Aura Minerals announced Loan Facility and Off-Take Agreement with LDC Metals

Aura Minerals Inc., the mining company which redomiciled from Canada to the British Virgin Islands, after a competitive bid process entered into a US$20,000,000 loan facility and a off-take agreement with Louis Dreyfus Company Metals, for the restart of operations and copper concentrates to be produced from its wholly-owned Aranzazu mine in Mexico.

Under the terms of the loan facility, the company’s wholly-owned subsidiary may draw-down the full amount of it in three tranches. The loan includes 12-month grace period and is subject to customary conditions, including the repayment of company’s outstanding loan with Auramet International LLC. The facility will be guaranteed by the company and its interests in the project and the San Andres mine. The Off-Take Agreement covers 100% of the copper concentrates produced from the project.

EOG Resources reported financial results for Q4 and Full Year 2017

BVI-registered company EOG Resources, Inc. reported financial results for the fourth quarter and full year 2017. In the fourth quarter 2017, company’s net income was $2,430 million, or $4.20 per share, as compared to net loss of $142 million, or $0.25 per share in the same quarter of 2016. For the year 2017, the BVI company reported net income of $2,583 million, or $4.46 per share (net loss of $1,097 million, or $1.98 per share, for the previous year).

Adjusted non-GAAP net income for the fourth quarter of the reported year was $401 million, or $0.69 per share, as compared to adjusted non-GAAP net loss of $7 million, or $0.01 per share, for the fourth quarter of 2016. Adjusted non-GAAP net income for the full year was $648 million, or $1.12 per share, compared to an adjusted non-GAAP net loss of $893 million, or $1.61 per share, for year 2016.

Capital expenditures for 2018 are expected to range from $5.4 to $5.8 billion, including production facilities and gathering. The company also announced capital program for 2018, which is aimed to achieve strong returns on capital employed and healthy growth while spending within cash flow.

Lenta Ltd announced sales an operating results for Q4 and fiscal year 2017

Lenta Ltd., BVI-registered company operating one of the largest retail chains in Russia, announced its consolidated sales and operating results for the fourth quarter and full year period ended 31 December 2017. For the fourth quarter of 2017, company’s total sales grew 23.4% as compared to the same period of 2016; sales growth was 5.2%. In Q4 2017, 30 new hypermarkets and 33 new supermarkets were opened, allowing the total store amount to reach 328 as at 31 December 2017.

In the twelve months ended 31 December 2017, total sales grew 19.2% as compared to the previous year results. Annual sales growth made 0.9%. During the reported year Lenta opened 40 new hypermarkets and 49 new supermarkets and started expansion in Siberia and Ural regions.

Lenta’s CEO Jan Dunning commented on the operating results: “Lenta’s sales growth accelerated to 23% in the fourth quarter of 2017, driven by an improvement in like-for-like sales growth to 5.2% combined with a 21% increase in selling space. Customers reacted positively to continuing improvements in our offering, range, marketing and communication and this led to substantial improvements in both like-for-like ticket and traffic growth.”

Orca Exploration Group announced completion of the first tranche of investment

Orca Exploration Group announced on 16 January 2018 that the escrow release conditions have been met regarding the first tranche of investment by Swala Oil & Gas in the Orca Group. The definitive agreements for the US$130 million investment were released, and the first tranche is now complete.

Under the first tranche, the BVI Group sold 7.93% of shares that were held in PAE PanAfrican Energy Corporation to Swala (PAEM) Limited, a wholly-owned subsidiary of Swala, for US$25,782,250 (or US$21,022,450 net after some purchase adjustments), which is payable in US$17,055,950 cash and the right to receive either US$3,966,500 in Swala convertible preferred shares by 2 March 2018, or US$3,966,500 in cash if shares are not issued by that date.

Orca Exploration also entered into an amendment and consent letter with PanAfrican Energy Tanzania Limited (PAET) and International Finance Corporation (IFC), as part of the agreement. According to this agreement, PAET will prepay the IFC loan facility in part no later than 10 December 2019. As part of the amendment and consent letter, Orca guaranteed the prepayments owed by PAET to IFC. After the first tranche, BVI Group’s guarantee covers US$4,759,800 in prepayments, and would cover an aggregate of US$24,000,000 in prepayments due 10 December 2019.