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Proactive weekly mining news summary - Stratex International, Sunridge Gold and Aureus Mining

A fairly busy week for miners with a milestone for Stratex International released yesterday. .
Stratex became a gold producer....

A fairly busy week for miners with a milestone for Stratex International (LON:STI) released yesterday.

It has become a gold producer after a first gold pour at its Altintepe mine in Turkey.

Altintepe, 45% owned by Stratex, cost US$39 mln to bring on stream which was nearly all funded by Turkish partner Bahar. Stratex has invested US$1.5 mln in Altintepe.

Bob Foster, chief executive, said: "This is a major milestone for Stratex as we move into the realms of being a gold-producer.

Headlines yesterday were dominated by a dam burst disaster in south-east Brazil.

Rescue workers worked through the night to rescue people trapped in mud slides, after the tragedy at an iron mine jointly owned by mining giants BHP Billiton (LON:BLT) and Vale.

Two people were confirmed dead after two tailings dams burst at a mine in south-eastern Brazil but the death toll looks set to rise.

Sunridge Gold (CVE:SGC) yesterday said it had struck a US$65mln (C$85mln) cash deal to sell its majority stake in Asmara Mining, the joint venture company that owns the Asmara mine, in Eritrea.

Michael Hopley, Sunridge chief executive, highlighted that the proposed deal is at a premium valuation.

In other news, Obtala Resources (LON:OBT) has received the final certificate required for BRC compliance at its farm at Morogoro, Tanzania.

The "AA" grade certification was awarded for BRC Global Standard for Food Safety for dried fruits and vegetables produced at the farm.

The BRC Global Standards programme is used by over 23,000 certificated suppliers in 123 countries and its award  means Obtala can now market its produce to a wide range of potential customers that stipulate compliance. 

Mackie Research could not see any reason this week to own shares in gold miner IAMGOLD (TSE:IAG, NYSE:IAG).

It has released a note on the firm, which operates four mines in three continents, following its third quarter report , which said the company was making "excellent progress" in further reducing all-in sustaining costs.

But Mackie analysts said: "An absence of any initiative other than to “protect” cash does not generate any excitement or potential for an equity re-rating.

"While there is much attention paid to a working capital position that is US$800 million, we also note there is US$930 million of debt and long-term provisions.

"With a high all-in-sustaining-cost (AISC) of US$1,027/oz, there is little working margin at current gold prices, and operations are slowly consuming the balance sheet."

Elsewhere, there was a small dip in the share price of Diamondcorp (LON:DCP) after news that a four month delay to development work at the Lace mine in South Africa’s Free State is now likely.

That the shares didn’t fall more heavily is down to two separate, but related factors.

The first is that, actually, what has been achieved at Lace over the past year or so is really quite considerable, and the market knows that in the start-up of any mine there are bound to be one or two glitches.

Finally, shares in Aureus Mining (LON:AUE, TSE:AUE) rose on Monday on news that it is once again crushing rock at its New Liberty gold project in Liberia.

The company had announced a temporary cessation of processing at New Liberty after problems with a secondary crusher.

But a temporary crusher was brought in that allowed operations to resume less than 20  days later, on October 28.

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