declined to comment.

Precious metals trading is likely to move into the bank's foreign exchange trading business. There are expected to be heavy job cuts among the 160 staff in its global commodities trading, sales and research operations, many of them in London.

Barclays is one of the top five banks in commodities – which together controlled about 70 per cent of the commodities trading pot last year. But several are shrinking or disposing of these businesses, including Morgan Stanley, Deutsche Bank, UBS and Royal Bank of Scotland.

The retreat is being driven by tighter regulation, fresh capital constraints and lower profitability due to stable prices for oil and other commodities. Coalition, a consultancy, estimates the revenues of the top 10 banks in commodities fell last year to $4.5bn from a record $14.1bn in 2008.

[buywell2] 21/4/2014 12:45

no it ain't

and copper could still drop if China weakens further


Copper as Economy Sage Fails as Growth Defies Price Slump


By Elizabeth Campbell and Luzi Ann Javier Mar 20, 2014



Copper, dubbed by traders as the metal with the economics Ph.D., may need a new nickname.

While the world economy is forecast to expand by the most in three years, the metal that former Federal Reserve Chairman Alan Greenspan said he once considered a useful indicator is plunging. Prices in New York are off to the worst start to a year since the Comex futures debuted in 1988. In the past 16 quarters, copper moved in the same direction as global gross domestic product just six times. In December, its correlation to the Standard & Poor's 500 Index was the lowest since 2008.

Found in everything from car wiring to plumbing, the metal's status as a global bellwether has faded as China came to dominate demand over the past decade, consuming five times as much as No. 2 user the U.S. While the world economy is expanding, deliverable stockpiles of copper tracked by the Shanghai Futures Exchange are up 70 percent since December amid the weakest start for China's industrial output since 2009.

"The idea that copper is actually a barometer of global economic health is a bit misleading," said Neil Dutta, the head of U.S. economics at Renaissance Macro Research LLC in New York. "The U.S. recovery in auto and housing isn't going to be able to offset the weakening demand of copper in China. That speaks more towards a mix of growth, not necessarily the health of the overall economy."

Copper futures on the Comex are down 14 percent this year. The Standard & Poor's GSCI Spot Index of 24 raw materials rose 0.8 percent since Dec. 31, while the MSCI All-Country World index of equities fell 1.1 percent. The Bloomberg Dollar Index, a gauge against 10 major trading partners, rose 0.2 percent, and the Bloomberg Treasury Bond Index added 1.4 percent.

Foreboding Commodity

Some still see copper as a useful gauge, especially after prices yesterday dropped to $2.877 a pound in New York, the lowest since July 2010.

The metal's slump is "the foreboding commodity telling you things are not well with the global economy," said Michael Pento, the president of Pento Portfolio Strategies in Colts Neck, New Jersey. Pento correctly forecast the commodity slump of 2008, when the global recession sent copper down 54 percent.

The world economy will expand 3.7 percent this year, the fastest pace since 2011, the International Monetary Fund in Washington projected on Jan. 21. That's up from an October forecast of 3.6 percent and 2013 growth of 3 percent. Jobless claims in the U.S., the largest economy, held last week near the lowest level in almost four months, government data showed today. Euro-area economic sentiment in February rose to the highest in more than 2 1/2 years.

U.S. Growth

The U.S. may expand 2.7 percent this year, according to a Bloomberg survey of 99 economists. Manufacturing output rose at a 4.6 percent annualized pace in the fourth quarter, before harsh winter weather led to a 0.9 percent reduction in January, the biggest drop since May 2009. Production rebounded 0.8 percent in February, gaining the most in six months. In Europe, a gauge of services and manufacturing production last month reached the highest since June 2011.

Copper prices lost 7 percent in 2013 even as U.S. manufacturing rose 2.2 percent and builders broke ground on 18.7 percent more homes, bringing total housing starts to a six-year high. Construction accounts for about 40 percent of copper use, with a typical home containing about 439 pounds. Spending on all construction projects rose 4.9 percent to $899.2 billion, the most since 2009. The share of U.S. global copper use sunk to 8.8 percent at the end of last year, compared with 15 percent in 2003, according to World Bureau of Metal Statistics data compiled by Bloomberg.

'Very Nervous'

China's share of world copper demand has more than doubled to 47 percent in December from 20 percent in 2003. The U.S. and European recovery "matters little" for copper, a China-driven market, according to Ken Hoffman, global head of metals and mining research for Bloomberg Industries.

Traders are "very nervous" about China, said Hoffman, who is based in Princeton, New Jersey. Industrial output, investment and retail-sales growth in China cooled more than forecast in the first two months of 2014, and two manufacturing indexes declined in February. The Chinese economy will grow 7.45 percent this year, the weakest pace since 1990, according to 48 economists in a Bloomberg survey.

The Chinese government is trying to rein in rising credit, lower overcapacity and protect the environment from industrial pollution while moving to a more consumption-based growth model. As China makes these changes, that creates "some tremors in the global economy," billionaire investor George Soros, 83, said in a Bloomberg Television interview with Francine Lacqua in London on March 12.

