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Proactive Mid & Small round-up - Mining the focus of minds and the money

Last updated: 19:30 06 Dec 2014 AEDT, First published: 20:30 06 Dec 2014 AEDT

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Kibo Mining (LON:KIBO) was one of the clear winners, jumping more than 200%, after receiving £150,000 on Thursday and earlier in the week finalising a positive review of the mining element of its Rukwa coal-to-power project. 

At the same time investors look forward to the pending completion of a pre-feasibility report on the power portion of the project. Capturing the mood among its backers chief executive Louis Coetzee said the company was currently in “a transformative” period.

Elsewhere, Africa-focussed Hummingbird Resources (LON:HUM) lifted gold resources at the Yanfolila gold project, in Mali, to 1.8mln ounces.

Of greatest interest was the 153% increase in the oxide and transitional indicated ore resource, which has grown to 600,000 ounces. These are high grade, shallow lying zones that are expected to be the basis of initial mining and so are key to the operation.

Shares in Beowulf Mining (LON:BEM) advanced due to a significant upgrade of iron ore resources at the Kallak projects in Sweden.

The project’s northern deposit grew in size and for the first time the potential of the southern deposit was factored in, with about 30mln tonnes of resource book-ending an as yet untested, larger 90-100mln tonne exploration target.

Altogether the deposits are now estimated to contain in the order of 250mln tonnes of ore, with grades between 25% and about 30%.

Weatherly International (LON:WTI) revealed strong support on Wednesday as more than three-quarters of the shares available in its open offer financing had been snapped up – with new shares taken up at 2.925p each, raising around £3.0mln.

At the start of the week Ariana Resources (LON:AAU) told investors it had unearthed a larger than anticipated area of interest for future exploration.

This is a very early stage opportunity; nevertheless its ‘blue sky’ potential could prove significant following further exploration. It is just a few kilometres from the site of the Red Rabbit mine development project - which is imminently due a forestry permit, given that Ariana submitted the paper work back in April.

West African Minerals (LON:WAFM) completed infill drilling on its South Sanaga iron ore project and now has enough data for a maiden mineral resource.

It was a good week for Fox Marble (LON:FOX), which advanced thanks to a sales deal worth €1.5m with Gibraltar-based Banyan Stone Ltd, which will buy three marble shipments, each worth €500,000, over an eighteen month period.

Mining investor ECR Minerals (LON:ECR) moved sharply higher Thursday as shareholders hoped for a windfall after 100% owned Australian subsidiary Mercator Gold Australia came out of administration.

It is now expected that ECR will identify a suitable purchaser and concluding a sale of the asset “at the earliest opportunity.”

Elsewhere, it was a case of "another week, another deal" for the software sector, with car dealership programmer Incadea (LON:INCA) finding itself in the cross-hairs of US rival DealerTrack Technologies. Talks are now underway between the pair, and the Americans have until January 1 to make a formal bid. 

Motion tracking technology specialist Seeing Machines (LON:SEE) was in demand, as it raised £5.66mln - plus a possible £1mln more from overseas investors - in an over-subscribed share placing.

The new cash will fund working capital and support efforts to pursue partnerships - more than 10 automotive manufacturers are now assessing the potential of its Advanced Driver Assistance Systems.

Gene therapy group Silence rose after making a significant technology breakthrough that could be used to treat serious diseases.

Sabien Technology (LON:SNT), the heating efficiency specialist, revealed it is expanding its overseas sales network with a presence in Beijing and Shanghai, and plans to move into other Chinese provinces.

Alan O’Brien, Sabien’s CEO, says there are excellent opportunities for the company and China and beyond as the group is determined to create new business and revenue growth in international markets.

ECO Animal Health (LON:EAH), meanwhile, doubled pre-tax profit for its first half thanks to expanded sales of its veterinary products. Worldwide sales of the group’s pig and poultry antibiotic increased by 14% in the six months to end September compared with the same period last year.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 46 minutes ago