Hochschild Mining

Published : April 15th, 2016

Annual Financial Report

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Annual Financial Report

Hochschild Mining plc

('the Company')

2015 Annual Financial Report and 2016 Annual General Meeting ('AGM')

Following the release of the Company's 2015 full year results announcement on 9 March 2016 (the 'Preliminary Announcement'), the Company announces it has published its Annual Report and Accounts for the year ended 31 December 2015 (the '2015 Annual Report').

In accordance with LR 9.6.1, the following documents have been submitted to the National Storage Mechanism and will be available for inspection at www.Hemscott.com/nsm.do

· The 2015 Annual Report

· The 2016 AGM Circular (incorporating the Notice of 2016 AGM)

· The 2016 AGM Proxy Card (incorporating the Notice of Availability of the 2015 Annual Report and 2016 AGM Circular)

The 2015 Annual Report and the 2016 AGM Circular are also available on the Company's website at www.hochschildmining.com

The appendices to this announcement contain the information required to be disclosed under DTR 6.3.5 which has been reproduced from the 2015 Annual Report and should be read in conjunction with the Preliminary Announcement.

All page references and cross-references in the appendices are to the 2015 Annual Report.

APPENDICES

Appendix 1

Risk Management (reproduced from pages 20 to 23 of the 2015 Annual Report)

As with all businesses, management of the Group's operations and execution of its growth strategies are subject to a number of risks, the occurrence of which could adversely affect the performance of the Group. The Group's risk management framework is premised on the continued monitoring of the prevailing environment, the risks posed by it, and the evaluation of potential actions to mitigate those risks.

The Risk Committee is responsible for implementing the Group's policy on risk management and monitoring the effectiveness of controls in support of the Group's business objectives. It meets four times a year and more frequently if required. The Risk Committee comprises the CEO, the Vice Presidents and the head of the internal audit function. A 'live' risk matrix is compiled and updated at each Risk Committee meeting and the most significant risks as well as potential actions to mitigate those risks are reported to the Group's Audit Committee, which is responsible for the oversight of risk management on behalf of the Board, taking into account its risk appetite.

2015 RISKS

The key business risks affecting the Group set out in this report remain largely unchanged compared to those disclosed in the 2014 Risk Management report, with the exception that:

• Counterparty Credit Risk, meaning the risks associated with the failure of a financial institution, is no longer considered to be a principal risk for the Company; and

• Refinancing risk has been identified as a new risk following the ongoing weakness of the commodities sector and its potential impact on the Group in light of its outstanding debt.

The year-on-year change in the profile of:

• the risks associated with the Delivery of Projects reflects the fact that the Inmaculada mine was successfully brought into operation in August 2015, and

Macroeconomic risks and the risks relating to Community Relations reflect the fact that 2015 was pre-electoral year in Peru and therefore public sentiment to mining related issues has been heightened in electoral campaigns in advance of elections in April 2016.

1. FINANCIAL RISKS

(i) Commodity Price

Change in risk profile vs 2014: UNCHANGED

Impact

Adverse movements in precious metal prices could materially impact the Group in various ways beyond a reduction in the results of operations. These include impacts on the feasibility of projects, the economics of the mineral resources and heightened personnel and sustainability related risks

Mitigation

• Constant focus on maintaining a low cost of production and an efficient level of administrative expense

• Flexible hedging policy that allows the Group to contract hedges to mitigate the effect of price movements taking into account the Group's asset mix and forecast production

See Our Market Overview on page 5 for further details

2015 Commentary

Having achieved substantial savings through the Cash Optimisation Programme, the Group maintained its focus during 2015 on conserving capital and optimising cash flow through:

• further reducing operating and administrative costs;

• minimising sustaining capital expenditure;

• reducing debt via an equity raise; and

• optimising working capital

In addition to the above, the Inmaculada mine, which started commercial production in H2 2015, has started to reduce average production costs and dilute fixed costs, the extent of which will accelerate as the mine operates for a full financial year.

The Group hedged part of its 2015 and 2016 silver and gold production to protect cashflow

For further details see page 11 of the Financial Review.

(ii) Refinancing Risk

Change in risk profile vs 2014: NEW

Impact

Failure to renew debt facilities (whether long-term or shorter term credit facilities) on existing terms could result in higher finance expense and reduce the Group's profitability. The likelihood of this risk increases in the event that the outlook for the sector deteriorates.

