Anglo Pacific Group plc (LON:APF) turned in a bumper set of full-year results this week as the recovery in the mining sector began to hit its stride and the company’s judicious acquisition strategy starts to pay off in a serious way.
Royalty income from the Kestrel coal mine and other projects hit a record level of £37.4mln, an increase of 90% over the £19.7mln received last year.
Elsewhere, Savannah Resources Plc (LON:SAV) revealed what were described as “excellent” results from exploratory drilling at the Mina do Barroso lithium project in Portugal.
A new area of high-grade lithium mineralisation has been discovered at the site. This zone, referred to as ‘Grandao Extended’ was unearthed through drilling to the west and southwest of the main Grandao deposit.
Drilling statistics include highlight grades ranging between 0.96% and 1.71% lithium.
Caledonia Mining Corporation PLC (LON:CMCL TSX:CAL) predicted a material boost to earnings this year due to changes in Zimbabwe’s export credit rules.
The Reserve Bank of Zimbabwe raised the Export Credit Incentive (ECI) paid to all gold miners to 10% from 2.5% in February.
Assuming gold remains at US$1,260 per ounce, the benefit might be an extra US$5.1mln over the full year to December, said the miner, which owns 49% and runs the Blanket gold mine.
Bacanora Minerals Ltd (LON:BCN) said it's on track to begin production from its Sonora lithium mine in Mexico in the first quarter of 2020 and expects construction to begin in the first half this year.
Design of both the roaster/kiln FEED (front end engineering design) and the crystalliser/evaporation/IX FEED has begun, the firm said in a broad update.
These two equipment packages are expected to make up around 75% of the total capital cost of the processing plant.
And Kibo Mining PLC (LON:KIBO) announced its about to take another step closer to finalising work on its 300MW Mbeya coal-to-power project under a memorandum of understanding (MoU) with the Tanzania Electric Supply Company (TANESCO).
The company signed the MoU with TANESCO in February with regards to a power purchase agreement (PPA) for power that will be produced from Mbeya.
Bushveld Minerals Limited (LON:BMN) hailed significant progress at the integrated thermal coal mining and independent power project it is developing in Madagascar.
The company said its coal and energy subsidiary, Lemur Holdings, has completed the load, demand and transmission routing studies and has initiated discussions with the Madagascan government regarding the concession - described by Lemur's chief executive officer, Prince Nyati, as “a top priority for 2018”.
Meanwhile Chaarat Gold Holdings Ltd (LON:CGH) said it is extending the closing date of its private placing as results of a feasibility study on its Tulkubash project are expected imminently.
The AIM-listed Kyrgyz-focused exploration company said the results of the study, expected later this month, would provide a comprehensive update on the project including capital and operating costs.
Metminco Limited (ASX:MNC)(LON:MNC) booked losses of A$35mln in the year to December 2017, down significantly from the A$124mln booked in the corresponding period a year earlier.
The cash position increased to A$834,377 from $71,548 due to the receipt of A$6.6mln following the sale of the company’s interest in the Los Calatos project, and as a result of additional fund raisings amounting to A$2.2mln net, and the exercising of A$700,000 of convertible notes.
And Botswana Department of Environmental Affairs (DEA) approved the Environmental Management Plan (EMP) for a drilling campaign to test numerous high priority targets along the 50km long T3 Dome, a project 30%-owned by Metal Tiger PLC and 70% owned by MOD Resources.
The T3 Dome EMP is subject to a four-week public review period, and accordingly drilling is planned to commence in May 2018.