- 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: Stratex up after Antofagasta takes a stake
Monday, 26th September 2011
Shares in Stratex International (LON:STI) rose after it announced that Antofagasta - through its wholly-owned subsidiary Antofagasta Minerals - had subscribed for 10,362,694 new Stratex ordinary shares.Antofagasta now holds a 2.97% interest in the enlarged share capital of Stratex.
Antofagasta will make an £800,000 private placement into Stratex at a share price of 7.72p with the funds being used to accelerate the company's exploration activities in Turkey and Africa.
Stratex CEO Bob Foster said: "We are delighted that Antofagasta is strengthening its strategic involvement with Stratex through this placement.
"Having already committed $1m via a joint venture to fund the first phase of an exploration programme to discover new copper deposits in Turkey, we believe that this additional investment further endorses our management and operations teams and business strategy.
"The exploration programme in Turkey is making excellent progress under the management of our Turkish exploration team, supported by senior Antofagasta geologists and by senior Stratex management and international consultant Dr. Richard Sillitoe.
"We share the belief that there is considerable potential for the discovery of one or more major new porphyry copper deposits in this under-explored part of the world and look forward to updating shareholders on any important developments as the exploration progresses."
Bindura Nickel Corporation's annual general meeting has approved a $10m convertible loan facility from majority shareholder Mwana (LON:MWA).
The loan element of the facility has been approved by the Reserve Bank of Zimbabwe.
Mwana - which holds 52.9% of BNC - will be able to exercise the convertible element of the facility only upon a further specific approval by the Reserve Bank of Zimbabwe and the Ministry of Youth Development, Indigenisation and Empowerment.
The facility allows Mwana to provide funds for the ongoing working capital requirements at BNC.
Metminco (LON:MNC) has begun 9,000 metres of diamond drilling and 4,000 metres of reverse circulation drilling commenced in 41 holes at Vallecillo in Chile.
The company has also announced that drilling comprising 24 diamond drill holes for resource definition and metallurgical testwork, and 14 reverse circulation holes for infrastructure condemnation drilling, has been completed at Mollacas.
Metminco commissioned drilling programmes in June comprising 16,000 metres of Reverse Circulation ("RC") drilling and 12,000 metres of Diamond Drilling ("DD") at the Mollacas, Vallecillo, Camaron and La Piedra projects.
This programme is expected to be completed during the first quarter of next year.
Shares in Herencia Resources (LON:HER) fell after it posted operating losses of £1.3m for the six months to the end of June - up from £487,534 last time.
Chairman John Moore said it had been an eventful period for the company which had moved significantly along the development path in relation to the Patricia resource at its Paguanta project while the Guamanga copper-gold project was an exciting addition to the portfolio.
The said the period began with the announcement that the company had entered into an agreement to acquire a 51% controlling interest in the Guamanga copper-gold opportunity in Chile and that it had started a 15,000m drilling programme at Paguanta as part of the broader feasibility study on the Patricia zinc-silver resource.
He said the company also achieved further exploration success at Patricia with the confirmation of the Carlos vein (previously known as the 'New' Vein) to the south of the main Cathedral vein.
Diamond drilling returned, amongst other grades, a high grade result of 6m @ 5.9% zinc, 2.6% lead and 144g/t silver and the company believes the Carlos vein has the potential to provide additional tonnage to its resource base.
Herencia also undertook drilling and exploration work at Doris/La Rosa with further work planned for these earlier stage prospects
He added: "Subsequent to 30 June 2011, further zinc-silver-lead mineralisation was also identified approximately 80m south of the Carlos vein which bodes well for medium to long term resource expansion opportunities.
"We believe these results demonstrate the significant potential of the mineralised system at Patricia."
At 3:59pm:
(LON:AMI) American Investment Trust share price was -16.12p at 403.88p
(LON:AQP) Aquarius Platinum share price was -14.35p at 177.05p
(LON:BEM) share price was 0p at 24p
(LON:BKY) share price was -1.5p at 20.5p
(LON:CEY) Centamin Egypt Ld share price was -3.15p at 96.75p
(LON:CHL) share price was +1p at 17p
(LON:CZA) share price was -2.87p at 49.38p
(LON:EGU) European Goldfields share price was -35p at 615p
(LON:FDI) Firestone Diamonds share price was -0.88p at 14.25p
(LON:FRES) share price was -131p at 1505p
(LON:GEMD) share price was -4.1p at 215.9p
(LON:HER) Host Europe share price was -0.1p at 1.7p
(LON:HOC) share price was -21.8p at 442.6p
(LON:KMR) Kenmare Resources share price was -0.88p at 37.97p
(LON:MNC) share price was 0p at 12p
(LON:MWA) share price was +0.03p at 4.33p
(LON:STI) share price was +0.13p at 7.88p
(LON:VED) Vedanta Resources share price was -44.5p at 1068.5p
Story provided by StockMarketWire.com
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