Resource round-up: Weatherly Int, Mercom, Goldstone Resources, Continental Coal

Aim-listed copper mining producer Weatherly International said it is to reopen the Old Matchless mine in Namibia, allowing the company to double production in the area. Production at the mine, which closed in 1983 and sits around 2km east of current mining operations, is expected to start within 13 months, reaching capacity within 24 months. This would see the company mine 15,000 tonnes of ore a month by 2014, Weatherly said.

By MoneyWeek

published 22 November 2012

in Features

Mercom Oil Sands rocketed after one its minority shareholders, Mauricio Trevino Zambrano, said he had formed a company to make a bid for Nordic Petroleum ASA. If successful, Zambrano intends to enter into negotiations with Mercom to sell it a 100% interest in the four Chard Oil Sands Leases. The firm said there was currently no arrangement or understanding between Mercom and Zambrano. But Mercom added it found today's announcement "an encouraging sign of shareholder support and will follow any developments with interest". Shares rose 28% on the news.

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Continental Coal announced the Botswana Department of Mines had renewed the company's three coal prospecting licenses in the country for a further two years. Continental, which holds licenses that cover an area of around 475km through its Botswana subsidiary, Weldon Investment, said the decision meant it could move to the next phase of exploration planning.

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