Weekly Mining Highlights, 22nd April 2019

A look back at some of the top news from London-listed mining stocks

Shanta Gold Limited (LON:SHG) is on track to produce between 80,000-84,000 ounces of gold this year after the first quarter saw output rise to  22,400oz.

The Tanzania-focused gold miner added it expects to be debt-free by the middle of next year.

Underlying earnings in the quarter (EBITDA) were US$11.4mln, a 15% increase on the previous three months.

Ariana Resources PLC (LON:AAU) has seen another strong quarter at its Kiziltepe gold mine in Turkey.

Production at the mine eased to 7,296 ounces in the three months to January from 7,517oz in the preceding quarter, but this was still 17% ahead of annualised guidance said Ariana.

Premier African Minerals Limited (LON:PREM) has scrapped plans to buy 50% stakes in its mine contractor KME and the Honey Badger gold deposit.

The Zimbabwe-based group took the decision due to the ongoing uncertainty over the future of its RHA tungsten mine.

Capital Drilling Ltd (LON:CAPD) revealed a first quarter in-line-with expectations, and, highlighted a continued strong performance for key long-term contracts.

Revenue was reported at US$27mln, up 1.5% compared to the comparative quarter of 2018.

The drill contractor said that the average monthly revenue per operating rig improved by 1.1%, while the number of utilised rigs increased by 14% to 47 rigs, and the fleet utilisation rate was up by 18.2% at 52%. It ended the period with a fleet of 91 rigs.

W Resources PLC (LON:WRES) has commenced the commissioning of the jig and mill plant at its La Parrilla tungsten project in Spain.

The jig and mill plant will upgrade the La Parrilla ore, efficiently reject barren material, and prepare material for feed to the concentrator plant. The upgraded and milled mine feed will allow for a significant upgrade in production rates.

Thor Mining PLC (LON:THR) has commenced a drilling programme at the Bonya tungsten deposits adjacent to its Molyhil project in the Northern Territory of Australia.

The Bonya project is held in a 40:60 joint venture with Arafura Resources Ltd (ASX:ARU), with both parties contributing to the cost of the program in proportion to their project equity.

The plan is to conduct reverse circulation drilling to the tune of approximately 2,500 metres on four targets: Samarkand, Jericho, White Violet, and Tashkent.

Greatland Gold PLC (LON:GGP) has announced a new 15-hole drilling programme at its Firetower project in Tasmania, Australia.

The exploration firm said the drilling would test targets at Firetower and Firetower East that were identified from geophysical imaging conducted by the company last year.

Caledonia Mining Corporation PLC (LON:CMCL) (TSE:CAL) produced 11,948 ounces from the Blanket mine in Zimbabwe during the quarter ended 31 March.

The company maintains its 2019 full-year production guidance of between 53,000 ounces and 56,000 ounces, and is still on track with progress towards its target of 80,000 ounces by 2022.

Savannah Resources PLC (LON:SAV) is to take 100% control of its flagship asset, the Mina do Barroso Lithium project in Portugal.

The 25% that Savannah doesn’t already own is to be acquired from minority shareholders in an all-share transaction valued at approximately US$11.9mln.

Savannah will issue 163mln new shares at US$0.073 each, equating to 15.6% of the enlarged issued share capital of the company.

ECR Minerals PLC (LON:ECR) told investors that it has kicked off processing and interpretation of airborne and ground geophysics data for the Windidda gold project, in Western Australia.

This work is an important precursor to the determination of high profile drill targets, the company highlighted.

Author Renae Dyer

Source Link www.proactiveinvestors.co.uk/marketReports


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