- Carnival 2,267.00 0.00
- F&c Asset Man 94.85 0.00
- Gkn 309.30 0.00
- Imi 1,359.00 0.00
- Polymetal Int 669.00 0.00
- Vodafone Grp. 199.90 0.00
- Wolseley 3,483.00 0.00
Mining Sector: North River rises after boardroom reshuffle
Friday, 8th June 2012
Namibia-focused North River Resources (LON:NRRP) was the sector's biggest riser after a series of boardroom changes.These saw Taurus Mineral representatives Zuyuan He and Zhiping Yu appointed as non-executive chairman and a non-executive director respectively while Mark Hohnen and Prof. Glyn Tonge stepped down from the board with immediate effect.
Taurus Mineral is a company formed at the direction of CGNPC Uranium Resources Co and the China-Africa Development Fund for the purpose of acquiring the entire issued and to be issued share capital of Kalahari Minerals, which holds a 38% interest in North River.
The resignations of Hohnen and Tonge follow the recommended cash offer for Kalahari by Taurus being declared wholly unconditional on 28 February.
Shares in Nautilus Minerals (LON:NUS) - which have fallen sharply recently after it outlined two reasons why the Solwara 1 project might be delayed and face increased costs - recovered some ground and were up by nearly 13% in late afternoon trading.
North River and Nautilus were the only mining stocks to show double-digit rises in a generally quiet day for the sector.
Minco's (LON:MIO) saw no movement after it provided shareholders with an update on the progress of the feasibility study at Xtierra's Bilbao project, which is anticipated to be completed in the third quarter of 2012.
Based on the metallurgical results received to date it is expected that the feasibility study will recommend the initial development of an underground mine and the processing of the sulphide and transition resources.
The development of the open pit mine and processing of the oxide ore would be deferred and would occur later in the mine life, subject to further metallurgical optimization of the oxide process flow sheet and open pit resource optimization.
Items to be completed in the feasibility study include final optimization of the sulphide and transition ore process flow sheet to possibly include the production of a copper concentrate in addition to lead and zinc concentrates, completion of underground mine plans and schedules, completion of tailing disposal plans, completion of a final EIA, securing surface and water rights, and finalisation of operating and capital cost estimates.
The sector's biggest faller was Ovoca Gold (LON:OVG) - down by more than 14% in late afternoon trading.
At 4:26pm:
(LON:AMI) American Investment Trust share price was -15.25p at 368.25p
(LON:AQP) Aquarius Platinum share price was +0.68p at 74.38p
(LON:BEM) share price was +0.51p at 12.63p
(LON:BKY) share price was 0p at 24.25p
(LON:CEY) Centamin Egypt Ld share price was -1.12p at 71.53p
(LON:CHL) share price was +0.13p at 9.63p
(LON:CZA) share price was +0.63p at 35.38p
(LON:FDI) Firestone Diamonds share price was +0.01p at 5.63p
(LON:FRES) share price was -1.5p at 1440.5p
(LON:GEMD) share price was -3.3p at 202.2p
(LON:HOC) share price was -2.7p at 460.9p
(LON:KMR) Kenmare Resources share price was -1.66p at 45.89p
(LON:MIO) Minco share price was +0.01p at 1.88p
(LON:NRRP) share price was +0.18p at 1.03p
(LON:NUS) share price was +9p at 80p
(LON:OVG) Ovoca Resources share price was -2p at 12.13p
(LON:VED) Vedanta Resources share price was -51.5p at 934p
Story provided by StockMarketWire.com
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