Ardan Risk & Support Services is Growing its Operations
Ardan Risk & Support Services has announced it has improved its operational performance and increased its revenue and profitability.
The company, which is owned by AIM-listed Africa Oilfield Logistics, is further augmenting its business with the announcement of three key appointments.
Ardan now operates through three divisions instead of six and has centralised its internal procurement, logistics and support.
This is improving efficiency and controls, whilst the increased visibility of the end to end offering for clients is providing further cross-selling opportunities.
A new regional operational management team has also been recruited, comprising African focused support service professionals.
To facilitate its continuing growth strategy Lachlan Monro, who has 15 years’ senior management experience in support services, has been appointed Chief Operating Officer.
Barry Lobel, who has 12 years’ financial experience, has been appointed Chief Financial Officer and Brendan Scott, who has 15 years’ construction and support services experience in Africa is the new Projects Director.
Chief Executive Officer Carl Esprey said: “Excellent progress is being made in all areas of the business as we look to solidify our position as one of Africa’s leading and fastest growing natural resource focused support services companies.
“The restructuring at Ardan has translated into increased activity and revenue generation, which we anticipate will be reflected in their next update expected shortly.
“Quality management are crucial in the execution of projects and I am delighted that we have secured both highly experienced professionals to head the business as well as new management who are already making a positive impact.
“With these positive changes and Ardan’s established international client base, the group is well positioned to take advantage of the rapidly increasing demand for support services in Africa.”
Copper, iron ore surge as Chinese investors unleash demand
The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 on Thursday.
In the wake of mounting evidence of inflation fuelled by higher raw materials prices, investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.
Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.
“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries, which include switching to electric vehicles and expanding wind and solar power, are likely to generate additional demand for metals.”
Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.
Copper rose as much as 1.6% to $10,108.50 a ton on the London Metal Exchange before trading at $10,080 as of 4:07 p.m. in London.
Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.
The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.
Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.
Erik Hedborg, Principal Analyst, Steel at CRU Group commented: “Recent production cuts in Tangshan have boosted demand for higher-quality ore and prompted mills to build iron ore inventories as their margins are on the rise. Iron ore producers are enjoying exceptionally high margins as well, around two thirds of seaborne supply only require prices of $50 /dmt to break even.”
Still, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.
The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.
Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best performing metal on the LME.