The company said Vutomi, in which it has a 40% stake, has been granted environmental authorisation over a substantial portion of the residual diamond-bearing gravels produced from the Marsfontein mine, which is contiguous to Botswana Diamonds’ Thorny River operation.
Granting of environmental authorisation is a critical step towards obtaining a mining permit.
2.30pm: IP Group umbles after a fall in fair value of its portfolio
The portfolio was valued at £1.13bn at the end of June, down from £1.15bn a year earlier.
The shares were down 5.9% at 62.3p.
1.15pm: Providence Resources aims to secure immediate future with fund-raising
Providence announced it is raising US$3.76mln through the sale of 59.76mln shares (equivalent to about 10% of the company’s current shares) priced at 5.1p each, representing a 7.3% discount to Wednesday’s closing price.
The cash will support the group’s running costs, which are now low after a recent restructuring, as well as covering the remainder of the Barryroe well site survey costs.
12.15pm: Ricardo sees order intake decline
The shares tumbled 8.3% to 644p after the company announced underlying profit before tax of £37.0mln, down slightly from £37.5mln the year before.
The group’s overall order intake reduced by 7% to £386m in the year.
11.00am: Steppe in the wrong direction
The shares were off 13% at 29.5p despite the company reporting a sharp increase in profit before tax in the first half of 2019 to US$4.35mln from US$405,000 the year before.
The company said the Kazakh cement market decreased by 3% during the first half of the year. Steppe Cement expects a market of about 8.4 million tonnes for the whole of 2019, a 3% decrease compared to 2018.
9.45am: Xaar jets higher on hopes of buy-out of its 3D inkjet business
The shares shot up 22% to 72p as Stratasys, its partner in Xaar 3D Limited, offered to buy 20% of Xaar’s holding in the company for US$10mln.
It has also been proposed that Stratasys be issued a call option to acquire the remaining 55% of Xaar 3D for at least US$33mln.
The board said full-year group revenue growth should be in the low-to-mid point of the 20-30% range, driven by the strong performance in its UK Consumer division.
It also revealed that company chairman, Douglas McCallum, will stand down to be replaced by Brian McBride.
Proactive news headlines
Hurricane Energy Plc (LON:HUR) boss Dr Robert Trice declared himself delighted with the latest data from the Lincoln Crestal well which has flowed at rates of up to 9,800 barrels of oil per day in testing.
Alba Mineral Resources plc (LON:ALBA) is pleased with the ‘rapid progress’ being made at the Horse Hill oil project. At Horse Hill, now 85.635% owned by UKOG, final site work is complete ahead of the arrival of a drill rig for the project’s first horizontal well. First, a vertical pilot hole will be drilled, taking around 30 days, followed by the drilling of a horizontal section.
Silence Therapeutics PLC (LON:SLN) said it is well capitalised to carry out its “strategic objectives” as it reported its interim results.
Supermarket Income Reit PLC (LON:SUPR) has announced plans to raise £50mln through a share placing and offer for subscription to help fund the purchase of three assets worth a combined £140mln. It said all three assets are occupied by J Sainsbury PLC (LON:SBRY), providing “strong rental security over the longer term”.
Providence Resources PLC (LON:PVR) has moved to secure its financial future beyond the end of this month with a conditional share placing acting as a stop-gap as it continues to await the receipt of US$9mln as part of its farm-out of the Barryroe field.