Petrobras's 2 FPSO starts work in Dyna-mac Ltd, Singapore

Previously built OSX-1 out of the OSX fleets

FPSO OSX-1 

FPSO OSX-1, the first floating production, storage and offloading vessel in OSX’s fleet, has concluded its conversion in Singapore and set sail for Brazil. The journey is estimated to take 40 to 50 days.

The FPSO OSX-1 is commissioned to produce the first oil for our client OGX Petróleo e Gás Ltda. (OGX), which is expected to start oil production during the fourth quarter of 2011. Chartered by OGX for a period of 20 years at an average day rate of US$ 263,000, FPSO OSX-1 will be employed in the Waimea accumulation, in the Campos Basin. “Last week, I participated with OSX’s and OGX’s teams in the sail-away ceremony of FPSO OSX-1 in Singapore, symbolizing the official delivery of the unit, which is an important achievement for both companies,” said Carlos Bellot, OSX’s Leasing and Chief Operation Officer.

FPSO OSX-1 was built by the Samsung shipyard in Korea, and was customized to meet the technical specifications required by OGX and Brazilian law in the Keppel shipyard, in Singapore, which carried out the construction, modification and upgrade of the modules located on the hull, known as the “topside”. Both shipyards have a strong reputation for carrying out these activities.

“For OSX, receiving the FPSO OSX-1 means the beginning of a routine that will be repeated dozens of times from now on: OSX delivering FPSOs and WHPs for production of oil and gas by our client OGX, and by other companies dedicated to making real the oil discoveries that Brazil has been conquering,” concluded Luiz Eduardo Guimarães Carneiro, OSX’s Chief Executive Officer. 

OSX Brasil Receives USD 850 Million loan for FPSO OSX-2

OSX 2 Leasing B.V., a subsidiary of the OSX Brasil S.A., entered into a facility agreement with a syndicate of international banks lead by ING, Itaú-BBA and Santander, related to the granting of a loan in the amount of US$ 850 million, pursuant to the contractual terms, for investment in the construction and installation of the FPSO OSX-2.

The facility was initially underwritten by the three lead banks and thereafter syndicated globally. In addition to the lead banks, the financial institutions participating in the syndicate are: HSBC, Citibank, ABN Amro Bank, Banco do Brasil and NIBC.

OSX 2 Leasing B.V., a subsidiary of the OSX Brasil S.A., entered into a facility agreement with a syndicate of international banks lead by ING, Itaú-BBA and Santander, related to the granting of a loan in the amount of US$ 850 million, pursuant to the contractual terms, for investment in the construction and installation of the FPSO OSX-2. The facility was initially underwritten by the three lead banks and thereafter syndicated globally. In addition to the lead banks, the financial institutions participating in the syndicate are: HSBC, Citibank, ABN Amro Bank, Banco do Brasil and NIBC.

The general conditions of the loan are: average interest of Libor rates + 4.41 % p.a.; 12-year tenor from the date of the execution of the contract; grace period for principal payment during the construction and installation period; quarterly interest, to be financed during the grace period; and straight-line amortization, until the 12th year, commencing three months after the start of oil production by the unit.

This unit will be built pursuant to the EPCI definitive contract signed in April 2011 between OSX 2 Leasing B.V. and Single Buoy Moorings Inc. (SBM), a world leader in the offshore oil and gas industry. The FPSO OSX-2 will have oil production capacity of 100,000 bopd and storage capacity of 1,300,000 bbls. The FPSO OSX-2 will be chartered by OGX for a period of 20 years, and its final destination will be the Waimea accumulation, in the Campos Basin. Production of first oil is expected mid-2013.