China-Specific

"It's very much a specific copper-China story rather than a global economic warning signal," said Caroline Bain, a commodities economist at Capital Economics Ltd. in London who wrote "The Economist Guide to Commodities." "Our growth story at the moment is for quite strong growth in the U.S., and we don't really feel that copper is going to be a good reflection of that."

Shifts in the economy's makeup have reduced the role of industrial commodities, including copper, as indicators of growth and inflation, according to Greenspan, 88, who was Fed chairman from 1987 to 2006. Services account for 87 percent of U.S. economic output, compared with 72 percent in the early 1950s, shrinking the share of manufacturing to less than 13 percent from 28 percent, Commerce Department data show.

"In the 1950s and 1960s, when timely data on industrial trends were lacking, I found copper prices a very useful proxy," Greenspan, whose first job in 1948 was analyzing metals demand for the National Industrial Conference Board, said by e-mail. "That, of course, is less so today. But I still cannot resist checking prices on both the London Metal Exchange and Comex on a daily basis."

Slowdown Risk

Some economists contend copper is sending a signal that growth will slow. U.S. inflation expectations have dropped 12 percent over the past 24 months. Deflation risks are climbing and may prove "disastrous" for the recovery, IMF Managing Director Christine Lagarde said in January.

Deflation, which is a weakening in general price levels, makes products cheaper for consumers and spurs lower wages, damping spending and making it more difficult for governments to raise the money needed to pay down debt. In China, producer prices fell for a 24th month in February, adding to evidence that the world's second-largest economy weakened last month.

'Industrial Downturn'

"The latest day-to-day gyrations aren't the main concern, rather the real issue is a global industrial growth downturn," Lakshman Achuthan, the co-founder and chief operations officer of the Economic Cycle Research Institute, said in an e-mail, citing the drops in U.S. and euro-area industrial output. "While overall economic growth prospects vary from country to country, industrial growth outlook remains generally poor."

Policy makers around the world unleashed unprecedented monetary stimulus after the financial crisis of 2008 in an effort to revive economies amid the most-severe global recession since World War II. Now, central banks are "stepping on the brakes," and there may be more weakness ahead, according to Achuthan.

The Federal Reserve, which has held interest rates at near zero since the end of 2008 and flooded the economy with more than $3 trillion since the financial crisis, has cut back on monthly bond purchases to $55 billion from $85 billion in November. Policy makers yesterday predicted target interest rates would rise to 1 percent by the end of 2015 and to 2.25 percent a year later.

'One Thing Only'

The massive decline in copper is "telling you one thing and one thing only, and that is excess stockpiles in China," according to David Rosenberg, the Toronto-based chief economist at Gluskin Sheff & Associates, which manages about $6.8 billion.

Stockpiles tracked by the Shanghai Futures Exchange have climbed for nine straight weeks, the longest advance since February 2012, up 75 percent since early January to 213,297 metric tons, data compiled by Bloomberg show. Inventories in bonded Chinese warehouses reached 750,000 tons as of Feb. 28. Orders to remove copper from warehouses tracked by the London Metal Exchange have fallen 50 percent this year to 121,925 tons.

Global production will rise to 22.26 million tons this year, from 21.052 million tons a year earlier, Barclays Plc forecast on Feb. 12. That will leave a surplus of 81,000 tons, compared with a 175,000-ton deficit in 2013, the bank said.

Copper has declined the most among the six main metals traded on the LME, the largest metals exchange. Chinese exports slid in February by the most since 2009, government data showed on March 8. Global consumption of the metal will trail production by 81,000 tons in 2014, after a deficit of 175,000 tons last year, Barclays Plc said on Feb. 12.

Attractive Prices

The sell-off "seems overdone," London-based Barclays said in a report on March 14. Buying copper is attractive at these lower prices, the bank said.

China will consume 10.02 million tons of copper this year, up 7.5 percent from 2013, Barclays projected in a Feb. 12 report. That compares to 2.32 million tons consumed in North America in 2014, and 3.59 million in Europe, the bank said.

Aggregate financing in China plunged 64 percent to 938.7 billion yuan ($152 billion) in February from a month earlier, signaling a slowdown in so-called shadow banking, which allows banks to bypass controls and capital requirements. The financing alternative has evolved over the past three years from underground lending among individuals and small companies into a complex and interconnected web.

Tightening Credit

JPMorgan Chase & Co. estimates the lending to be valued at $7.7 trillion and said the practice involves the nation's biggest banks, state-owned firms, local governments and millions of households. Tightening credit from the crackdown may mean that demand for metal in financing transactions will shrink. China had its first onshore bond default after Shanghai Chaori Solar Energy Science & Technology Co., a solar-panel maker, failed to make an interest payment due on March 7.

