Ivanhoe entrusts 26% of Platreef to 20 host communities in BBBEE deal

TORONTO (miningweekly.com) Africa-focused project developer Ivanhoe Mines, which is planning to build its $1.7-billioin flagship Platreef platinum group elements project in South Africa, on Thursday announced that it had finalised a broad-based black economic-empowerment (BBBEE) deal, giving 20 local communities a 26% interest in the project.

The deal now paved the way for the Department of Mineral Resources (DMR) to formalise and execute the mining right granted to Ivanhoe in May.

The project is located in the heart of South Africas Bushveld Igneous Complex, which is a most-important global platinum-producing region, having been likened to an lsquo;Aladdins Cave for its colossal mineral wealth.

TSX-listed Ivanhoe said about 150 000 people lived in the 20 host communities that formed part of the BBBEE transaction. A total of 187 local entrepreneurial companies, representing a combined 333 individual shareholders, participated in the entrepreneurial subscription.

Upon execution of the mining right, a community trust for the 20 host communities would receive a yearly fixed contribution of R11-million (about C$1.1-million) while the mine was being developed.

Ivanhoe subsidiary Ivanplats (previously known as Platreef Resources) transferred the 26% interest in Platreef to a BBBEE special purpose vehicle, as required by South Africas mining laws on June 26, fulfilling the requirements under the companys mining right application.

With arrangements for individual funding contributions in place, the final allocation of ownership to local entrepreneurs was concluded on September 3, which completed the BBBEE transaction, Ivanhoe explained.

The Platreef Projects BBBEE structure established a 20% interest held by a trust established for the benefit of the 20 local host communities in the vicinity of the planned Platreef mine development; a 3% interest held by a trust established for the benefit of historically disadvantaged, nonmanagerial South African employees at Platreef and a 3% interest held by a consortium of local entrepreneurs and managerial employees.

Executive chairperson Robert Friedland commented that the new BBBEE ownership stake was a landmark for the Platreef project, demonstrating Ivanhoes commitment to the empowerment of black, historically disadvantaged South Africans.

Ivanhoe Mines is extremely proud of the innovative BBBEE transaction that has just been concluded with Platreefs host communities, local entrepreneurs and the projects employees. We believe that this agreement represents one of the broadest empowerment transactions seen in the mining sector, placing a major ownership stake in what will be a very significant mine in the hands of historically disadvantaged South Africans and meeting the policy objectives of South Africas mining laws, particularly the Mining Charter, he noted.

The traditional chief of Mokopane (previously Potgietersrus) Kgoshi Kekana added that the deal marked a new beginning for our villages and Mokopane as a whole.

We are confident that this BBBEE transaction is going to contribute significantly to the socioeconomic development and upliftment of our host communities. Small and medium [-sized] enterprises will reap not only the benefits of having a new-era mine development on their doorstep, requiring the provision of extensive goods and services, but will also have participating ownership in the project, VP of transformation and stakeholder relations Dr Patricia Makhesha said.


Ivanhoe in March released its preliminary economic assessment (PEA) of Platreef, which used a base-case output scenario of 785 000 oz/y of platinum, palladium, rhodium and gold, with an estimated preproduction capital cost of about $1.7-billion.

The project was believed to contain the highest concentration of base metals among Africas platinum group metal (PGM) producers, helping to rank it at the bottom of the cash-cost curve, at an estimated $341/oz of PGMs plus gold, net of by-products.

The PEA estimated the project to have an after-tax net present value of $1.6-billion at an 8% discount rate and an internal rate of return of 14.3%.

LodgeNet Lenders Blast Mast’s ‘Brazen’ Debt Workout

By Andrew Scurria

Law360, New York (September 18, 2014, 8:46 PM ET) — Creditors of the reorganized hotel media provider formerly called LodgeNet Interactive Corp. sued Wednesday to block a radical and brazen restructuring plan crafted by fellow creditor Mast Capital Management LLC, saying it subordinates their debt in violation of LodgeNets Chapter 11 plan.

The bankruptcy-court lawsuit alleged that the proposed restructuring would swing nearly all of the companys value to a select group of secured lenders led by Mast, a Boston-based hedge fund, and destroy the value of excluded lenders debt.LodgeNet, now known as Sonifi Solutions Inc….

Mars Hill Church Begins Church Closures Due To Financial Trouble

Mars Hill Church announced on Sunday the closure of three of its church locations due to financial strain, with a possible fourth on the horizon.

Downtown Seattle and U-District churches in Washington will be consolidated with Mars Hill Church Ballard as of October 12th. The Mars Hill Church in Phoenix will close its doors on September 28th. The organization also announced that it has ceased development of a Los Angeles church plant and may be forced to close its Huntington Beach location if it is unable to raise funds by the end of the year.

