ExxonMobil gets Moody's approval
EXXONMOBIL'S triple-A rating has been affirmed by Moody's Investor Service with a "stable outlook", reflecting the agency's expectation that the company's credit metrics will improve through 2019 from the cyclical low of 2016.
"Substantial operating cost reductions and more efficient capital spending have restored ExxonMobil's ability to fund the capital reinvestment necessary to maintain its industry-leading business profile and generate free cash flow, even in this much lower oil price environment," Moody's said.
Moody's also expects ExxonMobil's debt levels to decline modestly over the next few years as free cash flow combined with asset sales more than offset acquisitions.
St Barbara hedges another 50,000oz
SIMBERI gold mine owners St Barbara has said it had entered into forward gold contracts to secure a reliable cash margin on an additional 50,000 ounces of the New Ireland Province operation's anticipated financial year 2018 gold production.
A total of 50,000 ounces of forward gold contracts are to be delivered in monthly instalments from July 2017 to June 2018 at a forward price of $A1730 per ounce.
With the forward gold contracts in June and in April this year, a total of 100,000 ounces of Simberi's anticipated financial year 2018 gold production is hedged. Simberi's year to date all-in sustaining cost for the nine months to the third quarter, March 2017, was $A1210 per ounce.
Era transaction approved
PAPUA New Guinea-focused Era Resources has said shareholders have overwhelmingly approved the proposed "going-private" transaction.
The arrangement was approved by 99.89% of the 118,590,123 votes cast by shareholders present in person or represented by proxy at the meeting.
If all the legal approvals are obtained, the share consolidation arrangement is expected to close around June 14.
Era is the owner of the Yandera copper exploration development in Papua New Guinea's Madang Province.