Copper-gold explorer SolGold plc (LON:SOLG) has secured a US$7mln loan from two of its directors.
DGR Global Limited will provide the cash to cover SolGold’s short-term capital requirements for the rest of 2016.
Bulk sample tests from its Zulu project in Zimbabwe have indicated high grades of lithium said Premier African Minerals (LON:PREM).
Grades included 1.55% Li2O (lithium oxide) in a spodumene / lepidolite ore sample taken from the exploration adit while a petalite ore sample contained 1.23% Li2O.
Petra Diamonds Limited (LON:PDL) has sold its 121-carat white diamond for US$6mln as part of its June sales process in Johannesburg.
The stone was bought by a joint venture comprised of Nemesis International and Golden Yellow Diamonds, two large diamond manufacturing specialists.
An increase in gold prices has buoyed Wishbone Gold PLC (LON:WSBN), which has moved into precious metal trading, since the end of 2015, it told investors.
The group announced the paper acquisition of Precious Metals International (PMI), which has a precious metal and gem trading licence to operate in the UAE, in February and its wholly owned subsidiary is Black Sand FZE, which has a gold, precious metals and gem trading licence.
Recent sampling work by Condor Gold (LON:CNR) has identified a potential gold-bearing corridor 9km north of its planned mine at La India in Nicaragua.
The junior was following up targets identified by field work last year and Condor has now expanded its soil survey to cover the remaining 242 sq km of the La India acreage.
Metals explorer SolGold plc (LON:SOLG) says the latest drill test results at its Cascabel copper-gold porphyry project in Ecuador have confirmed that the Alpala system is “very rich”.
Hole 15R2 returned an intersection of 1,338m at 0.49% copper and 0.36g/t gold (0.81% copper equiValent) from a depth of 394m.
Natural resources investor Metal Tiger PLC’s (LON:MTR) net asset value (NAV) increased by 48% in 2015.
The firm, which saw its share price rise 45% in 2015, added that its net cash had also increased by £168,000 over the course of the year.
Sula Iron & Gold PLC (LON:SULA) said it was looking to secure a partner for its Ferensola gold project as losses in the first half widened.
The Sierra Leone-focused exploration company said it was in “late stage” negotiations with potential joint venture partners, which included the supply of additional working capital.
Wolf Minerals (LON:WLFE) has shipped its first batch of tin concentrate from the Hemerdon mine in Devon.
Tin is a by-product of the operation with tungsten the main metal being mined.
A ramp up to full tungsten production, however, has been hampered by more problems at the processing plant.
Goldstone Resources plc (LON:GRL), in which gold miner Stratex pls (LON:STI) has a 33% stake, and is largest shareholder, unveiled board changes.
Emma Priestley, currently the interim chief executive of Goldstone, has been hired as exceutive director and chief executive.
Andrew Bell has been named as a non-executive director with immediate effect.
Xtract Resources PLC (LON:XTR) has updated investors on the pending sale of the Manica gold project in Mozambique ahead of an annual general meeting (AGM) later today.
A deal was agreed to sell the project, in May, for US$17.5mln which is 40% more than it cost Xtract to buy the project a year before. The sale was deemed a preferable option, opposed to the shareholder dilution that would’ve occurred if it raised US$35mln to build a mine.
KEFI Minerals (LON:KEFI) has narrowed down the debt funding deal for its Tulu Kapi mine gold in Ethiopia to two potential lenders.
They are described as “reputable African banking organisations” willing to offer US$85mln in senior secured debt at coupon of 8%.
ECR Minerals PLC (LON:ECR) is aiming to complete an economic study on its Avoca gold tailings prospect in Australia next month, which will set out capital requiments and projected returns from the operation.
It will also show the timescale required to reach production, the firm said, posting latest half year numbers.
Kibo Mining PLC (LON:KIBO) has completed a water availability study at its Mbeya thermal power station project in Tanzania.
The study was to determine sustainable ground water yields and pit inflows through aquifer testing and numerical flow modelling and concluded ground water would be available in sufficient and sustainable quantities to supply the mine throughout its life.
Lesedi La Rona, currently the world’s largest uncut diamond and the second largest ever found, is set to be auctioned off at Sotheby’s in London Wednesday evening (BST).
The stone was too large to fit into conventional scanners used to evaluate its potential worth, but is valued at 1,109 carats and is expected to sell for at least US$70mln.
Arian Silver Corporation PLC (LON:AGQ) has raised $1.5mln in the first half of 2016 providing it with the financial firepower to assess new mining opportunities and further exploration, it said.
In final 2015 results, it acknowledged that last year had been highly challenging for the sector, with a fall in commodities and global growth.
Amur Minerals PLC (LON:AMC) expects to complete the definitive feasibility study for its Kun-Manie nickel project in Far East Russia by the end of 2017.
Work currently is ‘squarely focused’ on this it said.
Tungsten miner Premier African Minerals (LON:PREM) expects remedial work on its process plant at the RHA mine in Zimbabwe to meet the agreed deadline.
George Roach, chief executive, said: “I am pleased to confirm that the screens and other plant modifications have now left the factory and are en route to RHA, with a completion date of 6 July in mind.”
Savannah Resources Plc (LON:SAV) says the date to finalise its joint venture deal with mining giant Rio Tinto (LON:RIO) has been put back three months.
