Shares in Jubilee Platinum (LON:JLP) soared over 22% as it announced the sale of its Middelburg smelter and power operations in South Africa for around £5.8mln to fund investment into its platinum surface operations.
The proceeds could fully fund the capital required for the construction and commissioning of the Dilokong project, it told investors.
The buyer is a special purpose vehicle from Siyanda Resources Proprietary Ltd, a South African mining and beneficiation specialist company.
If shareholders approve, it will buy 100% of the Jubilee subsidiary that owns the Middelburg complex for around £3.8mln and 70% of the shares in Power Alt, which owns the power plant, for around £2mln.
It was one of a mixed news bag. Also today, in the resource sector, Toronto-listed gold mine developer Lydian (TSE:LYD) declared itself pleased with progress on its engineering programmes at its Amulsar project in Armenia.
The work has focused on testing and analysis of a number of opportunities to improve the economics of the gold project, with the primary aim being to reduce capital costs and identify further areas where operating cost improvements could be implemented.
Elsewhere, Metal Tiger (LON:MTR) recorded notable amounts of tungsten in six of eleven holes assayed at its main target at the Logrosán project at Extremadura in Spain.
Shallow drilling recorded grades between 0.1% and 0.63% across widths of 2m-10m, the levels required to be a workable amount of ore for a tungsten mine.
Cameron Parry, chief executive, said Zorita, the main target, has been identified as holding the most tungsten at Logrosán and the results were “extremely exciting”.
Shares in Strategic Minerals (LON:SML) also advanced as its plans to develop the Tatu coal mine in New Zealand moved on a step - as the government agreed the change of the licence's ownership.
With regulatory approvals now received, Strategic owns 51% of KCM - the holder of the licence.
It now has until the end of January 2016 to demonstrate financial capacity to complete the mine, before it can exercise its option to acquire the remaining 49%.
In other news, ValiRx (LON:VAL) has appointed clinical trial specialist Clinical Accelerator to carry out the work on a Phase IIB study for lung cancer treatment VAL 401.
The drug is being developed through a joint venture with Tangent Profiling to target patients with non-small-cell lung adenocarcinoma, the most common form of the disease.
The trial’s parameters are the drug’s effectiveness against the disease, absorption and movement through the body and safety and tolerability.
Also today, Sphere Medical (LON:SPHR) has hired a former Alliance Pharma (LON:APH) finance director as chief financial officer (CFO).
Richard Wright, who had been at Alliance since 2007 before leaving at the end of May, will join Sphere from August 10.
Dr Wolfgang Rencken, chief executive said: "We are delighted to have attracted someone of Richard's calibre.”
Swapping direction completely, Action Hotels (LON:AHCG) nudged up slightly after it traded strongly in the first half of the year and in line with expectations.
The three and four star chain, which is focused on the Middle East and Australia, said in a trading update that occupancy rates at mature operations were above 80%.
Action’s adjusted gross operating profit was up 11% at US$11mln in the six months to June 30.
In oil, Sound Oil (LON:SOU) has now received a production concession from the Italian authorities for the Nervesa project.
The Casa Tonetto production concession, which includes Nervesa, was granted by the Italian Ministry of Economic Development and it is the final step in the permitting process.
It enable Sound Oil to start commercial production from the successful Nervesa gas well, drilled in 2013.
Magnolia Petroleum (LON:MAGP) said today it is is set to start drilling at its 94% owned Shimanek #2 vertical well in Oklahoma.
The well is targeting multiple conventional payzones, including the Mississippi Lime/Chat, Redfork Sand and the Lower Skinner.