African Consolidated Resources jumps after first-half results

Shares in Zimbabwe-focused miner African Consolidated Resources (ACR) rose strongly on Friday after the release of the company's first-half results, in which the company expressed its optimism about the potential of its Pickstone-Peerless gold mine.

The stock was also given a lift by the news that it has come to an "amicable agreement" with a former shareholder over the ownership dispute concerning its Kalengwa copper mine.

ACR made an operating loss of $2.4m in the six months to September 30th 2012, higher than the $1.7m loss registered in the first half the year before but down from the $4.6m loss in six months to March 31st 2012. The company is still in exploration stage so is yet to make any revenues.

During the period, the company reported a major upgrade in reported JORC resource estimates at its Pickstone-Peerless project from 513,000oz to 3.2m oz of which over 50% is in the 'measured and indicated' category. This increases ACR's total JORC resource to 4.3m oz.

Executive Chairman Roy C Tucker labelled the Pickstone-Peerless project as "a company changer"

ACR also announced that it has appointed Lloyd Munyaradzi Manokore as its Vice-Chairman.

Shares were up 8.52% at 3.12p by 13:15.

BC