UK shares opened higher at the start of trading, in line with other equity markets globally as investors put aside lingering concerns about the US stimulus policy and Chinese money market rates.
At 08.30 am, the FTSE 100 was up 18 points at 6,183, while the FTSE 250 gained 26 to 13,625.
Sirius Minerals (LON:SXX) was in good shape, with shares up more than 5% after the potash development company said it has signed a one-million tonne a year offtake agreement for polyhalite produced at its York Potash project.
The 10-year deal, starting 2017, is with the Yunnan TCT Yong-Zhe Company (TCT) of China. Sirius said the offtake is for a fixed price over the first three years of the contract, with the potential renegotiate terms from year-four onwards.
President Energy (LON:PPC) was also in focus after unveiling some encouraging news from its Puesto Guardian concession in Argentina.
The AIM-listed company said well DP1001 on the Dos Puntitas Field is flowing 490 barrels day of oil and injection water – with a 70% cut of crude (and rising).
It is the first of three wells to be hydraulically stimulated and the gross flow rate represents a five-fold increase on production before the action was taken.
On the results’ front, investors welcomed positive earnings from Rambler Metals and Mining (LON:RMM TSE:RMM). Shares edged higher after the company reported a second quarter of profit as its momentum as a commercial producer continues.
Unveiling third quarter results to April 30 - the firm's second as a commercial producer - the gold and copper miner reported a profit of C$193,000 (Q3, 2012: loss of C$381,000) and said the period was notable for a "milestone" breakthrough of the independent 1807 ramp system at its flagship Ming mine.
Richland Resources’ (LON:RLD) was not as lucky. The company warned illegal mining took a heavy toll on its tanzanite operation over the past twelve months and had also badly hit the current year.
Neighbouring miners tunnelling into Richland’s operations put restrictions on where the company could operate as well as leading to the loss of a significant amount of high grade tanzanite.
Revenues in 2012 fell to 20% to US$20.5mln and alongside a US$4.4mln impairment charge for the illegal mining and US$5.6mln for unpaid South African taxes, meant a net loss for the year of US$13.6mln.
Elsewhere, DekelOil (LON:DKL) chairman Andrew Tillery said he is “highly confident” the palm oil group will be revenue generating next year.
The update, to be given the company’s annual meeting, reveals the building of its 60 tonne per hour extraction mill in Côte D'Ivoire is progressing to plan.
The building structure of the mill is almost complete and the assembly of the equipment, along with the installation of the reception storage area, sterilisers and threshers are “progressing well”, the chairman said.
In other news, Brazil-focused nickel explorer Horizonte Minerals(LON:HZM, TSE: HZM) has set up an £8 mln equity facility with investment group Henderson's Darwin Strategic division.
And it’s all change on the board of GCM Resources (LON:GCM), the Bangladesh-focused coal company 29.8% owned by Polo Resources(LON:POL).
Polo’s co-chairman Michael Tang joins GCM as chairman, while Neil Herbert and Guy Elliott, also of Polo, come on board as non-execs. Gary Lye, while remaining chief executive of GCM's subsidiary, Asia Energy Corporation, has stepped down as a director.
However, he assumes the additional role of chief operating officer. Gerard Holden, Stephen Dattels and Greg James have resigned as non-executive directors of GCM.