Resource round-up: Archipelago Resouces, Max Petroleum

Archipelago Resources said new tests at its Toka Tindung mine in Indonesia demonstrated the site's potential as a multi-million ounce mine deposit. "Combined with the results reported earlier in the year, these high-grade intercepts now have the potential to again materially increase our economically defined gold resource, providing a further platform for growing our production profile and increasing shareholder value," the firm said.

By MoneyWeek

published 15 October 2012

Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, lost 10% of its value today after it gave up on its BSBNE-1 exploration well on the Besbolek North-East prospect. The well reached a total depth of 1,328 metres without encountering producible hydrocarbons, it said. It will now be plugged and abandoned.

Mining group African Copper said it was on track to achieve record copper production in fiscal year to 2013 after posting record production figures for the second quarter. The firm produced 2,882 Mt of copper in concentrate form between July and September from its Botswana mine.