Resolute Mining (LON:RSG) have confirmed that they have sold their Ravenswood gold mine in Queensland.

The sale was confirmed after rumors hit the market on Monday, however today shareholders have been fully notified with confirmation.

On Monday, it was announced that Resolute were in talks with private equity firm EMR Capital Management Ltd, and today the mine has been sold to EMR Capital Management and Golden Energy and Resources (SGX:AUE).

Resolute said EMR is a “leading” resources-focused private equity company with “outstanding” credentials.

GEAR has coal assets in Indonesia as well as investments in two Sydney-listed miners, Westgold Resources Ltd (ASX:WGX) and Stanmore Coal Ltd (ASX:SMR).

Resolute have said that they will receive AUD100 million in cash and notes for the initial sale of the mine.

Subject to further terms of the deal, a further AUD200 million could be sent Resolute’s way dependent on gold production figures and gold prices.

The sale of Ravenswood comes at no real surprise as the firm was conducting a strategic review of these operations, however Resolute did say that it hopes the mine will produce 200,000 ounces of gold for 15 years from 2022.

in 2019, Ravenswood produced around 55,000 ounces and therefore this could be a good acquisition.

Resolute delighted with the deal

Resolute’s Managing Director and CEO, Mr John Welborn, was delighted with a strongly value accretive transaction:

“The sale of our Ravenswood Gold Mine on the terms announced today provides the opportunity for exceptional value for Resolute shareholders. We have strengthened our balance sheet with a combination of immediate cash and the potential for future upside as well as removing the requirement of a large near-term capital investment. The divestment has strong strategic merit for Resolute. We have delivered on our objective of ensuring a new long-life future for Ravenswood under a world-class operator and can now focus our attention and energy on our African portfolio and the abundant opportunities our experience provides for further growth and value creation.”

“The transaction delivers a fair share to all parties from the future value of the Ravenswood Expansion Project and effectively balances risk and reward. Our modelling at current gold prices demonstrates the expansion project at Ravenswood will be highly successful for EMR Capital and GEAR, and that the maximum value of A$300 million will be generated for Resolute. EMR Capital and GEAR are world-class mine developers and operators with outstanding track records of value generation. The EMR Capital and GEAR consortium are ideal parties to undertake the development of the Ravenswood Expansion Project. The upside sharing arrangement we have agreed aligns the interests of Resolute shareholders with those of EMR Capital and GEAR.”

“Ravenswood has been a consistent performer for Resolute for more than 15 years. Since acquisition in 2004, Resolute has mined and processed over 40 million tonnes of ore and produced almost two million ounces of gold. I congratulate the Resolute team, both past and present, for our performance at Ravenswood. We are proud of our achievements at Ravenswood and the significant economic benefits we have provided to the local community, the Queensland Government, and Resolute shareholders. We are confident Resolute’s legacy, and the interests of all stakeholders in Ravenswood, will be protected and enhanced by the new consortium.”

Resolute grow from strength to strength

It seems that the good news and optimism is surrounding Resolute right now.

On Monday, the firm saw its confidence pay off as it guided for a larger production capacity in 2020 in an update on Monday.

Resolute have announced a target of 500,000 ounces of gold in 2020 which shows a 30% rise on the 383,731 figure reported last week.

With the Syama operations, the firm has said that forecast is expected to around 260,000 ounces which shows a 7% appreciation from the 243,058 figure in 2019.

Resolute outlined an all-in sustaining cost figure of $1,090 per ounce for 2020, however this figure is still being calculated.

At Resolute’s other mine, Mako in Senegal, the company sees mining and processing carrying on at similar rates in 2020 to 2019, though grades will be lower due to depletion of higher-grade stockpiles.

Gold production at Mako is guided at 160,000 ounces in 2020, from 87,187 ounces in 2019.

Additionally, power supply agreement with Aggreko PLC (LON:AGK) is giving the chance for Resolute to make good progress.

The plans come into action following an ensured effort to lower operating costs for Resolute, and the new plans will help reduce power costs by around 40%.

It is fair to say that Resolute over the last few weeks have struck gold, and shareholders should remain thoroughly engaged with the future workings of the company.

Shares in Resolute trade at 62p (-0.18%). 15/1/20 12:54BST.

Production cuts give shareholders advanced warning

Anglo American – a fellow Peruvian Miner

Revolution Bars Group PLC (LON:RBG) have seen their shares jump over 5% following an impressive update.

The firm reported a seventh successive year of record Christmas sales and this lead to a rise in first half revenue.

Additionally, shareholders were further impressed as the firm announced a deal with real estate landlords to surrender its lease on five struggling sites, and have rent reductions at four other units.

In the four weeks to December 31, the firm saw a 4% rise in like for like sales, as weekly sales during the period averaged £65,000.

In the first half period, ending December 28 revenues grew 3.4% to £81.2 million from £78.5 million on year ago, as like for like sales also rose by 1.2%.

First-half adjusted earnings before interest, tax, depreciation and amortisation, pre-IFRS16, are expected to rise in line with market expectations. The adjusted measure also excludes bar opening-costs and share-based payments.

