Noble

Noble: has been on a four day winning streak, soaring 13% versus the STI’s 2.9%. Earlier this week, Noble announced that it signed a 10-year supply agreement with Sundance Resources, which is planning to mine iron ore in central-west Africa. According to a report on Business Spectator, the Noble-Sundance deal may be worth as much as US$3.5b a year, based on a sales price of US$100 a tonne after costs. Under the terms, Noble will buy 100% of the iron ore mined at the Mbalam-Nabeba project in Cameroon and Republic of Congo, which has been forecast to produce 35m tpa for 25 years. After taking up the mine’s produce, Noble will be selling the ore with 62.6% iron content to steel factories across the world. Meanwhile, Bloomberg reported that iron ore entered a bear market in early Mar, pressured by both miners boosting global supply and concerns that a possible slowdown in China may curb demand. Macquarie warrants on Noble: T7SW NobleGrpMBeCW140701 Call 1-Jul-14 $1.25 SU9W NobleGrpMBeCW150102 Call 02-Jan-15 $1.10 T7RW NobleGrpMBePW140505 Put 5-May-14 $1.15 TH8W NobleGrpMBePW141001 Put 1-Oct-14 $1.00