Shanta Gold Ltd (LON:SHG) has unveiled a series of transactions that should utterly transform the Tanzania-focused miner. It is acquiring Vancouver-based Helio Resource Corp for US$5.6mln; it is raising US$14mln from investors, and it has agreed a debt restructuring deal that significantly reduces the coupon on those borrowings.
Tlou Energy Limited (LON:TLOU) has achieved ‘first power’ from its coal bed methane (CBM) project in Botswana, where the Lesedi gas field is hooked into generators. The company describes it as a ‘significant milestone’ which is evidence of the group’s ability to deliver power from, and therefore further monetise, the CBM gas resource.
Sula Iron & Gold PLC (LON:SULA) has completed the first hole of a new 5,000m drill programme at the Sanama Hill target at Ferensola in Sierra Leone. The first hole FDD025, is being logged with two further holes on Sanama Hill close to completion (FDD026 & FDD027). In due course one of the two drill rigs will be transferred to TZ4, the Southern Target, to commence a targeted programme there.
Aminex plc (LON:AEX) has told investors it has now repaid its corporate loan facility in full. The company now describes itself as a ‘debt-free’ gas producer. It also highlighted that its operating subsidiary in Tanzania, Ndovu Resources, continues to be paid in dollars for gas sales from the Kiliwani North project although there have been some delays.
88 Energy Ltd (LON:88E) has confirmed that the second stage of fracking in the Icewine-2 appraisal well has been completed successfully. Two zones of the HRZ shale have now been fracture stimulated, the company highlighted, with more than 98% of the intended proppant volume injected into the reservoir.
Solo Oil PLC (LON:SOLO) boss Neil Ritson has highlighted that efforts continue to at least sell part of its stake in the Ntorya gas project, onshore Tanzania, where partner Aminex plc is presently advance development plans. Aminex, in a separate statement on Tuesday, noted that it is working with the Tanzanian Petroleum Development Corporation (TPDC) on a two-stage development plan for Ntorya.
A pick-up in production from its new San Gregorio West underground mine in the last three months enabled Orosur Mining Inc (LON:OMI TSX:OMI) to meet production guidance for a fourth year in a row. Total gold produced for the year to March was 35,371 oz (compared to guidance of guidance of 35-40,000) with a third of that (10,748oz) in the final quarter as SGW ramped up.
Shares in Kin Group Plc (LON:KIN) edged higher on Tuesday Morning after the digital wellness provider revealed it had won a new contract with an NHS Trust hospital. The one year deal will see Kin, which trades as Kin Wellness, provide a services programme for the hospital’s doctors, nurses and staff.
Ariana Resources plc (LON:AAU) is raising £2 mln in new money via a placing and subscription of shares at 1.3p a share. The initial raise of £1.87 mln has already been completed with the help of ubiquitous mining broker Beaufort and by Panmure Gordon.
Amur Minerals Corporation (LON:AMC) has provided an update on the current drill programme in Russia’s Far East, where it is working to expand the metal deposits of the Kun-Manie project. Drilling is targeting Kun Manie’s Ikenskoe / Sobolevsky (IKEN) and Kubuk (KUB) deposits, and since beginning the programme in early May the company has so far completed some 5,903 metres of drilling, about 30% of the planned programme.
Ormonde Mining plc (LON:ORM)’s revised construction schedule for the Barruecopardo tungsten project in Spain now calls for plant commissioning to begin in the third quarter of 2018. This follows the rescheduling of certain construction contracts such that they now run consecutively instead of concurrently, and also follows on from the completion of the necessary land acquisitions.
Horizonte Minerals Plc (LON:HZM TSX:HZM) has awarded another batch of contracts for the feasibiity study at its Araguaia nickel poreject in Brazil with some of the workstreams now more than 50% finished. Contracts have now been awarded for the transports and logistics to Steinweg Handelsveem, for power lines and transmission to SM&A Electrics and to VCE Mine Consultancy for the legal permit report.