We have found ourselves in a serious financial situation, as giving and attendance has declined more than we had anticipated over the last few months, Mars Hill Communications Editorial Manager Justin Dean told HuffPost by email.

The closures mark another blow to the organization, which has found itself in the spotlight in recent months over church founder Mark Driscolls alleged plagiarism and misuse of church funds.

Mars Hill acknowledged on its website that unflattering media coverage may have played a roll in the dip in church donations. In a weekly update the organization wrote:

It is your continued support that is needed now more than ever. While we were able to end the fiscal year strong, giving and attendance have declined significantly since January. Specifically, we have seen a substantial decrease in tithes and offerings these past two months, due to the increase in negative media attention surrounding our church.

Prior to announcing its financial difficulty, Mars Hill raised nearly $3 million at the end of 2013 in part to fund the planting of its Phoenix location and the replanting of the Huntington Beach location — as well a much-touted Jesus Festival that disappeared from the churchs calendar over the summer.

The church closures leave many wondering what Mars Hills future will be moving forward.

Mark Driscolls teachings have left thousands of people exposed to the meanest form of church, Katie Ladd, a pastor with the United Methodist Church in Seattle, told HuffPost.

Even apart from Driscolls behavior, Ladd said she welcomes Mars Hills departure from its downtown Seattle location which was originally inhabited by a UMC congregation, First Church, founded in 1853.

When Mars Hill moved in there was a collective gasp by United Methodists, Ladd told HuffPost. First Church has stood for justice and peace for over a hundred years. Even though the congregation lives and thrives in a new place, I was sorrowful to see its historic location become part of the Mars Hill network, which does not reflect the value of inclusion or a gospel of compassion that First Church has championed for so long.

The future of this historic site — like the church that most recently called it home — hangs in the balance, as Dean said the property owner has chosen to terminate Mars Hills lease earlier than expected in order to build a new skyscraper next door.

LodgeNet Creditors Sue To Block ‘Brazen’ Restructuring Plan

By Andrew Scurria

Law360, New York (September 18, 2014, 8:46 PM ET) — Creditors of the reorganized hotel media provider formerly called LodgeNet Interactive Corp. sued Wednesday to block a radical and brazen restructuring plan crafted by fellow creditor Mast Capital Management LLC, saying it subordinates their debt in violation of LodgeNets Chapter 11 plan.

The bankruptcy-court lawsuit alleged that the proposed restructuring would swing nearly all of the companys value to a select group of secured lenders led by Mast, a Boston-based hedge fund, and destroy the value of excluded lenders debt.LodgeNet, now known as Sonifi Solutions Inc….

‘Cosmetic boob jobs’ or evidence-based breast surgery: an interpretive policy …

In England the National Health Service (NHS) is not allowed to impose blanket banson treatments, but local commissioners produce lists of low valueprocedures that they will normally not fund. Breast surgery is one example.

However, evidence suggests that some breast surgery is clinically effective, with significant health gain. National guidelines indicate the circumstances under which breast surgery should be made available on the NHS, but there is widespread variation in their implementation.The purpose of this study was to explore the work practices of individual funding request(IFR) panels, as they considered one-offfunding requests for breast surgery; examine how the notion of valueis dialogically constructed, and how decisions about who is deserving of NHS funding and who is not are accomplished in practice.

We undertook ethnographic exploration of three IFR panels.

We extracted all (22) breast surgery cases considered by these panels from our data set and progressively focused on three case discussions, one from each panel, covering the three main breast procedures.We undertook a microanalysis of the talk and texts arising from these cases, within a conceptual framework of interpretive policy analysis.

Through an exploration of the symbolic artefacts (language, objects and acts) that are significant carriers of policy meaning, we identified the ways in which IFR panels create their own interpretive communities, within which deliberations about the funding of breast surgery are differently framed, and local decisions come to be justified. In particular, we demonstrated how each decision was contingent on [a] the evaluative accent given to certain words, [b] the work that documentary objects achieve in foregrounding particular concerns, and [c] the act of categorising.

Meaning was constructed dialogically through local interaction and broader socio-cultural discourses about breasts and cosmeticsurgery.

Despite the appeal of calls to tackle unwarranted variationin access to low priority treatments by ensuring uniformity of local guidelines and policies, our findings suggest that ultimately, given the contingent nature of practice, this is likely to remain an illusory policy goal. Our findings challenge the scientistic thinking underpinning mainstream health policy discourse.

