Resources round-up: Beowulf, Jubilee Platinum, Richland Resources

Beowulf, the Sweden-focused mineral exploration company, jumped 10% after it said latest assay results from its completed drill programme at its Kallak North mine were "most encouraging". The results included indications of further high grade iron mineralisation on the southerly extension of the deposit, the company said. It has also received approval from the County Administrative Board of Norrbotten for test mining at the site.

By MoneyWeek

published 17 October 2012

in Features

Jubilee Platinum, the mine-to-metal specialist, said Power Alt, in which it has a 51% stake, had received approval from the National Energy Regulator of South Africa to sell surplus electricity to South Africa's national power generating company. Sales of electricity are expected to commence on 26th October. Jubilee said its exposure to Power Alt increased the company's earnings potential and profitability.

Shares in Richland Resources were restored to trading today and immediately dropped 13% after the gemstones producer said it had received interim permission to resume export from the Ministry of Energy and Minerals in Tanzania. The company now faces a re-audit of the financial records of its subsidiary, TanzaniteOne Mining, by the Tanzanian Minerals Audit Agency and the export licence will only last as long as the audit. The government is claiming "retrospective royalties" relating to the period from 2004 to 2008, which amount to $1.73m.