Ncondezi Energy (LON:NCCL) said Africa Finance Corporation has joined the existing $1.32m loan facility announced in May and committed an additional $3.0m to the to the Shareholder Loan facility in two tranches.
The additional funding will be used to fund ongoing project development costs including those that will not be covered by the Joint Development Agreement (JDA) with Shanghai Electric Power Co., Ltd (SEP).
* * *
Goldplat (LON:GDP), the AIM quoted African gold producer, has issued a positive operations update for the three months ended 30 June for its two market leading gold recovery businesses in South Africa and Ghana, and its Kilimapesa Gold Project in Kenya, reporting a total gold and gold equivalent production of 11,969 ounces, continued profitability and steady progress on priority capital projects.
During the Quarter, the Rand Refinery silver toll recovery project was completed and although the contract is currently under dispute, the Directors are confident that the dispute will be resolved.
Preliminary results from the project show a total of approximately 3,700kg of silver (1,593 gold equivalent ounces) and 42kg (1,350 ounces) of gold were produced for the Rand Refinery.
Including this production, total gold produced during the Quarter was 11,969 ounces, total gold and gold equivalents sold was 6,584 ounces and gold and gold equivalents transferred to clients was 9,131 ounces, amounting to total gold and gold equivalents sold and transferred of 15,715 ounces. The difference between the gold production and gold sales and transfers reflects the reduction of stock.
This was an excellent Quarter for Goldplat, as with the elutions for the silver project reaching completion during the Quarter, the elution circuit was once again available for producing own and client gold.
* * *
Weatherly International (LON:WTI) has concluded a further amendment and restatement agreement with Orion Mine Finance (Master) Fund I LP in relation to the facility agreement between Orion and company subsidiary Ongopolo Mining Ltd.
Under the Amended Facility, the repayment of Facility C has been deferred to 28 February 2017 and interest accruing on the loan made under Facility C shall be capitalised.
* * *
Eurasia Mining (LON:EUA) has announced what amounts to a maiden reserve calculation under Russian standards for the Semenovsky project where it is working in partnership with Metal Tiger.
- Reserves approved totaling 2.99 million tonnes of ore grading 1.18 grams/tonne (g/t) of gold and 16.44 g/t of silver, with contained metal calculated as 3.5 tonnes of gold and 49.3 tonnes of silver.
- An agreement to extend the exclusivity option on STP until 15 November 2016.
As reported on the 26 April, a Russian pre-feasibility study equivalent - the TEO of Conditions - had previously been reviewed and approved by the expert panel at the Bashkirian mines department.
A reserves report incorporating a fresh Reserve calculation was immediately lodged for approval and has now been approved. Previous reserve calculations had not been approved at the deposit due to insufficient metallurgical work - Eurasia have integrated metallurgical work carried out on-site in 2014 which has now been considered sufficient for approval of C2 category reserves.
Managing director Christian Schaffalitzky said: "We are pleased to confirm what amounts to a maiden reserve calculation under Russian standards for the Semenovsky project.
"It is a significant milestone and shareholders can see positive results less than 12 months from announcement of the initial Heads of Terms. Our focus now turns to the ongoing SGS metallurgical work, updated on 4 July, from which we hope to see results of our optimisation study on cyanide gold recovery in September."
* * *
Alexander Mining (LON:AXM) has issued 11,741,665 ordinary shares following the exercise of broker warrants held by Cornhill Capital at 0.1p per share.
(LON:AXM) Alexander Mining PLC share price was -0.03p at 0.28p
(LON:BEM) Beowulf Mining PLC share price was -0.13p at 4p
(LON:BKY) Berkeley Energia Ltd share price was -0.5p at 43.5p
(LON:CEY) Centamin PLC share price was -5.7p at 148.6p
(LON:CHL) Churchill Mining PLC share price was +0.5p at 26.75p
(LON:CZA) Coal of Africa Ltd share price was 0p at 3.5p
(LON:EUA) Eurasia Mining PLC share price was -0.05p at 0.53p
(LON:FDI) Firestone Diamonds PLC share price was 0p at 42.5p
(LON:FRES) Fresnillo PLC share price was -78.5p at 1611.5p
(LON:GDP) Goldplat PLC share price was 0p at 6p
(LON:GEMD) Gem Diamonds Ltd share price was +1.75p at 126p
(LON:HOC) Hochschild Mining PLC share price was -14.45p at 240.25p
(LON:KMR) Kenmare Resources PLC share price was -11p at 259p
(LON:NCCL) Ncondezi Energy Limited share price was +0.5p at 5.63p
(LON:VED) Vedanta Resources PLC share price was -19.35p at 491.15p
(LON:WTI) Weatherly International PLC share price was -0.03p at 0.33p