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Proactive weekly mining news: Mariana Resources , Petropavlovsk, Kefi MInerals ...

Last updated: 14:07 28 Apr 2017 BST, First published: 10:00 29 Apr 2017 BST

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Mariana Resources PLC (LON:MARL, CVE:MARL), the Turkey-focused mining exploration specialist, has agreed to be taken over in a deal that values the business at almost £167mln, representing an 84% premium on last night’s valuation.

Canada-listed Sandstorm Gold, which already owns 7% of the AIM-listed company, is offering its own paper as well as 28.75p per share in cash.

This values Mariana stock, which closed at 59.01p on Wednesday, at 109.71p, and the company at £166.85mln.

The deal has the backing of the Mariana board. Chairman John Horsburgh said: “The terms of the combination represent a significant and attractive premium to the market price of Mariana shares.”

Petropavlovsk PLC (LON:POG) has made a good start to 2017 at its four gold mines in Russia.

Total gold production was 118,046 ounces, an 18% rise on a year ago, while total gold sold rose 17% to 118,000oz.

Pavel Maslovskiy, chief executive, said it was tempted to raise production forecasts for the year on the back of these numbers but resisted.

KEFI Minerals plc (LON:KEFI) has received a financial boost from the Ethiopian Revenues and Customs Authority in the form of a £1mln VAT refund.

The country is host to the gold explorer’s Tulu Kapi project, which is being developed for production.

"The Ethiopian government have remained supportive of our project in Ethiopia and are committed to facilitating growth of the mining sector,” said KEFI’s chairman Harry Anagnostaras-Adams. 

Berkeley Energia Plc (LON:BKY) today released a quarterly report that checks off the mine developer’s progress as it continues to build the Salamanca uranium mine in Spain.

The company explained that all infrastructure work is on track for completion as planned, the necessary land acquisition process is almost complete, and major equipment has been ordered and is being fabricated by industry experts.

Arian Silver Corp (LON:AGQ) has lapsed its option over the Noche Buena gold and silver tailings project to focus on its lithium assets  in Zacatecas State, Mexico.

Metallurgical testwork showed Noche Buena’s tailings are highly refractory and include minerals that would inhibit extraction of the silver and gold and incur smelting penalties, said the junior.

Patagonia Gold plc (LON:PGD) is selling its long-standing Cap Oeste Sur Este gold project in Argentina to a subsidiary of Pan American Silver (NASDAQ:PAAS)(TSE:PAAS) for US$15mln, of which US$7.5mln is deferred, plus a 1.5% net smelter returns royalty.

In addition, Patagonia has been granted an exclusive option to purchase from Pan American Silver the Calcatreu gold-silver asset in Rio Negro Province, Argentina for US$15mln. 

Patagonia will have six months to exercise the option.

Horizonte Minerals Plc (LON: HZM, TSE: HZM) has been awarded three new mineral exploration concession areas adjacent to the Araguaia North deposits which form part its 100% owned Araguaia nickel project in Brazil.  

The new land package covers 1,748 hectares and contains ultramafic intrusions of a similar type to those hosting the high-grade nickel resource at Araguaia's Vale dos Sonhos deposit.

Stratex International plc (LON:STI) has sold its 45% interest in the Altintepe gold mine in Turkey to its joint venture partner, Bahar Madencilik.

The consideration of US$8mln cash is net of any taxes and costs, and marks Stratex’s exit from a joint venture where relations between the two companies, from the outside at least, had their ups and downs.

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