Anglo Pacific Group PLC (LON:APF)(TSE:APY) agreed to acquire a 1.525% net smelter return royalty (NSR) over all copper produced at the Mantos Blancos copper mine in Chile, owned by Mantos Copper. The consideration is US$50.25mln in cash.
The core will be tested for metallurgical purposes, and also be used to provide information that will go towards a future resource update. Europa’s drilling campaign has now concluded.
By the end of August cash stood at £570,000, after significant spending on the company’s lithium exploration projects in southern Mali.
Under the terms of the farm-in deal, Kavango will have the right to earn up to a 90% interest in both or either of the licences.
BlueRock Diamonds PLC (LON:BRD) saw revenues and production more than double in its first half.
For the six months ended 30 June, losses before tax narrowed to £381,027 from £1.29mln as revenues swelled to £1.4mln from £555,842 a year ago as 4,936 carats of diamonds were produced compared to 2,438 carats last time.
Cobre holds the volcanogenic massive sulphide (VMS) Perrinvale Copper project in central Western Australia, where an airborne geophysical survey is imminent.
Metal Tiger, subject to conditions, also agreed to subscribe for more shares under Cobre's planned initial public offering (IPO), investing a further A$2mln to take a total stake of 19.99%.
Rockfire Resources PLC (LON: ROCK) finished the six months to June 2019 with £181,097 in the bank, after booking a loss of £307,318 during the period.
Exploration spend amounted to £208,738. The company continues to explore on its gold and base metals tenements in Queensland, Australia.
Under the terms of the loan agreement, entered into on 21 June, Premier was required to make to two equal payments on 1 August and 1 September. The miner now has until 31 January 2020 to repay the principal amount including any interest.
A total of 3,966 metres were drilled in the campaign which was designed to advance BAM’s inferred gold resource so it can be included into an upgraded resource estimate and a preliminary economic assessment. These items are planned for completion in the fourth quarter.
Later in the week, the company said its Mbeya Coal to Power project is “rapidly gaining momentum” after it made the required statutory payments to the Tanzanian authorities.
The payments relate to the final processing and issuance of seven mining rights for Mbeya, which were approved and granted last month.
The miner said on Thursday that the project had produced 1,346 ounces of PGM in August, its first operational month, which had then been sold to a third party refinery.
Looking ahead, Jubilee said it was targeting production of 2,200 saleable ounces of PGM for September, adding that “positive price movements” for the metals were further increasing the economics of the project.
That is significantly more than the 2.1mln tonnes which was suggested in a scoping study two years ago.
That study used a cut-off of US$60 per tonne, but consultant QME, which was brought in last year to optimise the mining plan, has suggested a cut-off nearer to US$48.
The payment recognises a portion of the works carried out at Strategic’s Leigh Creek copper mine in South Australia.
A subsequent claim is expected to be made next year and bosses said they were evaluating funding alternatives to bring forward a portion of this claim.