Imports continue to flood the market in China and weaker onshore prices prompted smelters to send their supply to bonded warehouses, exacerbating to the stockpile overhang, Barclays analysts including Sijin Cheng wrote in a report on March 11. Widening import losses, combined with the weakening of the yuan, damped the appetite for financing, Barclays said.

Copper's decline is "all about China," said John Stephenson, who helps oversee about C$3.1 billion ($2.8 billion) at First Asset Investment Management Inc. in Toronto. JPMorgan, Bank of America Corp. and UBS AG cut their forecasts for Chinese economic growth this year.

"In general, copper has been a good barometer for the global economy, but in the last decade or so, with China reaching this ascendancy in terms of being the mecca of copper, the China story matters much more," Stephenson said in a telephone interview. "With all due respect to copper, it's probably lost its right to be considered a Ph.D. in economics from a forecasting perspective."

[currypasty] 15/4/2014 11:25

still moving up

[russman] 11/4/2014 20:03

I would bluff Goldfields & find a "gold knight".

[currypasty] 11/4/2014 09:53

I think they should go back to Goldfields with the begging bowl... most punters would now take a lot less than the original offer

[buywell2] 09/4/2014 08:21

Wonder if Vulpes have been/are averaging down ?

[dewtrader] 08/4/2014 22:59

Shares in Aim-traded resource company Bezant Resources (BZT:7p) have been drifting southwards ever since the company announced that mining major Gold Fields (JFI:JNB) would not be exercising its option to acquire Bezant's flagship Mankayan copper/gold project in the Philippines. At the current price, the company now a market capitalisation of just £5.8m even though it has cash in the bank of £3m and some very valuable assets. Moreover, that cash balance easily covers annual operating expenses of £700,000.


Money being burnt

Accounts will need to be qualified by end of year 2?


If they dont use the licence - spend on drilling - they lose it dont they?

[buywell2] 08/4/2014 14:18

buywell2 10 Sep'12 - 13:07 - 4172 of 4712 edit


Vulpes aka Bananana is on 'the hook'

But buying V the market is not without risks ....

Chart not looking too clever

[buywell2] 08/4/2014 14:11

Down over 50% since I posted

buywell2 20 Aug'13 - 11:36 - 4612 of 4661 0 1 edit

Don't know if you are ahead here Curry but I think it looks like this might have run it's course

Depends upon VULPES propping it up like it has PRM and tried to with OXB

[bigdazzler] 08/4/2014 14:03

eggbaconandbubble 8 Apr'14 - 12:39 - 4707 of 4710 0 0

Would it not make more sense (infact just sense) to assume the share price going up, down or sideways is due to investors buying and/or selling based on how they consider the company is going to perform in the future?



Sense maybe, maybe not. But a very very basic view which won't get you very far. Surely you need a little bit of an edge in this game? And yes a firm grip on the fundamentals of a company is an edge and if you have got that in regards to this company good on you. If you have perhaps you can enlighten us on fair value and when the company will perform.

To say it is just about buying and selling and investors views of a companies future is I suppose technically correct but it doesn't bring anything useful to the discussion table now does it?

[alan@bj] 08/4/2014 12:58

Simon Thompson believes the company is taking steps to either sell itself or negotiate a partnering arrangement to allow its assets to be developed. In his write-up he says:-

"Clearly, the sale process will take time, but with Bezant's equity being valued at less than £6m, I find it difficult to envisage a scenario whereby a sale does not reap several times its current share price. I am not the only one thinking this way as Shamim Mansoor, resource analyst at broker N+1 Singer, previously valued Mankayan at £39.7m and feels "the project fundamentals have not changed" and continues to value it at the proposed disposal price less tax on any deal. However, he now prudently assumes a 50 per cent risk of no immediate disposal taking place, and so has a current valuation of Mankayan of £19.8m. That is still more than three times Bezant's market value."

DYOR of course.

[protean] 08/4/2014 12:58

Year end target price of 20p

[alchemy30] 08/4/2014 12:50

CaptainHindsight 8 Apr'14 - 12:38 - 398071 of 398072

BZT - IC Comment - 'Even at 20p, the implied valuation of Manyakan in Bezant's share price would only be £10m, or a quarter of the price Gold Fields was previously happy to pay. That's my year-end target price, a level I feel is a very realistic take-out price of the company in a bid situation.'

[eggbaconandbubble] 08/4/2014 12:39

Would it not make more sense (infact just sense) to assume the share price going up, down or sideways is due to investors buying and/or selling based on how they consider the company is going to perform in the future?

[bigdazzler] 02/4/2014 14:51

There is support around 6.5p from previous lows and this support line is converging with a reverse downtrend channel line which is currently just under the 6.5p so it may be a strong support area.

Afraid if it does break through this support I see a retest of all time lows of around 4.5p.

Due to share being in a current bearish sector I will not be buying at the 6.5p support area but holders may be in luck with a bounce.

All in my opinion of course.

[david77] 01/4/2014 17:52

Let's hope so - it would put all of us out of our misery :-(