Proactive Investors - Run By Investors For Investors
Markets

Proactive weekly mining highlights: Danakali, Anglo Pacific, Sunrise Resrouces...

A glance at the week’s top news from junior miners
potash
Danakali has welcomed the UN's decision to lift targeted sanctions on Eritrea

Danakali Ltd (ASX:DNK ) (LON:DNK) has welcomed the United Nations’ (UN) decision to lift the arms embargo and targeted sanctions imposed on the East African country of Eritrea since December 23, 2009.

Danakali is focused on the development of the world-class Colluli Sulphate of Potash (SOP) Project in Eritrea.

Colluli is 100% owned by the Colluli Mining Share Company (CMSC), a 50:50 joint venture between Danakali and the Eritrean National Mining Corporation. Colluli is fully permitted following the signing of the Mining Agreement in February 2017; and the subsequent awarding of the requisite Mining Licenses.

Anglo Pacific Group PLC (LON:APF)(TSE:APY) should receive a significant boost in royalty income in the wake of strong third-quarter results from Largo Resources (TSE:LGO).

Largo is the owner and operator of the Maracas-Menchen vanadium mine, over which Anglo Pacific holds a 2% net smelter return royalty (NSR).

Most tellingly, revenue from Maracás Menchen increased by 148% when set against the corresponding quarter a year ago.

Sunrise Resources Plc (LON:SRES) is powering ahead with its flagship CS pozzolan-perlite project in Nevada, having recently completed commercial trials on bulk samples at the project.

Two tons of raw perlite have been successfully expanded in a commercial production furnace to produce horticultural grade perlite suitable for the cannabis industry.

In addition, 100 tons of pozzolan has been ground in a commercial scale production mill and tested positive for compliance with industry standards for natural pozzolan.

Kodal Minerals PLC (LON:KOD) has hit mineralisation in diamond drilling at the Sogola-Baole and Boumou prospects on the Bougouni project in southern Mali.

At Sogola-Baoule the company hit 30 metres of at 1.51% Li2O from a depth of 56.08 metres, 5.50 metres at 1.59% Li2O from a depth of 96.48 metres, and 16m at 1.85% Li2O from 94.35 metres.

Meanwhile, diamond core drilling at Boumou intersected multiple pegmatite veins confirming and extending the geological model of mineralisation there.

Lionsgold LTD (LON:LION) has rebranded its physical gold currency and trading platform from “Goldbloc” to “Tally.”

Tally is a physical gold currency and alternative banking platform that operates complementarily to fiat currency denominated banking accounts.

Ariana Resources PLC (LON:AAU)  is on track to exceed this year’s target for gold production from its Kiziltepe mine in Turkey after another record quarter.

Income for the three months to September was US$10.1mln with 7,588 ounces of gold produced, a 6% rise compared to the previous quarter.

NQ Minerals PLC (NEX:NQMI) has successfully produced its first lead, gold and silver concentrate at its poly-metallic Hellyer project in Tasmania.

The concentrate has been delivered to Traxys Europe under an off-take agreement signed in August.

Payment from Traxys has been promptly received, which inaugurates the first operational cash flow generated by Hellyer operation since it started its production in September 2018, NQ said.

Chrome producer Afarak Group plc (LON:AFRK) has seen a double-digit rise in revenue in its speciality alloys division so far in 2018.

In the first nine months of the year, revenue jumped 11.4% to €72.6mln (30 Sep 17: €65.2mln).

“The Speciality Alloys business segment fully met our expectations,” said chief executive Guy Konsbruck.

“The mines in Turkey continued to perform well and the additional plant investments have led to an increase in productivity and outputs. Processing levels at our EWW plant in Germany continued to increase.”

Metal Tiger PLC (LON:MTR) has completed the sale of the T3 project in Botswana as well as creating a new joint venture (JV) company formed by itself and partner MOD Resources Limited.

The AIM-listed natural resources investor said eight of the 18 exploration licenses held in a previous JV had already been transferred to the new JV, called Tshukudu Exploration, while the remaining 10 would be transferred after receiving ministerial approval from the Botswana government.


Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use