Central Asia Metals (CAML) is extending the range and size of its base metal production through the proposed US$402.5m acquisition of Lynx Resources, owner of the Sasa zinc/lead mine, in Macedonia. CAML is funding the acquisition through a combination of debt (US$187m) and equity (US$195.5m). Sasa is owned by Lynx Resources, a company set up […]
Central Asia Metals (CAML) the AIM-listed copper producer, has announced that it is in advanced talks with a third party which may lead to a reverse takeover transaction. At the company’s request, its shares were suspended this morning from trading on AIM and will remain so until either the publication of an admission document setting […]
Wolf Minerals (AIM: WLFE) has secured an additional £5 million in funding from major shareholder Resource Capital Fund VI to help it complete the operating turnaround plan at its Drakelands tungsten/tin mine. The key elements of the turnaround plan are modifications to the dense media circuit (Phase 1 completed and Phase 2 planned for 9 […]
Wolf Minerals intends to recover the cost of rectifying a low frequency noise (LFN) problem caused by the vibrating screens in its Drakelands tungsten/tin processing plant from its lead construction contractor, GR Engineering Services Limited (GRES). It will take advantage of a £7.5 million Performance Bond provision included in the construction contract for the Drakelands […]
Caledonia Mining has reported comprehensive H1 2017 earnings of US$4.2m against US$5.4m for the same period of 2016. EPS was US27.6c against US38.3c a year earlier, a decrease of 28%. Adjusted EPS was US45.7c against US43.0c in H1 2016. Net profit attributable to Caledonia’s shareholders decreased from US$4.2m in H1 2016 to US$3.0m in H1 […]
Wolf Minerals has seen significant improvements to its tungsten/tin processing operations at the Drakelands mine during the first trial period of an operating turnaround plan during the month of June 2017. Average daily ore throughput in the final week of June reached almost 10kt, a 43% increase on the previous week. Wolf developed the plan […]
Central Asia Metals (CAML) reports H1 2017 copper production from its Kounrad dump leach copper recovery plant in Kazakhstan up 2% year-on-year to 7,027 t. Sales were 6,870 t, an 8% increase on H1 2016. In April 2017, the company began irrigating the Western Dumps and, during Q2 2017, approximately 1,300 t of copper cathode […]
Caledonia Mining has declared a quarterly dividend of US6.875c per share, a fivefold increase from the US1.375c per share declared in previous quarters. The increase reflects the recent 5-for-1 share consolidation, meaning that the overall aggregate dividend amount is maintained. The company expects to maintain the dividend at this quarterly rate, which represents an indicative […]
Wolf Minerals has secured additional funding from its major shareholder to support its short term working capital as it works towards identifying additional funding sources for long term self-sustainable operations at the Drakelands open pit mine. Resource Capital Fund (RCF), which owns 56% of the company, has increased its existing bridge facility from £30m to […]
Caledonia Mining has lowered its gold production guidance for 2017 from 60koz to 52-57koz. The company cites lack of capacity underground to transport material while capital development to achieve the long-term goal of 80koz of gold production is underway. Management has concluded that, in the long term interests of the business, the 2017 production tonnage […]
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