Mitigation

• Close monitoring of cash generation with a focus on operational performance, costs and capital expenditure

• Flexible hedging policy that allows the Group to contract hedges to mitigate the effect of price movements taking into account the Group's asset mix and forecast production

On-going dialogue with local and international financial institutions and securing informal and non-binding credit approvals

2015 Commentary

Given the deterioration of the commodities sector during the year, mitigation of this risk has included:

• Conserving capital and optimising cashflow as described above;

• Hedging a part of 2015 and 2016 production;

• Securing credit commitments from five banks;

• Maintaining an active dialogue with local and international banks through a series of meetings and organising site visits

2. OPERATIONAL RISKS

(i) Operational Performance

Change in risk profile vs 2014: UNCHANGED

Impact

Failure to meet production targets and manage the cost base could adversely impact the Group's profitability.

Mitigation

• Close monitoring by management of operational performance, costs and capital expenditure

Negotiation of long-term supply contracts where appropriate

2015 Commentary

2015 budgets across the Group focused on maintaining controlled levels of administrative expenses and sustaining capex.

Production goals at all operations were met with the focus on the extraction of profitable ounces.

Increased operational flexibility also resulted from the commencement of production at Inmaculada.

Going forward, management closely monitors specific risks that could affect operational performance.

(ii) Delivery of Projects

Change in risk profile vs 2014: REDUCED

Impact

Unanticipated delays in delivering projects could have negative consequences including delaying cash inflows and increasing capital costs, which could ultimately reduce profitability.

Mitigation

• Teams comprising specialist personnel and world class consultants and contractors are involved in all aspects of project planning and execution

• Project teams meet with senior management on a weekly basis to monitor ongoing progress against project schedules

2015 Commentary

Commissioning at the plant at Inmaculada started in Q2 2015 with commercial production declared in the following quarter.

Despite certain delays in commissioning, the ramping up of production has occurred in a shorter than expected time frame with the mine producing consistently at above design capacity.

Further details on Inmaculada can be found on pages 8 and 11

(iii) Business Interruption

Change in risk profile vs 2014: HIGHER

Impact

Assets used in the Group's operations and, in particular, at Inmaculada, given the Group's reliance on that asset, may break down and insurance policies may not cover against all forms of risks.

Mitigation

• Insurance coverage to protect against major risks

• Management reporting systems to support appropriate levels of inventory

Annual inspections by insurance brokers and insurers with recommendations addressed in order to mitigate operational risks

2015 Commentary

Insurance advisors conducted site visits and completed a full review of operational risks to ensure that adequate property damage and business interruption risk management processes and insurance policies are in place at our operations.

Management reporting systems ensured that an appropriate level of inventory of critical parts is maintained. Adequate preventative maintenance programmes, supported by the SAP Maintenance Module, are in place at the operating units.

(iv) Exploration & Reserve and Resource Replacement

Change in risk profile vs 2014: HIGHER

(a) Impact

The Group's operating margins and future profitability depend upon its ability to find mineral resources and to replenish reserves.

(a) Mitigation

• Implementing and maintaining an annual exploration drilling plan

• Ongoing evaluation of acquisition and joint venture opportunities to acquire additional ounces

High-end software programmes implemented to statistically estimate mineral resources

(a) 2015 Commentary

In 2015, all brownfield exploration goals were achieved, including the discovery of the Pablo vein at Pallancata.

The continued focus on cost control has resulted in our exploration activity being primarily focused on current operations.

In 2016, exploration activity will be primarily focused on brownfield exploration in order to maintain or improve our resource base. As a direct consequence of the continued low price environment, the level of exploration of new projects and appraisal of acquisition/joint venture opportunities has been reduced substantially and will affect our ability to replace ageing operations. The substantial reduction in sustaining capital expenditure in 2016 could affect the Group's ability to replace reserves at its historic rates.

(b) Impact

Reserves stated in this Annual Report are estimates.

(b) Mitigation

• Engagement of independent experts to undertake annual audit of mineral reserve and resource estimates

• Adherence to the JORC Code and guidelines therein

(b) 2015 Commentary

The Group has engaged P&E Consultants to undertake the annual audit of mineral reserve and resource estimates.

See page 122 for further details

(v)(a) Personnel: Recruitment and Retention

Change in risk profile vs 2014: UNCHANGED

Impact

Inability to retain or attract personnel through a shortage of skilled personnel.

Mitigation

The Group's approach to recruitment and retention provides for the payment of competitive compensation packages, well defined career plans and training and development opportunities

2015 Commentary

The Group has continued to implement a number of low cost/high impact initiatives to improve the retention of employees. These include the use of non-financial benefits (e.g. flexible working arrangements for Head Office staff).

(v)(b) Personnel: Labour Relations

Change in risk profile vs 2014: UNCHANGED

Impact

Failure to maintain good labour relations with workers and/or unions may result in work slowdown, stoppage or strike.

Mitigation

Development of a tailored labour relations strategy focusing on profit sharing, working conditions, management style, development opportunities, motivation and communication

2015 Commentary

The reduction in profitability due to lower precious metal prices has resulted in no statutory profit sharing for Peruvian mineworkers.

