Shares of GMG Global (GMGG.SI), a Singapore rubber producer, rose as much as 6.8% on news reports that it had resumed shipments of rubber from its facilities in the Ivory Coast.
At 9:40 a.m., GMG Global shares were up 5.1% at $0.31 on a volume of 31.2 million shares.
The firm did not immediately comment when asked about the reports.
GMG Global said shipments from its rubber plantation and processing plant in Ivory Coast have resumed after delays last month caused by the West African nation’s political crisis.
The “shipment schedule for GMG is back on track and there are no further delays,” said Candy Fanya Chang, a spokeswoman for the Singapore-based company, in an e-mailed response to questions today.
GMG owns a majority stake in Tropical Rubber Cote d’Ivoire, a company that runs a 1,560-hectare (3,850-acre) plantation and a processing plant capable of producing 36,000 tonnes a year.
At least 173 people have died in unrest in Ivory Coast since the country’s Nov 28 presidential run-off election left both candidates claiming victory. Ivory Coast is Africa’s largest producer of rubber. The country’s exports increased 37% to 12,433 tonnes in November, the port of Abidjan said in a Dec. 28 statement.
June-delivery rubber extended its rally to a record 440.8 yen ($6.86) per kilogram in after-hours trading on the Tokyo Commodity Exchange after data showed improvement in the US economy, boosting expectations demand will expand for the commodity used in tires.
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GMG Global said shipments from its rubber plantation and processing plant in the Ivory Coast have resumed after delays last month caused by the West African nation’s political crisis.
The “shipment schedule for GMG is back on track and there are no further delays,” said Candy Fanya Chang, a spokeswoman for the Singapore-based company, in an e-mailed response to questions today.
The U.S. is renewing its call for Ivory Coast President Laurent Gbagbo to yield power to the internationally recognized winner of the November election.
Assistant Secretary of State for African Affairs Johnnie Carson says Gbagbo’s continued hold on power amounts to election theft.
Shares of rubber producer GMG Global <GMGG.SI> fell as much as 8.3% on Wednesday as investors were nervous about the political unrest in Ivory Coast, where the firm has processing operations.
At 2:41 p.m., GMG Global shares were down 6.7% at $0.28, the lowest in more than two months, on a volume of 102.3 million shares.
Daiwa keeps Olam International (O32.SG) at Buy with a $3.52 target price. Expects the situation in Ivory Coast — where there is civil unrest after a disputed election — will have a neutral impact on Olam.
“We expect Olam to generate more cocoa volume sales, but a thinner unit contribution” in 2Q-3Q FY11. Says Olam would theoretically face a price risk from the change in cocoa prices from the time of the cocoa harvest (typically October-December in Ivory Coast) and the time it can reset its hedge via deliverable futures.
Petra Foods, the Cemoi Group and the Blommer Chocolate Company have formed a Joint Venture (JV) company PACTS (Processors Alliance for Cocoa Traceability and Sustainability) to produce fermented cocoa beans in Africa’s Ivory Coast.
Some ivory sales are a good idea. This one isn’t
IN 1989 the signatories to the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) agreed to ban the ivory trade, and banned it has remained. Except, that is, for when CITES chooses to allow it—as it has done now and then since 1997, when specific countries have some well-sourced ivory to get rid of. Most recently, in 2008, South Africa, Botswana, Namibia and Zimbabwe were allowed to make such sales to China and Japan. Now, as the triennial CITES meeting gets under way in Doha, both Tanzania and Zambia say they want to do something similar.
Those in favour of such sales (most notably, the countries which seek to make them) say they allow countries to benefit from having elephants, and help to finance elephant conservation and protection. Those against them (some conservation charities and some academics in the field) argue that any sale of ivory will lead to an increase in poaching by stimulating demand, and that little of the money raised actually goes to elephants. …
Not for the first time Didier Drogba and his Ivory Coast teammates turned up at the Africa Cup of Nations wearing the mantle of favourite only to flatter to deceive. In 2006, the Elephants suffered a shattering 4-2 penalty defeat to Egypt in the final in Cairo. Two years later in Ghana they
Algeria, Cameroon, Ivory Coast and Tunisia could qualify for the 2010 World Cup in South Africa this weekend. Ivory Coast need one point at bottom-of-the-table Malawi Saturday in Group E to clinch a second successive appearance at the quadrennial international football showpiece. But
Kenyan authorities have seized 300kg (660 lbs) of illegal ivory hidden in coffins on a plane bound for Laos.
The haul included 16 elephant tusks and black rhinoceros horns. Officials said the blood on the ivory suggested the animals had been killed very recently.
The flight – which stopped in Nairobi – originated in Mozambique and was bound for Thailand and then Laos.
The haul of ivory may have had a value of about one million dollars (£614,000,000), Reuters reports.
Officials from Kenya’s Wildlife Service said the ivory might have come from Tanzania or South Africa.
The black rhino is found only in eastern and southern Africa.
The international ivory trade has been banned since 1989. The sale of ivory is illegal if the ivory is not from pre-1989 stockpiles.
However, some countries have done little to enforce the ban. </p
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