Shares advanced on Thursday as the UK mine developer marked another milestone, with a commercial deal to underpin the North Yorkshire mine development.
An initial 7-year deal could see up to 750,000 tonnes of the POLY4 - the fertiliser product that will be made at the new mine - shipped to customers in South East Asia.
The deal is with Wilmar Group, a Singapore listed agribusiness firm, which will have exclusive rights for the use and resale of POLY4 in territories such as Indonesia, Malaysia, Vietnam, Thailand, Philippines and Myanmar.
Wilmar has the option to lift the offtake volume up to 1mln tonnes per annum, and it can extend the initial agreement for a further three years.
It was a fairly busy week in the smallcap sector. Here are some other highlights.
The ESIAs represent integral elements of the approval process for the company’s proposed Mbeya coal to power project (MCPP), the company said, and the award is seen as a ‘further milestone’ in the critical energy project.
Kibo noted that at Mbeya it has already successfully completed a power pre-feasibility study, a mining pre-feasibility study, a definitive power feasibility study, a definitive mining feasibility study, an independent integrated financial model and an integrated bankable feasibility study.
Earlier this month, the company took a 5.18% stake in the Australian company which has two key assets, the Chatree gold mine in Thailand the Nueva Esperanza silver old project in Chile.
Elsewhere, Bushveld Minerals Limited (LON:BMN) has issued a revised competent person's report (CPR) for the Mokopane tin project in South Africa, ahead of the spin-off the group's tin assets into the new AIM listing, AfrTin.
It includes mineral resource estimates for the Groenfontein deposit and the Zaaiplaats deposit.
For the Groenfontein deposit, the estimate remains unchanged at 5,995 tonnes of contained tin at a grade of 0.150%.
But the new resource for Zaaiplaats has a new higher cut-off grade of 0.1% of tin to bring it in line with Groenfontein, which means the total tonnage of contained tin at Zaaiplaats has been revised down from 12,452 tonnes to 7,753 tonnes.
Sticking in South Africa, Jubilee Platinum PLC (LON:JLP) saw its shares rise after it said it has seen a big increase in revenues and profits as platinum production from its tailings operation at the Hernic mine ramped up.
The AIM-listed firm said output from Hernic, in South Africa, rose to 2,874 ounces of platinum (PGM) in the three months to September compared to 808oz in the previous quarter.
Hernic’s unit cost per PGM ounce produced almost halved to US$476 from US$901 in the previous quarter.
An ongoing review of historical data and initial field reconnaissance has highlighted additional gold potential at the Panorama project in the Pilbara region of Western Australia held by Greatland Gold plc (LON:GGP).
Amongst the highlights from the northern licence area are multiple historic rock chip samples with an elevated gold response along a 3.2 kilometre zone, including results of 10.5 grams per tonne gold, 14 grams per tonne and 66 grams.
Greatland's technical team has now completed field reconnaissance along this zone and has confirmed that visual indications of mineralisation are present. Verification rock chip sampling of this area are currently being conducted.
Finally, Cadence Minerals Plc (LON:KDNC) revealed that its investee company Auroch Minerals is now half way through its Tisová drilling program in the Czech Republic and has intersected the sulphide blanket as predicted in its 3D model.
In a statement, Cadence said Auroch’s second hole, TIDD003, intersected multiple zones of sulphide mineralisation with visible cobalt and copper minerals within a 130m thick zone containing 1-5% disseminated sulphides.
Trials started a few months ago, prior to the wet season, and will continue through next year. Roughly US$700,000 worth of gold was received last week with volumes expected to increase over the coming months, Wishbone said.
As production from the Gedabek mine has been ramping up and output has started at the Ugur open-pit, the company has turned its attention to exploration.
Exploration work is taking place at Ugur, with a view to unearthing extensions to the known mineralisation in order to increase mining inventory.
A drill programme is also underway at Gedabek where the company is working to evaluate and optimise the mine plan ahead of the next mining season in early 2018 (extraction paused in the third quarter to allow development work and drilling to take place).