New Britain sets POMSOX alight, MIL crash on ASX

WHILE there was plenty of pain about on the markets this week for Papua New Guinea stocks, a number caught the eye.

New Britain Palm Oil gained more than a third of its value on the Port Moresby exchange this week, closing Thursday at 36.33 kina, after it released positive full-year results.

It ended 2010 with an after-tax profit of $US266.4 million due in part to a higher oil price in the second half of the year.

Those results reflected increased volumes, with total oils shipped up 25.6% to 455,122 tonnes compared to 362,254t in 2009, and an improvement in crude palm oil prices from less than $800/t at the start of the year to more than $1100/t in the second half.

Elsewhere on the POMSOX, Highlands Pacific lost 3% to finish Thursday at 0.97 kina while Marengo Mining lost 6.67% to close at 0.70 kina.

On the London Exchange, Triple Plate Junction bucked its recent downward trend to finish 6.91% up to 5.88 pence on last night's trade.

It was a mixed week on the Toronto Exchange, with Marengo gaining 11.67% in spite of its performance on the POMSOX, as it updated its resource estimate at Yandera, with a 32% potential increase to contained copper metal.

However, LNG Energy finished last night down 9.09% over a week, at C60c.

On the Australian Securities Exchange, marginally higher gains were offset by a few heavy losses.

While Marengo Mining gained 10% to end Thursday trading at 33c while Highlands Pacific gained 5.41%, it wasn't such a great week for Frontier and MIL Resources.

Frontier lost 19.18% to follow on from its 5.33% loss last week to finish Thursday at 30c.

Micro-cap MIL Resources lost 20% to finish at 3c.

Meanwhile, new entrant to the watchlist, Kula Gold, gained 3.77% on news it had intersected significant gold mineralisation at Boniavat, at its Woodlark Island gold project.

Metals had a good week, with copper gaining US$137.5 per tonne on the London Metals Exchange to finish at $9903.5/t, up 1.4%.

Nickel also had a good one, up 2.35% to finish at $28834/t while gold continued to hover above the $1400 mark, finishing the week slightly up at $1416.45.

Tapis crude prices stabilised this week as investors waited on how developments in Libya would affect supply, finishing at $118 per barrel, down slightly on last week's $120.39/bbl.

  • NEW: Digital version of PNG Report magazine - View here
  • Porgera: Barrick-PNG talks go on - Read more
  • Follow the companies investing in the PNG market - Read more