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Arafak Q3 impacted by seasonal factors
Published: 17 Nov 17
After delivering positive and robust first and second quarters, Nasdaq- and LSE-listed Afarak Group’s third quarter was hit by seasonal fluctuations. The group on Friday posted strong revenue growth on the back of higher ferrochrome prices and strong market fundamentals; however, profitability had been impacted on by higher costs of production in line with seasonal effects and a sharp increase in the cost of raw materials.
Lemur appoints owner’s engineer, technical advisers for Imaloto BFS
Published: 17 Nov 17
Aim-listed Bushveld Minerals’ Lemur Resources subsidiary, which is developing an integrated thermal coal mining and independent power producer asset in Madagascar, has appointed an owner’s engineer and technical advisers for  the bankable feasibility study (BFS) for the Imaloto power project. Lemur in October concluded an open market request for proposals process for all studies and services required in this phase of the project.
Eskom’s business model is ‘no longer fit for purpose’ Eskom’s business model is ‘no longer fit for purpose’
Published: 17 Nov 17
Organised business made an impassioned plea this week for government to urgently review Eskom’s business model, which it said was “no longer fit for purpose”. In a presentation to the National Energy Regulator of South Africa, business also warned that, in the absence of a holistic view within government of the problems afflicting Eskom, the “utility death spiral” currently under way would pose a serious existential risk to the power company and could, in turn, threaten the sustainability of government finances.
Avesoro starts drilling programme at New Liberty
Published: 17 Nov 17
Four diamond drill rigs have been mobilised to dual-listed Avesoro Resources’ wholly owned New Liberty mine, in Liberia, where a 14 000 m diamond core drilling campaign has started. The campaign is targeting an area of the New Liberty resource model containing an inferred mineral resource of some 3.5-million tonnes with a mean grade of 2.8 g/t gold and containing 315 000 oz of gold.
Venturex raises A$4m from investors
Published: 17 Nov 17
Metals explorer Venturex Resources will raise some A$4-million through an institutional placement to advance its Sulphur Springs copper/zinc project, in Western Australia. The company on Friday said that it would place some 222-million shares, at 1.8c each to institutional and sophisticated investors, representing around 6.6% of its existing shares on issue.
Wescoal expecting earnings drop for H1
Published: 17 Nov 17
JSE-listed Wescoal expects to report a 29% year-on-year drop in headline earnings a share to around 20.5c apiece, when it reports its results for the six months ended September 30. Alongside this, the miner’s earnings a share were expected to fall by between 16.7% and 20.3% year-on-year to 23c apiece.
Finders expects lower Dec quarter copper output, higher costs Finders expects lower Dec quarter copper output, higher costs
Published: 17 Nov 17
Copper miner Finders Resources reported on Friday that a delay at its Wetar copper project, in Indonesia, would see quarterly production remain below par. The company lowered its copper cathode production for the December quarter to be between 4 000 t and 5 000 t, from a previous estimate of between 5 700 t to 6 000 t, while estimated C1 cash costs have increased from between $1.15/lb and $1.25/lb to between $1.40/lb and $1.80/lb.
More ounces added at Antipa's Citadel project
Published: 17 Nov 17
ASX-listed Antipa Minerals has reported a 50% increase in gold grade and ounces at its Citadel project’s Calibre deposit, in Western Australia, following an exploration programme funded by major Rio Tinto. The Calibre deposit is now estimated to host an inferred mineral resource of 47.7-million tonnes, grading 0.85 g/t gold and 0.15% copper, for 1.3-million ounces of gold and 69 500 t of copper.
Korab takes another look at Winchester
Published: 17 Nov 17
ASX-listed Korab Resources has initiated an update to the prefeasibility study (PFS) of its Winchester magnesite project, in the Northern Territory, with the aim of incorporating the recent increase in global magnesium carbonate prices, potential changes to the mine lay-out and openpit contours, and new data from end-users and other parties. A 2015 PFS estimated that the project would cost some A$4-million to develop based on a conceptual mine that could operate at various capacity levels, from a 250 000 t/y to a 500 000 t/y or one-million-tonne-a-year run-of-mine capacity.
Barra raises cash for Mt Thirsty
Published: 17 Nov 17
Junior metals explorer Barra Resources will raise A$1-million through a share purchase plan (SPP) to advance its Mount Thirsty cobalt project, in Western Australia, to beyond the recently completed scoping study. The SPP will allow shareholders to subscribe for up to A$15 000 worth of new shares, priced at 4.5c each, representing a 23% discount to the company’s five day volume weighted average price.
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