Mining News
Aureus Mining (AUE LN, 73.5p, ? 0.0%) has announced its annual results for the 2011 year. The Company?s cash position as of the end of December 2011 stood at US$31.0M. It reported on its New Liberty Gold project in Liberia, with planned production to average 123,000 oz per annum in its first four years with operating cash costs of US$ 632/oz.The Company are set to release an updated Reserve and Reosource statement for New Liberty in the forthcoming Definitive Feasibility Study.
Centamin (LON:CEY) (BUY, 142p) (CEY LN, 81.45p, ? 2.75%) has announced the resumption of normal operations at its Sukari Gold Mine, after last week?s suspension during illegal work stoppage. All outstanding issues of dispute have now been resolved. The Company have conceded that Q1 production and cash costs will be affected by the stoppage, but its full year guidance figures for production and cash cost remain unchanged.
Coal Of Africa (LON:CZA) (CZA LN, 67.5p, ? 2.17%) has released its Interim Financial Report. In particular, the Company was pleased to report that Environmental Authorisation for the Vele Colliery was received and the suspension of its Integrated Water Use Licence lifted, which allowed for the commencement of full operations from October last year. Extraction of coal from Vele commenced in December with approximately 16 800 tonnes of run of mine (ROM) coal mined to the end of January 2012. The operations at the Woestalleen and Mooiplaats thermal collieries produced 2.3Mt ROM and 1.2Mt of export quality coal in H2 2011. Sales of export coal also increased by 15.5% in this 6 month period compared to the previous half year. Total cash balance and available undrawn facilities stood at US£100.1M at the end of Dec 2011.
Petmin (LON:PTMN) (PTMN LN, 26.5p, ? 0.0%) has issued a maiden resource statement for its jointly controlled North Atlantic Iron Corporation (NAIC) iron sands to pig iron project in Canada. The resource statement, based on 3% of NAIC?s claim, indicates an inferred resource of 594Mt of iron sands at 9.35 weight percent heavy minerals of which 38.02% is Fe2O3. The resource represents a low-cost feedstock for production of a 50% Fe/ton concentrate at a cost of under $30 per ton for conversion into high-purity pig iron. Petmin has an earn-in option to acquire…
