Resources round-up: Bullabulling, Ncondezi Coal, Mytrah Energy

Bullabulling Gold's latest results confirm potential to further expand the 3.2m ounce resource base at its wholly-owned Bullabulling Gold Project in Western Australia. At the Gibraltar asset the results reveal significant intercepts, which include 13 metres (m) at 2.87g per tonne of gold, 3m at 6.82g per tonne of gold an 11m at 2.44g per tonne gold. At Geko, preliminary drill testing produced significant intercepts including 14m at 2.02g per tonne, 7m at 2.07g per tonne, and 14m at 2.21g per tonne, confirming historic drill intercepts and indicating that mineralisation extends beyond the limits of the historic resource.

By MoneyWeek

published 18 May 2012

Ncondezi Coal has signed a framework agreement with the Ministry of Mineral Resources of the Republic of Mozambique for its Ncondezi Coal Project in the Tete Province.The agreement provides the framework for mutual co-operation between the ministry and the company in developing the project and is a pre-cursor to signing the mining contract, which will govern the project's development, fiscal regime and operations, the firm said.

Since the end of March, Mytrah Energy has increased its total installed and commissioned assets to 224.2 megawatts (mw), significantly short of its target to build 500mw by June. The sum included the total capacity of three of its fully completed projects, totally 106.2mw. The remaining megawatts are at four sites, and once these are fully completed - expected in the next eight weeks - the company will have 337.1mw commissioned and connected to the grid. The Maharashtra State Electricity Board has increased its tariff, meaning the company will benefit from a significant increase in the overall return on three of its projects.