A look back at some of the top news from London’s small-cap miners.
By Madeleine Taylor
BlueRock Diamonds PLC unearthed a second stone in excess of 20 carats at from its Kareevlei mine in South Africa’s Kimberley region. The latest ‘sparkler’ weighed in at 20.72 carats and is of gem quality. The previous diamond was 24.98 carats and was sold US$190,000.
Specialist alloy maker Afarak Group PLC (LON:AFRK) was studying a ruling by Finnish regulator FIN-FSA that alleged that the company failed to comply with its legal obligations to disclose inside information and in regard to the management of insider lists. FIN-FSA had proposed a penalty payment of €1.45mln, although this decision was not yet legally binding.
Strategic Minerals PLC (LON:SML; USOTC:SMCDY) made an arbitration claim for at least US$21mln plus damages against the main customer of the company’s Cobre magnetite operation in the USA.
Bluebird Merchant Ventures Ltd (LON:BMV), the Korean-focused gold development group, received formal communication from the Ministry of Trade, Industry and Energy in South Korea, confirming that the application for a ‘Permit to Develop’ the Gubong mine is to be granted to the Gubong Project Company, a joint venture company owned by Bluebird and Southern Gold (ASX:SAU).
Premier African Minerals Limited (LON:PREM) chairman Michael Foster stepped down as the group edges closer to manganese miner MNH Holdings.
Premier African Minerals Limited (LON:PREM) raised a gross £250,000 through a share subscription 0.02p per share. Chief executive George Roach said he expects this will be the last direct placement Premier will need in advance of expectations for the exclusive prospecting order application at Zulu Lithium and Tantalum project, and the ongoing electrification at the RHA Tungsten Mine in Zimbabwe.
Vast Resources PLC (LON:VAST) signed a joint venture agreement with Chiadzwa Mineral Resources (Pvt) Ltd a company designated to represent the Chiadzwa community interests in the company’s diamond concession in Zimbabwe. This joint venture resulted in the formation of Katanga Mining (Pvt) Ltd, which has in turn agreed its own joint venture with Zimbabwe Consolidated Diamond Company (Pvt) Ltd, a government entity which represents the Republic of Zimbabwe in the diamond mining sector.
Metal Tiger Plc (LON:MTR) chief executive Michael McNeilly described himself as “delighted” as 59.81% investee Kalahari Metals Limited (KML) landed approval for its environmental management plan for the Kitlanya projects in Botswana.
IronRidge Resources Limited (LON:IRR) said it expected to compile a maiden resource estimate for the Cape Coast lithium portfolio in Ghana sometime in the first quarter of next year. The update came alongside a drilling report, which said that visual spodumene-bearing pegmatite zones had been discovered at the Ewoyaa North, Ewoyaa North-East and Abonko areas.
NQ Minerals Limited (LON:NQMI) said it expected operations at Hellyer to settle down after a tricky re-start to operations at the polymetallic mine in Tasmania. The base metal flotation circuit was commissioned in January, with revenues in the six months to June of £14.2mln.
Savannah Resources PLC (LON:SAV) said it was looking at substantial quantities of quartz and feldspar at its Mina do Barroso project in Portugal. These can be recovered and sold to local ceramic and glass companies, said the AIM-listed explorer.
Mkango Resources Ltd (LON:MKA, CVE:MKA) said it was buying a stake in a company that has developed a technology to recycle rare earth magnets, which it hopes to employ at its Songwe Hill project in Malawi.
Salt Lake Potash Limited (LON:SO4 ASX:SO4) said it had transitioned from exploration to development at its Lake Way project in Western Australia and chief executive Tony Swiericzuk said it is “difficult for me to contain my enthusiasm”.
ECR Minerals PLC (LON: ECR) turned down a farm-in offer for its Windidda gold project in Western Australia. The Aussie-focused gold group said the approach came from a listed exploration company and it was encouraged by the interest being shown at such an early stage for the project.
Kavango Resources PLC (LON:KAV) selected targets for drilling at its Kalahari Suture Zone project in Botswana. An initial 1,000 metre drill programme, using diamond core and/or reverse circulation drilling to test for sulphide mineralisation, is scheduled to commence in early October.
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