Mining News
Anglo Pacific (LON:APF) Group (APF LN, 305.0p, ? 1.67%) announced that it has agreed with Red Rock Resources to acquire 50% of a 1.5% gross revenue iron-ore royalty in the Mount Ida project in Western Australia from the miner for $14 million. The payment will be made in three installments: $6 million once the transaction is closed in return for a 0.3% royalty, $4 million once the feasibility study is completed in return for an additional 0.225% royalty, and $4 million once production starts in return for an additional 0.225%, bringing the total royalty to 0.75%. The Mount Ida magnetite iron-ore project is being developed by Australia's Jupiter Mines Ltd. and has an inferred resource base of 530 million metric tons.
Baobab Resources (LON:BAO) plc (BAO LN, 15.0p, ? 5.26%) announced that its Tete joint venture partner, IFC, has supported the 2012 exploration programme through a pro rata contribution of approximately US$1,900,000.
Coal Of Africa (LON:CZA) Limited (CZA LN, 69.0p, ? 2.6%) advised that it has entered into definitive agreements with Rothe Investment Proprietary Limited to acquire a 26% shareholding in Keynote Trading & Investment 108 Proprietary Limited. Keynote is expected to hold the Chapudi Coal Project upon completion of its acquisition from Rio Tinto Minerals Development Limited and Kwezi Mining Proprietary Limited.
Ferrex (LON:FRX) plc (FRX LN, 2.25p, ? 8.2%) announced an update on its Malelane Iron Ore Project located in the Mpumalanga Province of South Africa. Further drill intercepts recorded down dip of historical workings include 17.29m @ 59% iron and 6m @ 62% Fe.
Oracle Coalfields (LON:ORCP) Plc (ORCP LN) announced the results of the technical feasibility study on Block VI of the Thar Coalfield. Within the Licence Area there are Mineral Resources in the mining area of 529 millions of wet tonnes with gross calorific value of 3,182k calories per wet kilogramme, with ash content at 5.89 per cent and Sulphur at 0.91 per cent, Probable Coal Reserves total 113Mwt with gross CV 2,831kcal/wkg, Ash 11.50 per cent and Sulphur 0.79 per cent with a strip ratio of 8.54bcm waste. Total capital expenditure for open cast mine development is estimated at US$610m for 5Mwt per annum of lignite production. Total…
