Mining weekly news report: Rio Tinto, Antofagasta, Anglo American, Randgold Resources

Large and Mid Cap News

Rio Tinto (LON:RIO) expanded the mineral resource base in the Pilbara by 2 billion tonnes in addition to the currently reported 14.4 billion tonnes of Mineral Resources and 2.8 billion tonnes of Ore Reserves.

Antofagasta (LON:ANTO) said that group revenues in the nine months to 30 September rose from US$2.02 billion a year earlier to US$3.17 billion.

Randgold Resources (LON:RRS) has made an application to the London Stock Exchange (LSE) and the UK Listing Authority for a block listing of 1 million ordinary shares.

Anglo American (LON:AAL) has decided to begin a divestment process for its Callide thermal coal mine in Central Queensland, Australia.

Small Cap News

Mariana Resources (LON:MARL) said that John Sutcliffe is stepping down as managing director in order to concentrate on fast tracking new gold, silver and copper projects.

He will, however, remain as the company’s Principal Geologist while assuming a new boardroom role as non-executive director.

Mariana Resources also reported that the Gator target on the San Augustin property tested for gold and silver. The area was drilled by FTSE 250-listed Hochschild Mining (LON:HOC), as part of the Los Amigos joint venture in the Deseado Massif gold-silver province of Santa Cruz, in southern Argentina. Mariana said this week that an independent technical report on its Las Calandrias gold-silver project in Patagonia has described it as a “property of merit that warrants further work”.

Mariana Resources announced a significant upgrade of the Calandria Sur deposit at its Las Calandrias project in Argentina.

Thor Mining (LON:THR, ASX:THR) has hired Allan Burchard as its new company secretary and chief financial officer. Thor Mining said this week that its share price movement may have been influenced by improving metals prices and the encouraging activity at the Dundas project – which has been reported previously.

Burchard is an experienced chartered accountant and will replace Laurie Ackroyd who is leaving Thor in the near future to concentrate fully on his role at Western Desert Resources (ASX:WDR).

Berkeley Mineral Resources (LON:BMR) is currently working to complete the acquisition of the remaining tailings dumps at the Kabwe mine to hold over 7 million tonnes of ore “in the not too distant future”.

Anglesey Mining (LON:AYM) chairman John Kearney believes investors will soon see that AYM shares are significantly undervalued, once Labrador Iron Mines (TSX:LIM) starts production in April 2011.

The sale of African Diamonds (LON:AFD) to Lucara Diamonds (TSX-V:LUC) moved a step closer this week, after AFD shareholders voted in favour of the deal. Last month the company recommended the £51 million takeover bid from its joint venture partner. AFD and Lucara are currently developing the AK6 diamond mine in Botswana.

African Aura Mining (LON:AAAM, TSX:AUR) has raised £20.3 million, or US$32 million, from institutional investors with a fully underwritten placing. It issued 13.5 million new shares - around 18 percent of the company - at 150 pence each.

Shares in Creat Resources Holdings (LON:CRHL) rallied 10% after the company said it was encouraged by the drilling results from its Tenth Legion magnetite project in Tasmania.

Frontier Mining Ltd (LON:FML), the gold and copper exploration and development company focussed on Kazakhstan, has appointed William Durand Randy Eppler as a non-executive director with immediate effect. Frontier Mining has this week signed a US$4 million loan with HSBC Bank which will be used to develop its Benkala copper project in Kazakhstan.

Shares in African Eagle Resources (LON:AFE) spiked 8 per cent as it outlined the potential of the Zanzui project in Tanzania. Modelling based on the drilling done to date produced a JORC exploration target of at least 20 million tonnes at 0.9-1 per cent nickel. Meanwhile, African Eagle is selling its non-core uranium division to Jacana Resources Ltd, a private Australian company, in return for A$1 million in shares and cash.

African Eagle shares could soar well past their current highs, according to Matthew McDonald, mining analyst at Seymour Pierce. He set a price target of 18p a share (current price 6.62p) in the wake of the latest resource update, which focused on the potential of the Zanzui project.

Sunrise Resources (LON:SRES) has raised £1.2 million, to help it advance the Long Lake gold project in Canada and the Derryginagh barite project in Ireland. The placing of 60 million new shares, at 2 pence each, was oversubscribed.

Herencia Resources (LON:HER) has hired a contractor to carry out geophysical work on the Doris high grade gold-silver prospect, which forms part of the larger Paguanta project in Northern Chile. Herencia has also appointed Golder Associates as preferred consultant to undertake the feasibility study for the company's 70 percent owned Paguanta project.

Shares in Condor Resources PLC (LON:CNR) got a massive lift after the group announced it had now defined three gold enriched zones on the 2 kilometres Andrea vein on the El Rodeo concession in Nicaragua’s La India mining district.

Strategic Natural Resources (LON:SNRP) is in talks with several “large, independent power companies” as part of a concerted push to bring on board major customers for coal from the company’s Elitheni Mine in South Africa, according to director Jeremy Metcalfe.

Turkey-focused gold miner Ariana Resources (LON:AAU) has acquired a 15 per cent stake in Tigris Resources. It did so by investing C$115,000 (£71,000) in a private placing of shares. Under the terms of the deal Ariana’s managing director Kerim Sener will become a non-executive director of Tigris.

Patagonia Gold (LON:PGD) continues to hit exceptionally high grade gold and silver at the COSE project in Argentina.

Firestone Diamonds (LON:FDI) has released its progress report for the “transformational” year to 30 June, during which it made key decisions that made its prospects “brighter than at any time in history”.

Stellar Diamonds (LON:STEL) may be set for significant share price catalysts in the near term, according to research by Northland Capital. The broker, formerly known as Astaire Securities, had a meeting with Stellar’s management this week.

Goldplat PLC (LON:GDP) has entered into a Memorandum of Agreement (MoA) with Canadian mining group Gulf  Coast Resources Inc to buy the latter’s subsidiary that controls a mining lease in Ghana.

Stratex International (LON:STI) is set to fast-track drilling at the Muratdere copper-gold-molybdenum project in Turkey, after it agreed a new joint venture. The company has set up a new joint venture with Turkish engineering and construction firm the Aydeniz Group.

Shanta Gold’s (LON:SHG) New Luika mine development programme is improving on the economics initially expected in the feasibility study. This morning it revealed that it has ordered two new ball mills, which have greater capacity and are cheaper than those previously envisaged in the feasibility stage.

Gemfields (LON:GEM) has reported its highest quarterly production with 12.8 million carats of emerald and beryl in the first quarter of the current financial year.

Beowulf Mining (LON:BEM) said the results from its drilling programme at the Kallak North deposit indicate large iron ore tonnage. This week, the company revealed the programme’s final set of assays from recent drilling in Sweden.

Stellar Diamonds PLC (LON:STEL) said it has collected a bulk sample of approximately 500 tonnes from a 60 metre section of the Tongo kimberlite Dyke 1 in Sierra Leone.

Forte Energy (LON:FTE, ASX:FTE) has revealed the possibility that its uranium project Firawa in Guinea may host a substantial body of rare earth element (REE) mineralisation.

EMED Mining (LON:EMED) will issue its shares at no less than 8 pence in the upcoming fundraising in North America, which is comparable to the current share price.

Triple Plate Junction (LON:TPJ) said it is looking to 2011 with high hopes, after positive results from the Morobe gold and copper project in Papua New Guinea.