via CAAI News Media
Monday, 29 March 2010 15:00 Steve Finch
AUSTRALIAN firm Oz Minerals recorded a strong end to last week’s trading in what has been a volatile period for the extractive industry.
Oz Minerals was down 0.43 percent to A$1.16 (US$1.05) in Sydney for last week but produced a late rally Friday to climb 1.31 percent on news that it was taking action after a shareholder class action accusing the company of hiding maturing debt in a 2008 financial statement.
News reports Friday said Oz, which operates mineral concessions in eastern Cambodia, would file a cross-claim against KPMG in a federal court over allegations that it did not sufficiently flag debt in reviewing the Melbourne-based miner’s accounts up to the end of the first half of 2008.
Southern Gold, another Australian miner exploring for minerals, including gold, in the east of the Kingdom, saw its share price plummet 8.33 percent in Sydney over the past five days over concerns after tycoon Ken Talbot sold an 18.1 percent stake to unknown investors on March 19, according to a company statement.
In an apparent attempt to quell investor fears, Southern Gold issued an announcement Tuesday, described as “bizarre” by some analysts, introducing the new stakeholders. But as the company failed to identify who they were, the stock fell a further 4 percent the same day, and Southern Gold saw a poor week.
Vimpelcom, owner of mobile brand Beeline, recorded a strong rally in New York Friday coming off mostly solid financial results at the end of the previous week in closing up 3.23 percent Friday in New York to $17.89.
The stock was up slightly at 0.39 percent over the past five days’ trading to cap a 52-week period in which it has sunk as low as just $6.25 and a high of $22.55.
China-ASEAN Resources, owner of a Cambodian logging concession that suffered a huge drop in production last year, recommended not offering a year-end dividend in a Thursday announcement, prompting shares to fall 13.46 percent last week to US$0.09 in Hong Kong. The stock has plummeted 28 percent in the past three months’ trading.
Meanwhile, confusion continued at JSM Indochina last week as the regional property investor said in a Wednesday announcement, “the Board has not been able to confirm all of the company’s contractual commitments and liabilities” in order to return uninvested capital ahead of completing a 2009 audit.
Disagreement over unspent capital led to a board split and sackings at the end of last year.The firm has not traded on London’s AIM board since March 18.
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