Amec Foster Wheeler, now part of the FTSE 250 listed Wood Group, has been selected to deliver a fixed price engineering, procurement and construction (EPC) solution for the construction of the mine, plant and associated infrastructure.
Hummingbird Resources PLC (LON:HUM), on Friday, said it expects to pour its first gold from the Yanfolila mine in Mali with the processing of ore well underway. Supply from the pad stockpile is now going through the mill and carbon in leach process plant in order to extract the yellow metal.
Commercial ramp up will begin in the first quarter of next year and the aim is to produce 130,000 ounces of gold. Output on that scale is expected to generate free cash of around US$70mln at a gold price of US$1,250 an ounce.
The two companies have been in dispute for months over a contract to process silver, with Goldplat claiming £780,000 from the South African refinery. Arbitration proceedings have been scheduled for 25-29 June.
Richland Resources Limited (LON:RLD) says it has decided to temporarily halt mining operations at its Capricorn Sapphire mine located in Queensland, Australia due to “extreme weather conditions and a weak market environment” and is assessing potential additional project opportunities, including other commodities such as gold and lithium.
The AIM-listed gemstones producer and developer said, as previously announced, the company has stockpiled gemstones from its third quarter's production to pursue larger-scale, more strategic, sales events at more attractive prices.
Sula Iron & Gold PLC (LON:SULA) has acquired a cobalt deposit in the Democratic Republic of Congo to diversify its exploration activity. A £1.75mln placing and subscription at 0.05p will fund the change of tack, which will be accompanied by a name change to African Battery Metals Limited.
Over half of the money has come from a subscription by one investor. Sula will own 70% of a new company to be set to develop the cobalt deposit with the vendor owning the remaining 30%.
Landore Resources Limited (LON:LND) increased the mineral resource estimate for the BAM East Gold Deposit on its Junior Lake Property, Ontario, Canada to 400,000 ounces of gold at 1.37 grams/tonne (g/t) of which 326,000 ounces gold is in the Indicated category.
In a statement, the AIM-listed firm said its summer drill campaign successfully infilled much of the Inferred portion of the existing mineral resource and has extended the defined resource length from 700 metres to approximately 1,100 metres and from surface to 350 metres depth.
Strategic Minerals Plc (LON:SML) will look to speed up development of its Redmoor tin project in Cornwall after high grades were found from the latest exploration drilling. All five holes (the last in a programme of 20) hit much higher grades of metal than seen previously. The best also intersected tin much deeper than seen previously indicating the deposit is open at depth.
ECR Minerals PLC (LON:ECR) says it has identified 15 high priority targets from the results of an interpretation and targeting study using open-file geophysical data covering the Avoca, Bailieston, Moormbool and Timor exploration licences in Central Victoria, Australia.
The four licences are 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd. Victoria is one of the world’s major gold producing provinces and hosts the second largest gold endowment in Australia with total recorded gold production of around 85mln ounces.
Xtract Resources PLC (LON:XTR) is to make a US$700,000 strategic investment in Moz Gold Limitada, the firm which currently operates the M Block in the Western mining area of its Manica mining concession in Mozambique.
The AIM listed firm said it is to make an initial convertible loan of US$400,000 to Moz Gold, with the loan and interest at 30% per annum to be repaid over 5 months. Xtract added that it has the right to convert the loan at any time into a 25% equity interest in Moz Gold.
Ortac Resources Ltd (LON:OTC) told investors that a new phase of work is now planned for the Akyanga gold project in the Democratic Republic of the Congo. It's associate company, Casa Mining, of which it owns 84.7%, has decided on the new initiatives following a review of previous exploration activity and is now looking to expand the project to incorporate structures that run parallel to Akyanga.
Strategic Minerals Plc (LON:SML) will now buy the Leigh Creek copper mine in South Australia from Resilience Mining Australia outright following due diligence. As reported in October, Strategic revealed it was to pay a total of A$5mln, mainly by way of royalties in combination with cash, shares and taking on debt.
But now it has agreed renegotiated terms and will pay an equal mixture of cash and equity totalling A$3mln (around £1.710mln) to buy it outright.
Eurasia Mining plc (LON:EUA) has had the scheduled repayments of its loan agreement, arranged by Riverfort Global Capital Ltd in May, significantly reduced and the final payment date extended so the firm can direct more cash into mining preparation.
In a statement, the AIM-listed firm said the scheduled loan repayments for the next four months are reduced to US$25,000 per month in cash plus interest, and the final loan repayment date of 15 May 2018 is extended to 15 September 2018 to cover the main production season at West Kytlim.
Kore Potash PLC (ASX:KP2) has announced that it intends to seek a secondary listing on the main board of the Johannesburg Stock Exchange, as well as unveiling in principle support from the French government export credit agency for the construction of its flagship potash development asset, Kola.
The company said its JSE listing is planned at or around the same time as its intention to list on the London Stock Exchange’s AIM market, with both likely to be completed early in 2018. The group will also continue to be listed on the Australian Stock Exchange (ASX).
Richard Clemmey, managing director, said development progress had been slower than hoped due to delays in permitting at Storuman in Sweden, but its search for fluorspar project acquisitions had moved forward with one project now at an advanced stage of talks. The Possehl deal was also a critical building block for the company, he said.
Hummingbird Resources PLC (LON:HUM) has confirmed that talks with African Gold Group for a potential earn-in to a 50% interest in the Kobada gold project have ended. The company said the conditional letter of intent (LOI) it signed with African Gold has automatically terminated as the conditions were not satisfied within the required 45-day period.
Vast Resources PLC (LON:VAST) said its open offer to raise up to £1.23mln, announced on November 24 to facilitate the “continued optimisation and expansion of the Company's Romanian interests” whilst it finalises non-dilutionary off-take financing, was 34.5% oversubscribed. The AIM listed mining company, with operations in Romania and Zimbabwe, said valid acceptances for the open offer were received in respect of 315,085,385 new ordinary shares, representing 134.5% per cent. of the maximum number of ordinary shares available.
It’s been a whirlwind year for Lionsgold Limited (LON:LION), which was still known by its previous name Kolar Gold this time 12 months ago. A new management team was brought in last July, which included new chief executive Cameron Parry and executive director Luke Cairns, and a few months later the name officially changed.
Alongside its partner, Geomysore Services, a large part of the year ended 30 June was dedicated to the development of the Jonnagiri gold deposit in India.
Ferrum Crescent PLC (LON:FCR) is hoping to add silver as an additional metal at its Toral lead and zinc project in Spain. Myles Campion, executive director, said identifying a potential silver credit was very exciting but would require verification to be included under Australian standard JORC guidelines.
Silver grades have been historically recorded at the deposit but to date have not been verified through normal quality assurance/quality control procedures.
Rainbow Rare Earths Limited (LON:RBW) raised £2.8mln to help fund the ramp-up of operations at its producing Gakara rare earth project in Burundi. The junior miner sold 200,000 shares at 14p apiece – slightly below yesterday’s closing price of 15.25p.
Rainbow said the cash injection will fast-track the development of new mining areas at Gakara, fund the purchase of additional mining equipment as well as a new drilling campaign, while it will also strengthen the balance sheet during the sales ramp-up.
The first high-grade rare earths mineral concentrate from Gakara was shipped last week, making Rainbow the only producing rare earths mine in Africa.