Future Metals NL (ASX:FME, AIM:FME) has interpreted further shallow, wide platinum group metal (PGM) assay results from historical drill hole sampling of the wholly owned Panton PGM Project in northern Western Australia.
The company has received results from 11 more historical, previously unsampled drill holes which continue to confirm that PGM mineralisation at Panton exceeds 50 metres in width along the drilled 3.5 kilometres of strike.
Sunstone Metals Ltd (ASX:STM) has offered up to $30,000 dollars in new, fully paid ordinary shares to eligible shareholders through a share purchase plan (SPP), following a well-supported share placement that recently raised $20 million before costs.
Sunstone is offering the purchase plan at the same price the placement shares were offered; $0.067 per share, representing a discount of 4.3% to the closing price of Sunstone shares as of Friday April 8, 2022, and an 8% discount to the five-day volume weighted market average price (VWAP).
Panther Metals PLC (LSE:PALM) told investors it now has four exploration permits for the company's Big Bear project after a temporary hold was lifted.
The current permits last for three years and are subject to certain conditions.
Emmerson PLC (AIM:EML, OTC:EMSNF)’s Khemisset fertiliser project is “just the ticket” as the world seeks out independent potash supply, so says stockbroker Liberum.
Morocco is mining-friendly and Khemisset has myriad advantages that should result in highly competitive delivered costs to Atlantic Corridor markets and superior returns, Liberum analyst Yuen Low highlighted in a note.
Berenberg has cut its price target and recommendation for mining giant Rio Tinto, saying the steel outlook in China has worsened which bodes ill for the iron ore price.
A downbeat production update earlier this week is another reason for the downgrade, though Berenberg primarily focuses on statements from the Chinese government that steel production will be curtailed alongside comments about weak demand from the country’s trade body.
Scotgold Resources Limited (AIM:SGZ) said heavy tunnelling at its Cononish mine in Scotland restricted production to 1,257oz gold in the three months to March compared to guidance of 1,400 - 2,200oz.
Anglo American PLC (LSE:AAL) said production fell in the first quarter and cut full-year production guidance for platinum group metals (PGM), iron ore and metallurgical coal, sending its shares down about 8%.
“Production in the normally slower first quarter was 10% lower than the same period in 2021, impacted by peak Covid-related absenteeism, high rainfall affecting operations in South Africa and Brazil, and safety and other operational challenges at metallurgical coal and iron ore operations,” said outgoing chief executive Mark Cutifani.
Antofagasta PLC (LSE:ANTO) shares tumbled as first-quarter production of gold, copper and molybdenum all dropped significantly.
Copper output was down by 41% compared to three months earlier at 138,800 tonnes on the back of ongoing drought at Los Pelambres in Chile and lower grades at Centinela.
Tungsten West PLC (AIM:TUN) told investors it has decided to pause the current Hemerdon mine development plan in order to evaluate alternative approaches to restarting mining operations.
The decision, taken in light of current market conditions, will allow the company to work up revised plans with lower capital and operating costs, and, whilst production rates will also be lower the company expects to retain optionality to expand those rates in the future.
Glencore PLC (LSE:GLEN) said its direct carbon dioxide emissions increased last year.
Its Scope 1 carbon dioxide equivalent (CO2e) emissions - those made by the company directly - grew to 15.0mln tonnes (Mt) from 14.8Mt in 2020, while its Scope 2 location-based emissions rose to 10.8Mt from 9.4Mt.
Ferrexpo PLC (LSE:FXPO) said it will increase funding for its Ferrexpo Humanitarian Fund by US$5mln to US$12.5mln in response to the humanitarian crisis unfolding in Ukraine, with assistance being given to communities across the country.
The FTSE 250-listed company, which is the world's third-largest exporter of iron ore pellets to the steel industry, said the fund, which was set up in early March, has so far provided power generators, fuel, water tanks, food supplies, ambulances and medical equipment.
BHP Ltd has cut its copper production target for this year due to problems at its Escondida mine in Chile, with its nickel target also lowered.
The Aussie-listed mining titan kept guidance unchanged for iron ore, metallurgical coal and thermal coal, though it cautioned it expects labour shortages in Chile and Australia to remain an issue before potentially easing in 2023.
Base Resources Ltd, a mineral sands producer and developer, reported record revenue for the March quarter as strong demand supported further price increases for all of its products.
Sales revenue jumped to $740 per tonne from $478 in the year-earlier quarter.
Jangada Mines PLC (AIM:JAN) announced an updated technical report, with the inclusion of the titanium component, for its Pitombeiras Vanadium Titano-Magnetite (VTM) project in Brazil.
The report envisages annual production of 186,000 tonnes (t) of ferrovanadium concentrate (Fe 62%) and vanadium pentoxide (V2O5) and 66,000t of titanium dioxide (TiO2) at a production/processing rate of 600,000t per annum over a nine-year mine life.
Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has provided relevant materials and information for a special meeting of Orca Gold Inc (TSX-V:ORG) shareholders, scheduled to provide a final decision on the acquisition of all outstanding common shares by Perseus.
