Richland Resources mine gets 30 year life extension
Richland Resources, the coloured gem stone miner, says new tests have indicated the life of its Mereleni mine in Tanzania could be extended by 30 years.
Richland Resources, the coloured gem stone miner, says new tests have indicated the life of its Mereleni mine in Tanzania could be extended by 30 years.
The total indicated resource of the mine is now estimated at 105 million carats up from the previously thought 72 million carats.
Between 2004 and 2011 the mine produced over 11.5 million carats from around 266,000 tonnes of material.
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
The new tests have made the asset "JORC compliant", which means it conforms to internationally recognised measurement standards.
Richmland shares have jumped 9.6% in morning trading. Over the past year the stock has gained 29%.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Best funds to add to your ISA or SIPP before the Budget
With Labour expected to increase taxes, ISAs and SIPPs could be a great way to protect yourself from CGT hikes. We look at the best funds to buy now
By Katie Williams Published
-
Starling Bank slapped with £29 million fine over ‘shockingly lax’ financial crime controls
The Financial Conduct Authority has fined Starling Bank £29 million over failings related to financial crime and its financial sanctions screenings
By Kalpana Fitzpatrick Published