A fairly busy week for the diggers this week. Here are some highligts.
It ended with Strategic Minerals Plc (LON:SML) reporting record revenues from its iron ore tailings operation in New Mexico.
This, along with and a one-off rail dispute payment, meant a maiden annual profit from the firm.
Cobre, the business in New Mexico, saw revenues rise to US$1.55mln (US$1.25mln), but since the year end a new contract has been signed that is expected to double revenues in the current year
John Peters, managing director, said Cobre’s record breaking performance had continued in the first quarter of 2017.
“The substantial new contract, due to commence in June, augurs well for a profitable 2017 and beyond.
Kibo Mining PLC (LON:KIBO), which earlier this week completed the separate listing of its Imweru and Lubando gold mining assets in Tanzania, saw its shares tick higher on Friday as the resources group unveiled its 2016 results.
The AIM-listed firm saw its headline loss per share hold steady at 0.01p for the year to December 31, although its diluted figure was a turnaround from earnings per share of 0.001p a year earlier.
Elsewhere, Galantas Gold Corp (LON:GAL) said 'good' progress was made in its latest quarter in its bid to bring the Omagh gold mine back into life in Northern Ireland, and where underground development is expected to begin soon.
However, production at the site is currently suspended, and the planning consent given in 2015 is subject to a judicial review, which has been heard, but the result is not yet known.
Nevertheless, last year the firm decided to press ahead with initial works, which have now started, following a private placing, which brought in around $2.44mln.
The mill has now been re-commissioned and a budget of £2mln, excluding lease finance, for the first phase of underground mining, has been estimated.
Savannah Resources Plc (LON:SAV) is setting itself up to become a substantial battery lithium producer with the acquisition of an asset near to production in Portugal, it emerged.
The Mina do Barroso prospect in the north of the country already has an approved Mining Plan, Environmental Impact Assessment (EIA) and a 30-year mining licence, which means that with a defined JORC resource a development decision could be made by the end of 2018.
Preliminary metallurgical test work meanwhile has indicated that a high-grade (over 6% Li2O), clean, low iron, lithium concentrate can be produced, Savannah added.
Also this week, Premier African Minerals Limited (LON:PREM) is ready to start shipping wolframite concentrate from the RHA mine to Durban.
All required permits from the relevant Zimbabwean authorities have now come through, said chief executive George Roach.
Earlier in the month, he said the ramp-up of the processing plant was going well, with the new X-ray working ahead of expectations.