Shares Atlantic Coal, the AIM-listed miner focused on Pennsylvania, USA, jumped 11% in early trading after it reported a positive production update from its Stockton Colliery. In the three months to the end of June the company saw an 18.8% increase in clean coal production compared to the first quarter of 2012. Atlantic now anticipates production will increase further and is targeting production of more than 155,000 tons for 2012.
Silvermere, the independent oil and gas company focused on appraisal and production opportunities in the US, said it had made further progress with the tie-in of the I-1 well in its Mustang Island 818-L Field. Some days had been lost last week due to sea swells outside safe operating tolerance, the company said, but as of Sunday night, the outlook for sea and weather conditions was satisfactory for continuing operations.
Toledo Mining rose 4% on Monday after it updated investors on production at its Berong nickel mine. Production in the three months to the end of June was 179,178 wmt at an average grade of 1.63% nickel, the firm said. Direct ore shipping operations, which resumed with two shipments in March this year, continued throughout the second quarter of 2012. This resulted in a further six completed shipments to China by the end of the quarter.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Get 6 issues free
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Another riser was Jupiter Energy - up almost 6% after it said testing of new areas of its J-51 well in Kazakhstan was producing oil at a rate of 600 - 650 barrels per day. The firm also said its J-52 well had resumed production after upgrades following changes to health and safety rules. Upgrades were ongoing at a third well, J-50, the company said, but current oil sales commitments were being met from J-51 and J-52 production.
China-focused gold and zinc miner Griffin Mining said it had successfully upped its interest in Hebei Hua Ao Mining Industry Company, the owner of the Caijiaying Zinc-Gold Mine and surrounding tenements, to 88%. It has also extended the term of its Hua Ao joint venture to 2037. Chairman, Mladen Ninkov, said: "As Griffin now progresses towards increasing production at Caijiaying, and with the hope of continuing favourable metals prices, the returns to Griffin and its shareholders should not only justify the price paid by the company in this transaction, but exceed all expectations". The firm's shares rose 6% on the news.
Ariana Resources, the gold exploration and development company focused on Turkey, said it had raised £625,000 before expenses via a placing of 41,666,668 new ordinary shares. The money is to be used for the acquisition and exploration of new gold properties in western, central and eastern Turkey and for additional working capital. But all the extra shares on the market did not impress investors who wiped 24% off the firm's value in morning trading.
Shares were off slightly at Leni Oil & Gas after it said plans to sell its Spanish assets for €8m had been delayed for a few days due to "a minor technicality" with the buyer's banking arrangements. The company said it was confident that completion would occur shortly and added that the buyer was now paying a late completion surcharge of €50,000 per day.
Stratex International, an exploration and development company, has announced that following the completion of a four-month due-diligence programme on the company's Muratdere porphyry copper-gold-molybdenum project in Turkey, a wholly-owned subsidiary of Pragma, which carried out the programme, has signed a definitive share purchase agreement to acquire 51% of the company holding Muratdere assets from Stratex. Stratex will receive $1.7m from the purchase and the subsidiary, Lodos, will obtain the right to acquire up to 70% by making additional payments, undertaking further drilling, and completing a feasibility study.
MM
8 of the best properties for sale with communal gardens
The five insurance policies you should have
