The company’s business model entails providing equipment and expertise to existing small mines in Honduras to enable them to increase production, and prior to the wet season, most of the equipment was installed but commissioning activities were suspended as new buildings could not be completed prior to the hurricanes.
Rainbow Rare Earths Limited (LON:RBW) produced its first concentrate from the Gakara project in Burundi. A 25 tonne shipment is now on its way by road to Mombasa, as final commissioning of the plant at Gakara completes.
Gakara is one of the highest grade rare earth element mining projects globally, with an estimated in situ grade of between 47% and 67% Total Rare Earth Oxide (TREO). Rainbow is targeting production of 5,000 tonnes per year by the end of 2018.
Kingsgate Consolidated Limited (ASX:KCN) is to hold an extraordinary meeting of shareholders on 9 January 2018, following agitation from London’s Metal Tiger PLC (LON:MTR). If Metal Tiger gets its way, a new board will be elected for Kingsgate at the meeting. Metal Tiger is Kingsgate's largest shareholder, with a 6.7 per cent interest.
This work comes as the company, which is seeking a secondary listing in the UK, finalises studies, including the front-end engineering design (FEED) phase. These factors, along with a solid cash position, align Danakali for a strong finish to 2017. They will also allow it to progress to full engineering and construction of Colluli.
The company has a 120-day option to take a 75% stake in the Western Shaw project, it is paying a A$50,000 option fee, and it will proceed with due diligence and field reconnaissance. It will pay A$250,000 to Redstone Metals to acquire the stake. The option fee and the acquisition consideration will be payable entirely in shares.
Galileo Resources PLC (LON:GLR) has decided to reduce its interest in the Concordia copper project in South Africa to 15% from 51%. The junior said drilling in the summer had not provided enough of an understanding of the geology to warrant further exploration.
As a result, the company has agreed with partner Shirley Hayes to reduce its interest.
Recent months have seen Galileo step up work at the Glenover phosphate prospect while drilling has just got underway at its most recent acquisition, the Star zinc project in Zambia.
Savannah Resources Plc (LON:SAV) said its consortium with wholly-owned subsidiary AME East Africa and Rio Tinto PLC (LON:RIO) has completed the commissioning of a pilot processing plant at the Mutamba Mineral Sands project in Mozambique.
The 20 tonne per hour plant was officially opened on Thursday by the Governor of Inhambane, Daniel Chapo and will be used to produce concentrates as part of a pre-feasibility study for Mutamba that started earlier this year.
European Lithium Ltd (ASX:EUR) has raised $5 million to assist in funding the Wolfsberg Lithium Project in Austria. The $4 million placement was heavily oversubscribed and the additional $1 million oversubscription facility was accepted by the company. The placement has been taken up by sophisticated and professional investors.
Kore Potash PLC (ASX:KP2) believes its Kola prospect in the Republic of Congo might be much larger than previously thought after the latest drill results. Holes drilled 1.5km and 7km to the south-east of the existing resource both recorded ‘outstanding’ intersection at grades of more than 60% sylvinite/potassium chloride.
Kore said the assay results underlined the potential to expand the deposit significantly and that additional areas of very high grade sylvinite exist outside of those already defined at Kola.
Explorator Limitada – wholly-owned by Xtract – agreed the original terms with Omnia Mining and Moz Gold back in June. The updated agreement will see the western mining area at Manica divided into two blocks – O and M.
Moz has been appointed on an exclusive basis to conduct alluvial mining and processing within the M block, while Omnia has entered into a new agreement for the O block.
Ariana Resources plc (LON:AAU) has announced its latest new gold discovery at the Salinbas project in Turkey. The exploration company told investors it has unearthed a significant anomaly, a 500x150 metre zone of precious metal and base metal, in the Salinbas North area.
Soil tests returned material gold and silver grades – up to 3.83 grams per tonne gold, and 108 grams per tonne silver. These initial results show the potential at the project for further resource growth, according to Ariana, which also noted it has ‘ample funds’ for follow up exploration work in 2018.
Macarthur Minerals Limited (CVE:MMS) has signed a strategic alliance with 3PL Operating to explore its Reynolds Springs lithium brine prospect in Nevada’s Railroad Valley. Cadence Minerals owns a 15.2% stake in Macarthur.
Kiran Morzaria, the AIM-listed company’s chief executive, said: "The Railroad Valley has emerged as potentially the largest lithium brine deposit in Nevada and Macarthur has formed a strategic alliance with an established operator."
Bezant Resources plc (LON:BZT) raised £550,000 of new funds through an issue of new shares to investors. A total of 110.2mln new shares will be sold at a price of 0.4p in a placing, while a further 27.28mln share issued on the same terms in a separate share subscription.
The company placed more than 333 million new ordinary shares of 0.1p each at a price of 0.15p each, representing 15.5% of the company’s enlarged issued share capital. Proceeds will help with mine planning and additional drilling at the CS project with the aim of moving towards production.
Sino Minerals, a contract miner working on the Manica gold project owned by Xtract Resources PLC (LON:XTR) produced a total of 6.287 kg of tax-paid gold in October and November. This gold is now available for dispatch to the South African refinery, with 40% attributable to Xtract and 60% to Nexus Capital Limited under the Collaboration Agreement signed on 20 June, 2017.
The company added that it has continued to mine at West Kytlim, though it will imminently close for the 2017 season. Additionally, new exploration licences have been made for an area adjacent to West Kytlim.
Jubilee Platinum PLC’s (LON:JLP) will begin trading as Jubilee Metals Group from Friday, 15 December, the company announced on Tuesday. Shareholders on Monday passed the resolution for the name change. The new website with the new name will be launched next Friday.
The group said Auroch’s statement showed that cobalt and copper assay results from Tisová have not replicated the results obtained from grab samples reported from historic waste dumps on site, although gold results - including [email protected] grammes per tonne - are closer to expectations.