“The financing for OSX-2 under the negotiated conditions, and considering the current credit scenario of the global economy, reaffirms the solidity and consistency of OSX’s projects. This negotiation reinforces the substantial relationships that OSX has been building with important global financial institutions. We are very pleased with this additional milestone reached by our Company, which enables the timely completion of the construction of OSX-2”,

2 new FPSO for OSX fleet are OSX2 and OSX3. The responsible companies for the engineering, procurement, construction, mobilization, installation, and commissioning of the FPSO are SBM and Modec. The builds mainly are conducted in Singapore, and Korea. In Singapore, building in Dyna-mac Ltd yard and Keppel Ltd (Benoi). 

SBM to Build FPSO for OSX 29.03.2010

OSX a signed letter of intention with SBM for the EPCI of the FPSO OSX-2, a production unit that will be installed by OGX in the Campos Basin.

The contract for construction of the unit is estimated at US$ 775 million and the first oil is scheduled to start the flow for commercial purposes in 2013. The FPSO OSX-2 will have the capacity to produce 1.3 million bopd and to store 1.3 million barrels.

The unit will be leased to OGX for a daily rate of US$ 290,000 for 20 years. The conversion deadline once the contracts are signed is 36 months.

OSX-2 build plan

MODEC Build FPSO OSX-3

The OSX-3 FPSO will be utilized within block BM-C-39 of the Campos Basin, offshore Brazil, on the Waikiki Pero Inga fields.

The FPSO will be moored in approximately 110 meters water depth, have a storage capacity of 1.3 million barrels, be capable of processing 100,000 BOPD of heavy oil from the Campos Basin reservoir, generate approximately 60 MW of power, and provide for 150,000 BWPD of seawater treatment and injection.

MODEC is responsible for the engineering, procurement, construction, mobilization, installation, and commissioning of the FPSO, including topsides processing equipment, hull and marine systems, and the external turret mooring (designed and constructed by its subsidiary, SOFEC).

The complete unit will be delivered to OSX in Brazilian waters in the third quarter of 2013, with a First Oil target of late September 2013.

PETROBRAS

Petrobras PBR stock price 9/2/2012

Brasil Petrobras

Petroleo Brasileiro SA Petrobras (Petrobras) is a Brazilian integrated oil and gas company. It operates in five segments: exploration and production; refining, commercialization and transport of oil and natural gas; petrochemicals; distribution of derivatives, electrical energy, biofuels and other renewable energy sources. Directly or through its subsidiaries, Petrobras is engaged in the research, extraction, refining, processing, commercialization and transport of oil from wells, shales and other rocks, its derivatives, natural gas and other liquid hydrocarbons, as well as in activities related to energy, promoting research, development, production, transport, distribution and commercialization of all forms of energy. As of December 31, 2010, it had 132 production platforms, 16 refineries, 291 vessels, 29,398 kilometers of pipelines, six biofuel plants, 16 thermoelectric plants, one pilot wind farm, 8,477 service stations and two fertilizer plants, as well as presence in 30 countries.

SBM Offshore

                                                        SBMO NV stock price 9/2/2012

SBM Offshore NV is a Netherlands-based company engaged in the design and provision of offshore energy systems on a lease or sale basis to the oil and gas industry. The Company's activities include engineering, supply and offshore installation of floating facilities for the production, storage and export of crude oil and liquefied natural gas, such as floating production storage and offloading systems, floating storage and offloading systems, tension leg platforms, monohull and semi-submersible floating production units, as well as self elevating mobile offshore production units. The Company also enters into turnkey supply contracts for crane vessels, pipelay barges and drilling units. Its specialized services include maintenance, spare parts, repairs and offshore installation. The Company has four main project execution centers located in the Netherlands, Monaco, the United States and Malaysia, and operates subsidiaries, such as Gusto B.V. and Single Buoy Moorings Inc, among others.

MODEC

 MODEC INC, stock price 9/2/2012

Founded in 1968, MODEC is a general contractor specializing in engineering, procurement, construction and installation of floating production systems including Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels, Tension Leg Platforms (TLPs), Production Semi-Submersibles, Mobile Offshore Production Units (MOPUs) and other new technologies which will meet the challenges of various types of gas production floaters.

