Resource stocks round-up: Faroe, EMED, Edenville

Also includes Jubilee Platinum, Oregon Gold

Faroe Patroleum hailed a 'truly exceptional year' for the company as it charged back into the black with pre-tax profits of £14.3m. This was a dramatic improvement on the £26m loss the year before. The company put the result down to a dramatic boost to production, proven reserves and cash flow, together with continuing success from its exploration portfolio. The firm has plans for five new wells in 2012, three in Norwegian waters and two off the UK coast. It said 2012 capital expenditure would be up to £180m, including up to £100m on exploration and up to £80m on developments and producing fields, all of which was fully funded.

Shares in EMED rose 3% this morning after it confirmed it still plans to restart the Rio Tinto Copper Mine in Andalucia, southern Spain, by the third quarter of 2012. EMED bought the mine in 2008 and believes it contains 2.1bn pounds of copper, but it has struggled to get all the regulatory approvals necessary to start production and exploration activity. However, it said today that the only significant hurdle remaining now appeared to be accessing project lands not already owned by the EMED Mining group. During 2011, the group reported a net loss of €9.7m of which exploration and care and maintenance expenses were €5.9m and administration expenses were €3.8m.

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