Management has conducted monthly meetings with mineworkers and unions during 2015 to ensure complete understanding of their requirements and concerns and to keep all parties updated on the Group's financial performance with the aim of preparing the groundwork for the 2016 union negotiations.

3. SUSTAINABILITY RISKS

(i) Health and Safety

Change in risk profile vs 2014: UNCHANGED

Impact

Group employees working in the mines may be exposed to health and safety risks.

Failure to manage these risks may result in occupational illness, accidents, a work slowdown, stoppage or strike and/or may damage the reputation of the Group and hence its ability to operate.

Mitigation

• Health & Safety operational policies and procedures reflect the Group's zero tolerance approach to accidents

• Use of world class DNV safety management systems

• Dedicated personnel to ensure the safety of employees at the operations via stringent controls, training and prevention programmes

• Rolling programme of training, communication campaigns and other initiatives promoting safe working practices

Use of reporting and management information systems to monitor the incidence of accidents and enable preventative measures to be implemented

2015 Commentary

In 2015, the Group achieved its on-going objective of Zero Fatalities for the second consecutive year.

In addition, there have been reductions year-on-year in the accident frequency rate and accident severity index of c.40% and c.25% respectively.

(ii) Environmental

Change in risk profile vs 2014: UNCHANGED

Impact

The Group may be liable for losses arising from environmental hazards associated with the Group's activities and production methods, ageing infrastructure, or may be required to undertake corrective actions or extensive remedial clean-up action or pay for governmental remedial clean-up actions or be subject to fines and/or penalties.

Mitigation

• The Group has a team responsible for environmental management

The Group has adopted a number of policies and procedures to limit and monitor its environmental impact

2015 Commentary

Relevant developments in 2015 include:

• the continued resourcing of an environmental team with over 100 people working in related operational roles and environmental management;

• the launch of a new Corporate Environmental Policy and redesigned Key Performance Indicators as part of an effort to reinforce an environmentally-conscious culture;

• Improvements in the treatment and consumption of water at the mining units;

• Enhanced environmental controls at mining units; and

Improved performance in external audits.

(iii) Community Relations

Change in risk profile vs 2014: HIGHER

Impact

Communities living in the areas surrounding Hochschild's operations may oppose the activities carried out by the Group at existing mines or, with respect to development projects and prospects, may invoke their rights to be consulted under new laws.

These actions may result in loss of production, increased costs and decreased revenues and in longer lead times and additional costs for exploration and in bringing assets into production, and lead to an adverse impact on the Group's ability to obtain the relevant permissions for current or future projects.

Mitigation

• Constructive engagement with local communities

• Community Relations strategy focuses on promoting education, health and nutrition, and sustainable development

• Allocation of budget and personnel for the provision of community support activities

Policy to actively recruit workers from local communities

2015 Commentary

During H2 2015, protests by communities close to Inmaculada resulted in a 25-day blockade preventing use of the main access road to the Inmaculada mine. The blockade did not affect the Group's production target for the year; however, the conflict disrupted normal operations, increased costs, and led to the intervention by the government to lift the blockade by facilitating an informal mediation between the Group and the relevant communities.

Working groups continue to meet periodically.

In addition, the Group has:

(i) actively engaged with other local communities to fully understand their needs and to implement an action plan; and

(ii) secured access to alternative roads to Inmaculada and Pallancata.

The risk of additional stoppages or blockades will continue to be present if the working groups do

not reach long-term agreements between the parties involved

Further details on the Group's activities to mitigate sustainability risks can be found in the sustainability report on pages 16 to 19

3. MACRO-ECONOMIC RISKS

(i) Political, Legal and Regulatory

Change in risk profile vs 2014: HIGHER

Impact

Changes in the legal, tax and regulatory landscape could result in significant additional expense, restrictions on or suspensions of operations and may lead to delays in the development of current operations and projects.

Implementation of exchange controls could impede the Group's ability to convert or remit hard currency out of its operating countries.

Mitigation

• Local specialist personnel continually monitor and react, as necessary, to policy changes

• Active dialogue with governmental authorities

Participation in local industry organisations

2015 Commentary

The measures adopted by the Peruvian authorities in 2014 continued to impact the mining sector in 2015.

These include:

• the prioritisation of remediation orders over fines for breach of environmental regulations;

• new permitting requirements which will lead to longer permitting periods and additional costs;

• implementation of the 'Prior Consultation' law requiring the approval of indigenous communities before certain mining activities can be undertaken.

2016 is an electoral year in Peru and therefore the mining sector is expected to be subject to heightened political debate with consequences for, amongst other things, labour and community relations and the regulatory regime.

The change in government in July 2016 will inevitably lead to a transitional period during which permitting periods will be further extended.

