A couple of mining companies are on the move.
Atlantic Coal (LON:ATC) shares were suspended today as directors backed a call for it to leave AIM.
The Pennsylvania-based anthracite miner is mulling the takeover of a nearby rival for eight times Atlantic’s current market value, a reverse takeover under AIM rules.
While the directors said the acquisition was a good fit for the company, the expense and timeline of the reverse takeover process was not a cost effective way to pursue it.
Caledonia Mining (LON:CMCL, TSE:CAL) is proposing to re-domicile the company from Canada to Jersey in the Channel Islands.
Sector peer Rare Earth Minerals (LON:REM) has waved goodbye to David Lenigas, who has retired, and Andrew Suckling has stepped up to chair the company.
ECR Minerals (LON:ECR) is mulling the extent to which it may carry out further exploration at its Danglay project in the Philippines following the publication of the technical resource report.
Stephen Clayson, ECR's chief executive, said today: "The report makes detailed recommendations for further exploration at the Danglay project, with a budget of US$775,000."
Patagonia Gold (LON:PGD) has welcomed the changes to Argentina’s economic and fiscal policies proposed by the new president.
The company operates the Lomada open pit gold mine and also has a number of exploration projects in the country.
Restrictions on imports of goods and services introduced in 2012 are to be abolished by the end of the year, which will make it easier to acquire spare parts said the miner.
Premier African Minerals (LON:PREM) unveiled positive tantalite findings from its Zulu project in Zimbabwe.
The firm has sampled along a 750metre strike on the eastern side of the Pegmatite and identified distinct high grade zones in the area pitted.
Estimated tantalite grades in the -4mm fraction in the anomalous zones have been identified of up to 990 ppm (parts per million).
Red Rock Resources (LON:RRR) agreed today a capital re-organisation of shares, which will see each 0.01p share divided in two - one A deferred share of 0.0096p and one ordinary share of 0.0004p.
James Ladner also retired from the board by with-drawing himself ahead of potential re-appointment.
Copper miner Weatherly International (LON:WTI) has been lent a further US$4mln by major shareholder and backer Orion Finance while its new operation at Tschudi in Namibia ramps up.
Aureus Mining (LON:AUE TSE:AUE) has increased the amount of shares it will issue to acquire three licences in Liberia close to it New Liberty gold mine.
Vendor Sarama Resources will now receive around 6.65mln shares compared to the 2.6mln previously agreed.
Gemfields (LON:GEM) said the results of its latest auction of rubies held in Singapore were pleasing as it brought in US$28.8mln of revenues.
The sale was of higher and medium quality stones from its Montepuez deposit in Mozambique and generated a great deal of interest.
A total of 90,642 carats were sold, which was 98% of the lots by weight or 95% by market value, fetching US$317.92 per carat. Thirty six companies placed bids.
Gemfields said given the quality mix offered, the results could not be directly compared with prior auctions.
A couple of potash specialists updated the market today.
Sirius Minerals (LON:SXX), which is developing the world's largest and highest grade deposit of polyhalite in the UK, said it continues to look at a range of options to fund the project, as it outlined a 'transformational' six months.
For the six months to September 30, the miner made a group loss of £4.7mln compared to a loss of £6.7mln in the same time in 2014.
Shares in potash group Harvest Minerals (LON:HMI, ASX:HMI) shot up almost 10% in London as it increased its footprint in Brazil - with the award of two exploration licences covering the Mandacaru Phosphate project.
The Mandacaru assets spanning almost 4,000 hectares in Ceara State complement Harvest's other assets: the Arapua fertiliser project in Minas Gerais State and the Sergi and Capela Potash projects in Sergipe State.
In the oil sector, Sound Energy (LON:SOU) has started work to connect its onshore Nervesa well to Italy’s national gas export pipeline.
The work is expected to take 40 days and commercial production to commence once it is hooked up.
88 Energy (LON:88E, ASX:88E) has received contradictory results from its drilling of the Icewine Number One exploration well, onshore Alaska.
