Weekly Mining Highlights, 26th May 2019

A look back at some of the top news from London’s small-cap mining scene.

Bacanora Lithium PLC (LON:BCN) shares rose on Monday following news the firm has received a cash injection of £14.4mln from Ganfeng, the world’s largest lithium metal producer. Ganfeng will invest at 25p per share for a 29.9% stake in Bacanora, but can also take a 22.5% direct stake in the Sonora lithium project in Mexico.

Bushveld Minerals Limited (LON:BMN) has revealed an updated resource estimate for the Vametco vanadium mine, in South Africa, following successful drilling operations.

Later in the week the vanadium miner reported that revenues soared in 2018 as the price of the steel additive shot higher, lifting it sharply into profit. The metal is also seen as a potential electrolyte for batteries and excitement over this application, coupled with supply issues in China helped the price jump by 149% over the year.

Barrick Gold has made an offer to buy out the minority stake in Acacia Mining PLC (LON:ACA) to resolve the ongoing dispute with the Tanzanian government over unpaid taxes. Tanzania has accused Acacia of owing billions of dollars in royalties on undeclared exports and has banned the gold miner from exporting gold and copper concentrates.

Australian mining giant Newcrest Mining Ltd (ASX:NCM) has started drilling at Greatland Gold PLC’s (LON:GGP) Havieron gold-copper project in the Paterson region of Western Australia. Newcrest will drill a total of approximately 10,000 metres (m) as part of this initial drill programme, which it is covering all the costs for.

Recent soil sampling at Rockfire Resources PLC’s (LON:ROCK) Copper Dome project in Queensland, Australia has returned more high-grade copper and gold results. Rockfire has the option to acquire the project, although a decision one way or the other must be made by tomorrow (23 May).

Shefa Yamim (ATM) Ltd (LON:SEFA) is targeting expanded exploration at its Kishon Mid-Reach project in Northern Israel across 2019 and 2020. In an update ahead of its AGM on Thursday, the first for current chairman Michael Rosenberg, the precious stone miner said it expected to continue planning and regulatory procedures to begin mining at the Kishon Mid-Reach Zone 1 area by 2020, and thus become revenue generating.

 

Author Oliver Haill

 

Article originally published by proactive investors. Share Talk is not responsible for its content or accuracy and may not share the author’s views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

 

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