Source - SMW
Churchill Mining's (LON:CHL) shares fell after it  announced that the International Centre for the Settlement of Investment Disputes' tribunal decision on document authenticity in the company's dispute with the government of Indonesia will be delayed.

Churchill announced on 21 June that the ICSID tribunal advised that it expected to issue its decision on authenticity during September.

The company has now received a letter from the tribunal inviting Churchill and Indonesia to provide their views on three points of international law arising out of a particular legal authority. 

Whilst the tribunal advised that it regretted the delay that these additional submissions will cause to the planned issuance of its decision, the Tribunal deemed it appropriate to give the Parties an opportunity to comment on these specific points of law. 

The tribunal has further advised that once it has deliberated on the parties' additional submissions it expects to be in a position to issue its decision. The tribunal has set the deadline for lodgement of the parties' additional submission as Friday 23 September, with any submissions in reply to be filed by Friday 7 October 2016. 

Churchill chairman David Quinlivan said "The Company will file the requested submission and reply in accordance with the advised timetable and we look forward to the Tribunal handing down its decision." 

* * *

Firestone Diamonds' (LON:FDI) sale of its Botswana operations to Tango Mining will not go ahead.

Firestone says it has been informed by Tango Mining that it has not been able to meet the conditions of the conditional sale agreement by 9 September, the revised drop dead date, and the agreement has lapsed.

The company's Botswana operations, including Firestone's interest in the low-grade high-value BK11 mine, are currently under care and maintenance. 

Whilw the xompany is currently focused on the completion and commissioning of its Liqhobong diamond mine in Lesotho with initial production expected to commence in early Q4 2016, management remains committed to seeking ways of advancing/unlocking the shareholder value from its Botswana assets, which the company continues to believe has value.

The company continues to forecast that, as previously announced, it will have cash of approximately US$9.0 million as at the end of December 2016. This does not include the US$15.0 million standby facility available to the Company or the proceeds of the disposal, which had not been included in the cashflow projections. 

Accordingly, the company believes that there will be no impact on the company's cash position as a result of the Disposal not proceeding.

* * *

Greatland Gold (LON:GGP) has announced a new drilling programme at the Warrentinna gold project in Tasmania to test for extensions to gold mineralisation along strike and at depth at Derby North prospect.

The Warrentinna programme of work includes plans for six RC holes for approximately 600 metres of drilling that will follow up on previous intercepts including [email protected]/t Au and [email protected]/t Au.

After an extensive internal review, Greatland will also commence a range of basic field activities targeting two relatively underexplored areas at the Firetower gold project in Tasmania.

Key objective of the activities at Warrentinna and Firetower projects is to extend the company's knowledge of the mineralised systems, both of which have demonstrated the presence of high grade gold in historic drill results.

Executive director Callum Baxter said: "We are pleased to begin a more active phase of exploration at Greatland's Tasmanian gold projects. The Warrentinna and Firetower gold projects both possess significant upside exploration potential and we believe that, given the current gold price environment, now is the right to take a more aggressive approach to exploration on these projects.

"We would like to take this opportunity to remind our shareholders that historical drilling has intercepted high grade gold mineralisation at both projects, including [email protected]/t Au and [email protected]/t Au at the Warrentinna project, and [email protected]/t Au and [email protected]/t Au at the Firetower project."

* * *

The equity shareholders of Cairn India Limited have approved the scheme of arrangement of Cairn India Limited with Vedanta Limited (LON:VED). 

Vedanta Resources shareholders' approval for the scheme was announced on 6 September and the Vedanta Limited shareholder approval for the scheme was announced on 9 September.

Vedanta Resources chairman Anil Agarwal said: "The Vedanta Limited - Cairn India merger has been approved by a significant majority by all sets of shareholders, and I am confident that the simplified corporate structure will better align interests between all shareholders for the creation of long-term, sustainable value.

The scheme is now subject to the approval of the jurisdictional High Courts and other regulatory approvals and is expected to be effective by the end of this financial year.