Author: Jill RussellDeborah SwinglehurstTrisha Greenhalgh
Credits/Source: BMC Health Services Research 2014, 14:413

Published on: 2014-09-20


News Provider: 7thSpace Interactive / EUPB Press Office

Joseph R. Zapata Jr. named to District XIII Attorney Ethics Committee

Joseph R. Zapata Jr., an associate with the Bridgewater law firm Norris, McLaughlin Marcus, PA, has been named to the Office of Attorney Ethics District XIII Ethics Committee for a four-year term.

The Office of Attorney Ethics acts as the investigative and prosecutorial arm of the Supreme Court of New Jersey in discharging the Courts constitutional responsibility to supervise and discipline New Jersey attorneys. The Office of Attorney Ethics assists and manages 18 district ethics committees and 17 district fee arbitration committees throughout the state. Additionally, the Office of Attorney Ethics itself handles serious, emergent and complex disciplinary prosecutions. The Office of Attorney Ethics also administers the Random Audit Compliance Program, which monitors the record keeping responsibilities of private practice law firms.

Zapata practices in the Norris McLaughlin Bankruptcy Creditors Rights Group, concentrating practices on creditor committee representation, corporate restructurings and workouts. His practice includes representations of debtors-in-possession, official creditors committees, secured lenders, post-confirmation fiduciaries, landlords and other parties in complex proceedings. He has represented debtors or creditors in all aspects of Chapter 7 and Chapter 11 bankruptcies and bankruptcy-related litigation, and served as counsel to numerous post-confirmation trusts.

Zapata received his JD from Benjamin N. Cardozo School of Law in 1998 and his BA from Canisius College in 1994.

How to Take Control of Your Finances This Summer: Financial Tips for Teens …

Parents are always looking for opportunities to get their children more involved with their finances and help them become savvy about money — especially before they leave for college and take on more financial responsibility. Ive found that the summer months are the perfect time for a mid-year check-up on my finances, when I can adjust my financial goals based on my needs for the summer and throughout the year. Based on my experiences, here are a few tips for parents to consider as they talk to their teens about the value of saving money this summer (while still having a little fun!).

Encourage Teens to Find a Summer Job

Once I entered high school, my parents made it clear that I needed to start paying for my summer activities. Odd jobs are good for extra money, but they are often few and far between and dont provide a reliable, steady income. I recommend that all parents encourage their teens to secure a part-time or full-time job for the summer that will not only provide a paycheck, but also help them build skills and work ethic they can use in the future — such as customer service, organization and professionalism.

If their resume is empty, they can fill it by volunteering in their community. A little over two years ago, I started volunteering during the summer at my local library, a summer camp, and a radio station. I gained skills that helped me in other jobs, explored areas I had interest in (education, working with kids, and music) and, most importantly, cleared a path that led to larger opportunities. For example, what started as gardening and loading music from CDs led to my very own hour-long radio show twice a month.

Once your teen starts earning a paycheck, an easy way for them to curb spending is to have it deposited directly into their bank account. As I learned through my participation in the Boys Girls Clubs of Americas Money Matters: Make it Count program, a general rule is that 10 percent of every paycheck should go into your savings account. This will not only help you save for big purchases, but also provide a safety net in case of emergency or unexpected expenses.

Help Them Find Ways to Save on Activities

When school is out and the pressure is on to have a memorable summer, your teens will likely want to participate in activities with family and friends. As a music enthusiast, my summers are filled with live music and festivals. Ive found ways to cut back on costs so that I can still enjoy road trips and concerts with my friends. Encourage your teens to bring their own snacks and drinks to avoid overpaying for food. Id also recommend they do some research to find the many free concerts that are available for every genre from bluegrass to New Orleans funk. They can also check out new local bands to see what music is nearby and avoid travel expenses.

Discuss and Implement Plans to Save Money for the Future

Regardless of age, its important to keep the future in mind. For me and most other teens, the most imminent big-ticket item is higher education. In addition to putting 10 percent of our money into savings, we also need to start planning for tuition payments. There are many types of savings accounts for higher education, and sitting down with my parents and researching early helped me tremendously in my preparation for college. As a result of our research, my parents and I chose to start a 529 college savings plan, which will help me be able to pay for college and pursue my dreams. I encourage all parents to work with their children early and often to determine the best plan for saving and paying for college. If you dont know where to start, you can find a good roadmap on Schwab MoneyWise. You can also view this infographic to learn more about the Money Matters: Make it Count Program.

Icahn May Pick Bones From Trump Atlantic City Bankruptcy Again

But applying his persuasive charm on union employees, as opposed to shareholders in a proxy fight, might not be the only key. There’s a little matter of interest income on secured debt. Trump was receiving nearly $38 million annually – over 10 percent return on interest on his $285 million investment. The question to be answered: can he get anywhere near that level of return with a hotel operation in a declining Atlantic City market environment?

