Resources round-up: Berkeley Mineral, Shaft Sinkers, Empyrean

Berkeley Mineral Resources, the metals processing company, has signed a memorandum of understanding (MoU) with Yunnan Xiangyun Feilong Non-ferrous Metal, a refiner of zinc, lead and associated metals in the People's Republic of China. The MoU covers a period of six months, during which exclusivity is reciprocally granted to BMR and Feilong, in preparation for a joint venture (JV) agreement to be concluded within that time-frame to commercially exploit the mineral resources at BMR's Kabwe mine in Zambia. This envisages that Feilong could make a major contribution to the development of appropriate mineralogical and metallurgical technology to exploit the zinc and lead resources at Berkeley's site in Kabwe.

By MoneyWeek

published 15 June 2012

in Features

Underground construction group Shaft Sinkers said operations have resumed at its three Impala 17 shafts in Rustenburg, North West Province, South Africa, following completion of an investigation into the accident announced on June 11th, which led to the death of an employee of 20-years.

Empyrean Energy has satisfied the major conditions required to enable it to draw down on the first $10m of a loan facility with Macquarie Bank, which will provide a three year term debt facility for up to $50m to support its participation in the development of the Sugarloaf Project, an Eagle Ford Shale Condensate and Gas development project in onshore Texas, USA. A further $5.0m will become available in the event proven reserves are increased, as is expected. Under the agreement, options will be granted to Macquarie in three tranches - each tranche will be made up of 15,000,000 options, which will have a strike price of 8p, 10p and 12p, respectively.