Revolution announced that they close three under performing stores which were located in Swansea, Wood Street and Liverpool.

Rob Pitcher – Chief Executive Officer said:

“I am delighted with our Christmas trading and the steady improvement in our like-for-like* sales performance over the first half is further evidence that our key initiatives are driving both operational and financial improvement. Considerable strides have been made in rebuilding customer loyalty and driving sales and profit from the existing estate, creating a stronger business with significant cash generation. Whilst external cost pressures persist, we will continue to manage cautiously, using excess cash to reduce indebtedness below one times EBTIDA before we will consider further expansion opportunities”

Loungers – a competitor to keep an eye on

A competitor in the form of Loungers (LON:LGRS) is a firm to keep an eye on.

In December, the firm gave a very impressive update to the market and looked to rival established names such as Fuller Smith & Turner (LON:FSTA) who have recently struggled.

The firm posted another “another strong” set of interim results, with revenue rising over 20%, which built upon a prior update provided in the middle of 2019.

Loungers own 161 bars, cafes and restaurants across England and Wales, and are a vastly expanding brand.

For the 24 weeks to October 6, Loungers revenue climbed 22% on the year before to £79.8 million, with the pretax loss narrowing to £2.5 million from £4.3 million. On a like-for-like basis, revenue growth was 5.4%, a figure Loungers said was “sector leading”.

Loungers reported an adjusted pretax profit of £2.6 million, after a £4.3 million loss the year prior.

It is on track to open 25 new sites during its current financial year, and has a “strong” pipeline further ahead. The target is for 25 new sites to open per year.

Tullow Oil (LON:TLW) are continuing their strategic review, as the firm updated shareholders on Wednesday.

The firm announced that they would be undergoing a strategic and operational review in December, and have faced troubles over the last few weeks.

Tullow today have said that progress is being made in this review and that the firm is still looking for a CEO.

Tullow said: “The Board’s business review covering all areas of Tullow’s operations, cost-base and reporting is progressing well. The Board is confident that the outcomes will deliver significant improvements to the Group’s organisational structure, major reductions in G&A and a more efficient and effective business. Actions taken in December included the implementation of a smaller, more focused interim Executive team and initial restructuring of the next level of leadership. Since then, work has focused on simplifying the structure of the organisation and these changes will be implemented in the coming months. The next phase of the review will focus on the investment plans for each of the Group’s major assets.”

“One of the decisions already made by the Board is to align the Group’s reporting calendar to that of its E&P peers and, going forward, the Group will report its Full Year Results in March and its Half Year Result in September. The 2019 Full Year Results will be released on 12 March 2020. The new timetable will enable Tullow to report on the key outcomes of the ongoing business review in its Full Year Results and its 2019 Annual Report and Accounts.”

“The recruitment of a new Chief Executive Officer is well under way with the assistance of an executive search firm.”

A few weeks back, Tullow reset their production guidance with regards to their operations in Ghana. Initially, it guided around 87,000 barrels of oil per day for 2019, and for between 70,000 barrels and 80,000 barrels in 2020.

However, the oil firm confirmed that production in 2019 was 86,700 barrels of oil per day, and it reaffirmed the 2020 guidance, which was something for shareholders to take as a positive in what has been a hectic few weeks for the firm.

Tullow guided for revenue in 2019 of approximately $1.7 billion, gross profit of around $700 million, and capital expenditure around $490 million.

Free cash flow is seen at approximately U$850 million, with net debt falling to $2.8 billion. As of June’s end, net debt was $2.9 billion.

Tullow expects to report pre-tax impairments and exploration write-offs of $1.5 billion primarily due to a $10/bbl reduction in the Group’s long-term accounting oil price assumption to $65/bbl and a reduction in TEN 2P reserves.

Dorothy Thompson, Executive Chair, commented today:

“Tullow has ended 2019 with average production of 86,700 bopd and free cash flow generation of c.$350 million. Since our December announcement, Tullow’s senior team has been working hard on a major review focused on delivering a more efficient and effective organisation. The fundamentals of our business remain intact: recent reserves audits demonstrate that we have a solid underlying reserves and resources base in West and East Africa, our producing assets continue to generate good cash flow and we retain a high-quality exploration portfolio. The Board and senior management are confident of the long-term potential of the portfolio and see meaningful opportunities to improve operational performance, reduce our cost base, deliver sustainable free cash flow and reduce our debt.”

United Oil Deal

Yesterday, both United Oil and Gas (LON:UOG) and Tullow confirmed that they would be extending a deal in Jamaica.

The two parties have furthered talks for the Walton Morant offshore asset in Jamaica.

United holds a 20% interest in Walton, and said that the initial exploration period with Tullow has been extended to July 31 as it was due to expire at the end of this month.

Tullow on the other hand hold the remaining 80% stake, and have the ultimatum as to whether they would “drill or drop” the asset.

At the Colibiri project, United Oil have expressed interest that the joint von sure will bring an additional partner to drill in 2021.

