Resources round-up: Diamondcorp, Empyrean, African Eagle

Shares in Texan oil firm Empyrean Energy moved to a 52-week high on the back of a production update for new wells completed recently on the group's Sugarloaf project. The group has nine wells on the go at the project and has a 3.0% working interest in each of them. The two biggest producers - Davila 1H and Davila 2H - produced an average of 1,123 barrels of equivalent per day over a 30-day period, the group revealed.

By MoneyWeek

published 21 September 2012

in Features

African Eagle Resources has unveiled an upgraded JORC (Joint Ore Reserves Committee) compliant resource estimate for the Wamangola deposit, part of the Dutwa Nickel project. The new resource estimate, combined with the associated resource estimate at the nearby Ngasamo deposit which was also recently upgraded, raises the total estimated resource at the Dutwa Nickel Project to 107m tonnes at 0.92% nickel content (Ni).

DiamondCorp, the African diamond mine development and exploration company, said its Lace Diamond Mines subsidiary has agreed a new R220m ($26.7m) loan facility with the Industrial Development Corporation of South Africa (IDC). The facility covers just under four-fifths of the forecast R285m peak funding requirement for the 47 level cave mining operation at the Lace mine. DiamondCorp has agreed to arrange additional funding of R100m for Lace prior to the initial draw-down of the IDC facility.