International Ferro Metals, the AIM-listed integrated ferrochrome producer, moved back into overall profitability on a monthly basis for March, with 37.5 per cent of targeted production cost savings achieved during the quarter ended March 31st.
During the period net borrowings decreased from ZAR 421m to ZAR 458m. In the three month period ferrochrome production was 48,762 tonnes, compared to 54,142 the previous quarter and 51,446 the same quarter the previous year, while sales were 52,930 tonnes, compared to 58,389 the previous quarter and 48,420 the same period the previous year. Stock at the end of the quarter was 6,568 tonnes, compared with 10,737 at December 31st 2011 and 17,513 at March 31st 2011.
Forum Energy, a UK-incorporated oil and gas exploration and production company, has unveiled the findings of a report which shows an improvement in the previously known resources at its exploration license SC 72 in the Philippines, supporting the case to continue with the drilling programme. The company will now decide how to fund the programme, set to cost $75m. Given the company's 70% stake in the license, it has a best estimate of 154m barrels of oil and liquids and 6,159bn cubic feet of gas.
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Regency Mines, an exploration and investment company, has posted the maiden Joint Ore Reserves Committee mineral resource estimate for the Mambare Nickel Laterite Project in Papua New Guinea. The combined indicated and inferred resource is 95.1m tonnes grading 0.96% nickel and 0.08% cobalt, and 912,595 tonnes of contained nickel at a 0.60% nickel cut-off grade. The results are based on the results of a 2011 exploration campaign covering 162 drill holes. Regency has a 50% stake in the project, alongside Direct Nickel which is undertaking the project. "This has the potential to be one of the world's largest single nickel laterite deposits," Regency said.
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