Weekly Mining Highlights, 31st August 2019

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

By Calum Muirhead

Premier African Minerals Ltd (LON:PREM) said it will ask shareholders to approve the sale of its interest in Circum Minerals as part of a possible fundraise.

Circum, in which Premier owns more than 5mln shares worth US$6.2mln, is looking to raise funds through a combination of debt and equity to support the development of the Danakil potash project in Ethiopia.

The company also said it had completed its loan to MN Holdings Limited, while its chairman Neil Herbert has also joined the board of the junior.

Alba Mineral Resources plc (LON:ALBA), in its interim results, highlighted the Clogau Welsh gold project and the Horse Hill oil project as key assets with the shortest route to success.

Horizonte Minerals PLC (LON:HZM) (CVE:HZM) saw its shares soar following a US$25mln deal with investment firm Orion Mine Finance to develop its Araguaia nickel project in Brazil.

Orion is one of the market’s largest financiers of mining projects with around US$5.1bn currently under management.

Gemstone group Shefa Gems Ltd‘s (SEFA) said its focus over the next six months will be to get a permit to start trial mining at the Kishon Mid-Reach Zone 1 in Israel.

A technical feasibility study in February indicated that an alluvial mine at KMR 1 can process 1.5 Mt of gravel over an 11-year life at a cost at the lower end of the cost curve.

Oriole Resources PLC (LON:ORR) said it intends to apply for more licences in Cameroon, both through its existing partnership with BEIG3 and through a newly incorporated subsidiary.

In its half-year results, Mkango Resources Ltd (LON:MKA) (CVE:MKA) said it is targeting the advancement of its Songwe Hill project in Malawi while looking to downstream opportunities relating to the rare earths supply chain.

W Resources PLC (LON:WRES) said it remains on schedule for first concentrate from the La Parrilla tungsten mine in Spain.

Commissioning of the concentrator plant has begun with ore to be introduced and production to start next month.

Bushveld Minerals Limited’s (LON:BMN) (OTCMKTS:BSHVF) US$68mln acquisition of Vanchem was given the green light by the South African competition watchdog.

Scotgold Resources Limited (LON:SGZ) has estimated “significantly improved” returns from its Cononish project in Scotland following recent improvements in gold prices.

Power Metal Resources PLC (LON:POW) said six high priority drill targets have been identified at the Molopo Farms Complex project in Botswana following a ground geophysics programme that was completed earlier this month.

Burundi-based Rainbow Rare Earths PLC (LON:RBW) changed its senior management with George Bennett taking over as chief executive.

Ongoing drilling at Chaarat Gold Holdings Ltd‘s (LON:CGH) Tulkubash project in the Kyrgyz Republic continued to hit good grades at or just below the surface.

The latest holes saw grades between 2.55 – 0.82 g/t gold at widths of 10.5m to 28.5m.

Ariana Resources PLC (LON:AAU) was chuffed with the recent rally in the gold price, which it said would be reflected in its third-quarter results.

The gold miner said gross income from the Kiziltepe mine in Turkey in the second quarter was US$9.69mln at an average realised gold price of US$1,307 per ounce.

Resolute Mining Limited (ASX:RSG) (LON:RSG) started the first stage of the Ravenswood Expansion Project (REP) at Ravenswood Gold Mine in Queensland, Australia, targeting annual production of 80,000 ounces.

Metal Tiger Plc (LON:MTR) noted an announcement by MOD Resources Ltd (LON:MOD) on the progress of the permitting progress at its T3 copper mine in Botswana.

ECR Minerals PLC (LON:ECR) said initial results from a whole of bag testing at its Creswick project in Victoria, Australia demonstrated “increased gold” in the samples.

Base Resources Ltd (LON:BSE)(ASX:BSE) returned record revenue, earnings and net profits for the year to end June as a result of sales price increases and an increased focus on efficiency.

 

Thor Mining PLC (LON:THR)(ASX:THR) appointed Mark Potter, a director of Metal Tiger and former chief investment officer at Anglo Pacific Group PLC (LON:APF), to the board as a non-executive director.

By Calum Muirhead

Source www.proactiveinvestors.co.uk

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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