Mining News
Anglesey Mining (LON:AYM) Plc (AYM LN, 29.63p, ? 0.42%) announced that its 33% owned associate Labrador Iron Mines Holdings Limited (?LIM?) has entered into an agreement with the Iron Ore Company of Canada ("IOC") for the sale of all of LIM's 2012 iron ore production. Under the 2012 confidential sales contract with IOC, the iron ore will be sold by IOC's marketing organization on the spot market for delivery to Asian markets.
Central Rand Gold (LON:CRND) (CRND LN, 1.24p, ? 0.80%) provided a production and commercial update. During 2011, Central Rand Gold produced 14 856 ounces of gold, representing an increase in gold production of 60% from 2010, which was in line with the expected production figures provided in November 2011. Cash and cash equivalents as at 31 December 2011 amounted to $5.3 million, which was $0.5 million higher than the Company's cash position at 30 June 2011. Mine production was negatively impacted by the withdrawal of the Company's New Order Mining Right on 22 September 2011. On 24 October 2011, the Minister of Mineral Resources of the Republic of South Africa temporarily suspended the cancellation of the Mining Right, thus enabling the Company to continue with its operations. Work re-commenced on 1 November 2011, whilst the Cancellation was finally set aside by agreement between the Company and the Department of Mineral Resources on 22 December 2012.
Rambler Metals PLC (RMM LN, 33.75p, ? 1.46%)announced an acquisition of 4,500,000 shares of Maritime Resources Corp (TSXV: MAE) ('Maritime'). In consideration of this initial equity interest, Maritime has invited Rambler to appoint a representative to join Maritime's Board of Directors. The non-brokered private transaction priced at $0.23 per share will give Rambler a 17% equity stake in Maritime. The shares are being purchased from Commander Resources Ltd. (TSXV: CMD) who currently hold an equity interest in Maritime Resources. This equity stake in Maritime strengthens the exploration and development alliance formed in June 2011. While we continue to optimize our own mine and milling facilities, including the Ming Mine, and will also look to facilitate growth and value creation opportunities in Maritime's Green Bay properties.
Stratex International (LON:STI) Plc (UNDER REVIEW) (STI LN, 11.0p, ? 11.39%) announced a JORC compliant mineral resource assessment of 1,047,872 oz gold ('Au'), in…
