logo-loader

Medusa Mining surges after stake increase by Van Eck

Last updated: 12:05 03 Jan 2014 GMT, First published: 13:05 03 Jan 2014 GMT

share_price_up350_52c6b6b1ce5ac

Shares in Medusa Mining (LON:MML) received a boost on Friday as US investment management firm Van Eck Associated upped its holding to 5.29%.

The shares have been on a tear since the start of December, rising from 98.23p to close at 116p last night, and in lunchtime trading today were up 8.25% to 123.25p.

In all, Van Eck, an employee-owned firm based in New York, has just under 11mln Medusa shares.

Medusa operates the Co-O mine in the Philippines and the shares have been tipped for a re-rating as the company works through some production problems at the mine that were outside of its control.

Early in December the company revealed that its new semi-autogenous grinding (SAG) mill was up and running after new batteries had been installed.

The new mill will ramp up production to its targeted throughput of 2,500 tonnes per day during the March 2014 quarter. The old mill has a throughput of 1,000 tonnes per day.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

1 hour, 40 minutes ago