Altona Energy (LON:ANR) – CORP: Subscription and JV update
Market Cap: £5.5m; Current Price: 0.7p
Delay to subscription and JV payment
Altona was expected to receive the £0.5m resulting from the subscription by Sino-Aus in mid-Jan (as announced 23/12/15). Sin-Aus has now informed the Company that the £0.5m is expected by 05/02/16.
Funds from joint venture partners Wintask and Sino-Aus were expected to be paid by 15/01/16. These funds have also been delayed. Qinfu Zhang, Chairman of both Altona and Wintask, has confirmed that Wintask’s first tranche contribution to the joint venture of AUD$0.6m will be made by 29/01/16. However, the AUD$5.4m from Sino-Aus will be made as soon as the necessary banking arrangements can be put in place.
NORTHLAND CAPITAL PARTNERS VIEW: These delays have been caused by restrictions put in place regarding the opening of bank accounts in China and Hong Kong. The Company does not expect these delays to have a significant effect on the overall timescale of the project.
Dr Ryan D. Long +44 (0)20 7382 1131
rlong@northlandcp.co.uk
Premier African Minerals (LON:PREM) – SPECULATIVE BUY*: RHA update
Market Cap: £4m; Current Price: 0.4p
Underground development update
Premier African Minerals continues its six month underground mining plan (started in Nov-15) for the 926 level while the 870 level shaft is reequipped.
The estimate capital cost is US$406,000.
The vertical shaft hoist and commissioning of operations on the 870 Level remains on schedule for completion in Feb-16.
Positive operational cash flow from RHA (before capex and working capital) is expected during the spring of 2016.
NORTHLAND CAPITAL PARTNERS VIEW: Last year was a challenging year for Premier African Minerals with the unforeseen developments that occurred during the initial open pit leading the Company to accelerate its underground development. The move to underground operations resulted in a need to finance the Company, where it was previously expected that cash flows from the open pit would fund the underground development. Prem has now turned a corner and has been successfully extracting and stockpiling ore since late Nov-15 and now expects positive operational cash flow during the spring. The cash flow combined with an expected liquidity event with Prem’s interest in private company Circum Minerals should result in a significantly better 2016 for the Company.
Dr Ryan D. Long +44 (0)20 7382 1131
rlong@northlandcp.co.uk
Rockwell Diamonds (LON:RDI) – CORP: Q316 sales and production results
Market Cap: CAD$6.8m; Current Price: 0.13c
From Friday: A challenging quarter
Revenue from diamond sales during Q316 was down 44% to CAD$6.9m from the previous quarter taking revenue for the nine months to date to CAD$27.5m, down 33% from the same period the previous year.
Revenue from beneficiation during Q316 was down 98% to CAD$0.2m from the previous quarter taking beneficiation revenue for the nine months to date to CAD$$9.8m, up 3% from the same period the previous year.
Total revenue for the nine months to date was down 26% to CAD$37.3m from the same period the previous year.
Loss attributable to shareholders for the nine months to date was up 150% of the previous year Totalling CAD$14.6m.
Cash and cash equivalents Totalled CAD$1.4m.