Mining News
Two major developments beneficial to mining are on the horizon for Honduras including a new mining law and a mining cooperation agreement with Chile. The Committees of the National Congress of Honduras have completed their report on a proposed new Mining Law and have submitted a draft of the legislation to Congress for their approval. Recently Chile and Honduras signed a mining cooperative agreement in which Chile will provide technical assistance for the development of the Honduran mining sector. The agreement allows the two nations to jointly develop mining projects, share tools and information pertaining to geology, steel manufacturing, mining process development, and improve environmental regulation, mining development, and control and socialization of artisanal mining. Aldo Santos, chief of Directorate of Mining Development (DEFOMIN), said he is confident that the new law will be enacted early this year.
Rumours abound of a 110p a share cash bid for Kenmare Resources (KMR LN) from Rio Tinto.
Aquarius Platinum (LON:AQP) Limited (AQP LN, 162.5p, ? 4.41%) announced its financial results for the six months ended 31 December 2011. Group attributable production decreased by 14% to 215,453 PGM ounces (H1 2011: 250,972), revenue decreased 25% to $252 million (H1 2011: $336 million) and the mine operating net cash flow decreased by 53% to $25 million (H1 2011: $54 million). Mine EBITDA decreased by 69% to $29 million (H1 2011: $93 million). Weighted average on-mine unit cash costs in South Africa rose by 38% in Rand terms, largely due to lower production
Aura Energy Limited (BUY, A$0.80) (AEE AU, A$0.215, ? 2.3%) announced that it has raised AU$3,419M through a non-renounceable entitlement issue where shareholders were offered 1 Share for every 6 Share held, offering 22,798,345 Ordinary Shares at 15 cents together with one free attaching option exercisable at 20 cents.
Mindoro Resources Ltd (BUY, C$0.39) (MIO CN, C$0.115, ? 4.1%) announced a drill-defined Exploration Target on its Pan de Azucar Project, Philippines, of 8 million to 12.7 million dry metric tonnes in a grade range of 35% to 40% sulphur, 0.4% to 0.6% copper and 0.5 g/t to 0.7 g/t gold. The sulphide also contains significant silver and zinc values. Preliminary metallurgical testing at Minercon in the Philippines (a non accredited laboratory) indicates potential for pyrite thermal-oxidation sulphuric acid production of up to 1.3 tonnes of acid per tonne of ore feed; subsequent acid-leach/SX-EW…
