Proactive weekly mining round-up: Ferro-Alloy Resources, Nord Gold, Rio Tinto …
Ferro-Alloy Resources Ltd (LON:FAR) shares were boosted as it banked investment from Vision Blue Resources, named its next chairman and provided an update on its Balausa vanadium concentrate project in Kazakhstan.
Vision Blue has made a US$1.6mln investment in the company, taking its total investment US$3.1mln.
Sir Mick Davis has been appointed as chairman, due to start after June 3. The company noted that Davis was formerly head of Xstrata Alloys, one of the world’s largest vanadium producers.
Nord Gold PLC said it intends to list on London’s main market, having already applied to trading on the Moscow Exchange. The firm is a pure-play, internationally diversified gold producer with over 1mln ounces of production per annum and more than US$1bn of adjusted underlying earnings (EBITDA) in 2020.
Rio Tinto PLC (LON:RIO) appointed the Western Australian Government’s former Treasurer and Aboriginal Affairs Minister, Ben Wyatt, as the company’s new non-executive director.
Imperial X PLC (LON:CDL), which describes itself as a natural resource project generator, has floated on the London Stock Exchange’s Main Market today. The company raised £2mln via its initial public offering (IPO) of shares at 3p a share. The IPO was oversubscribed. The funds raised will be used to develop a portfolio of assets.
Pan African Resources PLC (LON:PAF), the South African gold miner, renewed the mining rights to its Barberton mines complex for another thirty years. Official notification of the grant of the renewal was received on 1 June 2021.
IronRidge Resources Ltd (LON:IRR) said it plans to demerge its gold assets in Côte d’Ivoire and Chad into a separate gold-focused listed company and hopes that this restructuring will unlock further value in its Cape Coast lithium portfolio.
Afarak Group PLC (LON:AFRK) has approved the arrangement for the disposal of subsidiary Ilitha’s plant, assets and mining right. Ilitha, which owns the Stellite chrome mine in South Africa, is being acquired by WMA Chrome Mining and WMA Minmet Processing.
W Resources PLC (LON:WRES) chairman Michael Masterman highlighted an improved second half as the company reported full-year results ended December 31. Production was significantly higher in the second half, compared to the first, and progress on the La Parrilla tungsten and tin mine through the ‘plant improvement plan’ continued to boost performance.
Jubilee Metals Group PLC (LON:JLP) acquired rights to a further 944 000 tonnes of platinum-rich tailings in the Eastern Limb of the Bushveld Complex in South Africa. Earlier this month, Jubilee bought 255,000 tonnes of PGM-containing material in the Bushveld Complex’s Western Limb.
Scotgold Resources Ltd (LON:SGZ) said it has produced gold concentrate and gravity separated gold Dore from the Cononish gold project in Scotland following the previously announced resolution of various technical issues affecting the processing plant.
Ariana Resources PLC (LON:AAU) has announced the start of exploration activities in Eastern Europe through its interest in Western Tethyan Resources (WTR). The AIM-listed exploration and development company will hold a 75% interest in WTR, following the commitment of at least €100,000 of exploration funding during the remainder of 2021.
Kavango Resources PLC (LON:KAV) said extensive copper/silver targets have been identified on two prospecting licences at the LVR joint venture project in the Kalahari Copper Belt.
Pembridge Resources PLC (LON:PERE) said it issued US$3mln (£2.1mln) of convertible loan notes, exceeding its initial target after the offer was oversubscribed, to fund potential future investment opportunities.
Metal Tiger PLC (LON:MTR) has made a fresh investment in Aussie copper-gold explorer Artemis Resources Limited (ASX:ARV), participating a well-supported share placing. The AIM-quoted firm has subscribed for 12.5mln shares in the Artemis placing, which was priced at 6 Australian cents per share.
Premier African Minerals Ltd (LON:PREM) raised £1mln in a share placing as it continues to progress a definitive feasibility study (DFS) for the Zulu lithium project in Zimbabwe.
Bezant Resources PLC (LON:BZT) said a magnetic survey over its Hope Copper-Gold licence block in Namibia has provisionally highlighted eight potential drill targets.
Savannah Resources PLC (LON:SAV) said losses from continuing operations narrowed in 2020 helped by cost control measures and that the outlook for the company was “very promising”.
Power Metal Resources PLC (LON:POW) subsidiary Golden Metal Resources has taken out an option to acquire up to 100% of the Golconda Summit Gold property in central Nevada from GR Silver Mining.