Avocet Mining (LON:AVM) says a temporary agreement has been reached in connection with the gold seizure at the group's Inata gold mine in Burkina Faso.
The group says that as a result, the gold under seizure will be released, workers have returned to site and gold sales and production will recommence over the coming days.
Under the terms of this agreement, Societe des Mines de Belahouro - the group subsidiary which owns the Inata gold mine - will work with the ex-workers to agree a final settlement over the next 30 days. If a settlement is not reached within the next 30 days, there remains a risk that production and gold sales will need to be suspended again if there was any risk of further gold seizures.
The company intends that, with the resumption of gold sales, payment of management fees by SMB to the company will also recommence, without which the company would need to obtain third party funding in order to meet its head office and corporate costs falling due in December.
If no funding were obtained either from Inata or a third party, as announced previously, it is likely that the Company will enter an insolvency process, in which circumstance it is highly unlikely that any value will remain for shareholders.
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Regency Mines (LON:RGM) has signed a Heads of Terms to acquire a significant shareholding in Carbon Minerals Corporation, which has itself entered into an agreement to acquire the Rosa metallurgical coal mine in Alabama.
- Regency has signed a conditional binding Heads of Terms to acquire a 20% shareholding in CMC, a special purpose company formed to hold the Rosa Mine which is being acquired for an aggregate consideration of US$1.65 million payable $25,000 monthly plus a royalty per ton produced;
- Regency to pay an initial refundable cash deposit of £50,000 with a further £200,000 due after due diligence and completion of a shareholders' agreement, expected to be on or before 23 December 2016;
- The Rosa Mine received in 2010 a NI 43-101 report prepared by McGehee Engineering Corporation stating that Phase 1 of the Rosa Mine project contained Proven Reserves of 453,000 tons of coal at an average 14,070 BTU/lb with 5.14% average moisture content and 4.45% average ash content;
- Assumptions to be tested as part of the due diligence include that CMC will start coal production at Rosa Mine within three months and will before then utilise the preparation plant on site to wash coal on behalf of third parties.
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Central Rand Gold (LON:CRND) has given an update on shareholder loans which are being used to meet the company's near-term funding requirements while it continues to pursue a strategic investment with an existing shareholder of up to US$4,000,000.
The update says: "The board of directors of Central Rand Gold is pleased to announce that as a prepayment to the strategic investment, on 1 August 2016 Central Rand Gold received an unsecured loan of US$500,000 from Mr Jiabang Wang, an existing shareholder in the company. The Wang loan, which carries a zero interest coupon and has an indefinite term, is currently partially drawn as from 4 August 2016.
"In addition, on 1 August 2016, the company received a further unsecured loan of US$98,000 from Mrs Jiang Hong Zhu, an existing shareholder in the Company. The Zhu Loan, which carries a zero interest coupon and has an indefinite term, is also currently partially drawn.
"The Wang Loan and the Zhu Loan are being used to meet Central Rand Gold's near-term funding requirements and to provide additional working capital to the company. The company will update shareholders upon finalisation of the strategic investment, which remains subject to amendment and binding documentation. It is currently anticipated that the Wang loan will be incorporated into the strategic investment. However, no assurances can be given with respect to the finalisation of the strategic investment at this stage."
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A video link to the presentation given by Beowulf Mining (LON:BEM) chief executive Kurt Budge at the Avanza Bank's Borsdag yesterday and an updated corporate presentation is now available on the company's website: www.beowulfmining.com.
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BHP Billiton (LON:BLT) has approved further financial support for Samarco.
The amount of US$181 million has been approved to fund the remediation and compensation programs identified under the framework agreement which the Renova Foundation governs and oversees.
This amount will be offset against the group's provision of US$1.2 billion, recognised as at 30 June 2016.
In addition, a short-term facility of up to US$115 million will be made available to Samarco to carry out remediation and stabilisation work and to support Samarco's operations.
Funds will be released to Samarco only as required and subject to the achievement of key milestones. The short-term facility allows BHP Billiton Brasil to preserve the value of its investment as options for restart continue to be assessed.
A statement says: "A restart of Samarco operations is important for Samarco, BHP Billiton Brasil, Vale, the local communities and for the Brazilian economy. Restart will occur only if it is safe and economic to do so and the necessary approvals have been obtained from Brazilian authorities. BHP Billiton Brasil continues to work through options for restart with Vale and Samarco."
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Pan African (LON:PAF) has confirmed that all resolutions proposed at its annual general meeting today were passed.
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Coal of Africa Limited (LON:CZA) has confirmed that all resolutions put to the annual general meeting early today were passed unanimously by a show of hands.
(LON:AVM) Avocet Mining PLC share price was +9.26p at 59.88p
(LON:BEM) Beowulf Mining PLC share price was 0p at 5p
(LON:BKY) Berkeley Energia Ltd share price was -0.5p at 44.25p
(LON:BLT) BHP Billiton PLC share price was -6.75p at 1354.25p
(LON:CEY) Centamin PLC share price was -2.35p at 128.55p
(LON:CHL) Churchill Mining PLC share price was -0.88p at 34.5p
(LON:CRND) Central Rand Gold Ltd share price was +0.04p at 1.22p
(LON:CZA) Coal of Africa Ltd share price was -0.23p at 3.48p
(LON:FDI) Firestone Diamonds PLC share price was -1.63p at 49.75p
(LON:FRES) Fresnillo PLC share price was -9.5p at 1234.5p
(LON:GEMD) Gem Diamonds Ltd share price was -2.87p at 108.38p
(LON:HOC) Hochschild Mining PLC share price was +0.2p at 209.4p
(LON:KMR) Kenmare Resources PLC share price was +0.5p at 245p
(LON:RGM) Regency Mines PLC share price was +0.05p at 0.53p
(LON:VED) Vedanta Resources PLC share price was +2.5p at 874p