MODEC provides Floating Production System operation and maintenance services around the world.

MODEC is headquartered in Tokyo, Japan and three main offices are located in Tokyo, Houston and Singapore. MODEC has regional offices in Angola, Australia, Brazil, China, Cote d'Ivoire, Ghana, Mexico, and Vietnam.

MODEC has some 2,500 employees with citizenship from more than 25 countries.

MODEC holds 51% of the shares in SOFEC, Incand 20% of the shares in Cameron Japan Ltd.

MODEC, Inc. is traded on the Tokyo stock exchange under the symbol 6269.

MODEC, INC. is a Japan-based company that is involved in the floating offshore oil and gas production facility business. The Company designs, constructs, installs and sells floating offshore oil and gas production facilities, including floating production, storage and offloading systems (FPSOs), floating storage and offloading systems (FSOs) and tension leg platforms (TLPs), to oil developers. The Company is also engaged in the leasing of its products, the provision of operation services, as well as the provision of charter services encompassing leasing and operation services. The Company also provides post-sale services, encompassing the provision of parts for the Company's facilities and engineering support services. As of December 31, 2010, the Company had 28 subsidiaries and 12 associated companies.

DYNA-MAC Holdings Inc. (DMHL.SI)

                                                        Dyna-mac, stock price 9/2/2012

Dyna-Mac Holdings Ltd., formerly Dyna-Mac Holdings Pte. Ltd., is a multi-disciplinary specialist provider of detailed engineering, procurement and construction services to the offshore oil and gas, marine construction and other industries. It has two segments: Module Business, which involves detailed engineering, procurement and construction of topside modules for floating production, storage and off-loading (FPSO) and floating storage and offloading (FSO), and Ad Hoc Projects, which includes detailed engineering and fabrication services for specialized structures for semi-submersibles and sub-sea products, such as manifolds and buoys. It also includes fabrication of heavy steel or mechanical structures, including material handling equipment, process piping and tanks for various types of petrochemical and pharmaceutical plants and any other modular construction (other than topside modules for FPSO and FSO)

European freeze may last to end of February

Wed Feb 8, 2012 7:24am EST

* High-pressure system may not clear until end of February

* Weather system's size makes it hard to forecast

By Yeganeh Torbati

LONDON, Feb 8 (Reuters) - The worst February cold spell Europe has seen in decades may last until the end of the month, leading meteorologists said, raising the prospect of an extended spike in European spot gas prices.

"We do have higher confidence in a change by mid-February, but not to milder weather," Leon Brown, a meteorologist at The Weather Channel in the UK, told Reuters.

"We expect a colder plunge from the Arctic with northerly winds as the blocking ridge declines eastwards to Russia, this time a blocking pattern developing to our west over the Atlantic. February will probably remain a cold month right to the end."

Cold polar air from northern Russia flanking an area of high pressure has prevented warmer weather from moving in across the Atlantic over Europe, plunging a wide swathe of the continent into sub-zero temperatures for much of the past 10 days.

Officials from the World Meteorological Organization (WMO), speaking at a briefing in Geneva this week, also did not rule out the possibility of cold temperatures lasting for the rest of February.

Omar Baddour, who coordinates the WMO's climate data monitoring programme, said there was a chance the pressure system might start lifting next week, but said it could remain until the end of the month.

A difference in pressure between Europe and the Arctic known as a "negative Arctic oscillation", part of the cause of the freezing weather, is expected to take two or three weeks to return to equilibrium, Baddour said, meaning there may be no early thaw.

Though the phenomenon of the high-pressure system itself is not unusual, the dramatic turn to below-normal temperatures after weeks of mild winter weather took experts by surprise, Brown said.

"It's actually quite unique and a bit baffling how this winter has developed," Brown said. "It's unusual for it to develop so suddenly and have it become a persistent block toward the end of January and February."

