The Muga Potash project continues to benefit from the access to infrastructure in Spain, adding electricity supply from the local grid supplied by Spanish utility company Iberdrola SA. It also demonstrates the in country momentum building for Muga as the DFS is due to be completed in Q1 2015.
The bulls kept charging on Wall Street overnight with the Dow and S&P 500 climbing to new record levels, while the Nasdaq closed above the 5,000 mark for the first time in 15 years. Gold and oil eased.
The ASX SPI 200 is up 14 points to 5954.
The new Yellowfin Project is estimated to host 1.4Tcf of gas. It is located next to Freeport McMoran’s Highlander Jeanerette-1 Discovery that flowed at 75MMcfd during testing.
KBR and SKEC have finalised the Engineering, Procurement and Construction joint venture agreement for the Magnolia LNG project. This signing of the Joint Venture agreement formalises the EPC Contractor milestone for Magnolia LNG project that was established under the MOU originally signed between MLNG, KBR and SK E&C USA in December 2014.
Documentation for the Kvanefjeld uranium and rare earth project is well underway with the Feasibility Study due for completion soon. The Environmental and Social Impact Assessments will follow in early Q3. Greenland Minerals and Energy is firming up the permitting timeline.
The acquisitions of Vow Financial and Resi Mortgage Corporation has allowed Yellow Brick Road to capture economies of scale. Cost growth was contained at 33%, improving the operating expense to gross profit ratio by a third while revenues were up 288%. The company is on track to achieve an underlying EBITDA profit in the 2015 financial year.
Red Mountain's latest high-grade gold results have boosted the potential of early trial mining and ore sale or toll processing options from Batangas. The company has already entered discussions with an established toll-milling operator in southeast China. Shares are expected to open higher.
Blackham Resources has received a Buy recommendation from a Melbourne-based securities advisory firm with a price target of $0.40. Blackham last traded at $0.14.
The entitlement issue is raising up to $4M which is proposed to be fully underwritten by Ansheng Investment Company. Funds will be used to further feasibility work necessary for a mining licence application for the Letlhakane Uranium Project.
The strategic agreement with Canarc Resource Corp will underpin future growth and profitability. Development of the New Polaris Gold Mine should ensure continuation of the Las Lagunas project at substantially increased production.
Freelancer has received a Buy recommendation from a Sydney-based stockbroker with a price target of A$1.35. FLN last traded at $0.915.
The size of the Boorara deposit has swelled 47% to 10.8Mt at 1.0g/t gold for 340,000oz. The low discovery cost has been just $11.30/oz gold. Success in growing inventory should extend the project’s forecast mine life beyond 5.5 years. Nimbus estimate expected in April.