Share Talk Weekly Mining Sector News Round-Up, Sunday 24th April 2022

Chaarat Gold Hlgs Ld (AIM: CGH) AGM Notice, Annual Report, and Directorate Change. Chaarat also announces that Warren Gilman has notified the board of his intention not to seek re-election at the 2022 annual general meeting due to other business commitments.  He will therefore step down on 17 May 2022.

Martin Andersson, Executive Chair of Chaarat, commented: “On behalf of Chaarat I would like to thank Warren for his valuable contribution as a director during his three-year tenure on the board.”

It’s all to play for at Ditau as KAV and POW launch rare earth drill campaign

Panther Metals PLC, (LSE: PALM) informed investors that it now has four exploration permits to explore the Big Bear project. This was after a temporary hold was lifted.

Current permits are valid for three years, but they are subject to some conditions.

Petropavlovsk PLC (LON: POG) issues its sales and production results and corporate update for the quarter ending 31 March 2022 (the “Period” or “Q1 2022”).

Mr Denis Alexandrov, CEO, said:

“Petropavlovsk achieved its production targets in the first quarter of this year, with higher output from Pioneer, aided by its new flotation plant, and 3rd-party concentrate offsetting expected lower production at Albyn and Malomir due to lower grades. Despite the conflict in Ukraine and related sanctions that have led to various challenges at the corporate level, our mines operated without disruption throughout the period. In this rapidly changing environment, we continue to monitor the situation to take all necessary steps to ensure the continuity of our business and compliance with sanctions, and to plan for contingencies that may adversely impact our operations.”

Emmerson PLC (AIM: EML) Khemisset fertiliser Project is “just the thing” for the world that seeks independent potash supply. Stockbroker Liberum believes this project is “just what the doctor ordered”.

Khemisset is mining-friendly in Morocco, Yuen Low, Liberum analyst, highlighted in a note. This should lead to high delivered costs to Atlantic Corridor markets as well as superior returns.

Strategic Minerals plc (AIM: SML) provided an update on the Company’s cash position and ore sales at the Cobre magnetite operation in New Mexico, USA (“Cobre”) for the quarter ended 31 March 2022.

February and March sales saw the reversal of the significant fall in Cobre sales sustained during the December quarter of 2021, which extended into January 2022. This reduction in sales was due to a significant drop in demand from the Company’s largest client.

Extended its Redmoor exploration license in Cornwall for another ten years, until 2037. According to the miner, a 25-year option for mining leases is still available.

ECR Minerals plc (LON: ECR) provided an update on drilling at HR3 including the highest grade Gold intercept yet below the soil anomaly drilled by hole BH3DD027.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR CEO Andrew Haythorpe added: “As the new CEO my work for the next few weeks entails getting my feet under the proverbial desk. Regardless, given my previous experience as geologist and mining company CEO, along with David and Adam I am very pleased to see the HR3 prospect return the best assay result to date. I look forward to speaking with shareholders as the year progresses.”

Scotgold Resources Limited (AIM: SGZ) stated that heavy tunnelling at Cononish, Scotland’s gold mine, had reduced production to 1,257oz in the three months to March compared with guidance of 1,400-2200oz.

Antofagasta PLC (LSE: ANTO) shares fell as the first-quarter production of molybdenum, copper and gold all dropped dramatically

Copper production fell by 41% to 138,800 tonnes in March, a result of the drought at Los Pelambres (Chile) and lower grades at Centinela.

Jangada Mines plc (AIM: JAN)  has published an updated technical report with the addition 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 nine-year mine life.

Anglo American PLC (LSE: AAL) reported that production fell in the quarter and reduced full-year production guidance to platinum group metals (PGM), iron ore and metallurgical co. This sent its shares down around 8%.

Mark Cutifani, outgoing chief executive, stated that production in the normal first quarter was 10% lower than in 2021. This was due to peak Covid-related absenteeism, high rain affecting operations in South Africa, Brazil, and safety challenges at metallurgical coke and iron ore operations.

Gazprombank notified Petropavlovsk (LON: POG) that it wanted immediate repayment of US$201mln in loans and a further US$87mln to be able to obtain a credit facility. This was on 26 April.

Due to sanctions against Gazprombank, the Russia-based gold miner missed two interest payments of around US$10mln for loans of US$288mln.

East Star Resources Plc (LSE: EST) stated that all four exploration licenses in the joint venture with Kazakhstan’s national mining company Tau-Ken Samruk were transferred to the newly created joint venture companies of the Astana International Financial Centre.

Discovery Ventures Kazakhstan Ltd, an East Star subsidiary, holds 80%. Tau-Ken Samruk has the remaining 20%.

Oriole Resources PLC (AIM: ORR) stated in a statement that the beginning of 2022 was extremely busy.

Eileen Carr, the AIM-quoted exploration firm’s chair, spoke out about “solid progress on Cameroon projects, confirmation by IAMGOLD that the first phase in their earn-in was completed in Senegal, refocusing of Turkish operations, and the timely and successful submission 2021 research-and-development (R&D/R&D tax claim).

After touching the resistance level of US$2,000 per ounce in the previous session, gold prices fell in international markets Tuesday.

The dollar rose to a new two-year high. US gold futures dropped 0.3% to US$1,981 Tuesday while spot gold fell 0.1% to US$1,976 an ounce.

Power Metal Resources PLC (AIM: POW) and Kavango Resources PLC (LON: KAV) both stated that drilling has begun at the i10 target in their Ditau Camp joint venture project, in southwestern Botswana.

Diamond drilling is used to confirm the presence rare earth elements.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“The drill motivation for Target i10 is a comprehensive piece of work. Kavango’s team has worked hard over the last two years refining the exploration methodology leading to the design of the current Ditau drill campaign. Using the latest remote sensing technologies, we have created sophisticated targeting models to guide our exploration.

We will now become the first explorers to test this area’s potential for carbonatites, which are the world’s primary source of rare earth elements (“REEs”). REEs are strategically critical minerals, crucial to all high-tech industries.

Author @ABMckinley

The opinions expressed here are those of the author

Disclaimer: This blog is provided for general information and It does not constitute investment advice, not buy or sell shares, warrants or bonds in any companies written about within the blog. Information is taken from publicly available sources and any comment is that of the author.

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