The cold spell is the strongest one to happen in the month of February in 26 years, said Georg Mueller, a forecaster at Point Carbon, a Thomson Reuters company.

"It was in 1986 when we had the last similarly severe cold weather (in February)," Mueller said.

The sheer size of the current Siberian blocking pattern has made it difficult to predict how it will move, Brown said.

"In this instance this big blocking of cold air ... seemed to influence the way the winds behaved rather than the other way around," he said. "We didn't expect the cold block to become so persistent and then move westward."

Even computer models are having trouble making forecasts for when the system will clear out of Europe, Brown said.

"Many of the computer model runs keep on trying to bring a breakdown about five or six days ahead, but they continuously backtrack and delay the pattern change," he said. "There have been a wide number of model solutions from six days out recently."

Already, the cold snap has driven UK gas prices up to their highest levels since 2006, hitting above 100 pence per therm on Tuesday, a surge of more than 15 percent .

Russia curtailed gas exports to Europe last week just as demand reached all-time highs, forcing countries like Italy to increase imports from Algeria and extract stored gas.

Protracted cold temperatures and increased domestic demand could force Russia to cut its exports to Europe again.

Gas, Petrol, Heating Gas, Energy and Utilities maybe surge due to extreme weather.

Europe Extreme Weather VS Europe Stock Market Performances 8/2/2012

Europe Extreme Weather VS Europe Stock Market Performances 8/2/2012

Symbol	Name	Last Trade	Change
^ATX	ATX	2,260.007:42AM EST	41.10 (1.85%)
^BFX	BEL-20	2,286.758:13AM EST	0.49 (0.02%)
^FCHI	CAC 40	3,426.428:13AM EST	14.88 (0.44%)
^GDAXI	DAX	6,802.788:01AM EST	48.58 (0.72%)
^AEX	AEX General	326.33Feb 3	3.27 (1.01%)
^OSEAX	OSE All Share	468.588:01AM EST	6.05 (1.31%)
^OMXSPI	Stockholm General	338.098:19AM EST	1.52 (0.45%)
^SSMI	Swiss Market	6,184.498:02AM EST	26.90 (0.44%)
^FTSE	FTSE 100	5,893.538:01AM EST	3.27 (0.06%)
FPXAA.PR	PX Index	1,022.808:13AM EST	20.50 (2.05%)
ESI500000000.MA	IGBM	897.588:00AM EST	6.22 (0.70%)
MICEXINDEXCF.ME	MICEX Index	1,559.529:02AM EST	3.49 (0.22%)
GD.AT	Athex Composite Share Price Index	814.488:02AM EST	12.27 (1.53%)

According to the comparison, it seemed to be not affected YET. 

NYSE Stocks Picks 8th February 2012

NYSE Stocks Picks 8th February 2012

 PFIZER PFE.N - NYSE

Bristol-Myers Squibb Company (BMY) - NYSE

News on Australia Flood 2012

Australia Floods 2012

Brisbane, Australia, Monday, Feb. 7, 2012

Flooded property during an evacuation of flood victims, 29 miles south of Charleville in Queensland state, Australia, Monday, Feb. 6, 2012

Maranoa River in flood at Mitchell in Queensland on February 2, 2012

An aeriel view of the swollen Balonne River in Queensland

BHP and Australia Northern Territory Flood 2012

Share Price BHP BHP Billiton Ltd 7/2/2012

The share price of BHP on NYSE seemed unaffected YET by the Australia Northern Territory Flood 2012. But take notice on this. Below are news related BHP in this period.

Dr Marius Kloppers (born August 26, 1962) is CEO of BHP Billiton, the world's largest mining company. He is presently the group president of BHP's non ferrous metals division.

Flooding continues to impact BHP Billiton

Reuters | Wed, 20 Jul 2011 09:27

BHP Billiton reported a bigger-than-expected quarterly jump in metallurgical coal production from flood-hit eastern Australia, but warned that the flood impact would continue to hold back production for the rest of 2011.

