Mining News
Beacon Hill Resources (LON:BHR) (BHR LN, 10.25p, ? 4.65%) has announced the result of Definitive Feasibility Study, ?DFS?, completed by TWP Australia Pty Ltd for the Company?s Minas Moatize Coking Coal Project. Modelled on a 2.2Mtpa operation, the DFS indicated a mine life of 11.5 years and NPV at 13% discount rate of US$662m. The total JORC Mineable Reserve of 42.65Mt includes a Marketable Reserve of 23.46Mt of at least 8.71Mt coking coal.
Horizonte Minerals? (HZM LN, 16.0p, ? 0.78%) final results for 2011 were released today, reporting on progress at their Araguaia nickel project and the JV Falcao gold project with AngloGold Ltd. With the Company having reported their updated NI 43-101 Mineral Resource estimate for Araguaia in January of this year of 39.3 Mt at 1.39% nickel Indicated and 60.9 Mt at 1.22% nickel Inferred, the next stage is the completion of a Preliminary Economic Assessment for the project, expected in Q2 2012. The Company believes that they are well funded to pursue the development of Araguaia with an end of year cash position of £5.9 M. In terms of the Falcao gold project, AngloGold Ltd has committed $1.6M for continued drilling exploration in 2012.
KEFI Minerals (LON:KEFI) (SPEC BUY) (KEFI LN, 3.13p, ? 1.57%) has announced the completion of its Placing by Fox Davies Capital to raise £1.85M before expenses. The Placing involved the issue of 61,666,667 shares at 3 p per ordinary share to fund KEFI?s 2012 exploration programme as they consolidate their portfolio in Saudi Arabia. Three of the total 18 applications for Exploration Licences (ELs) have been granted and the programme is to include mapping and sampling over Selib North, Hikyrin and Hikyrin South ELs, and consequent 1st phase and 2nd phase drilling, planned to commence in May.
Petmin (LON:PTMN) Ltd (PTMN LN, 25.0p, ? 0.0%) provided the market with an operations update this morning, in particular with regard to a renewed 5 year agreement with Grindrod Terminals Kusasa dry bulk facility in South Africa for 600000 tonnes anthracite export capacity. With long term sales contracts already secured, this agreement allows Petmin to capitalise on expanding anthracite production from its Somkhele mine, where production is increasing from the current level of 535,000 sales tonnes p.a. to over 1.2M tonnes p.a.
…