United Oil Chief Executive Brian Larkin said: “We are very pleased with the extension that has been granted. We have seen additional interest in the licence towards the end of 2019, and this extension will allow those parties to fully evaluate this excellent opportunity.”

Chief Executive Departure and Ugandan complications

The firm had started December in a dispute over their operations in Uganda.

The Ugandan Government had been in lockdown with firms such as Total (EPA: FP) and CNOOC (HKG: 0883) over the taxes assed on Tullow’s plans to sell part of its stakes in Ugandan oil fields, however the governmental disputes seem to have progressed last week.

Pat McDade, along with exploration director Angus McCoss, said they had quit the firm. The board said it was “disappointed by the performance of Tullow’s business”.

Tullow Oil saw more than £1.05 billion wiped off their market value on December 9, which left the company only valued at £801.7 million.

Certainly, Tullow will have tried to turn around fortunes in a busy few weeks for the firm.

Shareholders of Tullow can be optimistic with the update today, however the share price has not really recovered since that hectic Monday morning.

Shares in Tullow trade at 60p (+3.15%). 15/1/20 11:15BST.

Everyman Media Group PLC (LON:EMAN) have seen their shares jump today, following an impressive update from the entertainment group.

The firm reported that it has achieved record group sales of £65 million in the annual period which ended on January 2.

This was one of many stand out figures from this mornings update, as the £65 million figure showed a 25% rise from £51.9 million reported in 2019.

The firm noted that it had looked to improve customer service and quality of product, which led to a rise in average ticket price from £11.26 to £11.37 whilst spend per head rose to £7.13 from the 2018 figure of £6.30.

Notably, the firm also expanded its share in the market to 3.1% having held a 2.5% stake in 2018 amid competition from firms such as Odeon.

Everyman also added that pre-IFRS 16 EBITDA is expected to be approximately £12.0 million, an increase of 30% year on year.

The cinema chain now operates at 33 different venues, as five new sites were opened n the final quarter of the financial year (Cardiff, Clitheroe, London Broadgate, Manchester and Wokingham).

The total number of screens now operated by the Group is 110, which again shows a rise from 84 in 2018.

With Horsham and Newcastle which were opened in the first half of the year, this brings the total number of venues opened in 2019 to seven, a record number of openings for the Group in a single year.

Since the publishing of interim results in September, the firm has agreed lease deals for three more venues (Aberdeen, Exeter and London Kings Road).

With these in place, the firm has commitments in place to open a further 12 venues by 2022, with 4 openings confirmed for 2020, consisting of Dublin, Lincoln, London Kings Road, and Plymouth.

Crispin Lilly, Chief Executive of Everyman said: “This is a solid result for the year. After record admissions in 2018, UK box-office fell by 1.9% in 2019; despite this we grew each of our key performance metrics and also increased our overall market share of the UK box-office. We remain positive on the outlook for the cinema industry, the Everyman brand and for the Company in 2020. Our teams continue to deliver great results across all areas of the business and we are well placed to deliver to expectations in 2020.”

Successful year for Everyman

In March, the firm saw its profits up on the backs of new store openings, and this seems to have translated into the impressive update we have seen today.

Revenue for the year was up 27.7% to £51.9 million, compared to £40.6 million back in 2017.

Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation rose 38.2% to £9.2 million, an improvement from the £6.6 million reported a year ago.

During the period, Everyman Media Group said it opened five new venues, including locations in York, Glasgow and Liverpool, taking its estate to 26 sites and 84 screens as of March 12.

September Success

As mentioned previously, Everyman once again saw their profits rise when they updated the market in September.

Revenue for the six months grew 16% to £28.9 million and operating profit increased 14% to £1.6 million.

Everyman Media Group said that these were supported by increasing admissions and the amount spent on food and beverages.

Admissions were up by 9.4% to 1.5 million across the period and the cinema company experienced continued growth in average food and beverage spend, up by 13.2% to £6.95.

Adjusted EBITDA increased by 61% to £6.6 million, up from the £4.1 million figure recorded the year prior.

The Cinema Market

Rival in the cinema market Cineworld (LON:CINE) have seen a similar period of trading, however it seems that Everyman have taken the market by storm.

Just before Christmas, Cineworld announced that they would be buying Cineplex Inc (TSE:CGX), the largest cinema operator in Canada, for CAD2.8 billion.

Cineworld, said that it will pay ay CAD34 in cash for each Cineplex share. Cineplex shares closed in Toronto on December 16 at CAD24.01, giving it a market capitalization of CAD1.52 billion.

Cineworld believes the deal represents an “exciting” opportunity to enter the “stable and attractive” Canadian market. The transaction will add 165 cinemas and 1,695 screens to Cineworld, it said.

Certainly the update from Everyman will impress shareholders, as they hit the new year up and running there should be a strong sense that the group can capture more of the market with better customer service and stronger performances, like the one seen today.

Shares in Everyman Media Group PLC trade at 219p (+2.57%). 15/1/20 9:40BST.