The long stop date to allow the approval processes to take place is now September 30 this year, rather than June 30.
Fox Marble Holdings PLC (LON:FOX) said it had made “strong progress” as reported its order book had grown to €4.6mln.
At June 1 the figure was €3.9mln and the uptick follows a flurry of deals including a €400,000 purchase order submitted by Pisani, which supplies high-value and speciality stone to the construction industry.
Ortac Resources Ltd (LON:OTC) is encouraged by initial findings from Casa Mining, in which it holds a stake, which show it can kick start a near-term gold operation at reduced costs.
In February this year, Ortac subscribed for 625,000 shares in a placing by CASA Mining, giving it an 11.99% stake.
North River Resources’ (LON:NRRP) has received more backing from major investor Greenstone while it negotiates a mining licence for its Namib project.
Greenstone is already a 29.99% shareholder following a funding last year and will convert 30% of US5.6mln of new convertible loan notes into new North River shares.
Coloured gemstone supplier Gemfields PLC (LON:GEM) is using three high profile actresses and models to boost sales of rubies from its Montepuez mine in Mozambique.
A series of three films will form the backbone of a global marketing campaign that aims to resonate with women said Ian Harebottle, Gemfields’ chief executive.
Golden Saint Resources Ltd (LON:GSR) said it had made significant progress in its on-going exploration operations despite challenging conditions in the region.
The Sierra Leone-based diamond miner said that the industry had experienced a challenging year in the region with the high profile cancellation of a number of mining licenses and the Ebola outbreak.
Regency Mines Plc (LON:RGM) has told investors that its new strategy will prioritise the group’s recently constructed oil and gas portfolio.
The AIM quoted resources investment group said new funds have been focussed on its three main oil and gas interests: its stakes in the Horse Hill venture in Southern England, Westport Energy Plc which is investing in North America’s Pacific Northwest, and an oil project in the western United States.
Ormonde Mining (LON:ORM) has been granted access to land it wants to compulsorily purchase to build a tungsten mine at Barruecopardo in Spain.
The Regional Government of Castilla y Leon, where Barruecopardo is situated, has issued a declaration of urgent occupation over the area concerned.
Mariana Resources Ltd (LON:MARL) took a further step to de-risk the Hot Maden gold-copper-zinc project in Turkey - engaging a consultant to produce a preliminary economic assessment (PEA).
RungePincockMinarco (RPM) will undertake the report, which will be NI 43-101 compliant and currently scheduled to be completed in late-Q3/early Q4 2016.
Galileo Resources PLC (LON:GLR) has executed the previously announced earn-in deal withOrogen Gold PLC (LON:ORE) over the Silverton gold-silver property in Nevada.
The latter has the right to earn an initial 51% interest over the 6 sq km claim area through spending US$400,000 on exploration over 18 months.
Azerbaijan-focused Anglo Asian Mining Plc (LON:AAZ) remains positive of achieving targeted gold and copper output in 2016 after seeing a pick-up in production in the second quarter.
Speaking at the AGM later today, chief executive Reza Vaziri will note production in the first quarter had seen a slow-down due to winter weather conditions and poorer grades.
BHP Billiton PLC (LON:BLT) is to challenge a court ruling reviving a £4.7bn legal claim linked to the fatal collapse of a dam at a mine in Brazil.
The miner vowed to appeal the decision of the Superior Court of Justice (SCJ) to reinstate the BRL20bn public civil claim made by the Brazilian authorities against Samarco, Vale SA (BVMF:Vale5) and BHP Billiton Brasil.
What does it mean to be a mining company in Colombia these days? Colombia is famous as a producer of gold, coal, and precious stones but has historically been a difficult jurisdiction to operate in.
In large part that’s because in the jungles outside the cities the organisation known as the Revolutionary Armed Forces of Colombia, or FARC, has been fighting a low intensity war against the government for nigh on 50 years.
Lucara Diamond Corp (TSE:LUC) failed to sell the 1,109-carat Lesedi la Rona diamond at an auction at Sotheby’s on Wednesday night.
The stone, the largest uncut diamond in the world and the second largest ever recovered, failed to meet the minimum reserve price at the London auction house and will therefore be retained by the company.
Hummingbird Resources PLC (LON:HUM) is spinning out a number of non-core exploration permits following an outline deal struck with privately-owned Kola Gold.
The pair plan to create a new company to hold the 10 Mali exploration properties covering 1,600 square kilometres called Cora Gold Inc.
Newfoundland-based copper miner Rambler Metal & Mining (LON:RMM, CVE:RAB) bounced back into profit in its latest quarter.
Better grades and higher production as it opened a new underground zone offset the weak copper price.
It seems like it’s now only a matter of a few months before Shanghai Electric Power closes out a joint development agreement with Ncondezi Energy Limited (LON:NCCL).
Between the two, the plan is to develop and operate the Ncondezi power project, currently envisaged as a 300MW power station to sit beside the existing Ncondezi coal resource in the northern Mozambican project of Tete.
Shanta Gold Limited (LON:SHG) has reached another milestone - kicking off its underground project at the New Luika gold mine after receiving all necessary approvals.
Development to begin mining at the underground project has now started in Tanzania, the firm told investors.