BHP said metallurgical coal output jumped 19% from the previous quarter to hit 7.9 million tonnes, above expectations for 7 million tonnes, but output was still 28% below levels a year ago as mines continued to operate below peak capacity.

"While production did improve in the June 2011 quarter ... we continue to expect production, sales and unit costs to be impacted, to some extent, for the remainder of the 2011 calendar year," BHP said on Wednesday in its fiscal fourth quarter production report.

Australia's central bank on Tuesday warned the recovery in coal exports after flooding in Queensland state earlier this year was taking "significantly longer than earlier expected", and the return to full production could be delayed until early next year.

The slower recovery would weigh on growth and keep GDP expansion below forecasts, the bank warned, after the economy suffered its biggest decline in 20 years in the first quarter when extensive flooding hit coal exports.

West Australian iron ore output increased 7% on the quarter to 35.5 million tonnes, in line with expectations for 35 million tonnes. That took full-year production to 134.4 million tonnes, reflecting a rapid expansion programme underway to meet strong demand from Asian steel mills.

BHP said it ran its iron ore division in the June quarter at an annualised run rate of 155 million tonnes.

BHP is the world's no.3 iron ore producer behind Rio Tinto and Vale of Brazil.

Although its iron division is bigger, analysts have focused on coal because of concerns over the company's ability to ramp up production after the floods.

Coal is Australia's second biggest export earner after iron ore, seen generating A$60bn worth of export revenue in fiscal 2012.

BHP's close rival Rio Tinto warned last week that its Australian coal operations were still recovering from the floods. Rio has already lowered its hard-coking coal output guidance for full-year 2011 to 8 million tonnes from 9.3 million tonnes previously.

The heavy rains and cyclones that battered collieries in Queensland state's Bowen Basin, where BHP Billiton mines most of its metallurgical coal in partnership with Mitsubishi Corp , took the greatest toll on output.

Rolling work stoppages at six of the BHP Billiton-Mitsubishi alliance's seven mines, as union workers press for greater job security, are also impacting production.

The targeted mines have a combined production capacity of more than 58 million tonnes per year of metallurgical coal used to make steel and account for about a fifth of the global trade. Analysts have estimated a loss of between 500,000 tonnes and 1 million tonnes. 

YAHOO NEWS FULL COVERAGE ON QUEENSLAND FLOODS


http://au.news.yahoo.com/full-coverage/qld-floods/a/-/article/12840430/bhp-profit-down-but-still-9-3-billion/


BHP PROFIT DOWN BUT STILL $9.3 BILLION
By Greg Roberts, AAP

BHP Billiton has posted a weaker than expected first-half profit of $US9.941 billion ($A9.3 billion) but it was still one of the strongest in corporate history.

Chief executive Marius Kloppers emphasised the company's diversification on Wednesday but it was the iron ore and petroleum divisions that dominated, representing more than 75 per cent of $US15.7 billion ($A14.58 billion) in earnings before interest and tax (EBIT).

The net profit was 5.5 per cent weaker on BHP's $US10.5 billion ($A9.83 billion) profit in the prior corresponding period and $US13.1 billion ($A12.26 billion) in the second half, both records for ASX companies.

The company's shares were 33 cents, or 0.9 per cent, down at $37.57 at 1242 AEDT.

There were no share buybacks announced and the company declared a fully-franked interim dividend of 55 US cents (A51.47 cents), up from 46 US cents at the same time last year but unchanged from the previous half, disappointing some investors.

Analyst Peter Esho from City Index described the result as solid but noted increased gearing, with net debt of $US21.5 billion ($A19.97 billion) - an increase of $US15.6 billion ($A14.49 billion) - and larger exposure to iron ore and petroleum.

Europe-driven global economic volatility, industrial strife in Australian and South America and poor weather pushed down commodity prices and led to production constraints.

