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Mwana Africa plc, Stratex International, Alexander Mining and African Barrick Gold feature in Fox-Davies Newsflash

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Daily MIning Monitor

African Barrick Gold (LON:ABG) announced its results for the quarter ended 31st March 2013. It produced 146,105oz of gold and sold 148,232oz. Cash costs were US$931/oz, which reduces to $893/oz if Tulawaka is excluded. Net earnings were $20.7M giving an operational cashflow of $57.3M.

FD Comment:

Production was a little bit better than our estimate, but cash costs were marginally better than our forecast.

Alexander Mining PLC (LON:AXM) announced that it has received notification from the United States Patent and Trademark Office that its MetaLeach Limited subsidiary has been granted a Patent for a Method of Ammoniacal Leaching, patent number 8,388,729. The patent has a standard term of twenty years from the effective date of July 11, 2008 (being the date of original filing). The patent is the U.S. National Phase of PCT/AU2008/001027, filed Jul. 11, 2008, which in turn claims priority to Australian application number AU2007903815 filed Jul. 13, 2007 and AU2007906262 filed Nov. 15, 2007.

Mwana Africa plc (LON:MWA) announced that the first shipment of nickel concentrate from Bindura Nickel Corporation's Trojan Nickel mine in Zimbabwe was dispatched on the 15th of April 2013. The timing of the shipment is in line with previous guidance given by the Company. Following the refurbishment of the surface milling, flotation, tailings and concentrate handling facilities, hot commissioning has been successfully completed and the first shipment of nickel concentrate was trucked from the Trojan mine to Durban. The shipment takes place under the terms of the previously announced offtake agreement between Glencore and BNC whereby Glencore will purchase all of the concentrate produced at the Trojan mine at a price linked to the LME settlement price. The processing plant is now producing concentrate of saleable quantity and quality and the remainder of the commissioning activities during the year will focus on increasing throughput and improving recoveries.

Stratex International PLC (LON:STI) announced that further to the announcement of 21 March 2013, payment has been received following the sale of the Inlice Project in Turkey. These proceeds amount to US$4.5M which reduces to approximately US$3.75M after tax. This takes the current cash position to approximately £17.5M to facilitate the acquisition of advanced projects.

 

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