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Proactive mining highlights: Ariana, Diamandcorp, Goldplat, KEFI, Kibo, Metal Tiger and more...

A weekly round up of the mining news from the world of Proactive.
A miner in a mine
Weekly round up of mining news

Mining group Vast Resources PLC (LON:VAST) unveiled plans to raise up to £1mln via an open offer to existing shareholders as it continues to try and unlock what it sees as the value in its portfolio.

It comes after last week it brought in £855,000 through issuing 3bn shares at 0.285p each, after shareholders rejected getting more funds via the agreement with Crede.

Gold recovery specialist Goldplat (LON:GDP) has agreed to farm-out a majority of its Anumso gold project in Ghana.

Canada-listed Gulf Shore Resources (CVE:GUL) has signed a letter of intent for an earn-in that will see it spend US$3mln on exploration for 75% of Goldplat’s 90% stake.

Barratt Developments (LON:BDEV) shares weakened as it warned it had taken measures in preparation for a possible housebuilding downturn post-Brexit.

The FTSE 100 housebuilder said the outlook for the industry was less clear and it had reduced its risk by actions such as reassessing land approvals while it monitors the market.

Rare Earth Minerals plc’s (LON:REM) portfolio company Macarthur Minerals has agreed a conditional farm-in of its lithium acreage at Ravensthorpe in Australia.

Ravensthorpe is nearby to the Mount Cattlin lithium project, which is currently mining and processing spodumene and tantalum concentrate.

Mandalay Resources Corp (TSE:MND) expects to report a good financial performance after unveiling strong second quarter output and sales, which will be further bolstered by metals price rises.

Its Costerfield mine in Australia continues to outperform, while production at the Swedish Bjorkdal was a new record for the mine under Mandalay's ownership, it said.

KEFI Minerals (LON:KEFI) has shuffled its board as it negotiates over finance to build its Tulu Kupi gold project in Ethiopia.

Mining and corporate finance veteran Mark Wellesley-Wood is to join as a non-executive director and head up a new technical review committee.

Fertiliser  trader African Potash Ltd (LON:AFPO) has already seen revenues from a deal struck with Nutri-Aid Trust, an organisation working to develop a dealer network at village level across Zambia.

African Potash will take part in the supply network, serving 2,500 outlets, which each serve around 300 farmers with fertiliser.

South African diamond miner Diamondcorp (LON:DCP) has bumped up the proceeds of its recent share placing by £0.5mln after the broker option was exercised.

Applicants for the additonal shares, including a number of directors, paid 6p per share, the same as the placing price. It took the total amount of money raised in the funding to £2mln.

Strategic Minerals PLC (LON:SML) announced the appointment of Peter Wale as non-executive director.

As the second largest shareholder in the group, Wale brings to the board 20 years of diverse investing experience, trading for both Japanese and American investment firms.

Premier African Minerals Limited (LON:PREM) expects the processing plant at the RHA Tungsten in Zimbabwe to be switched on this week.

Premier gave its contractor APT a deadline of July 6 to rectify the problems with the new plant at 49%-owned RHA.

Mkango Resources Ltd (LON:MKA, CVE:MKA) chief executive William Dawes said the group was 'excited' about the results of a recent airborne survey over two thirds of its 137 sq km  Thambani licence in Malawi.

The work was part of a US$25 million World Bank funded nationwide airborne programme flown at 250 metre spacing.

Shares in Ariana Resources plc (LON:AAU) added over 8% to 1.90p as it commercialised its second lithium project in six months.

Its Australian subsidiary Asgard Metals has sold the final four of a package of lithium tenements to Kingston Resources - part of a broader deal with Slipstream Resources to sell the 20 tenements to Kingston.

Strategic Minerals PLC (LON:SML) has kicked off the process of buying a 50% stake in a tin/tungsten project in Cornwall, UK.

As previously reported, it is set to acquire a stake in NAE Resources (UK) Ltd, otherwise known as Redmoor, from Aussie firm New Age Exploration Ltd.

Shares in Jubilee Platinum PLC (LON:JLP) advanced in early deals as it revealed a doubling of chrome concentrate production from its Dilokong tailings project (DCM) in the latest half year.

Output for the six months to end June came in at 15,188 tons, compared to 7, 480 tons for the same period in 2015.

Kibo Mining PLC (LON:KIBO) said it will be attending the Tanzania International Forum for Investments in Dar Es Salaam on 25 September 2016.

The forum was originally scheduled for 12 July 2016.

Participating in the Energy and Power Session, chief executive officer (CEO) Louis Coetzee will be speaking alongside Frederick Shindika, CEO of Serenity Investment Partners; Felichesmi Mramba, managing director of TANESCO; and Boniface Njombe, general manager of the Tanzania Geothermal Development Company.

Armadale Capital PLC (LON:ACP), the investment company focused on natural resource projects in Africa, has completed the acquisition of the Mahenge Liandu graphite project.

The purchase of the project, in south-east Tanzania, was flagged up on 2 June. The company is acquiring the asset in an all-paper deal from Graphite Advancement Tanzania, handing over 80mln Armadale shares to the Aussie outfit.

Shares in Goldplat PLC (LON:GDP) traded slightly weaker at the open on Monday 11th July after news that the company is in dispute with one of its major business partners, the Rand Refinery.

The company also noted that for “operational reasons” the Rand Refinery will not be able to accept any product from Goldplat for refining during the month of August.

Resource sector finance specialist Donald McAlister has been named as ZincOx Resources plc'c (LON:ZOX) new finance director with immediate effect.

The 57-year-old has over two decades' experience in all financial aspects of the resource industry, including metal hedging, tax planning and economic modelling, the zinc recycler said.

