Resource round-up: Namakwa, Oilex, Kea, Sierra Rutile

Also included in this round-up: Copper Development Corp, Angel Mining and Baobab Resources.

Namakwa Diamonds saw its share price plunge almost 10% on Tuesday morning after it announced further operational problems would hit production targets in Lesotho. This meant its short term funding arrangements would be insufficient, the company said, forcing it to take out US$10m unsecured bridging facility with Sputnick Limited, an investment vehicle focused on the growth and development of African mineral resources.

Oilex followed in the footsteps of Namakwa, also seeing its shares fall around 10% in early trading on Tuesday. The firm said it had been forced to discontinue milling operations at its well in the Cambay Field, onshore Gujarat, India. It said that the volume of fracture sand it had encountered had locked up the milling assembly and caused the drill pipe to part at a depth of about 600 metres. "The drill pipe is being repaired and the well will be circulated to reduce the volume of sand within the well bore prior to pulling the milling assembly out of the well and conditioning the well for flow to surface and production testing," it added.

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