StockMarketWire.com

Amedeo Resources - the resource, resource infrastructure and asset focused investment company - reports continuing good progress in all areas of its business.

Amedeo's largest investment is its 46.5% stake in YZJ Offshore Engineering PTE which has a 40% stake in Jiangsu Yangzijiang Offshore Engineering Co, the new offshore rig building yard. Amedeo says that yard development is ahead of schedule, with the wharf and finger pier near completion, and the skidway and 900 tonne gantry crane expected to be completed in the first half of 2014. In addition the civil works and workshops are 50% completed and expected to be operational in the next few months. Amedeo adds: "Meanwhile, our US$175m first rig order is progressing well at our partner's (Yangzijiang Shipbuilding (Holdings) Ltd) yard and is on schedule to be delivered mid 2015 with the main hull nearing completion. "Moreover, as potential customers note the progress and the quality of the first rig, discussions regarding orders for further rigs continue and are advancing."

Amedeo says its 49%-held MGR Resources PTE Ltd, the wholesale trader of ferrous metals and ore, continues to go from strength to strength. The investment of US$49,000 in MGR equity and convertible loan of US$1.95m were made and advanced, respectively, in April 2013. By the end of July 2013, MGR had paid its maiden dividend of US$210,000 and a second dividend, together with a management fee, are expected to be received shortly.

MGR continues to grow and it is now broking approximately 100,000 tonnes of iron ore per month. Moreover, advanced discussions are currently under way which are expected to increase this amount further with longer term contracts. MGR continues to explore opportunities in related sectors of chromium and nickel.

At 9:21am: (LON:AMED) Amedeo Resources share price was +0.04p at 0.58p


Bought in last week : there's a 2p TP for starters from Daniel Stewart re: "transformational growth opportunity" .... hence my reason for investing here (imo,dyor)

Another one of my smart moves, they're only up 34%.
2517

Yep..it's looking good! hopefully much more to come.

I'm so smart I'm still watching them.
2517

if you want a cheaper way into these then look at LEG as they hold 19m of these and also 4 other investments too. I don't hold these as no spare cash but do hold LEG.

DYOR etc

Alex

It's been a good week... have topped up again today. Good prospects here. imo

consolidating going well. So much potential for significant gains in the coming months imo

Doing nicely. Still consolidating, has held gains well imo

Nice tick up this morning despite a down day for the markets as whole.