Asiamet Resources Ltd (LON:ARS) struck a US$163.4mln deal to sell the BKM Copper project in Indonesia. PT Wasesa Indo Nusa (PT WIN), currently a private Indonesian shell company, is to acquire Asiamet’s wholly-owned subsidiary company Indokal, which holds the Kalimantan Surya Kencana (KSK) contract of work, which in turn hosts the BKM project.
MetalNRG PLC (LON:MNRG) said its subsidiary joint venture, BritNRG, has signed a sale and purchase agreement to acquire Sunswept Enterprises, an oil and gas firm with a licence portfolio focused in Lincolnshire, UK.
Bacanora Lithium PLC (LON:BCN) has agreed to sell its 50% stake in Deutsche Lithium (DL), plus €1.35mln (£1.23mln) in return for 90.6mln new shares in Erris Resources PLC (LON:ERIS), together with a net profit royalty. Following the transaction, Bacanora said it will own a 44.3% stake in Erris.
Thor Mining PLC (LON:THR) on Thursday reported that results collected from historic stream sediment samples correlated with a gold trend at the Pilbara goldfield tenements in Western Australia. Sampling results confirmed a 13 kilometre anomalous gold trend along the eastern thrust faulted mafic/ultramafic contact.
Shanta Gold Ltd (LON:SHG) said it has started construction of the Singida Gold Mining Project in central Tanzania with updated project economics. The reserve-based mine plan gives a post-tax net present value (NPV) at 8% of US$73mln, an increase of US$25mln since the previously published estimate of US$31mln in December 2018.
Oriole Resources PLC (LON:ORR) told investors that it has extended the Bibemi and Wapouzé exploration licences in Cameroon. It comes as drill equipment is being mobilised to the Bibemi site ahead of a maiden 3,000-metre drill programme.
Drilling is one step closer on the Molopo Farms nickel and platinum group metals project in Botswana, in which Power Metal Resources PLC (LON:POW) has a significant stake alongside Kalahari Key Mineral Exploration Pty. A drilling contract has been signed with the same contractors that were instrumental in discovering the T3 copper project now owned by Sandfire.
Alien Metals Ltd (LON:UFO) told investors its technical team has successfully completed follow-up geological mapping and sampling programme at the Hamersley iron ore projects. Detailed mapping was conducted over four of the project’s five priority projects during a site visit.
Strategic Minerals PLC (LON:SML) (OTCMKTS:SMCDY) said it has received a positive updated mining scoping study and financial assessment from mining consultant Wardell Armstrong International in relation to the Redmoor tungsten and tin project in Cornwall. The study shows the internal rate of return (IRR) at 29% and the net present value (NPV) at US$128mln.
Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) has completed a geological review of Mt Oxide Project in northwest Queensland, identifying a 10th target, Eldorado, which is prospective for structurally controlled copper mineralisation. In analysing historical assayed soil samples, the company’s geology team has interpreted that Eldorado is primarily prospective for non-coincident structurally controlled copper as well as gold.
Thor Mining PLC (LON:THR)(ASX:THR) has begun a close spaced airborne magnetics survey over the Ragged Range project and adjacent application area in the Pilbara Goldfield tenements in Western Australia. The survey is anticipated to take approximately six days, with Thor anticipating processed and modelled data for release early November.
Kodal Minerals PLC (LON:KOD) welcomed the appointment of the interim government in the Republic of Mali, noting that alongside the appointment of the government, sanctions imposed by the Economic Community of West African States (ECOWAS) were lifted.
Caledonia Mining Corporation PLC (LON:CMCL) has said that, since raising the required funds to invest in the construction of a solar power plant to supply electricity to the Blanket Mine in Zimbabwe, it has now appointed Voltalia as the contractor for the project. Earlier in the week, Caledonia said its Blanket mine produced 15,164 ounces of gold during the quarter ended September 30, 2020, an increase of 11.1% on the 13,646 ounces produced in the corresponding quarter of 2019.
Galantas Gold Corporation (LON:GAL)(CVE:GAL) said it has re-started concentrate processing operations at the Omagh gold mine in Northern Ireland. The re-start follows a coronavirus-related shutdown which began in May. Underground mining remains suspended.
Ferro-Alloy Resources Limited (LON:FAR) has released a production and progress report marking a 72% rise in vanadium output for the nine-months ended September 2020. The company said it produced 188 tonnes of vanadium pentoxide from its operations in Kazakhstan, bolstered by a company-record 90 tonnes in the third quarter.
Caledonia Mining Corporation PLC (LON:CMCL)(TSE:CAL) has signed an agreement with the Government of the Republic of Zimbabwe under the terms of which Caledonia will evaluate mining rights, properties and projects in the gold sector that are controlled by the government, with a view to assessing the potential to advance development on these properties or projects.
Tharisa PLC (LON:THS) has boasted of “extraordinary resilience and resourcefulness” as it reported its production numbers for the third quarter. The miner said platinum group metals (PGM) production was up 15.7% to 40,500 ounces in the three months ended September 30, 2020. Chrome concentrate production meanwhile increased by 15.4% to 370,800 tonnes.
Europa Metals Ltd (LON:EUZ) told investors that the first half of the year saw it acclimatise to the new and challenging global environment stemming from the coronavirus (COVID-19) pandemic. Posting results for the year ended June 30, 2020, the company noted that procedures were implemented at an early stage in the onset of the pandemic, which has mitigated the effects on its operations.
Oriole Resources PLC (LON:ORR) has conditionally raised £1.576mln through a placing and share subscription with the new funds earmarked for the support of ongoing exploration activities in Cameroon.
W Resources PLC (LON:WRES) has extended its loan facility with BlackRock to access an additional US$7mln. The additional facilities will support the implementation of a comprehensive production programme to boost production at the La Parrilla tungsten and tin mine, the company said.
Premier African Minerals Ltd (LON:PREM) has cleared its debt to a group led by Riverfort, after the respective investors elected to convert the remaining balance of US$65,000 of the investment plus accrued interest of US$249.32 into shares.
Chaarat Gold Holdings Ltd (LON:CGH) has entered into legally binding agreements relating to the extension and refinancing of its US$19.4mln investor loan, plus US$1.1mln of accrued interest. As part of a debt refinancing, US$13.5mln of the investor loan will be assumed and extended to 31 December 2024 at 9.5% interest by Labro Investments via a new facility.
Amur Minerals Corporation (LON:AMC) told investors it has received the first interest payment from its Nathan River Resources (NRR) investment. In late August, the company announced a deal to invest in NRR – owner and operator of the Roper Bar iron ore mine, in Australia’s Northern Territory – via a subscription of convertible loan notes.