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Proactive mining highlights: Asiamet, Bacanora, Condor Gold, Gemfields, Sable, Sirius and more...

The weekly round up of news and updates from the mining sector.
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Weekly round up of mining news

Shares in Edenville Energy PLC (LON:EDL) sparked over 36% higher in London as it revealed big progress had been made on the development of its Rukwa coal to power project in Tanzania.

Among the milestones passed is that a project concept note (PCN) which started in July 2015 as part of a formal review process, has been reviewed and accepted by the State-run Tanzania Electric Supply Company Ltd ( Tanesco).

Metals Exploration Plc (LON:MTL) has started to ramp-up production at its Runruno gold mine in the Philippines after a series of delays last year.

Since a partial suspension order was lifted in April, executive chairman Ian Holzberger said Metal Ex had rapidly moved into the ore commissioning and "debugging" phase. 

South African gold miner Pan African Resources plc (LON:PAF) has teed £15.9mln of finance in the event it has to buy out Jadeite’s 33.6% interest in Shanduka Gold.

The transaction will allow the group to correct possible dilution of its black economic empowerment (BEE) ownership, it said in the statement.

Sunrise Resources (LON:SRES) has raised £300,000 to fund further work on its precious and industrial metals tenements in Nevada, US.

The placing was priced at 0.12p per sharehttp://images.intellitxt.com/ast/adTypes/lb_icon1.png with a warrant attached exercisable at double that price.

Condor Gold (LON:CNR) will focus this year on obtaining permission for a 2,800 tonne daily processing plant at it La India gold project in Nicaragua, said chief executive Mark Child.

“Much of 2015 was spent executing a twin strategy of de-risking the La India Project, Nicaragua, by preparing and submitting an Environmental Impact Assessment,” he said.

Andrew Suckling, Rare Earth Minerals plc (LON:REM) non-executive chairman, today highlights lithium is coming into high demand across the globe due to the rapid technological advances in electrichttp://images.intellitxt.com/ast/adTypes/icon1.png vehicles.

In today’s financial results statement the company, which is developing lithium assets, told investors it is confident that each of its significant projects will continue to grow.

Fluorspar specialist Tertiary Minerals plc (LON:TYM) has raised £500,000 through a placing with a single institutional investor.

The new shares, which were sold at 1p, will fund further exploration and development of its two main projects at MB in Nevada and Storuman in Sweden.

StratMin Global Resources Plc (LON:STGR) is to sell its graphite businesshttp://images.intellitxt.com/ast/adTypes/lb_icon1.png in Madagascar, Graphmada, to Australian firm Bass Metals.

Bass has completed due diligence and a sale and purchase agreement is being negotiated, Stratmin said.

Xtract Resources (LON:XTR) has sold its Manica gold project in Mozambique less than a year after it acquired it.

The explorer only received government approval for its acquisition in March but said the likely dilution in raising US$35mln to build a mine had prompted it to accept the offer from Nexus Capital/MTI.

Regency Mines Plc (LON:RGM) revealed it has continued to make new  investments - and seemingly a name change looks increasingly necessary - as it backed another hydrocarbon venture.

The company, which had focussed on mining, is now backing a new vehicle called WestportEnergyhttp://images.intellitxt.com/ast/adTypes/icon1.png PLC which is targeting gas acquisitions in the United States.

Three more holes at Mariana Resources Ltd’s (LON:MARL) Hot Maden have returned high grades of gold and copper.

Drilled down to more that 300m, best intercepts from holes HTD-51 to HTD-53 included gold at 4.4g/t and 8.8g/t over 31m and 40m and 0.77% copper.

Shares in Tajikistan-focused China Nonferrous Gold Ltd (LON:CNG) rose over 6% as it struck a procurement deal with its 38.36% shareholder China Nonferrous Metals International Mining Co Ltd (CNMIM).

The group is currently mining the Pakrut project, where first gold was produced in January.

Rambler Metals and Mining PLC (LON:RMM CVE:RAB) saw steady production from its Ming mine in Newfoundlandhttp://images.intellitxt.com/ast/adTypes/icon1.png in its latest (third) quarter.

Predominately a copper mine, Ming produced 4,530 tonnes of concentrate in the three months to April, which was 25% more than the previous quarter but down on the first.

Mining royalty specialist Anglo Pacific Group plc (LON:APF TSX:APY) expects income this year to be well ahead of 2015 as coking coal prices have started to recoverhttp://images.intellitxt.com/ast/adTypes/icon1.png.

Royalties in the first quarter to March dropped to £1.9mln (£2.3mln) but, like 2015, income is expected to be heavily weighted towards the second half of the year said Julian Treger, chief executive.

Asiamet Resources Limited (LON:ARS, CVE:ARS) has kicked off a 9,000m resource definition drill programme at the Beruang Kanan Main (BKM) copper project in Indonesia with a view to posting an updated estimate before the end of the third quarter of 2016.

It follows a positive preliminary economic assessment for the copper project and is part of the feasibility study process.

Eurasia Mining (LON:EUA) has farmed out the mining of its West Kytlim alluvial platinum deposit in the Urals to local Russian firm SKRS.

SKRS will be responsible for construction and processing ore from the Malaya Sosnovka sub-area at West Kytlim in return for a 70% sharehttp://images.intellitxt.com/ast/adTypes/lb_icon1.png of revenue

Metals miner Mandalay Resources Corporation (TSE:MND) has appointed capital markets professional Amy Freedman to its board as an independent director with immediate effect.

