logo-loader
Market ReportWeekly News Round-up

Proactive weekly news round -up: Shanta Gold, Acacia, Sirius Minerals...

Some of the main mining on the Proactive Investors webiste this week

picture of mining truck
Some of this week;s mining stories

Shanta Gold Limited (LON:SHG) has told investors it will seek advice after the Tanzanian government approved a new law that will impose a 1% clearing fee on all mineral exports from the east African country.

Under the new Finance Act, the government will also set up clearing houses at international airports, mines and border points where the value of shipments will be officially verified.

AIM-listed Shanta’s New Luika gold mine is located in the south western part of Tanzania, while it also has several prospecting licences in the country.

By introducing the new clearing fee, Tanzania is looking to bag a bigger share of the revenues from the east African country’s natural resources. It also allows it to keep a closer eye on exactly how much is being exported and by whom.

The government hopes that a more vigorous export process will also reduce the possibility of situations like what is alleged to have gone on at Acacia Mining PLC (LON:ACA) from happening again.

A recent audit launched by President John Magufuli accused Acacia of exporting ten times more gold from Tanzania than it had declared and the miner was subsequently banned from exporting gold-copper concentrate from its two mines in the country.

In another blow, analysts have estimated that the new clearing fee will cost Acacia another US$7mln to US$9mln each year based on last year’s revenues.

Sirius Minerals PLC (LON:SXX) said it enjoyed a “productive” three months as it updated on progress at the giant Woodsmith operation in North Yorkshire, host to a potash-type fertiliser called polyhalite.

It said mine enabling work is complete, site preparation is “well advanced” and construction of a diaphragm wall that sits at the head of the pit shaft will get underway in the third quarter.

Landore Resources Limited (LON:LND) has hit more wide intevals of gold from drilling at BAM East in Ontario, Canada. One hole saw a width of 18.79m at 3.65 grams per tonne gold (g/t) with others showing 12.25 g/t gold and at 5.08 g/t over narrower intervals.

BAM East’s Central Zone has now been confirmed over 1,000 metres of strike length and remains open down dip, to the east and to the west along strike

Phoenix Global Mining Ltd (LON:PGM) debuted on Aim this morning in the second largest new mining listing of the year.

Its Empire site is an old mine and as such is something of a known quantity. A pre-feasibility on a low-cost open pit copper mine with a ten year life is already underway. The idea is to be in production by 2020, delivering 7,000 tonnes of copper cathode to market per annum.

Progress continues with the trials being undertaken by Harvest Minerals Limited (LON:HMI) on product from its multi-nutrient direct application natural fertiliser (DANF) project at Arapua, in the heart of the Brazilian agriculture belt in Minas Gerais.

The company's focus has been on completing first-round agronomic test work so that an application for certification of KPfértil as a remineraliser can be submitted to the Brazilian Ministry of Agriculture, Livestock and Supply (MAPA).

Rambler Metals & Mining PLC (LON:RMM) has initiated a surface diamond drilling program targeting the depth extension of both the Lower Footwall Zone and high grade massive sulphides at its producing Ming copper and gold mine in Newfoundland & Labrador.

The drilling will test up to one kilometre beyond the current known mineralized trend, between depths of 1,200 meters and 1,800 meters below sea level. 

Ariana Resources plc (LON:AAU) updated on the ramp up of its Kiziltepe Mine in Turkey, where commercial production is expected shortly.

The grade of ore from the open pit is continuing to increase with target grades of more than 3 g/t gold and over 40 g/t silver expected to be met from July 2017 onwards.

Natural resources investment group Metal Tiger PLC (LON:MTR) made good progress in 2016 and saw its net asset value grow 389% to around £7.4mln.

Notably, its interests in Thailand and Botswana grew substantially and its investments in Direct Equities yielded strong results, it said.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ariana Resources PLC named herein, including the promotion by the Company of Ariana Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Phunware to launch Initial Exchange Offering for its Phun...

Phunware Inc (NASDAQ:PHUN) CEO Randall Crowder tells Proactive the tech company is launching an Initial Exchange Offering for its own new currency called Phun tokens, and explains the difference between this and an Initial Coin Offering. Crowder says the company hasn't raised funds since...

30 minutes ago

4 min read