In Argentina, the year was dominated by the change of government following elections in October 2015.

Relevant developments since then include:

• partial removal of currency controls resulting in a marked devaluation of the Peso; and

• abolition of the tax on the export of dore.

Following the implementation of a new regional tax on mining companies' reserves in 2013, the Group launched a challenge regarding the constitutionality of the provincial law. The Supreme Court has decided to hear the case and, in the interim, has granted an injunction in favour of the Group's subsidiary entity, Minera Santa Cruz.

Further information on the financial risk can be found in note 36 to the Consolidated Financial Statements.

Appendix 2

Related-Party Balances and Transactions (reproduced from pages 99 and 100 of the 2015 Annual Report)

30 Related-party balances and transactions

(a) Related-party accounts receivable and payable

The Group had the following related-party balances and transactions during the years ended 31 December 2015 and 2014. The related parties are companies owned or controlled by the main shareholder of the parent company or associates.

Accounts receivable as at 31 December

Accounts payable as at 31 December

2015

2014

2015

2014

US$000

US$000

US$000

US$000

Current related party balances

Cementos Pacasmayo S.A.A.

11

45

40

49

Total

11

45

40

49

The account receivable relates to reimbursement of expenses paid by the Group on behalf of Cementos Pacasmayo S.A.A. The account payable relates to the payment of rentals.

As at 31 December 2015 and 2014, all other accounts are, or were, non-interest bearing.

No security has been granted or guarantees given by the Group in respect of these related party balances.

Principal transactions between affiliates are as follows:

Year ended

2015

2014

US$000

US$000

Expenses

Expense recognised for the rental paid to Cementos Pacasmayo S.A.A.

(285)

(185)

Transactions between the Group and these companies are on an arm's length basis.

(b) Compensation of key management personnel of the Group

As at 31 December

Compensation of key management personnel (including directors)

2015

US$000

2014

US$000

Short-term employee benefits

5,613

5,369

Long Term Incentive Plan, Deferred Bonus Plan and Restricted Share Plan

2,641

679

Total compensation paid to key management personnel

8,254

6,048

This amount includes the remuneration paid to the Directors of the parent company of the Group of US$4,155,759 (2014: US$4,005,780), out of which US$Nil (2014: US$160,462) relates to pension payments.

(c) Participation in rights issue by Pelham Investment Corporation ('Pelham') and Inversiones ASPI SA ('ASPI')

As at the record date of the Rights Issue, Eduardo Hochschild held his investment in the Company through Pelham. Following receipt of its entitlement under the Rights Issue, Pelham transferred, for nil consideration, its Nil Paid Rights in respect of 74,745,101 new ordinary shares to ASPI an entity that is also under the control of Eduardo Hochschild. Under the terms of an irrevocable undertaking signed between Pelham, ASPI and the Company, it was agreed that:

(i) ASPI would, among other things, subscribe for at least 68,887,508 new ordinary shares at an issue price of 47 pence per new ordinary share (the 'Subscription Commitment'); and

(ii) the Company would, among other things, pay ASPI a fee of 1% of the Subscription Commitment of approximately US$500,000.

Appendix 3

Statement of Directors' Responsibilities (reproduced from page 27 of the 2015 Annual Report)

The Directors confirm that to the best of their knowledge:

• the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Company and the undertakings included in the consolidation taken as a whole; and

the Management Report (which comprises the Strategic report, this Directors' Report and the other parts of this Annual Report incorporated therein by reference) includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

On behalf of the Board

Raj Bhasin

Company Secretary

15 April 2016

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Data and Statistics for these countries : Argentina | Peru | All
Gold and Silver Prices for these countries : Argentina | Peru | All

Hochschild Mining

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CODE : HOC.L
ISIN : GB00B1FW5029
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Hochschild is a silver and gold producing company based in United kingdom.

Hochschild develops silver, gold, copper, lead and zinc in Mexico and in Peru, and holds various exploration projects in Chile.

Its main assets in production are MORIS MINE in Mexico, SELENE, PALLANCATA, ARCATA and ARES in Peru and SAN JOSE ARGENTINA in Argentina, its main assets in development are SAN FELIPE in Mexico and INMACULADA in Peru and its main exploration properties are LIAM and AZUCA in Peru, THUNDER CREEK in Canada, MORIS ARECHUYVO in Mexico, LOS AMIGOS (ARGENTINA) in Argentina and VALERIANO in Chile.

Hochschild is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 66.9 billions as of today (US$ 78.4 billions, € 69.4 billions).

Its stock quote reached its lowest recent point on October 24, 2008 at GBX 100.25, and its highest recent level on November 30, 2021 at GBX 131.80.

Hochschild has 507 232 000 shares outstanding.

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