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Proactive weekly mining highlights; Ferro-Alloy Resources Limited, Trident Royalties PLC, Ferrexpo PLC…

Ferro Alloy Resources Limited (LON: FAR), the vanadium mining and processing company with operations based in Southern Kazakhstan, entered into a subscription agreement for up to US$12.6mln with Vision Blue Resources, a company led and founded by former Xstrata chief executive Sir Mick Davis and a limited number of co-investors.

Sir Mick Davis will join the Ferro Alloys board as chairman following completion of the initial raise.

Antofagasta PLC (LON:ANTO) posted a better-than-expected increase in underlying profits in 2020 as lower costs and higher copper and gold prices outweighed a decline in production. EBITDA rose 12.3% to US$2.7bn, beating analysts’ expectations of US$2.6bn, on higher revenue and lower unit costs due to the weaker Chilean peso, lower input costs and continued tight cost control.

Trident Royalties PLC (LON:TRR) is to acquire a 60% stake in an existing royalty stream from the Thacker Pass project, the largest lithium reserve in the US. Orion Finance is selling the royalty for US$28mln, which Trident will meet through cash of US$26mln and US$2mln in shares.

The cash element is being largely funded by a placing and subscription of Trident shares at 34p per share to raise £20.2mln with a retail offer through PrimaryBid.com to bring in a further £0.5mln.  Alan Davidson. Trident’s chief executive, said the placing was oversubscribed and completed without a discount to the market price, underlining the strength of Trident’s investment case.

Ferrexpo PLC (LON:FXPO) said it expects to increase production levels from 2020 and proposed a further special dividend following a strong year. Iron ore pellet production is likely to be higher in the second half of 2021 as pelletiser upgrade work is planned for the first half of the year, which will deliver between 500,000 and 1mln tonnes per annum of additional full year pelletiser capacity in the second half of 2021.

Shanta Gold Ltd (LON:SHG) announced encouraging results from a 22-hole drilling programme at the New Luika gold mine in Tanzania, the West Kenya project and the Singida gold project.

BlueRock Diamonds PLC (LON:BRD) has unearthed a further three gem-quality stones from its Kareevlei operation in the Kimberley region of South Africa. The trio weighed in at 10.6 carats, 9.8 carats and 8.4 carats respectively. It sold a 14.8-carat stone for US$167,000 in January.

Panthera Resources PLC (LON:PAT) noted the Government of India has introduced a new bill (MMDR2021) into the Lok Sabha, the Lower House of the Government of India’s Parliament, to amend the Mines and Minerals (Development and Regulation) Act of 2015 (MMDR2015).

Kodal Minerals PLC (LON:KOD) raised £3.5mln through an oversubscribed share placing that it says will be used to support exploration, drilling and development activities at its flagship Bougouni lithium project in Mali.

Caerus Mineral Resources PLC (LON:CMRS) has made a good start to life as a listed company as its shares rose on its first day of trading on the standard segment of the LSE’s main market.

IronRidge Resources Ltd (LON:IRR) said multiple high-grade lithium targets were identified adjacent to the Ewoyaa lithium project (ELP) in Ghana.

Premier African Minerals Limited (LON:PREM) said the meteoric rise in its share price this month has improved the prospects of retaining full ownership of the Zulu lithium project.

Thor Mining PLC (LON:THR, ASX:THR, OTCQB: THORF) said three priority targets have been identified for drilling at its Wedding Bell and Radium Mountain project in Colorado.

Kavango Resources PLC (LON:KAV) announced encouraging initial results from airborne electromagnetic (AEM) surveys flown over its interests in the Kalahari Copper Belt (KCB) in Botswana.

Ariana Resources PLC (LON:AAU) said drilling has started on the copper-gold Magellan project in Cyprus. Diamond drilling by joint venture partner Venus Minerals Ltd began at the Kokkinoyia sector of the project 

MetalNRG PLC (LON:MNRG) said it raised £2.3mln via a share placing – funds that will be used to develop the Gold Ridge gold project in Arizona. New shares were sold at 6p each and come with a warrant attached on a one-for-one basis.

Caledonia Mining Corporation PLC (LON:CMCL) (NYSEAMERICAN:CMCL) said it is to be included in the MVIS Global Junior Gold Miners (GDXJ) Index for the first time on March 19 following the index’s first quarter 2021 review.

Read More: Proactive weekly mining highlights; Ferro-Alloy Resources Limited, Trident Royalties PLC, Ferrexpo PLC…

2021-03-20 04:31:00

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