Landore Resources Ltd (LON:LND) has disposed of non-core asset -  the Root Lake Lithium property in Ontario -  after Ardiden Limited excericised its previously announced option.

In a deal announced on February 10 this year Landore announced that it is to sell the Root Lake property, which lies more than 400 kilometres away from Junior Lake, in a cash, shares and royalty deal.

Caledonia Mining Corporation PLC (LON:CMC) looks to be well on track to meet its full year production target of 50,000 ounces of gold, following a robust set of second quarter numbers from the company’s flagship Blanket mine in southern Zimbabwe.

In the three months to June 2016 production at Blanket rang it at 12,509 ounces of gold, a 20 per cent increase on the amount produced in the comparable period a year ago, and a 12 per cent increase on the first quarter of this year.

Mineral sands firm Sierra Rutile Ltd (LON:SRX) says full year output is expected to be at the upper end of guidance after it unveiled a strong second quarter, which saw a 29% increase in rutile production compared to the first.

Full year production for the year is now expected to be at upper end of between 120,000 tonnes and 135,000 tonnes, it said.

The operational success of the New Luika gold mine in Tanzania means Shanta Gold Limited(LON:SHG) can progress its second Singida project, where pilot production is targeted to start in the first quarter of 2017.

The pilot project required around US$4mln to be developed, which will be funded from company cashflow, it said.

Commodity investor Polo Resources Limited (LON:POL) is issuing 9,832,358 new ordinary shares to pay for increasing its stake in Australian gold explorer Blackham Resources Limited (ASX:BLK).

It said on Friday that it had applied to get the consideration shares admitted to trading on AIM on Monday July 25, after which Polo's enlarged issued share capital will amount to 311,789,151 ordinary shares.

Berkeley Energia Ltd’s (LON:BKY) Salamanca uranium project in Spain is expected to generate significant earnings, even at this low point in pricing for the commodity.

This was one of the headline findings for a definitive feasibility study (DFS) of the planned mine, which revealed that all-in costs would be just over US$15 per pound – compared with a spot price of US$26 per pound and a term contract price of US$41.

Metal Tiger Plc (LON:MTR) has highlighted the latest exploration update from its 30% owned project in the Kalahari Copper Belt, Botswana.

Soil sampling has identified several copper anomalies. The work focussed on three target areas (referred to as T2, T9 and T10), all of which are located to the north of the more advanced T3 resource target.

The T3 mineralisation was unearthed by following the same soil sampling strategy, the company noted.

SolGold plc (LON:SOLG) has continues to build world class credentials at the emerging Cascabel copper gold porphyry project, in Northern Ecuador, where the latest exploration results have impressed.

On AIM the exploration share rose 6.25% to trade at 4.25p each.

Final assay results from Drill Hole 17 reveal 948 metres of mineralisation with an overall copper grade of 54%, as well as 0.53 grams per tonne gold (1.01% copper equivalent).

Resources investor Metal Tiger PLC (LON:MTR) is to take 9.4% stake in investment in Indian gold specialist Kolar Gold Limited (LON:KGLD).

Metal Tiger will invest £200,000 cash for 18.2mln new shares at 1.1p per share and receive a similar number of warrants exercisable at double the price.

Ortac Resources Plc (LON:OTC) shot up around 35% on Monday after the exploration group won a legal challenge in Slovakia.

In a brief statement to the stock market Ortac revealed a positive conclusion to a judicial proceeding brought against the District Environmental Office (DEO) in Ziar nad Hronom, a town in Slovakia’s Banská Bystrica region.

Metals Exploration Plc (LON:MTL) is in talks with  major shareholders in a bid to raise US$5mln for additional working capital, it revealed, adding that the milling at the Runruno gold mine had resumed.

The group suspended milling at the site in the Philippines after feeding-in problems at the tail end of June.

Tango Mining Limited (CVE:TGV) has acquired an additional 23% interest in South Africa-based Kwena Group.

The mining firm entered into a deal to acquire the additional shares, bringing its total interest to 74%.

Anglo Pacific Group plc (LON:APF) says it's 'encouraged' by  the positive definitive feasibility study released yesterday by Berkeley Energia Ltd on the Salamanca uranium project in Spain.

In 2009, Anglo acquired a 1% NSR royalty  on production from Berkeley's Spanish and Portuguese assets for A$4.1mln and it also holds 30.3 million Berkeley shares.

A pre-feasibility on the Cinovec project in the Czech Republic is making good progress on all fronts, said the lithium specialist Rare Earth Minerals (LON:REM)

REM owns 16.4% of European Metals Holdings Limited (LON:EMH), which is developing the project with a target of an initial production rate of 20,000 tonnes annually of lithium carbonate.

Anglo Asian Mining Plc (LON:AAZ) saw a substantial pick-up in production in its second quarter as it continues to improve and lower costs at its Azerbaijan operations.

And chief executive Reza Vaziri told investors: "The second half of the year has historically been our best performing half due to the seasonally better weather and our production will also benefit from the second SAG mill which is due to start operating next month."

IronRidge Resources (LON:IRR) has parked  its iron ore exploration plans and will prioritise its fledgling gold interests instead.

The current state of the global iron ore market and the poor outlook for prices in the next five years has prompted it out its iron ore projects in Gabon on hold.

Ferrum Crescent Ltd (LON:FCR) is to get access to historical data for the Moonlight and Julietta licence areas from exploration carried out between 1993 to 1997.

Ferrum asked Anglo American for the data and core samples from exploration it conducted over that period at the prospects in the Limpopo province of South Africa

 


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