Just a day after sending the market into a selling frenzy, Centamin (LON:CEY) has soothed investors with the news that fuel will in fact be supplied to its Sukari gold mine.
Yesterday, Centamin’s hunt for gold in Egypt looked to have hit a major snag after fuel supplies were cut off and gold exports halted.
The gold miner said it had received a retrospective claim from Egyptian General Petroleum Corporation (EGPC) for US$65mln for diesel supplied to its Sukari mine between 2009 and 2012.
As a result Centamin halted its operations and shares slumped 40%.
Not only have fuel supplies been resumed, but it looks as though Centamin may not have to pay a penny.
Shares have picked up from yesterday’s losses, up 26% to 35p.
The company added that it will keep the market in the know about the status of gold exports, which it said would determine when operations start up again.
There were a raft of gold stocks moving and shaking on the market at the end of the week.
African Eagle Resources (LON:AFE) was another shining light in early play, up 5% after its joint venture partner confirmed high grades at the Myabi gold project in Tanzania.
Rift Valley Resources reported today that drilling on one section at the Chui prospect confirmed the high grade mineralisation reported previously in one hole - at 11 metres at 23.0 grams per tonne (g/t) gold from 54 metres depth.
Meanwhile, a new hole hit 12 metres at a grade of 6.02g/t gold from 33 metres, it revealed.
Condor Gold (LON:CNR) matched the mood after completing the acquisition of the La Mojarra concession in Nicaragua.
La Mojarra lies next to the southern extension of the La India vein set, the source of some of Condor’s most impressive drill results.
After getting relevant minister’s approval, the concession will now pass to its wholly-owned Nicaraguan subsidiary La India Gold, also triggering a US$300,000 cash payment.
Adding La Mojarra expands the La India project to 194 square kilometres.
A decision on the future of Australian gold miner Norseman Gold’s (LON:NGL) has been put back until March.
Norseman appointed a voluntary administrator to its main operating subsidiary CNGC in October after cash and production problems.
CNGC has continued to trade under the administrator's control but cash losses have been significant during the administration period, according to a statement today.
The losses are likely to continue for some time, but are expected to reduce significantly.
Away from gold, Christmas has come early for Afferro Mining (LON:AFF).
Shares rose 7% early on when it said it has brought forward the deferred element of the sale of its 38.5% stake in the Putu iron ore project in Liberia by six months.
It means it will receive an injection of US$50mln from Russian steel giant Severstal in the next seven days, taking its cash balances to US$90mln.
Afferro was originally slated to be paid in June.
Tertiary Minerals (LON:TYM) shares held onto their gains today. The company has hired Wardell Armstrong to assess the fluorspar tonnage and grades at the MB project in Nevada, USA.
There were also a couple of oil juniors to keep an eye on.
Falkland Islands oil explorer Rockhopper (LON:RKH) revealed it incurred US$14mln of transaction costs related to its US$1bn farm out of the Sea Lion prospect to Premier Oil (LON:PMO).
However, it is unable at this stage to reveal the capital gains tax liability associated with the deal.
Rockhopper provided the update alongside its interim results, which revealed the company’s losses narrowed US$20mln to US$6mln while exploration expenses fell to US$4mln from US$25mln. It has US$43mln in cash on the balance sheet.
Colombia-focused oil firm GeoPark (LON:GPK) meanwhile, has put a new well online at the Tua oil field.
Tua 3 has now been tested with a production rate of 1,127 barrels a day, though more production data is needed to determine stabilised flow rates.
The field was discovered in July and the first well, Tua 1, is currently producing 927 barrels of oil per day. Tua 2 is being completed this month.