END OF DAY NEWS WRAP

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Proactive news summary, featuring Atlantic Coal, African Consolidated, Nyota Minerals and Kedco

January 21 2013, 5:03pm
Proactive news summary, featuring Atlantic Coal, African Consolidated, Nyota Minerals and Kedco

January continues to provide AIM’s resource investors with reasons to be cheerful, and today’s news brought a mix of deals, fundings and new projects.

Atlantic Coal’s (LON:ATC) $9mln deal to secure the Pott & Bannon coal mine in Pennsylvania has the potential to transform the coal miner, according to managing director Steve Best.

The property, located just 25kms from ATC’s flagship Stockton mine, is thought to contain up to 13.6mln tonnes of coal – or 4.1mln tonnes of washed, saleable anthracite.

ATC is paying $6mln in cash, and it is granting the owners share warrants worth $3mln to acquire the property.

Elsewhere in the junior mining sector today African Consolidated Resources (LON:AFCR) raised £1.9mln through a share sale, to help progress its key projects – including the Pickstone-Peerless gold project in Zimbabwe.

Ethiopia gold mine developer Nyota Minerals (LON:NYO) is also working on a funding, for interim financing, while it awaits sign-off for the Tulu Kapi project.

The company also revealed this morning that production from the mine could be enhanced by the exploitation of an underground ‘feeder’ zone, where Nyota has now defined a 1.1mln ounce in-house resource estimate.

Mining this mineralisation could add between 15,000 and 45,000 ounces of gold production per year. Last month’s definitive feasibility outlined a 105,000 ounce a year operation from a proposed open-pit.

Oil explorer Serica also told investors it would be seeking finance for a field development project in the North Sea, while it also said it had sufficient money for its 2013 exploration programme – which comprises projects in the North Sea, offshore Ireland, Namibia and Morocco.

Launching a new project is renewable power specialist Kedco, which has signed a co-development agreement for three wind farms in North West Ireland. These wind farms would have potential capacity of up to 30 megawatts.


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