Analysts had expected the world's biggest miner to post a net profit of about $US10 billion ($A9.36 billion) in the six months to December 31.

The petroleum division surprised by producing better-than-expected EBIT of $US3.9 billion ($A3.62 billion), despite low US domestic gas prices that have fallen since it spent $US15 billion ($A14.04 billion) on shale gas assets there.

Mr Kloppers would not say whether or not BHP would write down those gas assets but he expected improvements in oil production to offset them.

Iron ore's EBIT contribution increased 36 per cent to $US7.9 billion ($A7.34 billion) with prices that fell late last year offset by a boost in production.

The worst performers were aluminium, base metals, nickel and diamonds and the outlook is challenging, with Mr Kloppers admitting that he wanted to continue selling smaller, less material assets.

He described the result as "robust and predictable" considering market sentiment was changing monthly.

"This strong and predictable performance reflects our strategic positioning as a more diversified company by geography by product and by market," he told reporters.

He said he was still cautious about the economic outlook in 2012 but emphasised optimism for long-term commodity demand.

That optimism is underlined by BHP's plans to increase iron ore production to 350 million tonnes a year by 2020 (it is currently 178mtpa) and its recent $US779 million commitment to building an outer harbour at Port Hedland for shipments.

"That is predicated on structural drivers of industrialisation and urbanisation, with our more diversified portfolio playing into early, mid and late stage commodities," he said.

"We are extremely well-positioned to capitalise on this demand."

Industrial action including strikes and lower grades led to a 16 per cent decline in copper production at the Escondida mine in Chile.

While production of coking coal and thermal coal improved, industrial action and weather had meant BHP's Queensland coal operations ran at about 20 per cent below capacity.The positive in that was that there was "latent capacity" to be unlocked, including improved production to be achieved at Escondida beyond 2012, Mr Kloppers said.

Temporary licence for Lynas rare earths plant in Malaysia and its issues

Malaysia approves temporary licence for Lynas rare earths plant

AELB CHAIRMAN

Y. Bhg. Prof. Datuk Dr. Sukiman Sarmani

Lecturer

Faculty of Science and Technology

National University of Malaysia

Feb 1 (Reuters) - Malaysian authorities approved a temporary operating license for Australia's Lynas Corp.'s $200 million rare earths processing plant, a move seen as crucial to easing China's grip on the supply of minerals used in products from smart phones to hybrid cars.

The approval by the country's Atomic Energy Licensing Board on Wednesday eases uncertainty for Lynas and investors after speculation that the licence could have been rejected in the face of opposition from political parties and residents near the plant ahead of national elections expected within months.

"The temporary licence has been approved with conditions. If these conditions are not met, the temporary licence can be suspended or cancelled and subsequent applications for the licence will not be considered," the atomic licensing board and the Ministry of Science said in a joint statement.

Malaysian government officials have said the final decision on the so-called pre-operating licence will be made by Prime Minister Najib Razak and his cabinet, but an opposition politician has already called for a judicial review .

Fuziah Salleh - PKR vice-president

"I am disappointed, but I expected this move from the Malaysian government," said Fuziah Salleh, an opposition member of parliament for Kuantan in Pahang state where the plant is being built.

She said opponents would file for a judicial review of the decision, especially to voice their concern that radioactive residue from the plant's operations could contaminate the environment.

"The main issue is the permanent disposal facility, the government has asked for the waste to be shipped back to the source -- which is Mt Weld but Australia has said it will not take the waste back. So Malaysians are stuck with it at the expense of profits for Lynas."

Original from :http://www.reuters.com/article/2012/02/01/australia-lynas-malaysia-idUSL4E8D15KQ20120201?type=companyNews

The Atomic Energy Licensing Board (AELB) today clarified that Lynas Corporation has yet to be issued a Temporary Operating Licence (TOL).

The TOL, which was approved on Wednesday, would only be issued once Lynas made the required payments and the AELB appointed an independent, third-party assessor.

