A scoping study for a joint venture at Alecto Minerals’ (LON:ALO) Kossanto deposit in Mali has suggested a project producing 27,000 ounces per year for three years is viable.
Alecto joined forces with neighbour Toronto-listed neighbour Desert Gold (CVE:DAU) to assess whether joint development of their respective deposits in Mali was feasible.
It wasn’t the only set of good results, with Bushveld Minerals (LON:BMN) unveiled a maiden resource estimate for the AB zone of its Mokopane vanadium project.
The resources were estimated at 12.5mln tonnes at an in-situ grade of 0.7% vanadium pentoxide (V2O5).
In funding news, Paragon Diamonds (LON:PRG) agreed a US$15mln package to fund the development of its Lemphane and Mothae mines in Lesotho.
The company has signed a term sheet with Acrux Resources, a private South Africa based finance group, for a combined convertible debt and revenue sharing facility.
Meanwhile, KEFI Minerals (LON:KEFI) delivered some significant news on the funding of the flagship Tulu Kapi gold project in Ethiopia that should significantly lessen the financial burden on shareholders.
The AIM-listed group said the US$120mln to get the operation up and running will be financed at the project level.
Investment company Metal Tiger (LON:MTR) moved into the black after booking trading gains in the first half of the year of £534,300.
Given the company’s preferred area of investment is the natural resources sector, the performance is little short of astounding considering the travails experienced by companies in this sector.
Elsewhere, Anthracite miner Atlantic Coal (LON:ATC) reported a 65% increase in sales for the nine months to end September as it approaches its best time of year for sales and prices - the home and industrial heating market.
Run of mine production in Pennsylvania, USA, was also up in the nine months - over 50% to 365,985 tons, compared to 243,527 tons in 2014.
Speaking of the first half of 2015, ZincOx's (LON:ZOX) Korean recycling plant saw a turnaround in profitability the group told investors in its interims.
Meanwhile, Kibo Mining (LON:KIBO) said the highlight of the first half, which saw progress across its portfolio in a challenging sector, was the signing of a joint development agreement with SEPCOIII for its flagship Mbeya coal to power project in Tanzania.
In production news, an underground extension to Shanta Gold’s (LON:SHG) New Luika mine will produce 310,000 ounces and add US$72mln to the value of the project, a new study has concluded.
A new mine plan to include underground mining as well as the ongoing surface mining and tailings recovery project envisages enough high grade reserves to maintain average production at 84,000 oz annually over the next five years.
Finally, Steve Nicol has been named as the new managing director of Ormonde Mining (LON:ORM) following the untimely death last month of Kerr Anderson.
Nicol had been acting as interim managing director since Anderson’s death and was previously the chief operating officer.