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Proactive mining highlights: Asiamet, Bacanora, Mkango, Gemfields and more...

Published: 05:30 09 Jul 2016 EDT

Gold pan

Elsewhere, Kibo Mining PLC (LON:KIBO) has completed the mining definitive feasibility study of the Mbeya coal-to-power project (MCPP) in Tanzania.

Results from the MDFS correlate accurately with those of the mining pre-feasibility study announced in August of last year, and have reconfirmed the Mbeya coal mine as a robust project with strong financial and commercial indicators, the company said.

SolGold plc (LON:SOLG) is set to receive up to US$20mln in investment from Maxit Capital, via a private placing to continue exploration at its Cascabel property in Ecuador.

Maxit agreed to subscribe for  up to 238.47mln shares, or a maximum of 19.99% of the capital.

And finally, Rare Earth Minerals’ PLC (LON:REM) revealed its associate Macarthur Minerals Limited had expanded the scope of its lithium rights in the famous Pilbara region of Western Australia.

The MoU (memorandum of understanding) for a farm-in and joint venture with Venturex Resources has been expanded to include rights for the 124 sq km Whim Creek project as well as the 118 sq km Sulphur Springs project.

Shares in Ncondezi Energy Limited (LON:NCCL) enjoyed a power surge on Thursday morning as the company updated on its 300 megawatt coal-fired power project.

The stock sparked up 0.25p, or 6.9%, to 3.88p after a delegation from the Chinese energy company Shanghai Electric Power (SEP) together with Ncondezi Energy arrived in Maputo for meetings with Mozambican government officials to discuss the project, which is to be built in the Tete Province of Mozambique.

It’s now one month since Tharisa PLC (LON:THS) listed on the main board of the London Stock Exchange. With a market capitalisation on debut of around £95 mln, this was the largest miner to list on any market in London in over five years. And its arrival has been instructive in many ways.

Although there was no new money raised the arrival of Tharisa has underlined that  investment appetite for miners is back, even if there is still a lot of selectivity about.

Asiamet Resources Limited (LON:ARS) said it is making “excellent progress” with the feasibility study of the Beruang Kanan Main (BKM) copper deposit in Indonesia, particularly with the long lead time items.

In a comprehensive update, it also said it had appointed experienced consultant Mark Young as leader of the study.

It is not all about digging up earth for mining companies as Mkango Resources Ltd (CVE:MKA, LON:MKA) proved in a new video on its web site.

The film features a number of activities sponsored by Mkango under its numerous corporate social responsibility programmes at its Songwe project in Phalombe, in Malawi.

Construction and support services group Carillion PLC (LON:CLLN) reported a flat order book and said it was too early to predict any impact from 'Brexit'.

Carillion said the value of its order book plus probable orders at the half-year stage was about £17.4bn, matching last year's.

Exportation drilling by Shanta Gold Limited (LON:SHG) close to its New Luika Gold Mine (NLGM) in Tanzania suggests the high-grade area has potential for underground mining.

The focus was on a prospect called Ilunga, 2.5 kilometres from the main processing facility with this, the second wave of drilling in the area, designed to test the strike extension.

Hummingbird Resources Ltd (LON:HUM) has awarded the engineering, procurement and construction management (EPCM) contract for its Yanfolila gold project in Mali to South African project management firm SENET (Pty) Ltd.

SENET will be responsible for managing the mine’s construction and has already started detailed engineering work at the site.

A bunch of small-cap oilers involved in the Horse Hill development near Gatwick Airport has been given a boost by the Oil and Gas Authority, which has allowed them to retain the whole 55-square mile area for up to another two years.

Licences PEDL137 and PEDL246 have been converted under the latest protocol, which means the consortium can “continue without further relinquishment”, said one of the group’s members,Solo Oil PLC (LON:SOLO).

Fire assay results are now back from Eurasia Mining plc’s (LON:EUA) Semenovsky tailings project in Russia and they make for pretty interesting reading.

The company drilled five holes into the old mine waste workings at Semenovsky, looking principally for gold and silver, and collected a total of 54 samples.

Sunrise Resources Plc (LON:SRES) has released the results of historic test-work conducted by former owner Freeport McMoRan on its Clayton silver-gold project.

The work was carried out in the 1980s and consisted of 21 shallow holes drilled across the property which hit significant silver intersections.

Bacanora Minerals Limited (LON:BCN, CVE:BCN) hailed progress at its Sonora lithium project in Mexico as the company advances towards a definitive feasibility study (DFS).

The firm said the focus on expanding the pilot plant continues alongside metallurgical testing.

Negotiations on potential off-take agreements are ongoing alongside work for the DFS earmarked for the first quarter of 2017.

Resource investor Metal Tiger PLC (LON:MTR) has received more time to finalise securing an interest in the Boh Yai and Song Toh silver-lead mines in Kanchanaburi province, Thailand.

As reported in April, Metal paid $80,000 (£56,637) in cash plus $50,000 (£35,398) in shares to the mine owners for three months at performing due diligence on the mines and working out a formal joint venture agreement.

Capital Drilling Ltd’s (LON:CAPD) share price spiked 12% - its best performance in almost two years - after it told investors trading conditions had showed signs of improvement.

