Mining Roundup

Beowulf Mining (LON:BEM), the mineral exploration and development company focused on the Kallak magnetite iron ore project and the Atvidaberg polymetallic exploration licence in Sweden, and its graphite portfolio in Finland, clarifies that the forestry works being undertaken near Kallak are nothing to do with the company.

The company will continue to update shareholders on Kallak when there is meaningful information to disclose, and a requirement to do so.

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Caledonia Mining’s (LON:CMCL) board has declared a quarterly dividend of 1.375 cents per share.

Chief executive Steve Curtis said: “2016 has been a significant year for Caledonia with the investment in production capacity below 750m at the Blanket Mine beginning to bear fruit.

“The continued payment of dividends to our shareholders is a key component of our strategy as we invest in future production growth and we are particularly proud of being able to continue to pay a healthy dividend whilst we invest in expanding production. I am confident that as gold production continues to increase at the Blanket Mine as a result of our investment plan, the cost per ounce of gold produced will continue to fall.

“We look forward to an equally significant 2017 as we target 60,000 ounces of production from the Blanket mine as we continue our progress towards the annual production of 80,000 ounces by 2021.

“Caledonia remains committed to distributing cash to shareholders whilst simultaneously retaining a robust balance sheet to enable us to take advantage of further investment opportunities.”

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Nyota Minerals (LON:NYO) has conditionally agreed to sell its 70% interest in KEC Exploration (KEC) to Christopher Reindler, its minority shareholder and a director of KEC, or his nominee, subject to the approval of shareholders.

KEC controls the various tenements in Italy that comprise the Ivrea Nickel Project. Following completion of the Disposal, the Company will have no further operating businesses or investments and will be a cash shell under the AIM Rules.

As previously announced, the Ivrea Nickel Project is still at a very early stage and will require substantial capital investment to continue the exploration programme and to develop the tenements, which is not currently available to the Company.

The Board had resolved not to contribute further cash to the expansion of the original tenements and to seek a buyer of the Company’s interest, failing which it would consider relinquishing its interest in the licences.

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Regency Mines (LON:RGM) said all resolutions were passed at its AGM on Dec. 30.

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The sector’s biggest riser was GoldStone Resources (LON:GRL) – up by more than 23.9% in late trading – while the biggest faller was Alexander Mining (LON:AXM) – down by over 12%.

At 4:18pm:

(LON:BEM) Beowulf Mining PLC share price was +0.63p at 6.25p

(LON:BKY) Berkeley Energia Ltd share price was +3.5p at 58p

(LON:CEY) Centamin PLC share price was -1.55p at 136.95p

(LON:CMCL) Caledonia Mining Corp share price was +6p at 89p

(LON:CZA) Coal of Africa Ltd share price was +0.05p at 3.55p

(LON:FDI) Firestone Diamonds PLC share price was -1p at 51p

(LON:FRES) Fresnillo PLC share price was +39.5p at 1260.5p

(LON:GEMD) Gem Diamonds Ltd share price was +0.25p at 110.25p

(LON:GRL) GoldStone Resources Ltd share price was +0.28p at 1.43p

(LON:HOC) Hochschild Mining PLC share price was +0.75p at 212.25p

(LON:KMR) Kenmare Resources PLC share price was -6.12p at 244.88p

(LON:RGM) Regency Mines PLC share price was 0p at 0.4p

(LON:VED) Vedanta Resources PLC share price was +42.5p at 922p

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