A look back at some of the top news from London-listed mining stocks
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.
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.
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.
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.
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.
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.
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.
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.
This work is an important precursor to the determination of high profile drill targets, the company highlighted.
Author Renae Dyer
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