Central Rand Gold (LON:CRND) has agreed a $1m loan with Jia Bang Wang. The loan will be provided in two tranches, with the first tranche of US$500 000 having already been received by the company and a further US$500 000 becoming available on or by 31 March.
The principal and accrued interest on the loan (at the UK's prime lending rate plus 2% per annum) is repayable by the company on or by 9 July.
The board believes that the Loan will provide the company with sufficient working capital for the immediate future and for the procurement, shipping, instalment and commissioning of a Concentrator Circuit. As announced on 6 October, the company has executed an agreement to acquire Mine Waste Dumps that contain 2.3 million tonnes of gold bearing materials, with an average in-situ grade of 0.7g/t.
The company says that as previously announced, it commissioned Mill No 1 in November. Together with Mill No 3, both mills are able to provide a nameplate milling capacity of 800 tonnes per day. Subject to production downtime, the company has been processing approximately 500 tonnes of toll treatment materials per day for the past six weeks.
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Regency Mines (LON:RGM) has completed its acquisition of a significant shareholding in Carbon Minerals Corporation (CMC), a Delaware Company which has acquired the Rosa metallurgical coal mine in Alabama, in the Warrior Coal Basin.
- Regency announced on 25 November 2016 a conditional binding Heads of Terms to acquire for £250,000 a 20% shareholding in CMC which owns the Rosa Mine;
- The conditions including due diligence and the signing of a Shareholders' Agreement have been fulfilled and the transaction has completed;
- 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;
- 4,800 tons of coal has been delivered by third parties and contract washing of coal in the preparation plant has begun this week;
- Auger mining from the Rosa Mine is scheduled to begin in February 2017.
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The sector's biggest risers were North River Resources (LON:NRRP) and Kefi Minerals (LON:KEFI) - up by more than 18.5% and over 11.2% respectively in late trading. The biggest fallers were Thor Mining (LON:THR) and Alexander Mining (LON:AXM) - down by more than 4.3% and over 3.9% respectively.
(LON:BEM) Beowulf Mining PLC share price was +0.38p at 7.88p
(LON:BKY) Berkeley Energia Ltd share price was +0.25p at 61.75p
(LON:CEY) Centamin PLC share price was +3.25p at 143.95p
(LON:CRND) Central Rand Gold Ltd share price was +0.1p at 1.18p
(LON:CZA) Coal of Africa Ltd share price was +0.01p at 3.13p
(LON:FDI) Firestone Diamonds PLC share price was 0p at 50.25p
(LON:FRES) Fresnillo PLC share price was +56.5p at 1426.5p
(LON:GEMD) Gem Diamonds Ltd share price was +0.5p at 108.25p
(LON:HOC) Hochschild Mining PLC share price was +2.35p at 237.35p
(LON:KEFI) KEFI Minerals PLC share price was +0.04p at 0.4p
(LON:KMR) Kenmare Resources PLC share price was +11.63p at 272.13p
(LON:NRRP) North River Resources PLC share price was +1.25p at 8p
(LON:RGM) Regency Mines PLC share price was +0.03p at 0.45p
(LON:THR) Thor Mining PLC share price was -0.03p at 0.55p
(LON:VED) Vedanta Resources PLC share price was +14.25p at 945.25p