Proactive weekly mining highlights: Shanta Gold, Kibo Mining, Amur Minerals...

A look back at some the top news from juniors in the mining industry

It was a busy week for small-cap miners

Shanta Gold Limited (LON:SHG) reported higher revenue and earnings as the New Luika gold mine produced above expectations through 2018.

New Luika produced some 81,872 ounces of gold, above guidance for 80,000 ounces.

Revenue was reported at US$103.8mln, up from US$101.5mln in the prior year, while earnings (EBITDA) increased by 21% to US$47.7mln and operating profit rose by 75% to US$19.3mln. Net profit amounted to US$8mln.

Kibo Energy PLC’s (LON:KIBO) said its subsidiary, MAST Energy Developments, has secured a deal to acquire five ‘peaking’ power plants in the UK.

The energy firm said under the agreement MAST had secured the exclusive right to acquire the plants, which carry a total capacity of 25.85 megawatts, at no extra cost from a prospective developer.

Amur Minerals Corporation (LON:AMC) has revealed details of a pre-feasibility study for its Kun-Manie nickel project in Russia’s Far East.

The study outlines two production scenarios capable of processing six million tonnes of ore per annum. 

Thor Mining PLC (LON:THR) told investors that its flagship Molyhil project, in Australia, remains “very well positioned” despite evidence of weakness in tungsten prices in previous months.

The mine development company, in its interim results statement, noted that early in its first half, tungsten price fell by around 20%, but, also highlighted that with the anticipated production cost of US$90 per metric ton unit, Molyhil is positioned in the first quartile of global projects.

Richland Resources Ltd (LON:RLD) has extended the maturity date for its £400,000 convertible loan facility as talks over the sale of its Capricorn sapphire mine in Queensland continue.

The Aussie gemstones producer said on Thursday that it remains in “advanced discussions” with an interested party over the potential disposal of Capricorn.

ECR Minerals PLC (LON:ECR) has hailed “positive progress” for its gold drilling programmes at the Creswick and Blue Moon projects in Victoria, Australia.

The gold miner said in an update that it had completed 1,687 metres of drilling in 17 holes at Creswick and 774m of drilling in six target holes at Blue Moon.

Kodal Minerals PLC (LON:KOD) has reported a 23% increase in the mineral resource at its Bougouni Lithium project in Mali, with 55% of the updated figure in the indicated resource category.

The minerals explorer the total mineral resource now stood at 21.3mln tonnes (Mt), with 11.6Mt in the indicated category.

Bluebird Merchant Ventures (LON:BMV) will submit its permit to develop the Kochang mine in Korea next week.

Two meetings have taken place recently with the state-owned Korean Resources Corporation (KORES) including a site visit.

Results from the recent drilling programme at the Cinovec lithium-tin project continue to meet or exceed European Metals Holdings Limited's (LON:EMH) expectations.

The company has completed drilling on five of the eight holes it intends to drill and has released results today from the fifth drill hole – hole CIS-14.

Oriole Resources PLC (LON:ORR) has told investors that its exploration partnership with IAMGOLD is continuing at the Dalafin project, where the Year-2 earn-in period has now begun.

As part of its option to acquire up to 70% of the project - by spending up to US$8mln on exploration – IAMGOLD is expected to invest at least US$1mln this year.

Rockfire Resources PLC (LON:ROCK) has started exploration at the Copper Dome prospect in Queensland.

The exploration firm, which has an option to acquire 100% of the prospect, said soil and rock sampling, as well as structural and geological mapping, were being undertaken by field crews at the site.

Bluejay Mining PLC (LON:JAY) has confirmed it is in discussions with Rio Tinto Iron and Titanium Canada Inc. (RTIT) in connection with an agreement to assess the commercial potential of Bluejay's Dundas ilmenite project in Greenland.

The AIM-listed group said it is optimistic that an agreement will be concluded with RTIT in due course, however, nothing has been finalised at this stage. The company said will make a further announcement as and when appropriate.

Premier African Minerals Ltd (LON:PREM) is to recommence drilling at the wholly-owned Zulu lithium and tantalum project in Zimbabwe.

The mobilisation will commence immediately, and drilling is expected to commence as soon as mobilisation is complete and seasonal rains permit.

Ormonde Mining plc (LON:ORM) is now in the commissioning stages at the Barruecopardo tungsten project in Spain, in which it holds a 30% interest.

Open pit mining of surface tungsten ore zones commenced in January, allowing the commissioning of the crush and screen plant. This produces the fine ore stockpile for feeding into the process plant.

Erris Resources PLC (LON:ERIS) is continuing with exploration on its Abbeytown zinc project in Ireland. Drilling has now succeeded in connecting the underground mineralisation with that at the surface and also out to the south.

Accordingly, a soil sampling programme was completed in February 2019 with the aim of identifying new targets and demonstrating that this mineralisation corridor has the potential to extend 900 metres to the Ox Mountains fault, south of Abbeytown

Anglo Asian Mining PLC (LON:AAZ) has published its mineral resources and ore reserve estimate for its Gadir underground mine in Azerbaijan.

Measured and indicated mineral resources (at a cut-off grade of 0.5 grammes per tonne of gold) clocked in at 1,775 thousand tonnes at a grade of: 2.54 grammes per tonne (g/t) gold containing 145.2 thousand ounces of gold; 12.9 g/t silver containing 736.1 thousand ounces of silver; 0.21% copper containing 3,295 tonnes of copper; 0.84% zinc containing 14,470 tonnes of zinc.

Base Resources LTD (LON:BSE) offset lower grades at its Kwale mineral sands operation in Kenya with a 66% boost to output during the six months to December 2018, which meant that production was broadly flat when compared to the corresponding period a year ago.

 In total the company produced 49,630 tonnes of rutile, 226,730 tonnes of ilmenite and 17,935 tonnes of zircon and sold into a strengthening market for rutile and zircon.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Amur Minerals Corporation named herein, including the promotion by the Company of Amur Minerals Corporation in any Content on the Site, the...



Full interview: Tlou Energy's Tony Gilby updates on Lesedi production ahead...

Tlou Energy Limited’s (LON:TLOU) Tony Gilby speaks to Proactive London's Andrew Scott ahead a site visit next week. He says they've made an excellent start to flow testing at its Botswana coal bed methane wells. Gilby adds that, like most new CBM wells, the Lesedi operation is expected to...

4 hours, 6 minutes ago

5 min read