Shares in Latin America-focused gold miner Minera IRL fell on Monday after the group announced that revenues and profits in the second quarter slipped year-on-year on the back of a decline in production due to anticipated lower grades.
Gold sales of 6,889 ounces were ahead of management's expectations, but still short of the 8,688 ounces mined in the second quarter of 2011. While the average realised gold price improved from $1,513 an ounce to $1,611 an ounce, total revenue during the period fell from $13.2m to $11.1m. Meanwhile, gross profit fell from $6.5m to $4.1m. The company is continuing to develop its flagship project, Ollachea, in southern Peru; this is due for completion in the fourth quarter. Shares were down 1.67% at 44.25p.
Plastic waste recycling group Environmental Recycling Technologies (ERT) has granted a licence to Brownwater Plastics which will see the latter pay ERT annual royalties based on sales of barge covers and components made using its Power Impression Moulding (PIM). PIM is ERT's patented process of converting mixed waste plastics into commercially viable products.
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Roger Baynham, ERT's Managing Director, said: "We are delighted to have signed this licensing agreement with Brownwater Plastics, which further demonstrates the range of industry and geographic markets which offer opportunity for the PIM process." Shares jumped 15.94% to 2.0p on Monday afternoon.
Byotrol, the anti-micorbial hygiene company, was also a high riser today with shares jumping 19.15% to 7.0p after announcing a "landmark agreement" with Kimberly-Clark Corporation. Byotrol Consumer Products (BCP), 50% owned by Byotrol, has agreed to enter into a full licensing agreement with Kimberly-Clark; details however are not being disclosed at this time.
"This collaboration has been a significant step in developing Byotrol technology and we see this as a starting point to explore further potential," said Chief Executive Gary Millar. "Byotrol technology offers a unique advantage in the highly competitive global hygiene market.We are confident that this distinguishing quality will make Byotrol a market leader."
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