logo-loader

Scotgold shines as Cononish mine presents more opportunities

Last updated: 15:10 13 Dec 2016 GMT, First published: 09:15 13 Dec 2016 GMT

gold nuggets on a table

Shares in Scotgold Resources Limited (LON:SGZ) shined on Tuesday afternoon, climbing 15% on the back of some more positive news from the company’s Cononish mine in Scotland.

The gold miner told investors that the bulk processing trial at the project is coming along nicely and, more importantly, has yielded potential opportunities to “further enhance the economics of the full scale operation”.

The initial BPT is due to finish in February after a nine month stint, during which it will have processed around 2,400 tonnes of stockpiled ore.

Scotgold now wants to extend the BPT through to March 2018 to give it time explore and assess these new opportunities.

In the extra twelve months or so, Scotgold hopes to process another 4,800 tonnes of ore at a rate of 400 tonnes per month.

Elsewhere, Kurdistan oil firm Gulf Keystone Petroleum Limited (LON:GKP) also saw its share price soar by 15% amid rumours of a possible takeover.

A Bloomberg report, citing sources said to be familiar with the matter, claimed Sinopec has made an approach, and suggested that other bidders could well join the race, too.

GKP was the subject of a US$300mln takeover offer from fellow Kurdistan oil producer DNO only this summer.

 

11am...Getech turnaround sees shares flow higher

Shares in Getech Group PLC (LON:GTC) flowed almost 10% higher on Tuesday, after it told investors that recent strong trading means that it will turn a profit a year for the year.

This scenario looked unlikely back in the summer for the company – a provider of data, studies and services to the natural resource and energy sectors – which recorded a loss before tax of £704,000 in the first half of 2016.

In response to that underperformance, it took a “range of hard decisions” and slashed its costs, and this, coupled with a bounce in revenues, means it will post a profit before tax of around £671,000 this year.

Getech said it will continue to “act with prudence” over the coming year given the “uncertain” exploration markets, but added that it had been cautiously encouraged in recent months.

“The market remains challenging and we continue to have to make difficult decisions to ensure the robustness of the business,” said chairman Stuart Paton.

“However, with new leadership, diversification into new areas, and a stronger oil price, I am confident in the future growth of Getech.”

The firm also told investors that it was looking to grow its presence in the nuclear industry and is in advanced talks to do just that.

 

9.15am...Proxama plummets as revenue falls, key sale delayed

Shares in the proximity marketing specialist Proxama PLC (LON:PROX) plummeted by more than a third on Tuesday Morning after it published a downbeat trading statement.

The firm said it will register a year-on-year decline in revenues and expects to post an underlying loss of £3.5mln in the year to end December.  

Proxama also told investors that the sale of its digital payments division, which had been expected to close before 2016 is out, will rumble on into the New Year.

The sale is key to the company as it needs the cash generated from it to cover its immediate and medium-term working capital requirements.

The delay means that Proxama has had to raise £1.8mln through the issue of convertible loan notes to cover these costs.

On the face of it, it may not seem like much, but given Proxama’s relatively modest market value of just over £10mln, it’s a decent whack.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

20 minutes ago