* * *

Azerbaijan-focused Anglo Asian Mining (LON:AAZ) swung into the black in the six months to the end of June following record copper and silver output.

The group reports a profit before taxation of $3.5 million against a loss of $4.1 million last time.

Revenue decreased to $39.3 million (H1 2015: $41.8 million) due to lower gold bullion sales partly offset by higher sales of copper concentrate

Other highlights:

- 26% reduction in average cash operating costs to $546 (H1 2015: $736) per ounce of gold bullion due to both lower mining and processing costs and higher by-product sales

- Increased operating cash flow before movements in working capital of $16.9 million (H1 2015: $10.7 million)

- Reduced capital expenditure of $6.6 million (H1 2015: $9.1 million) - expenditure mainly on advanced stripping, the new SAG mill and underground equipment

- Decreased net debt of $40.7 million as at 30 June 2016 (31 December 2015: $49.0 million)

Production and sales overview:

- Strong H1 2016 production figures with increasing copper and silver production:

* Record copper production of 969 tonnes (H1 2015: 418 tonnes)

* Record silver production of 90,782 ounces (H1 2015: 6,478 ounces)

* Gold production slightly reduced at 33,837 ounces (H1 2015: 35,938 ounces)

- Increased copper concentrate sales which have partially offset reduced gold bullion sales:

* Copper concentrate sales of 2,912 dry metric tonnes ("dmt") which generated revenue of $5.2 million (H1 2015: 606 dmt which generated revenue of $1.7 million) 

* Gold bullion sales of 27,719 ounces at an average of $1,230 per ounce (H1 2015: 33,294 ounces at an average of $1,204 per ounce)

- 18,000 ounces of gold bullion sales in H2 2016 hedged at no cost with a minimum and maximum sales price per ounce of $1,200 and $1,426 respectively

- Target gold production for the year to 31 December 2016 lowered to between 69,000 and 71,000 ounces of gold. Target copper production remains at between 1,700 and 2,100 tonnes of copper

Non-executive chairman Khosrow Zamani said: "I am delighted to report a return to profitability at Anglo Asian with the Company earning a profit before taxation in the six months to 30 June 2016 of $3.5 million. This return to profitability, together with the reduction in capital expenditure and net debt, demonstrates the progress of our strategy at Gedabek. The Company has now created a foundation for increased profitability and cash generation."

At 4:14pm:

(LON:AAZ) Anglo Asian Mining PLC share price was +0.38p at 15.5p

(LON:BEM) Beowulf Mining PLC share price was -0.13p at 4.25p

(LON:BKY) Berkeley Energia Ltd share price was -1p at 45.5p

(LON:CEY) Centamin PLC share price was -6.4p at 144.8p

(LON:CHL) Churchill Mining PLC share price was -3p at 25.75p

(LON:CZA) Coal of Africa Ltd share price was -0.42p at 3.18p

(LON:FDI) Firestone Diamonds PLC share price was -1.88p at 44.13p

(LON:FRES) Fresnillo PLC share price was -17p at 1623p

(LON:GEMD) Gem Diamonds Ltd share price was -1.62p at 122.63p

(LON:GGP) Greatland Gold PLC share price was -0.01p at 0.25p

(LON:HOC) Hochschild Mining PLC share price was +0.2p at 263.7p

(LON:KMR) Kenmare Resources PLC share price was +9.75p at 272.5p

(LON:VED) Vedanta Resources PLC share price was -9.85p at 496.65p

Related Charts

Anglo Asian Mining (AAZ)

+3.75p (+14.85%)
delayed 18:15PM

Churchill Mining (CHL)

-0.50p (-1.72%)
delayed 18:15PM

Firestone Diamonds (FDI)

+0.50p (+0.90%)
delayed 18:15PM

Greatland Gold (GGP)

+0.01p (+2.94%)
delayed 18:15PM

Vedanta Resources (VED)

+23.50p (+3.45%)
delayed 18:15PM