Mining News
African Barrick Gold (LON:ABG) plc (UNDER REVIEW) (ABG LN, 518.5p, ? 0.29%) reported its full year 2011 results. Financial highlights include: revenue of US$1,218 million, up 25% on 2010, EBITDA of US$544 million, up 30% on 2010, Net profit attributable to owners of US$275 million, and a cash position of US$584 million as at 31 December 2011. Attributable gold production was 688,278 ounces, 2% below 2010 production at cash costs of US$692 per ounce, an increase of 22% on 2010 due principally to a combination of industry cost inflation, increased diesel usage and higher headcount.
Beacon Hill Resources (LON:BHR) Plc (BHR LN, 11.25p, ? 1.12% ) announced its quarterly activities report for the period ended 31 December 2011 Completion of first seaborne export shipment of thermal coal from the Port of Beira was achieved and commissioning of Minas Moatize's first wash plant has continued with a targeted rate of 600,000 tonnes run of mine ('ROM') per annum.
Baobab Resources (LON:BAO) Plc (BAO LN, 13.88p, ? 0.89%) announced an update of activities at the Massamba Group iron / vanadium / titanium project. Analytical results from eight RC drill holes have been returned with a further 15 drill holes currently undergoing analysis. Significant drill intercepts, up to 83m in length, report an average head grade of 36% Fe with DTR concentrate grades reporting a weighted average of 59% Fe, 0.8% V2O5 and 12% TiO2 at a mass recovery of 43%.
Central Rand Gold (LON:CRND) (CRND LN, 1.29p, ? 4.4%) announced that, through its wholly owned subsidiary Ferreira Estates and Investment Company Ltd, it has signed a contract mining and beneficiation agreement with Goldplat plc with a view of recommencing gold mining at the Crown East Main Reef and CMR Bird Reef mines in the West Rand area near Johannesburg in South Africa. Subject to due diligence Goldplat will have the rights to assume mining, at its own cost and risk, of the two sites in return for a 5% net smelter royalty to Central Rand Gold. It is envisaged that the ore from the two sites will be processed at Goldplat's own gold recovery operations in South Africa.
Copper Development (LON:CDC) Corporation (BUY,…
