Latest news with #MikeClark
BBC News
10-07-2025
- Health
- BBC News
Shotley Bridge Hospital timeline hopes as work begins
There are hopes the building of a new hospital could start as early as 2027, after groundwork got under developer Project Genesis confirmed initial infrastructure had been put in at the site of Shotley Bridge Hospital in County Mike Clark said ground conditions would be tested over the coming months, with hopes further preparation work could be carried out from March to get the land ready for construction from 2027. County Durham and Darlington NHS Foundation Trust said it was "remobilising the team" and it aimed to provide a hospital over the next five years "subject to appropriate approvals". The start of the on-site works have helped to secure planning permission for the project before it expires, which has been in place since 2023."It's a really good step forward and it feels really good to get to that point," Mr Clark said. "People will see further planning equipment on the site over the next couple of months and that will be us making sure that we've got up to date knowledge of the ground conditions."Developers are hoping further work to create a new signalised junction on to the A692, as well as drainage, could start as early as next March. It is expected to take between nine and 12 months, Mr Clark said. "Once we've done that, we hand the site over to the hospital trust, hopefully in the beginning of 2027, and they can start with the foundation and build straight away," he added. The Derwent View site was identified as the most suitable for the new hospital in 2018. The 16-bed in-patient rehabilitation ward and urgent treatment centre would replace the current outdated facility. Earlier this year, Health Secretary Wes Streeting announced full construction was expected to begin within the next two years. The facility had been due to open this year but the project was plagued by delays and inflated costs."We have secured the funding, produced a realistic timetable, with spades in the ground for a new hospital site in Consett in 2026/7," he said Additional reporting by the Local Democracy Reporting Service. Follow BBC North East on X, Facebook, Nextdoor and Instagram.
Business Wire
08-07-2025
- Business
- Business Wire
Fairbanks Morse Defense Awarded Contract for FM 175D Engine to Support U.S. Navy's DDG(X) Program
BELOIT, Wis.--(BUSINESS WIRE)-- Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), has been awarded a contract to provide the U.S. Navy with an FM 175D high-speed diesel generator engine for integration into the DDG(X) land-based propulsion system test site, supporting the U.S. Navy's goal of reducing design risks as it continues developing the next-generation platform. 'Fairbanks Morse Defense has a long history of delivering mission-critical power and propulsion solutions for the U.S. Navy,' said Mike Clark, Chief Operating Officer of Fairbanks Morse Defense. 'The selection of the FM 175D for this important land-based test highlights the superior power density needed on modern surface combatants, ensuring the DDG(X) has the energy needed to operate advanced combat systems while maintaining operational efficiency.' Designed to succeed the Flight II Ticonderoga-class cruisers and the Flight I/II Arleigh Burke-class destroyers, the platform is currently in the design and feasibility stage, with construction expected to begin in 2032. As the Navy's next-generation large surface combatant, DDG(X) will integrate a wider array of advanced systems, demanding unprecedented levels of power generation. The ship is designed with an Integrated Power System (IPS) to generate, convert, and distribute power for ship operations. The DDG(X) electrical plant is expected to deliver more than 75 megawatts of power for standard operations while enabling high-energy equipment, advanced sensors, and enhanced propulsion systems. The FM 175D propulsion system generator set can produce 3.8 MW of power, which is considered among the best in class for power density. Unlike conventional high-speed engines, the FM 175D delivers significantly greater power while maximizing fuel efficiency, making it an optimal choice to reduce the life cycle costs of the DDG(X) platform. It has a power output range of 1,740 to 4,400 kilowatts and operates at 1,800 to 2,000 RPM. Fairbanks Morse Defense launched the FM 175D into the United States in 2023 to meet the growing demand for high-density power system solutions in the naval defense industry. As the most power-dense engine available in the U.S. maritime sector, the FM 175D is well-proven in maritime defense and commercial applications worldwide, offering increased electrical output for modern naval operations and combat systems. The FM 175D is available in 12, 16, or 20-cylinder configurations with a 175mm bore, and is capable of driving mechanical propulsion systems or generators for onboard power generation. About Fairbanks Morse Defense (FMD) Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For nearly 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management. To learn more, visit
