As the recession in the mining sector continued and showed little sign of easing, Capital Drilling (LON:CAPD) increased its cash reserves and cut costs. The company focused on building its bank balance which at the year-end stood at US$8.3mln.
Elsewhere, Stellar Diamonds (LON:STEL) reported that its latest mining licence application is making good progress. Its application for the Tongo Dyke-1 diamond project in Sierra Leone is being considered by the National Minerals Agency.
Meanwhile, Tanzania-based Kibo Mining (LON:KIBO) has finally received the £522,800 from a placing that was delayed when broker Hume Capital went into administration. The cash, for 10.5mln new Kibo shares, has been paid into the broker’s client money account in February 2015.
Kibo arranged a bridging loan with Sanderson Capital while it waited for the administrator to pay out. Sanderson has now agreed to take £300,000 in shares and defer the remaining debt for 28 days.
Whereas Royalty income specialist Anglo Pacific (LON:APF) has been forced to reduce its dividend for 2015 due to weak coal prices. The performance of its two coal mines in Australia was better than expected, but coking and thermal coal prices fell between 15% and 25%.
In other news, Newmark Security (LON:NWT) reported profits for the six months ended October were down, but in line with market expectations assured chairman Maurice Dwek. The security solutions specialist invested in developing new product and market opportunities, opening a new office in Hong Kong.
Broker Cantor Fitzgerald remains positive. It rates the stock a ‘buy’ up to 4.5p.
And finally, orange grower Asian Citrus (LON:ACHL) felt the squeeze following typhoon damage and diseased crops as shares dropped more than 9%. The China-focused group saw total winter yield down around 86% compared to last year.
Troubled power group IPSA (LON:IPSA) has sold its Blazeway Engineering arm to Sloane Corporation. Blazeway owns NewCogen, the company's operating subsidiary in South Africa. Consideration is £1.9mln, comprising £50,000 cash and the rest by assumption of liabilities. Sloane is owned by former IPSA director Peter Earl. Without the sale, IPSA said it faced administration. It still owes Ethos Energy £3.2mln.