Vale Profit Falls Amidst Record Output
Brazilian miner Vale SA posted a sharp decline in profit from the previous quarter as lower iron ore prices undermined record production of the steel-making ingredient. Vale, the world's largest producer of iron ore, reported second-quarter net income of $1.43 billion, down 43 percent on the previous quarter and below the average analyst estimate of $1.89 billion in a Reuters survey. "It was a very challenging environment where the price of our most important product has dropped by 15 percent," Chief Financial Officer Luciano Siani said in a video accompanying results. Net income was more than three times higher than the year-ago quarter, when a one-time foreign exchange charge slashed profit to $424 million.
Hyperdynamics' Guinea Consortium Provides Notice of Intent
Hyperdynamics Corporation announced that Tullow Oil Guinea Ltd. has formally notified the Republic of Guinea, on behalf of the consortium that is exploring for oil offshore Guinea, of its intent to elect to extend the Second Exploration Period for an additional three years, as provided for under the terms of its existing Production Sharing Contract (PSC). During the three-year extension of the Second Exploration Period – which extends through September 21, 2016 – the consortium will be required to drill one exploration well to a minimum depth of 2,500 meters below the seabed. Tullow Oil, the concession's operator, plans to spud the next exploration well – a deep water fan prospect – in the first quarter of 2014.
Mercy Ship Visited by President of Guinea
Professor Alpha Condé, President of Guinea, tours the 'Africa Mercy' hospital ship, docked at the Port of Conakry, the capital of Guinea. Donovan Palmer, Managing Director and International Vice-President of Mercy Ships, the Senior Management Team and over 100 Mercy Ships volunteers were present as a strong demonstration of appreciation and respect to the President and his government for enabling and supporting the Mercy Ships medical mission in Guinea. President Condé expressed his appreciation for how much he had learned about Mercy Ships on his tour.
Thousands Queue at Hospital Ship in W.African Guinea
Over 4,300 people queue for mass screening hoping for an appointment card leading to life changing surgery aboard 'African Mercy'. In drizzling rain several hundred people joined the queue, and by daybreak they started to come in their thousands; this was no grand final, and no rock concert – 'The Mercy Ship' had arrived in the West African nation of Guinea. Guinea is one of the least developed countries in the world, ranking 178 out of 187 on the UN Human Development Index. According to the World Health Organization…
