- Compass Group 887.00 0.00
- Croda Intl. 2,529.00 0.00
- Eurasian 254.80 0.00
- Hsbc Hldgs.uk 726.00 0.00
- Next 4,580.00 0.00
- Woburn Energy 1.50 0.00
- Xtract 0.13 0.00
Mining Sector: Tertiary Minerals up after it reveals positive results of Lassedalen scoping study
Monday, 20th August 2012
Tertiary Minerals' (LON:TYM) shares jumped after it revealed positive results from a scoping study on the company's 100%-owned Lassedalen fluorspar project in Norway. The study was prepared by Wardell Armstrong International and the project economic analysis based on the study indicates that an underground mine and processing plant is commercially viable.
At a production rate of 100,000 tonnes of acid grade fluorspar concentrate per year, the study projects US$325m in revenue over a 6.6 year minelife and US$78m initial capital cost.
Annual pre-tax cashflow in excess of US$25m is predicted, with payback within 34 months of the production start date.
Shanta Gold (LON:SHG) has confirmed that the operation of the gold production plant at New Luika gold mine in south-western Tanzania has commenced.
Following the successful wet commissioning of the New Luika gold plant in June, Shanta Gold announces that the remainder of the stages to gold production have been successfully completed.
These include the hot commissioning of the plant, treatment of ore and leaching of gold in the carbon in leach circuit. First dore bars are expected by the end of August which is one month ahead of guidance.
Edenville Energy (LON:EDL) has exercised its second option on the Rukwa coal field project in south-western Tanzania.
This now takes the company's interest in two prospecting licences and 66 primary mining licences to 90% with the remaining 10% held by the local partner on the project.
The second option payment was for a total of US$100,000.
Red Rock (LON:RRR)has agreed a £750,500 subscription with YA Global Master SPV for 37,500,000 ordinary shares at £0.02 apiece.
YAGM and Red Rock have also entered into an equity swap agreement over a notional 37,500,000 shares in the company (this does not involve the issue of new shares).
Under the terms of the equity swap upon each of six monthly settlement dates the prevailing market price of the company's shares, discounted by 10%, will be compared to a benchmark price of £0.02 per share.
If the discounted market price exceeds the benchmark price then a payment is made to Red Rock by YAGM, with the overall payment depending on the amount by which the discounted market price exceeds the benchmark price.
If the discounted market price is less than the benchmark price then Red Rock will owe a payment to YAGM, with the size of such payment depending on the amount by which the discounted market price falls short of the benchmark price.
In order to satisfy any such payments under the equity swap, Red Rock has deposited £625,000 in an escrow account.
A portion of the escrowed funds will be released to Red Rock on each monthly settlement date after first, deducting any payments that may be owed to YAGM.
The sector's biggest riser was Solgold (LON:SOLG) - up by nearly 31% - while the biggest faller was Triple Plate Junction (LON:TPJ) - down by more than 16%
At 4:23pm:
(LON:AMI) American Investment Trust share price was -1.25p at 291.75p
(LON:AQP) Aquarius Platinum share price was -1.1p at 36.67p
(LON:BEM) share price was -0.5p at 10p
(LON:BKY) share price was 0p at 28.25p
(LON:CEY) Centamin Egypt Ld share price was -2.4p at 71.3p
(LON:CHL) share price was +0.5p at 13.25p
(LON:CZA) share price was -1.25p at 25.75p
(LON:EDL) share price was +0.01p at 0.21p
(LON:FDI) Firestone Diamonds share price was -0.12p at 5.13p
(LON:FRES) share price was -30.5p at 1493.5p
(LON:GEMD) share price was -0.75p at 187.05p
(LON:HOC) share price was -8.35p at 420.45p
(LON:KMR) Kenmare Resources share price was -0.81p at 39.09p
(LON:SHG) Swan Hill Group share price was +3.38p at 30.88p
(LON:SOLG) share price was +0.88p at 4.13p
(LON:TPJ) Triple Plate Junction share price was -0.18p at 0.9p
(LON:TYM) Tertiary Minerals share price was +0.88p at 5.88p
(LON:VED) Vedanta Resources share price was -26p at 925.5p
Story provided by StockMarketWire.com
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