Rio Tinto (LON:RIO), the mining giant, announced on Friday that its head of exploration, Eric Finlayson, has been appointed chief executive of newly acquired Riversdale Mining Ltd. Rio, currently mopping up outstanding shares in Riversdale it had not secured through its A$4 billion takeover, also said it would exercise its right to compulsorily acquire those remaining stakes. As at the end of the offer period as part of its takeover bid for Riversdale, Rio had secured 99.76 percent of shares in the company.
Xstrata (LON:XTA) and Anglo American (LON:AAL) announced this week that the board of Compañía Minera Doña Inés de Collahuasi has approved a pre-feasibility study into a major expansion of Collahuasi. The expansion project is expected to allow Collahuasi to process between 270,000 and 380,000 tonnes of ore a day.
This increase in production from the current annual average of approximately 500,000 tonnes of copper to 800,000 tonnes with a single line expansion, and to more than one million tonnes with both lines, would begin from the project's anticipated commissioning in 2017, said Collahuasi.
Collahuasi has recently announced approval to increase the processing capacity of its existing concentrator plant to 160,000 tonnes of ore per day by mid-2013. Xtstrata and Anglo American each hold 44 percent stakes in Collahuasi.
Goldman Sachs (NYSE:GS) upheld its ultra-bullish target price and "conviction buy" rating for Anglo American on the back of the announcement.
Eurasian Natural Resources Corporation (LON:ENRC) remains a ‘buy’ for broker Citi despite recent boardroom turmoil and a recent softening of the spot price for ferrochrome denting earnings projections. The broker says that while weakening of the spot price for ferrochrome – an alloy of chromium and iron and a key business for ENRC – has led to a 5 percent downgrade in its 2011 earnings for the group, this has had little impact on its valuation for the stock or its 2012-2013 forecast.
Goldman Sachs this week initiated coverage of ENRC with a buy recommendation and 1,110 pence a share price target. The broker has also added the stock to its pan-European buy-list, which consists of a small selection of shares it expects to significantly outperform the market.
Petropavlovsk (LON:POG) one of the largest gold miners in Russia, put out a reassuring update on its operations this week, but broker Citi believes its persistently missed guidance over the 2010 year means the market remains wary about its prospects over the current year. Still, Citi analysts believe the big fall in its share price this is year to date looks overdone.
ECR Minerals (LON:ECR, OTC:MTGDY) said its partner THEMAC Resources Group has begun an 18,000 metre core and reverse circulation (RC) drilling programme at the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. ECR relayed comments made by its 19.5 percent held partner, which since last month, owns 100 Percent of Copper Flat. THEMAC bought an exclusive option over the project from ECR in March 2011 and last month completed the exercise of this option.
Herencia Resources (LON:HER) is now well funded for the next stage of development of its key projects after raising £2.8 million in a placing that enjoyed strong support from its existing and new shareholders. The company announced this week that it has placed 125 million shares at a price of 2.25 pence per share, representing a discount of roughly 5 percent from the previous day's closing price of 2.38 pence.
GGG Resources (LON:GGG) has once again extended its offer period for its takeover offer to Auzex Resources (ASX:AZX) shareholders. It is the third time that gold-focused GGG has extended the offer period and it will now run until 5pm on 4 August this year, it emerged.
Thor Mining's (LON:THR, ASX,THR) non-executive director Trevor Ireland has boosted his indirect stake in the company through a share purchase. Ireland purchased on 22 June 350,000 CDI shares for $9,907.80, for an average entry price of $0.028.
Botswana Diamonds (LON:BOD) said this week that it expects its shares to begin trading on the Botswana Stock Exchange at the end of this month. The firm said it had satisfied all requirements for listing on the venture capital board of the Botswana exchange and expects its shares to begin trading there on 27 June this year. It added that the current admission to trading on AIM remained unaffected.
Red Rock Resources (LON:RRR) has raised £1 million in additional capital through a share placing. It has issued 16.6 million new shares priced at 6 pence each. The company said it would use the money as general working capital.
Medusa Mining (LON:MML, ASX:MLL,TSE:MLL) says it will produce between 100,000 and 110,000 ounces of gold at cash costs of around $200/oz in the forthcoming year - beginning 1 July. As highlighted in the quarterly report - released on 27 April - the firm is significantly increasing its rate of underground development to around 800 metres per month. Metals Exploration has also told investors this week that it has confirmed the presence of copper and gold mineralisation in the area surrounding its Runruno gold-molybdenum project in the Philippines.
The disappointing news that Medusa Mining (LON:MML, ASX:MLL,TSE:MLL) has downgraded its production guidance in the forthcoming year by 12.5 percent as it develops its Co-O mine has been tempered by the fact that development costs will be less than expected, broker Seymour Pierce said this week.
Ormonde Mining (LON:ORM) has released further promising drilling results from its flagship tungsten Barruecopardo project in Spain. While some risks associated with the project still remain, broker Northland UK is encouraged by progress so far.
Coal producer Caledon Resources (LON:CDN) is going ahead with the long-awaited acquisition of the company by China's investment firm Guangdong Rising Assets Management Co (GRAM), it emerged this week. The acquisition is valued at £313 million and will be conducted through GRAM's 100 percent vehicle, Bidco. GRAM is one of the largest state-owned enterprises in China.
Forte Energy (LON:FTE, ASX:FTE) announced a maiden JORC Code compliant uranium resource for its A238 prospect in Mauritania, which doubled the previous total resources of the company. The report by consulting firm CSA Global Inc (UK) estimates a JORC inferred mineral resource at A238 of 26.5 million tonnes at 256 parts per million triuranium octoxide (U3O8) for 14.9 million pounds contained U3O8 at a 100 ppm cut-off.
Connemara Mining (LON:CON), the Irish zinc explorer saw full year losses grow slightly as it continued to progress its exploration work in the Connemara area of Limerick, Ireland. Full year pre-tax losses for the year to December 2010 came in at £299,600 versus £269,900, with operating losses rising to £301,750 from £283,270.
Berkeley Mineral Resources (LON:BMR) has now completed the deal to buy the remaining tailings at the Kabwe lead-zinc-silver mine in Zambia.
Highland Gold Mining (LON:HGM) revealed positive exploration results from two highly prospective projects in the Khabarovsk region of Russia. The Blagodatnoye and Belaya Gora Flanks properties are located close to HGM’s Belaya Gora project.
Pan African Resources (LON:PAF) announced a significant increase in the mineral resource for its Manica gold project in Mozambique and a doubling of the metal mineral reserve for the Phoenix Platinum project in South Africa. This follows the significant increase in the mineral resource and reserve at Barberton Mines as announced at the end of May.
Sweden-focused Beowulf Mining (LON:BEM) is to subscribe for additional secured convertible loan notes worth £250,000 in Africa-focused gold firm Agricola Resources, it emerged this week. The notes, ultimately, are secured against all Agricola assets, ranking just behind one of its joint venture projects in Morocco.