She will also serve on the audit committee, where she will replace Peter Jones, who was serving on an interim basis. Jones will remain on the board.

Galantas Gold Corp (LON:GAL,CVE:GAL) said its processing plant at the Omagh mine in County Tyrone, Northern Ireland was operational and is awaiting ore.

Production at the site, a former producer,  is suspended as the firm awaits the outcome of  a judicial review in September this year concerning the planning consent for an underground operation granted last year.

Sapphire miner Richland Resources (LON:RLD) expects production at its Capricorn mine in Queensland to rise to 800,000 carats (ct) per quarter after substantial upgrade workhttp://images.intellitxt.com/ast/adTypes/icon1.png.

Production in the three months to March Totalled approximately 415,000 carats at an average grade of 12ct per tonne of alluvial gravel.

Latest drill results have boosted Ormonde Mining’s (LON:ORM) plan to extend the life of its Barruecopardo tungsten mine in Spain by going underground.

Assays from holes drilled beneath the expected open pit site returned tungsten grades between 1.95% to 2.59% over narrow widths and 0.26% and 0.21% over 23m and 25m at depths below 170m.

A reboot of its finances by Tanzania-based gold miner Shanta Gold (LON:SHG) has left it well funded to shift production underground at its New Luika mine, says Peel Hunt.

The gold miner raised US$10.5m through a placing, a US$5.25m silver streamhttp://images.intellitxt.com/ast/adTypes/icon1.png deal and paid off US$10mln worth of convertible loans.

Sunrise Resources Plc (LON:SRES) said its first half to end March had been very busy, including the incorporation  of a new Nevada subsidiary.

Westgold Inc will focus on low-cost acquisition of precious metal projects in the western USA and two projects have already been claimed  and it is now compiling historical data.

Aureus Mining Inc. (LON:AUE) hopes to have processing operations at New Liberty back online within the next two weeks.

Production at the recently commissioned mine in Liberia was suspended three weeks ago after too high concentrations of cyanide were found in waste from the process plant.

Lithium suppliers have been quick to respond to the likely upsurge in demand when electric cars became mainstream.

Broker Liberum, however, still expects demand to outstrip even this new supply and says junior miners are in a prime position to benefit.

W Resources PLC (LON:WRES) remains on course to get its La Parrilla tungsten mine in Spain up and running this year, its chairman said today.

The Aim-listed junior is developing the mine in two stages, with the fast track (FTM) first stage granted approval last November.

Michael Masterman, chairman, said work on the La Parrilla mine plan was progressing well.

Broker Shore Capital described Sirius Minerals PLC (LON:SXX) as a futurehttp://images.intellitxt.com/ast/adTypes/icon1.png ‘fertiliser juggernaut’ at the top of a 64-page tome, in which it predicts some 150% up side to the AIM share’s price.

Laying out the reasoning for its ‘buy’ recommendation the broker said the North Yorkshire polyhalite mine development will be a ‘paradigm-shifting’ project.

Sable Mining Africa Limited (LON:SBLM) has launched another investigation after a jury in Liberia reportedly indicted it on charges including alleged bribery.

Sable said it noted “recent media comment and speculation regarding allegations of bribery and corruption made against the company in Liberia.”

What can we glean from the latest set of quarterly results from Galantas Gold Corporation (LON:GAL)?

Not much, certainly from the financial figures themselves, which showed revenues at a low-key C$28,000 and nethttp://images.intellitxt.com/ast/adTypes/lb_icon1.png losses at a mild C$373,345, down from the C$415,000 reported in the corresponding quarter in 2015.

Strategic Minerals PLC (LON:SML), the minerals production and development company, has provisionally agreed to take an interest in a tin/tungsten project in Cornwall.

It is to acquire a stake in NAE Resources (UK) Limited, otherwise known as Redmoor, from Aussie firm New Age Exploration Limited.

If Sam Spring’s comparison of south eastern Mongolia now to Chile in the 1970s holds any water at all, then Kincora Copper’s (CVE:KCC) latest deal could position it as a significant player in the world’s next major copper province.

Azerbaijan-focused Anglo Asian Mining Plc (LON:AAZ) said increased metal prices in 2016 give it confidence of a sustainedhttp://images.intellitxt.com/ast/adTypes/icon1.png recovery, as it posted 2015 results, which showed record gold production from its Gedabek mine.

Total output of the yellow metal was 72,032 ounces, compared to 60,285 ounces in 2014, while sales were 63,924 ounces (2014: 50,615 ounces) for an average of $1,161 per ounce (2014: $1,267 per ounce).

Mariana Resources Ltd (LON:MARL) expects to complete a new resource estimate for the Hot Maden project in Turkey next month (June) as it continues to receive exciting. high grade results from on-going drilling.

Lithium explorer Bacanora Minerals Ltd (LON:BCN CVE:BCN) has pulled in heavyweight investor Blackrock as a substantial shareholder.

Funds managed by Blackrock have put up £7.7mln through a placing of 9.75mln units at 79p each. The units include warrants that if exercised would take the amount raised to £10mln. 

Gemfields PLC (LON:GEM) achieved a new record at its auction of rough emeralds in Jaipur, India last week.

It netted US$5.15 per carat, a new high for lower qualityhttp://images.intellitxt.com/ast/adTypes/icon1.png stones, as it raked in a Total of US$14.3mln from the sale.

 


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