Mining News
African Copper (LON:ACU) Plc (ACU LN, 2.38p, ? 11.76%) announces that it has secured an additional loan of USD5 million from its controlling shareholder ZCI Limited. The purpose of the new loan is to provide the Company with further working capital and to invest in its Mowana Mine facilities and operations.
Angel Mining (LON:ANGM) Plc (ANGM LN, 3.05p, ? 0.83%) announced that a further 16.8 kilograms (539.9 ounces) of gold dore were poured at Nalunaq. During the three weeks since the last pour, the team lost approximately four days of production due to maintenance and repairs of the main generator. Gold recovery from the plant has now improved to c. 84%. The Company also announced that it Has now fully drawn down on its YA Global Master SPV Ltd facility of $3,654,000 and will start repaying it in a series of payments commencing on 8 March 2012 and finishing on 30 September 2012.
Antofagasta (LON:ANTO) Plc (UNDER REVIEW) (ANTO LN, 1293p, ? 1.0% ) announced its quarterly production report for Q4 2011. Group copper production was 187,000 tonnes in Q4, a 13.3% increase compared with the previous quarter, mainly due to increased production at Esperanza and Los Pelambres. Copper production in the full year 2011 was 640,500 tonnes, a 22.9% increase compared with 521,100 tonnes in 2010. Molybdenum production at Los Pelambres was 2,600 tonnes in Q4 and 9,900 tonnes in 2011, 12.5% above 2010 full year production and gold production was 71,800 ounces in Q4, compared with 54,300 ounces in the previous quarter. Group cash costs for 2011 were 101.9 cents per pound compared with 104.0 cents per pound in 2010. Group production in 2012 is expected to be approximately 700,000 tonnes of copper, 280,000 ounces of gold and 11,000 tonnes of molybdenum. Group cash costs in 2012 are expected to be approximately 105 cents per pound and 165 cents per pound before by-products credits.
Ariana Resources (LON:AAU) plc (AAU LN, 4.75p, ? 5.56%) announces an update on current exploration activity at its Red Rabbit Gold Project in western Turkey. Drilling in the Arzu South/Arzu North "gap zone" returns a first result of 8.7m (drilled) @ 2.03 g/t Au and 9.9 g/t Ag from 15m down hole. Further exploration drilling planned…
