Eurasia Mining plc (LON:EUA) says its application for a mining permit for the Monchetundra project in Russia is progressing much quicker than expected.
The authority on mining, Rosnedra has now approved a draft of the permit and has forwarded the relevant documents to the ministry for defence (MOD) and Federal Security Service (FSB) for their go-ahead.
"We are very pleased with this result and the efficiency of the officials at Rosnedra in processing this application," said Christian Schaffalitzky, the executive chairman at Eurasia. "The experience of our staff in Russia, gained from successfully processing a similar mining permit for our West Kytlim Project has proven invaluable. We look forward to providing further positive news in due course."
Monchetundra, on the Kola Peninsula, is a major platinum group metals (PGM) and base metals project with state approved reserves plus resources of 2mln ounces of palladium equivalent of PGM with further base metal and gold credits.
Stratex International plc (LON:STI) saw its shares jump on Thursday as the miner unveiled the proposed appointment of a new CEO and said it is currently identifying new value-appropriate projects in Africa and Europe. In a statement, the AIM-quoted firm said experienced mining executive, Tim Livesey has been appointed as its CEO with effect from the 1 March 2018, and in the interim he will work as a technical consultant to the company.
Asiamet Resources Limited (LON:ARS) said it expects to deliver a maiden resource estimate for its BKZ polymetallic prospect in May as it updated on progress with the drill bit. The asset, located in Central Kalimantan, Indonesia, has continued to yield near-surface base and precious metal-rich mineralisation, the company said.
To date Asiamet has completed 27 of the 35 planned holes with the 3,500-metre infill programme expected to be completed by the middle of next month.
Ferrum Crescent Ltd (LON:FCR) shares jumped today after the firm posted a maiden JORC resource at its Toral zinc-lead project in Spain. The resource rings in at 16mln tonnes of ore grading 6.9% zinc equivalent, including lead credits, and 25 grams per tonne silver. In terms of metal in the ground, that amounts to 670,000 tonnes of zinc, 540,000 tonnes of lead and 13mln ounces of silver. And there could be more, as the deposit remains open along strike to the east and down dip.
Goldplat plc (LON:GDP) sold and transferred 8,794 gold equivalent ounces during the quarter ended 31 December 2017. The company continues to focus on expansion at the recovery operations in South Africa while Ghana remains on expansion, both in terms of operational capacity and strengthening sourcing supply.
Meanwhile, production at the Kilimapesa mine in Kenya was adversely affected by various disruptions related to the election process. Production has returned to planned levels during January 2018 and forecast production for the year remains unchanged at around 5,800 ounces.
Wolf Minerals Ltd (LON: WLFE) has released a quarterly update on operations at its Drakelands tungsten mine in Devon, England. During the period to end December 2017, tungsten concentrate production rose by 22%, while sales rose by 36% on the previous quarter.
This occurred against the backdrop of an improved tungsten price, now currently standing at US$315 per metric tonne unit (mtu). The company has now implemented the majority of its plans to turn the operation around, and remains in negotiations with its creditors regarding payments that are due imminently.
Net cash used in operating activities for the quarter was A$8.5mln, including A$3.6mln spent on development, A$16.3mln on production and A$3.9mln on finance costs, with revenue of A$15.8mln.
The company had A$6.6mln cash at the end of the quarter, with further funding discussions in progress to support revenue, on a forecast gross cash outflow of A$27mlnfor the coming quarter. Wolf currently owes major shareholder RCF £55mln, and to date RCF has been very supportive.
Petra Diamonds Ltd (LON:PDL) saw its shares plummet on Monday as the company cut its current year production guidance and said earnings are expected to be hit by a stronger South African rand.
In a trading update, the FTSE All-Share listed firm said its production guidance for the financial year to the end of June would be between 4.6mln and 4.7mln carats, down from a previous forecast of 4.8mln to 5.0mln carats.
The group said the cut was mostly due to a drop in grade for South Africa's Cullinan mine, as well as lost production in the first quarter due to labour action. Petra added that the lower grade guidance for Cullinan in financial 2018 will be largely offset by higher diamond prices, meaning revenue per tonne will remain in line with expectations.