The meeting will be held on May 16, 2022, and, assuming requisite approvals are obtained, the acquisition agreement is expected to be completed on May 19, 2022.
Mila Resources said drilling at the Coffey deposit on its Kathleen Valley gold project in Western Australia has extended the areas of mineralisation with every hole so far hitting its target zone.
Eleven holes have been completed so far, with the last two also intersecting a deeper sulphide zone below the main target and 285m below the surface.
Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF) should complete an airborne survey over its acreage in the current quarter, which will give a better idea of the potential for the Egypt-based gold miner going forward said Liberum.
The broker, which kept its ‘buy’ rating and 112p price target, expects a full update on its growth prospects during the current three months, having today reiterated that production over the rest of the year should recover towards 430-460,000oz
Rio Tinto produced and shipped 15% less iron ore in the first three months of 2022 in what chief executive Jakob Stausholm said was a challenging period due to Covid.
Guidance for the year was unchanged, as it was for all other metals, at 320-355mln tonnes with an uptick expected in the second half, the mining giant added.
Petropavlovsk received notice from its lender Gazprombank that it wants immediate repayment of US$201mln of loans plus a further US$87mln for a credit facility on 26 April.
The Russia-based gold miner has already missed two interest payments totalling around US$10mln on the loans of US$288mln from Gazprombank because of sanctions on the bank.
Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF) reported lower gold production in the first quarter, as planned, while it took over the running of underground operations at its flagship Sukari mine in Egypt.
Gold production fell 11% from the year-earlier quarter to 93,109 ounces, mainly due to the underground transition.
KEFI Gold and Copper said it raised £8mln through firm and conditional placings at 0.8p, a discount of around 25% to the recent average market price.
Harry Adams, chairman, said combined with last year's equity raise, this latest placing was the 'last piece' of the Tulu Kapi mine's US$365mln financing package.
Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) said it was “incredibly pleased” with a heads of terms agreement for concentrate produced from its Vares project in Bosnia and Herzegovina.
Four major commodity trading groups have agreed to take 82% of production from Vares for 24 months.
East Star Resources Plc (LSE:EST) said all four exploration licences under the joint venture with Kazakhstan national mining company Tau-Ken Samruk were transferred on April 13 to newly established joint venture companies within the Astana International Financial Centre (AIFC).
East Star subsidiary, Discovery Ventures Kazakhstan Ltd, owns 80%, while Tau-Ken Samruk owns the remaining 20%.
Altech Chemicals Ltd (ASX:ATC) was higher after releasing a pre-feasibility study (PFS) described as "outstanding" for a 10,000 tonnes per annum silicon/graphite alumina coating plant in Saxony, Germany.
The proposed hub would produce high capacity silicon/graphite battery anode materials, known as Silumina Anodes™, under an exclusive licence from Altech.
Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has rounded out a resource definition drill program at the Nkosuo prospect, just 7 kilometres down the road from its Edikan Gold Mine in Ghana.
During the campaign, the company uncovered:
Oriole Resources PLC (AIM:ORR) said in a statement released ahead of next week’s annual general meeting that the start of 2022 has been exceptionally busy.
Eileen Carr, who became chair of the AIM-quoted exploration company in February, highlighted “solid progress on our projects in Cameroon, confirmation from IAMGOLD of the completion of the first phase of their earn-in in Senegal, refocussing of the Turkish operations and the early and successful submission of the 2021 research and development (R&D) tax claim.
Gold prices eased in the international markets on Tuesday after touching a US$2,000 an ounce resistance level in the previous session.
As the dollar soared to a two-year high, US gold futures fell 0.3% to US$1,981 on Tuesday, while spot gold fell by 0.1% to US$1,976 per ounce.
Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) noted that Bluebird Merchant Ventures (BMV) secured funding to enable it to advance to initial gold production in 2022.
Metal Tiger has a 19.1% stake in Southern Gold Ltd (ASX:SAU), which in turn holds 200 million shares in BMV.
Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC:AGPIF) announced a favourable ruling in its legal dispute with Quasar Resources Pty Ltd, the owner and operator of the Four Mile uranium mine over which Anglo Pacific has a 1% net smelter return royalty.
Anglo Pacific and Quasar have been engaged in a legal dispute since 2016 over the level of allocable charges being applied to calculate net smelter return revenue subject to Anglo Pacific’s royalty entitlement.
Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) was granted a small-scale gold mining licence by the Ministry of Mines, Energy and Water of the Republic of Mali in respect of the 83.1 square kilometre Korali Sud licence in the west of the country.
Korali Sud contains the Diba gold project, which hosts the Diba deposit, Diba NW and Diba Far East prospects and is located approximately five kilometres west of the company's 100% owned 24 square kilometre Lakanfla gold exploration licence.
Power Metal Resources PLC (AIM:POW) and Kavango Resources PLC (LSE:KAV, OTC:KVGOF) said drilling has started at the i10 target within their Ditau Camp joint venture project in southwestern Botswana.
The diamond drilling is to confirm the presence of rare earth elements.