Neos Resources, a processor of non-edible oil seed complexes in India, rocketed 37% on Wednesday after the firm said it was discussing the sale of "very significant quantities" of crude jatropha oil to several major European businesses. Neos also said it now had sufficient working capital and crushing capacity to process significantly increased quantities of non-edible seed oil.
South African iron ore developer Ferrum Crescent said it had finished an aeromagnetic survey at its Julietta and Gouda Fontein farms on its Moonlight project. The firm said it would now concentrate on the logistical solutions (rail, power, water and port services) required for progressing a detailed feasibility study for the site.
International Mining and Infrastructure said it had snapped up a 3.9% stake in Afferro Mining for £2m - its first investment in a junior African iron ore developer. The firm said it planned to turn this into a strategic stake though a planned tie up between Afferro and its strategic partner African Iron Ore Group. Investors welcomed the deal, pushing shares up almost 4%.
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African Consolidated Resources rose 6% after it announced initial tests on its Pickstone-Peerless Gold Project in Zimbabwe had demonstrated the likelihood of a significantly higher resources than previously anticipated. The firm said it intends to fast-track development of the site and establish itself as a commercial gold producer and developer.
Sable Mining Africa said assay results at its Nimba iron ore project in south-east Guinea confirmed the potential for the site to become a world class direct shipping ore resource. "We believe that it has the chance to offer a tremendous opportunity to create value for our shareholders and as such we are strongly focussed on rapidly progressing towards a Maiden JORC Resource," said Chief Executive Andrew Groves.
Bullabulling Gold has upped its resource estimated for the firm's Gibraltar Project by 10%. The company said there was potential to expand the resource at the site and it would evaluate the mining of Gibraltar as a satellite mine to its main Bullabulling project as part of an ongoing prefeasibility study.
Mediterranean Oil & Gas fell slightly on Wednesday morning after it said production at its onshore Italy gas fields was lower than expected due to maintenance on the surface production facilities of one of its assets. The company plans to complete the maintenance work during the third quarter. Total revenues for the second quarter came in at €4.2 million, the same as the previous three months.
Solgold said it had raised AUS$2m through a placing with with institutional and private investors. The company intends to use the funds to continue its exploration and project development efforts across its portfolio of projects in the Solomon Islands, Ecuador and Queensland, Australia. However, investors seemed unimpressed with this dilution of their holdings, pushing shares down 6% in morning trading.
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