Oil & Gas Corporate News
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Mining Corporate News
African Minerals Ltd (LON:AMI) (AMI, 388.25p, ? (2.08%)) announced that total JORC compliant iron ore mineral resource at Tonkolili have grown to 12.8 billion tonnes with the addition of substantial DSO and saprolite iron ore mineral resources, and a further extension of the magnetite mineral resource. 126.5Mt of the JORC compliant mineral resource has an average in situ grade of 58.1% Fe, 2.4% SiO2, 6.0% Al2O3 and 0.09% P. This is hosted by the duricrust portion of the weathered cap overlying the magnetite resource, and is suitable for the production of DSO iron ore products Production of DSO for export as Lumps and Sinter Fines will commence with ore at or above the resource grade and at a predicted weight recovery of 85%. Tonnage scale pilot plant testwork indicates that 55% of this will be as Lumps and 45% will be Sinter Fines -- A 1.1 billion tonne JORC-compliant saprolite iron ore mineral resource has been defined with an average in-situ grade of 40.0% Fe. This is hosted in the saprolite and lower grade duricrust portions of the weathered cap overlying the magnetite resource. This is suitable for the production of Sinter Fines and a high grade iron ore concentrate.
Ath Resources (LON:ATH) (ATH, 61.5p, ? (0.0%)) announced that it has secured a new sales contract to supply EDF Energy, one of the UK's largest home and business energy suppliers, for 350,000 tonnes of coal. The coal will be supplied at prices linked to international market indices. Supply will commence immediately and end in December 2012.
European Goldfields (LON:EGU) (EGU, 905p, ? (0.56%)) announced the signing of a mandate letter with a group of financial institutions to arrange a US$300M secured Term and Revolving Facility for its Greek subsidiary Hellas Gold SA. The Facility will be used to fund the development of the Skouries open pit and associated processing facilities, the Olympias concentrator and underground mine refurbishment and general corporate purposes. The mandated lead arrangers are BNP Paribas, Caterpillar Financial SARL, Investec Bank plc and UniCredit Bank AG, London Branch. The mandate letter has been signed on the basis of a term sheet which has been agreed between the…
