Work on Sirius Minerals’ PLC’s (LON:SXX) polyhalite fertiliser project in North Yorkshire continues apace.
Site investigation and geotechnical studies have been underway since the end of last year, while an additional drilling rig, similar to that used during the company's exploration campaign, is expected on site at the end of February.
READ MORE: Sirius Minerals development work continues apace
The full site preparation phase is expected to start in the second quarter, while highway work will get underway on January 30 (ending April 7).
At the same time, detailed engineering, design and commercial work has begun.
Mariana Resources Ltd (LON:MARL) may soon have a stake in one of Europe’s most profitbale gold mines after an independent study estimated the potential returns from Hot Maden at just shy of US$1.4bn.
Glen Parsons, the AIM-listed group’s chief executive, said the preliminary economic assessment (PEA) had finally revealed the real potential of the project in Turkey.
READ MORE: New study confirms world class potential of Hot Maden
"We have always believed Hot Maden to be a world class deposit and, with a potential post-tax NPV [net present value] for the base case mining scenario of $1.37B and post-tax IRR of 153%, this is certainly proven correct.”
The study was based on processing 7mln tonnes of ore over nine years, which at a grade of 11% amounts to production of 2.79mln ounces. As well as gold, the PEA also included 166,000 tonnes of copper, which took the gold equivalent total to 3.43mln ounces.
With not too dissimilar news, Ariana Resources plc (LON:AAU) has been quick to remind investors that it owns a huge chunk of land in Turkey.
Its project, at Hizarliyayla, is located just 8 kilometres from Hot Maden.
READ MORE: Ariana focuses exploration on 'Hot Gold' corridor in Turkey
Kerim Sener, Ariana’s managing director, said it is planning an exploration drive to test whether gold mineralisation runs from Hizarliyayla to the other parts of its Salinbas licence.
“We are looking forward to continuing the exploration within an area that, along with Hot Maden, is proving to be an exceptionally prospective goldfield with multi-million ounce potential."
In Africa, Shanta Gold Ltd (LON:SHG) beat its targets for both the amount of gold it produced and the costs of extracting it in 2016.
Output from the New Luika mine in 2016 totalled 87,713oz, which was a record for the Tanzania-based junior and compared to the top end of guidance of 87,000oz.
READ MORE: Shanta Gold ahead of both cost and production targets
All-in-costs for the year were US$661/oz against guidance of US$690-740 /oz, which had already been reduced from US$750 - US$800/ oz at the start of the year.
Sales for the year were a little less than the amount produced at an average price of US$1,232. Shanta has also sold 21,000 oz at an average price of US$1,318 /oz from January to August 2017.
Uruguay-based Orosur Mining Inc‘s (LON:OMI CVE:OMI) switch to underground production at its San Gregorio mine has gone smoothly so far, the junior reported.
Ignacio Salazar, Orosur’s chief executive, said first production from the underground stopes was recorded on 24 November, which was on time and within budget.
A higher received gold price also allowed Orosur to post net profits for the three months to November of US$942,000 versus an US$870,000 loss a year earlier.
READ MORE: Orosur Mining sees big uptick in profits and cash inflow
For the half year, net profits came in at US$3.7mln from a US$2.6mln deficit the last time.
Production in the second quarter totalled 6,852 ounces (8,172) as the company cut back ahead of the move deeper at San Gregorio. Costs were also higher due to the switch underground at US$914 an oz (US$858) due to shifting staff and equipment over.
Strategic Minerals PLC (LON:SML) will post a maiden profit and push ahead with its tin mine plans in Cornwall after its US iron ore business had a record year.
John Peters, Strategic Minerals managing director, said that Cobre’s sales would mean a maiden profit in 2016.
READ MORE: Strategic Minerals to post maiden profit as Cobre booms
Cobre, in New Mexico, racked up sales of US$1.55mln from 25,385 tons of magnetite, while it also received US$400,000 due from a dispute with the rail operator at the iron ore tailing operation.
"We are also progressing discussions with the Cobre mine owners and have increased the likelihood of longer-term access to the Cobre stockpile.”