Rambler Metals and Mining said gold production in the second quarter of them miner's financial year was 4,022 ounces at its wholly-owned Ming gold and copper mine in Newfoundland. The average daily gold throughput for January was 600 metric tons per day (mtpd) with the highest one day throughput being 695 mtpd. This production rate confirms the projected tonnage rate determined by the company's feasibility study.
Madagascar Oil has placed 59m shares at 28p each, to raise $26.5m. The placing price represents a discount of 3.45% to the closing middle market price of 29p on February 21st, 2012, the last trading day prior to the announcement of the placing. The shares placed included Touradji Capital's entire shareholding of 24.95m shares. The funds from the placing will largely go towards the development of the firm's Tsimiroro asset in the Morondava Basin of Madagascar.
Italy-focused gas company Independent Resources said that both the Ministry of Environment and Ministry of Cultural Assets and Activities have executed by decree the environmental compatibility authorisation for the next phase of the company's Rivara underground gas storage project in Northern Italy. The company hopes that Italy's Ministry of Economic Development can now work cooperatively alongside the Region of Emilia-Romagna to reach the required agreements for a mineral title that would then allow the company to drill its planned appraisal wells.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
Strategic Natural Resources (SNR) said its 74% owned South African subsidiary Elitheni Coal has identified around 53m tonnes of additional coal resources in its Phase 1-4 exploration areas which will be added to the existing 150 million tonnes modelled and independently verified by Golder Associates in 2010. SNR revealed that it is engaged in active negotiation on the finalisation of its funding programme, which is being structured in order to allow SNR to deliver the first coal shipments to Trasteel, the Swiss trader of steel related products, by the middle of 2012.