Carl Icahn may not get to be a chooser

Secured lenders in a bankruptcy might not get to be choosers. The real estate might not have much value, as the Revel Casino, recently built at a cost of $2 billion, is on the market with a starting bid of $90 million.

While the report notes no one is talking about a sale at this point, it speculates Carl Icahn can use Chapter 11 bankruptcy to get Trump Entertainment out from under significant debt and start fresh. Only with a clear picture of what is left after bankruptcy can Icahn use his finely tuned investment senses to extract value – and concessions – from the situation.

Picking through the bones of Atlantic City isn’t new to Icahn. He initially bought the debt at a discount during distressed times after Trump and banker Andrew Beal had a parting of the ways. After trying to take control of Trump’s Atlantic City property in 2011, Icahn now is getting what he asked for, just not with the same attractive yield.

Implant Sciences to Present at NIBA Conference in New York City on September …

Implant Sciences to Present at NIBA Conference in New York City on September 16, 2014

September 15, 2014: 10:35 AM ET

WILMINGTON, Mass., Sept. 15, 2014 /PRNewswire/ — Implant Sciences Corporation (OTCQB: IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, today announced its CEO Glenn D. Bolduc is scheduled to present at the National Investment Banking Association’s (NIBA) 132nd Investment Conference on Tuesday, September 16, 2014 at 11:55 am ET. The conference takes place in New York City on September 15th through 17th at the Roosevelt Hotel.

This conference closely follows a string of high-profile international sales as well as the Company’s flagship product’s, the QS-B220 explosives trace detector, addition to the Transportation Security Administration’s (TSA) Qualified Products List (QPL). Mr. Bolduc’s presentation will center on the growing momentum of Implant Sciences, the impact of these recent events, and the future of the Company.

About NIBA
Since 1982, The National Investment Banking Association (NIBA) has been a not-for-profit association for national, regional and independent broker dealers, investment banking firms, investment advisors, and related capital market service providers. NIBA has over 30 years of experience hosting conferences featuring public and private micro-cap and small-cap companies. During those 30 years NIBA Members have completed over a 1000 deals that have raised over $10 billion dollars for emerging growth companies.  The NIBA Membership represents over 60+ services centered around micro-cap and small-cap companies.

About Implant Sciences
Implant Sciences is a leader in developing and manufacturing advanced detection capabilities to counter and eliminate the ever-evolving threats from explosives and drugs. The Company’s team of dedicated trace detection experts has developed proprietary technologies used in its commercial products, thousands of which have been sold across more than 50 countries worldwide. Implant Sciences is only the third manufacturer, and the sole American-owned company, to currently have an ETD system named as a Qualified Product by the US Transportation Security Administration. The Company’s ETDs have received approvals and certifications from several international regulatory agencies including the TSA in the U.S., STAC in France, the German Ministry of the Interior, and the Ministry of Public Safety in China. It also received a GSN 2013 Homeland Security Award for “Best Explosives Detection Solution”.  All Implant Sciences products are recognized as Qualified Anti-Terrorism Technologies by the Department of Homeland Security. For further details on the Company and its products, please visit the Company’s website at www.implantsciences.com.

Safe Harbor Statement
This press release may contain certain “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks that we will be required to repay all of our indebtedness to our secured lenders by March 31, 2015; if we are unable to satisfy our obligations and to raise additional capital to fund operations, our secured lenders may seize our assets and our business may fail; we continue to incur substantial operating losses and may never be profitable; our independent registered public accounting firm has expressed substantial doubt as to our ability to continue as a going concern; there is no guaranty that the Transportation Security Administration (TSA) or any other U.S. or foreign government and law enforcement agencies or commercial consumers will purchase any of our explosives detection products or that any new products we may develop will be accepted by the TSA or by such other governments, agencies or consumers; economic, political and other risks associated with international sales and operations could adversely affect our sales; liability claims related to our products or our handling of hazardous materials could damage our reputation and have a material adverse effect on our financial results; our business is subject to intense competition; our markets are subject to rapid technology change and our success will depend on our ability to develop and introduce new products; we may not be able to retain our management and key employees or identify, hire and retain additional personnel as needed; we may not be able to enforce our patent and other intellectual property rights or operate without infringing on the proprietary rights of others; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including our most recent Forms 10-K, 10-Q and 8-K. Such statements are based on management’s current expectations and assumptions which could differ materially from the forward-looking statements.


Implant Sciences Corporation
Company Contact:
Glenn Bolduc, CEO


Investor Contact:
Laurel Moody

SOURCE Implant Sciences Corporation