The dual-listed company said core was successfully acquired in the HRZ interval from 11,075 feet to 11,165' with a 96% recovery factor. While coring the HRZ interval, a pronounced increase in heavy gas fractions was exhibited in both the gas chromatograph and mass spectrometer. Additionally, oil shows with cut and fluorescence were observed in cuttings returned to surface.
Once the core was laid down and cut into three feet intervals for shipping, however, an additional analysis of rock chips taken directly from the core was undertaken, and no cut or fluorescence was observed in these samples.
Amedeo Resources’ (LON:AMED) associate Jiangsu Yangzijiang Offshore Engineering (YZJ Offshore) has completed its first oil rig, Explorer 1.
The rig, a self-elevating mobile offshore jack-up drilling rig now goes to testing, including to American Bureau of Shipping classifications, and commissioning.
Oil and gas explorer Aminex (LON:AEX) has agreed in principle an extension to its corporate loan facility until the end of July.
The period will cover the commissioning and testing phase of the Kiliwani North gas field in Tanzania.
Cash at the end of the period was £25.1 million compared to £27.4 million at the same time last year.
Oilex (LON:OEX) has reported steady production from its Cambay-77H well in India.
Production averaged 715 barrels equivalent during first 10 days, comprising 2.7MMscf (millions standard cubic feet) gas and 252 barrels (bbls) of condensate.
Cambay-77H’s daily gas sales averaged around 0.267MMscf with the peak rate 0.572MMscf a day (MMscfd).
Releasing final results for the year to end June, Polo Resources (LON:POL) revealed the loss after tax had widened to US$61.2 million (loss of US$19.1 million in 2014), mainly due to a write-down of US$54.6 million against GCM Resources (LON:GCM), Signet Petroleum, Ironstone Resources and Equus Petroleum.
Cash at June 30 stood at US$21.5mln (2014: US$30.5mln).
No longer focused on oil & gas, Fastnet Equity (LON:FAST) has hired the founder of Footsie pharma firm Shire (LON:SHP) to help on its hunt to buy healthcare businesses.
Harry Stratford has over 40 years' experience and, as well as Shire, which now has a market cap of around US$40bn, he went on to be founder, CEO and executive chairman of Prostrakan, which was subsequently acquired by Kyowa Hakko Kirin of Japan in 2011.
He becomes a non-executive director with immediate effect.
Cancer drug group Faron Pharmaceuticals (LON:FARN) has won €1.5mln of funding from the Finnish government to develop its cancer immunotherapy drug.
Life sciences group Optibiotix (LON:OPTI) said it had completed an earlier announced placing of 2mln shares at 75p each to raise £1.5mln.
Fast-growing Myanmar-focused social media platform operator MySQUAR (LON:MYSQ) has entered into a cross-promotional partnership with Qatar Telecom-owned telecoms provider Ooredoo Myanmar.
Ooredoo, which launched its services in Myanmar in 2014, will build MySQUAR's flagship product MyCHAT into its marketing strategy, using the app's local strength to promote its own services.
Real Estate Investors (LON:RLE), the West Midlands property specialist, is back on the acquisition trail, splashing just over £7mln on two properties.
It has acquired the prime retail unit in Wolverhampton city centre from the Irish National Asset Management Agency generating £276,200 a year in rent, or a yield of just over 13%.
RLE is in negotiations with the tenant, the River Island clothing chain, over the lease, which expires next March.
It has also acquired an office scheme in Coventry producing an annual rent of £454,162 and where the occupiers are on average leases of 11.33 years. The net yield is a very handy 8.37%.
Lastly, power station developer IPSA (LON:IPSA) said it is still not in a position to announce the year end results and, consequently the interim results due for release by the end of December will also not be released by then and the shares remain suspended until each are published.
As stated on 27 November 2015, the company's working capital remains extremely tight and the company is reliant on the forbearance of creditors and the possibility still exists that the company may have to be placed into administration.