The resources drilling group said it was monitoring the price after the recent surge, according to an update released Thursday morning.

Diamondcorp Plc (LON:DCP) has raised £1.5 mln in new money at 6p per share, a small discount to the previous closing price of 6.375p.

The news comes at a time when raising capital in the equity markets at a reasonable price is once again a realistic possibility, and it was interesting to note Diamondcorp’s accompanying commentary which said that the directors had considered various other financing options but had found them all too expensive.

Progress at Rare Earth Minerals plc's (LON:REM, OTC:REMMY) Sonora lithium project in Mexico is going well,

The company said negotiations on potential off-take agreements are ongoing alongside work for a definitive feasibility study earmarked for the first quarter of 2017.

StratMin Global Resources PLC (LON:STGR) has entered into a conditional sale and purchase agreement with Bass Metals Limited to sell its 93.75% stake in Graphmada Mauritius.

The consideration for the disposal is for up to AUS$15.25mln (£8.8mln) and is payable through a combination of cash, shares in Bass and a net smelter royalty.

SolGold plc (LON:SOLG), which is advancing the Cascabel Copper-Gold porphyry project in Ecuador, says evidence is mounting, which shows the site is a world-class Tier 1  prophyry property.

Much of the focus has been on the Alpala deposit, one of the targets at the site.

Metal Tiger PLC (LON:MTR) shares crept almost 5% higher as it welcomed further positive results from partner MOD Resources (ASX:MOD) on its Botswana Copper Belt prospect.

Following latest assays,  Metal's chief executive Paul Johnson said: "We continue to be encouraged by the flow of strong assay results from our Botswana joint venture.

Exploration and development firm Mariana Resources Ltd (LON:MARL) has strengthened its relationships with Lidya Mining and Sandstorm Gold Ltd (NYSEMKT:SAND) by appointing a director from each company to its board.

Mustafa Aksoy, general manager at Turkish miner Lidya, along with Sandstorm Gold’s vice president of finance, Ron Ho, will now sit on Mariana’s board as non-executive directors.

Rare Earth Minerals plc (LON:REM) said latest results from European Metals' (ASX:EMH) work at the Cinovec lithium project in the Czech Republic continue to show the site's potential.

REM holds a 16.4% stake in EMH, which owns the exploration rights to the Cinovec lithium-tin-tungsten project, and results from hole PSn13 returned a main mineralised intercept of 167.1 metres averaging 0.36% Li2O (lithium oxide) along with high grade intervals of 12 and 7 metres.

Premier African Minerals Limited (LON:PREM) said it has made further progress at its 49%-owned RHA tungsten project in Zimbabwe.

Screens and plant modifications are now at site and installation is progressing despite prior delays at the Zimbabwe/South Africa border, the company told investors.

Vast Resources PLC (LON:VAST) has raised £855,000 through a placing of 3bn shares at 0.285p a share, compared to last night's closing mid-market price of 0.3p.

The Romania and Zimbabwe-focused mining group said the purpose of the placing was to provide additional working capital following the termination of the equity subscription agreement with Crede CG III Ltd. 

Mariana Resources Limited (LON:MARL) has more attractive drill results from the flagship Hot Maden gold project in Turkey.

Among the highlights were 83.3 metres at 15.9 grams per tonne gold and 1.57% copper, 95.5 metres at 32.1 grams gold and 3.3% copper, and 23 metres at 16.1 grams and 1/1% copper.

Kibo Mining PLC (LON:KIBO) has reassured investors that although there’s been a short delay in the ongoing process to merge its Tanzanian gold interests with Lake Victoria Gold Ltd, the deal is still on.

The company announced on 2 June that it would be merging its Imweru gold project with Lake Victoria’s contiguous Imwelo gold project, in a deal that was widely seen as positive by markets.

Caledonia Mining Corp (LON:CMCL, TSE:CAL) cheered investors with a 22% increase in the annual dividend, reflecting confidence that earnings and cash flow will increase.

The operator of the Blanket gold mine in Zimbabwe declared an increased quarterly payout to US$0.01375 a share, representing an annualised dividend of 5.5 cents per share compared to the previous annualised dividend of 4.5 cents.

George Roach, the chairman and chief executive of Premier African Minerals Limited (LON:PREM), has agreed to underwrite amounts owing to contractor JR Goddard Contracting (JRG).

In effect, Roach will agree to buy enough of the Circum Minerals Limited shares Premier owns, at US$2 a share, to pay off the amount owed to JRG if asked to do so by Premier.

ECR Minerals PLC (LON:ECR) has raised £60,000 through crowdfunding platform PrimaryBid.

Firm commitments have also been received in respect of a placing of 3.5bln new shares, raising gross proceeds of an additional £350,000.

Berkeley Energia Limited (LON:BKY) said the formal documentation covering its US$5mln royalty financing deal has been “completed and executed”.

The agreement was with the RCF V Annex Fund, which has bought a 0.375% net smelter royalty for the Salamanca uranium project in Spain.

Gemfields PLC (LON:GEM) has agreed US$65mln of new debt facilities, US$45mln of which will be used to fund the advancement of its Montepuez Ruby Mining (MRM) in Mozambique.

The new lines are in addition to the US$30mln revolving facility for the company’s Kagem emerald mine in Zambia.

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