These payments comprise the licencing and processing fees, the first instalment of the US$50 million to the Malaysian government and the cost of AELB’s third-party assessor.

Original from : http://www.freemalaysiatoday.com/2012/02/03/aelb-lynas-licence-not-issued-yet/

Lynas's Share Price After being approved for a Temporary License

Lynas warns on any move to shut Malaysia rare earths plant

(Reuters) - Australia's Lynas Corp warned against any move by Malaysia's political opposition to shut the company's $200 million rare earths processing plant, saying on Tuesday such action would deter other foreign investment in the country.

An opposition member of parliament for Kuantan, where the controversial plant is being built, on Monday told Reuters the opposition would stop the plant if it won elections expected to be called within months.

Lynas Executive Chairman Nicholas Curtis

Lynas Executive Chairman Nicholas Curtis dismissed Kuantan MP Fuziah Salleh's view as only one view within what would make up the political coalition against the government and said the main opposition PAS party supported the Lynas plant.

"She is the only person who has come out and said that the opposition would potentially revoke (a license). I do not consider the words of a known opponent to carry necessarily the PAS party position at all," Curtis said, adding that he did not believe her view represented the PKR party's policy either.

"It would certainly not be stable for foreign direct investment in Malaysia were that situation to occur," he told analysts and reporters on a conference call.

Lynas is awaiting a temporary license to start operating the rare earths plant and is expected to receive a decision from the cabinet of Prime Minister Najib Razak next week, based on whether the plant meets safety standards for handling radioactive material.

"We look forward to hearing the final decision of the government in the very near future," Curtis said, declining to comment on whether any conditions may be attached to the temporary license.

The plant, which is 91 percent complete and on track to be able to start producing in the June quarter, will process rare earths from Lynas's Mount Weld mine in Australia.

The operation is key to breaking China's grip on the supply or rare earths metals, crucial in high-tech and green products ranging from smartphones to hybrid cars.

Curtis said quotas imposed by China on rare earths exports as it deals with environmental problems at some domestic operations were likely to constrain supply for some time.

"We do expect that prices will continue to reflect a structural deficit in the market for a period of time to come," Curtis said.

Lynas sells bonds to fund Malaysian refinery

Lynas, owner of one of the few operational rare earth mines outside of China, has agreed to sell $US225 million ($214 million) in convertible bonds to help fund what will be the world’s largest refinery of the minerals in Malaysia.

Mount Kellett Capital Management agreed to buy the bonds on behalf of funds it manages, Lynas said today. Lynas also pushed back the planned start up of the refinery to the second quarter this year from the first quarter because of extra engineering requirements and the monsoon season.

Lynas is awaiting Malaysian approval to start refining rare earth ore produced at its Mount Weld mine in Australia. Malaysia’s Atomic Energy Licensing Board will make a recommendation at the end of this month, which will then be considered by cabinet, Malaysia’s International Trade and Industry Minister Mustapa Mohamed told reporters last week.

Read more: http://www.smh.com.au/business/lynas-sells-bonds-to-fund-malaysian-refinery-20120124-1qffv.html#ixzz1lIhEpJEN 

NYSE Stocks Picks 3rd February 2012

NYSE Stocks Picks 3rd February 2012

Procter & Gamble Company (The) (PG) -NYSE 

American Electric Power Co Inc (AEP)

Racist and Discriminatory practices in Kelab Golf Negara Subang KGNS

One more time for malaysia BOLEH ! Racist practices in  Kelab Golf Negara Subang or Subang National Golf Club, KGNS, located in Subang Jaya. 

Original article is from http://sg.sports.yahoo.com/blogs/fit-to-post-sports/discriminatory-practices-prominent-golf-club-093228815.html . 

Its quite sad and horrible, only happen in Malaysia under BN rules. Unhuman and anti-humanism. Sort of racist separation mindsets in the BN's members have to be cleaned. This is Racism.