Associated Press
08-07-2025
- Business
- Associated Press
Fairbanks Morse Defense Awarded Contract for FM 175D Engine to Support U.S. Navy's DDG(X) Program
BELOIT, Wis.--(BUSINESS WIRE)--Jul 8, 2025-- Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), has been awarded a contract to provide the U.S. Navy with an FM 175D high-speed diesel generator engine for integration into the DDG(X) land-based propulsion system test site, supporting the U.S. Navy's goal of reducing design risks as it continues developing the next-generation platform. 'Fairbanks Morse Defense has a long history of delivering mission-critical power and propulsion solutions for the U.S. Navy,' said Mike Clark, Chief Operating Officer of Fairbanks Morse Defense. 'The selection of the FM 175D for this important land-based test highlights the superior power density needed on modern surface combatants, ensuring the DDG(X) has the energy needed to operate advanced combat systems while maintaining operational efficiency.' Designed to succeed the Flight II Ticonderoga-class cruisers and the Flight I/II Arleigh Burke-class destroyers, the platform is currently in the design and feasibility stage, with construction expected to begin in 2032. As the Navy's next-generation large surface combatant, DDG(X) will integrate a wider array of advanced systems, demanding unprecedented levels of power generation. The ship is designed with an Integrated Power System (IPS) to generate, convert, and distribute power for ship operations. The DDG(X) electrical plant is expected to deliver more than 75 megawatts of power for standard operations while enabling high-energy equipment, advanced sensors, and enhanced propulsion systems. The FM 175D propulsion system generator set can produce 3.8 MW of power, which is considered among the best in class for power density. Unlike conventional high-speed engines, the FM 175D delivers significantly greater power while maximizing fuel efficiency, making it an optimal choice to reduce the life cycle costs of the DDG(X) platform. It has a power output range of 1,740 to 4,400 kilowatts and operates at 1,800 to 2,000 RPM. Fairbanks Morse Defense launched the FM 175D into the United States in 2023 to meet the growing demand for high-density power system solutions in the naval defense industry. As the most power-dense engine available in the U.S. maritime sector, the FM 175D is well-proven in maritime defense and commercial applications worldwide, offering increased electrical output for modern naval operations and combat systems. The FM 175D is available in 12, 16, or 20-cylinder configurations with a 175mm bore, and is capable of driving mechanical propulsion systems or generators for onboard power generation. About Fairbanks Morse Defense (FMD) Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For nearly 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management. To learn more, visit View source version on CONTACT: Fairbanks Morse Media Contact: Mercom Communications Michelle Hargis Tel: 512-347-0300 [email protected] KEYWORD: UNITED STATES NORTH AMERICA WISCONSIN INDUSTRY KEYWORD: TECHNOLOGY MANUFACTURING MARITIME TRANSPORT HOMELAND SECURITY OTHER DEFENSE DEFENSE CONTRACTS PUBLIC POLICY/GOVERNMENT ENGINEERING HARDWARE SOURCE: Fairbanks Morse Defense Copyright Business Wire 2025. PUB: 07/08/2025 01:35 PM/DISC: 07/08/2025 01:36 PM
Yahoo
16-05-2025
- Business
- Yahoo
Contango Ore Inc (CTGO) Q1 2025 Earnings Call Highlights: Strategic Moves Amidst Market Challenges
Release Date: May 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Contango Ore Inc (CTGO) recorded $19 million in income from operations, including $22.3 million in equity income from the Peak Gold JV. The company sold over 17,000 ounces of gold with an additional 3,800 ounces in recoverable inventory. Contango Ore Inc (CTGO) completed the quarter with $35 million in cash and increased marketable securities to about $4 million. The company made significant principal repayments, reducing the facility balance to $30 million. Contango Ore Inc (CTGO) has started delivering into July hedges, with about 2,800 ounces delivered so far. Contango Ore Inc (CTGO) recorded a net loss of $22.5 million for the quarter, primarily due to an unrealized loss of $40.5 million related to hedge contracts. The company's cash costs were $1,334 per ounce of gold sold, with an all-in sustaining cost (AISC) of $1,374 per ounce. The AISC is expected to increase in later quarters due to sustaining capital expenditures and a $5.7 million exploration drill program. The hedge liability increased due to rising gold prices, although the company has implemented a carry trade to manage this. The company is still facing weight restrictions on a bridge, affecting transportation logistics. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Q: Can you provide more details about the carry trade and hedge delivery schedule? A: Mike Clark, CFO: The carry trade allows us to sell gold at spot prices as shipments occur, using proceeds to pay the JV for the gold and later settle the hedge in cash with lenders. We started the quarter with 86,000 ounces of hedges and ended with the same, but the carry trade effectively reduced it to just below 75,000 ounces. As of today, it's closer to 71,000 ounces. Q: Where did the Onyx shares come from that are now worth $5 million? A: Mike Clark, CFO: We acquired 5 million shares of Onyx, initially valued at around $500,000 to $600,000. They were worth $900,000 at the end of the quarter and are now valued at about CAD 5 million. Q: Can you discuss the dismissed lawsuit and its implications? A: Rick Van Nieuwenhuyse, CEO: The lawsuit by Citizens for Safe Communities aimed to halt our truck haul program. It was pending for nearly two years, with most arguments dismissed by the court. The final argument was settled without prejudice, which is positive for our project and mining in Alaska. Q: What are the capital allocation priorities for the remainder of this year? A: Rick Van Nieuwenhuyse, CEO: Our focus is on paying down debt, delivering into hedges, and reviewing our budget. We aim to ensure sufficient cash for our main business, including permitting Johnson Tract and considering a drill program at Lucky Shot. Q: How does Contango balance the benefits of spot prices against hedge obligations? A: Mike Clark, CFO: We are selling 30% of gold at spot prices and 70% into hedges. Our focus is on delivering into hedges and managing carry trades to maintain a 70/30 ratio. By year-end, we aim to have 43,000 ounces in hedges and reduce debt to $15 million. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Contango Ore Inc (CTGO) Q1 2025 Earnings Call Highlights: Strategic Moves Amidst Market Challenges
Release Date: May 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Contango Ore Inc (CTGO) recorded $19 million in income from operations, including $22.3 million in equity income from the Peak Gold JV. The company sold over 17,000 ounces of gold with an additional 3,800 ounces in recoverable inventory. Contango Ore Inc (CTGO) completed the quarter with $35 million in cash and increased marketable securities to about $4 million. The company made significant principal repayments, reducing the facility balance to $30 million. Contango Ore Inc (CTGO) has started delivering into July hedges, with about 2,800 ounces delivered so far. Contango Ore Inc (CTGO) recorded a net loss of $22.5 million for the quarter, primarily due to an unrealized loss of $40.5 million related to hedge contracts. The company's cash costs were $1,334 per ounce of gold sold, with an all-in sustaining cost (AISC) of $1,374 per ounce. The AISC is expected to increase in later quarters due to sustaining capital expenditures and a $5.7 million exploration drill program. The hedge liability increased due to rising gold prices, although the company has implemented a carry trade to manage this. The company is still facing weight restrictions on a bridge, affecting transportation logistics. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Q: Can you provide more details about the carry trade and hedge delivery schedule? A: Mike Clark, CFO: The carry trade allows us to sell gold at spot prices as shipments occur, using proceeds to pay the JV for the gold and later settle the hedge in cash with lenders. We started the quarter with 86,000 ounces of hedges and ended with the same, but the carry trade effectively reduced it to just below 75,000 ounces. As of today, it's closer to 71,000 ounces. Q: Where did the Onyx shares come from that are now worth $5 million? A: Mike Clark, CFO: We acquired 5 million shares of Onyx, initially valued at around $500,000 to $600,000. They were worth $900,000 at the end of the quarter and are now valued at about CAD 5 million. Q: Can you discuss the dismissed lawsuit and its implications? A: Rick Van Nieuwenhuyse, CEO: The lawsuit by Citizens for Safe Communities aimed to halt our truck haul program. It was pending for nearly two years, with most arguments dismissed by the court. The final argument was settled without prejudice, which is positive for our project and mining in Alaska. Q: What are the capital allocation priorities for the remainder of this year? A: Rick Van Nieuwenhuyse, CEO: Our focus is on paying down debt, delivering into hedges, and reviewing our budget. We aim to ensure sufficient cash for our main business, including permitting Johnson Tract and considering a drill program at Lucky Shot. Q: How does Contango balance the benefits of spot prices against hedge obligations? A: Mike Clark, CFO: We are selling 30% of gold at spot prices and 70% into hedges. Our focus is on delivering into hedges and managing carry trades to maintain a 70/30 ratio. By year-end, we aim to have 43,000 ounces in hedges and reduce debt to $15 million. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
