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Proactive weekly mining news - Pan African Resources, Tharisa, Vast Resources and Chaarat Gold Holdings

Published: 08:27 23 Sep 2017 BST

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A fairly busy week for the diggers. Here are some highlights..

Over in South Africa, miner Pan African Resources plc (LON:PAF), which has a market cap of almost £300mln, said it expects a better 12 months ahead after a number of operational challenges cut profits in the year just ended.

In a statement, chief executive Cobus Loots said: “Remedial actions successfully implemented by management are delivering the expected results.”

Shaft repairs have been completed at Evander Mines with a substantial increase in gold production expected to be the result.

The other core mine, Barberton, meanwhile is currently mining high-grade panels in its Fairview 11-block and is "poised to contribute substantially to our production guidance of 190,000oz for the 2018 financial year," Loots added.

The Elikhulu project is also on schedule and expected to produce first gold in the final quarter of the 2018 calendar year.

Gold was quite a big theme this week. Elsewhere, IronRidge Resources moved higher after reporting it had found multiple high-grade intersections of gold at the Dorothe gold project in Chad.

It said the mineralisation is open along strike with the Dorothe Main Vein (DMV) zone and is open in all directions within the broader Dorothe Artisanal Pitting (DAP) zone.

It added that there are large areas of untested potential mineralisation concealed below thin cover within the DAP.

Meanwhile, Chaarat Gold Holdings Ltd (LON:CGH) told investors it has secured full local permit in the Kyrgyz Republic for the Tulkubash project.

The company said in a statement that the licence agreement has been signed by the government, confirming approval for the plan to take stage one and two of the Chaarat project into production.

Specifically, the Tulkubash heap leach project has been approved for construction, and the stage two refractory deposit can be developed when appropriate.

Elsewhere, increased sales of copper concentrate partially offset reduced sales of gold bullion in the first half of 2017 at Anglo Asian Mining Plc (LON:AAZ).

The Azerbaijan-focused gold, copper and silver producer’s half-year results confirmed, as anticipated, increased copper and decreased gold bullion production due to optimisation and expansion initiatives undertaken during the period that will significantly enhance the long term outlook, Anglo Asian said.

In other news, Hummingbird Resources PLC (LON:HUM) has published a new video detailing construction progress on the ground at its Yanfolila Gold Project in Mali.

The AIM-listed group said it posted the video on its corporate website ahead of its targeted first gold pour by the end of 2017.

To tungsten now, and W Resources PLC (LON:WRES) has received a two-year extension to its Tarouca tungsten project in Portugal.

The licence will now expire on 23 March 2019. During this period, W Resources expects to complete a 15 hole/1,500m reverse circulation drilling campaign.

Michael Masterman, W Resources’ chairman, said: "Whilst the development focus is on La Parrilla in Spain and Régua in Portugal, the drilling campaign at Tarouca will help us to further delineate the resource with a view to increasing our overall tungsten resource and production base.”

“Tarouca is 20km from Régua and has the potential to enhance and expand the Régua development."

Tharisa PLC (LON:THS) says it expects to produce 150,000 ounces of PGM (platinum group concentrate) and 1.4Mt (million tonnes) of chrome concentrates in full year 2018, as it said its acquisition of MCC’s assets was now unconditional and effective from October 1.

As reported previously, Tharisa will buy from MCC certain existing mining equipment, spare parts, as well as transfer employees currently on site and deployed at the Tharisa mine in South Africa.

"With the long life of the open pit, the transition to an owner mining model is a logical progression in its development by derisking operations, it told investors.

VAST Resources PLC (LON:VAST) is aiming to re-open its Baita Plai Polymetallic mine in Romania in the middle of 2018, it said, posting full year results for the year to end March during which output rose at its two existing mine.

The group passed a major hurdle last month, when it received the right to mine at Baita Plai in Romania, where the firm also has the Manaila mine.

For Baita Plai, the firm forecasts start-up capital expenditure of $1.2mln to make the mine operational.

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