Jangada Mines Plc (AIM: JAN) announced this week that Louis Castro has given notice of his intention to resign from the board, effective from 15 August 2020 and thanks him for his hard work during the company’s early years of development. As the Company now enters a new phase of growth, with a maiden JORC resource for its flagship Pitombeiras Vanadium Project due in the near term, Jangada looks forward to the opportunities ahead and wishes Louis all the very best for in his future endeavours.
BlueRock Diamonds Plc (AIM: BRD) has been able to recommence operations at the Kareevlei Diamond Mine earlier this week in accordance to new regulations in South Africa. With the uncertainty and volatility of the current diamond market, management has agreed with Bonas-Couzyn to market its diamonds through its Antwerp facility, which should recover faster than the local Kimberley market. Discussions between Bonas and BlueRock with Delgatto Diamond Financing Fund LP to provide pre-sales finance are underway to provide greater flexibility over delaying sales until the market has recovered. BlueRock continues to adapt working practises to comply with government regulations and establish this new route to market with pre-sales financing in an effort to de-risk the short to mid-term market volatility until diamonds can be sold profitably.
Manufacturing of the milling equipment for Dekel Agri-Vision’s (AIM: DKL) Cashew Processing Project in Cote d’Ivoire has resumed. Activity at the Italian manufacturer had been suspended due to the severity of the Covid-19 outbreak in Italy. Management believe its target of achieving first production during H1 2021 is now back on track. Operations on the ground at the project site at Tiebissou have been able to continue with minimal disruptions throughout this period. Additionally, another positive step towards the construction has been made after being advised that the shipment of infrastructure equipment has departed from China and is expected to arrive in Côte d’Ivoire in early July.
Kibo Energy Plc (AIM: KIBO) has successfully acquired additional land contiguous to the Benga Power Plant Project in Mozambique, increasing its project area by an additional 345 hectares. The enlarged land holding enables Kibo to establish a 150-300MW thermal power plant whilst providing room for renewable energy projects as they make a deliberate transition away from fossil fuel based energy solutions. Additionally, a new Memorandum of Understanding has been signed with the Mozambican state-owned electric utility EDM to further develop Benga as part of EDM’s mandate to develop electricity infrastructure and implement electricity projects in Mozambique. This marks significant progression in commercialising the project as the company looks to create affordable and reliable electricity supplies in Mozambique.
Armadale Capital Plc (AIM: ACP) received warrant exercise notices over an aggregate of 1,610,814 ordinary shares at a price of 2.2p per share in the capital of the company, providing proceeds of £35,458.
Europa Oil and Gas (AIM: EOG) reported its 30%-owned Wressle Oil Field in the East Midlands remains on track to commence production later this year. The field is expected to come online at an initial gross rate of 500bopd, which will add 150 bopd to Europa’s daily production rate. Importantly, with a break even oil price of less than US$18 per barrel, the extra 150 bopd are profitable at today’s oil prices so as well as more than doubling Europa’s existing UK onshore production to over 200 bopd, Wressle is expected to lead to a step change in the Company’s financial profile. There was more good news for Europa after the partners in the field received c. £403,000 from North Lincolnshire Council in
Tri-Star Resources (AIM: TSTR) received an update on its investment in Strategic and Precious Metals Processing LLC in which they hold a 40% equity interest. The antimony and gold production facility has shipped its first consignment of antimony comprising 60 tonnes of antimony metal ingots and management expects the plant to be operating at 100% capacity by the end of the year.
Katoro Gold Plc (AIM: KAT) released its final results outlining a year of strategic partnerships and project consolidation that saw the company create a solid baseline for strong growth and value creation for shareholders. The results highlighted some particular milestones met by Katoro during the period, including the acquisition of an initial 25% interest in the Haneti Nickel Project where the identification of a new exploration target increased the strike length of previously identified high priority areas. Post-period end Katoro entered into an agreement to participate in the Blyvoor gold production opportunity in South Africa, focused on the reprocessing of an existing 1.34m oz Au tailings resource, and the company also reached a final agreement with LVG regarding the disposal of Reef Miners Limited for a total staged cash consideration of up to US$1m and a 1.5% Net Smelter Royalty. Finishing the year with a cash balance of approximately £27,972 in December 2019, the company bolstered its cash position with a placing that raised a further £215,000 in March 2020. Further to its final results, Katoro has also agreed with its joint venture partner Power Metal Resources plc to extend the deadline in respect of the Haneti Project ownership, to allow time to finalise restructuring discussions. The previous 15 May 2020 deadline has been extended to 31 May 2020.
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BlueRock Diamonds Plc (AIM: BRD) spoke with Proactive London about restarting production at Kareevlei Diamond Mine in South Africa.