PepinNini Minerals Limited (PNN) and Rio Tinto Exploration Pty Limited have entered into a Farm-in and Joint Venture agreement related to three exploration licences considered prospective for Nickel Copper Sulphide mineralisation and other commodities within the Musgrave Province of South Australia. PepinNini said Rio Tinto had granted it the right to farm-in to the tenements by the fulfilment of certain work and expenditure obligations in relation to exploring for all minerals. The two companies have agreed that if PepinNini completes these obligations satisfactorily they would form an unincorporated joint venture for the purpose of conducting further exploration and undertaking development and mining. The agreement remains subject to consent from the Minister of Mineral Resources and Development (SA) and traditional land owners.
Rocklands Richfield Limited (RCI) and Chinese based Sino-Global Shipping America Ltd. have put their proposed joint venture on hold for the time being. In a statement released today, Rocklands said the establishment of a joint venture company to serve as a shipping operator for cargoes carrying imported goods to China would not proceed for now. The energy company added that joint venture discussions could be revisited again when financial and economic conditions improve.
Kagara Limited (KZL) announced the institutional component of its capital raising has closed after raising approximately $91 million. The zinc and copper producer said there was a higher proportion of the register than expected included in the offer, resulting in the proceeds being greater than previously announced. Meanwhile, The retail component of the offer has now been underwritten to approximately $37 million to raise up to a maximum of approximately $86 million. Kagara said it would open on Tuesday 16 June on a 1 for 1 basis and at $0.60 per share.
Eromanga Uranium Limited (ERO) shares soared over 22% after the miner acquired north Queensland gold mine Georgetown Alluvial for $2.65 million. The company said the purchase includes 13 granted mining leases, all fully permitted and “production ready”. Eromanga said the current mining operations have the capacity to generate gold production revenues in excess of $2 million per annum at $1,200 an ounce of gold. The company believes the project had potential to delineate, with further exploration, alluvial gold resources of 40,000-45,000 ounces, within granted mining leases. The acquisition was achieved within the company’s available cash reserves and without recourse to debt.
Adelaide Brighton Limited (ABC) has decided to increase the funds accepted from its share purchase plan (“SPP”) to approximately $28.5 million, almost double the $15 million initially sought. The company said the SPP was heavily oversubscribed with applications being received from eligible shareholders for approximately $57 million worth of Adelaide Brighton shares. Adelaide Brighton said given the number and amount of applications received, a scale back of approximately 50% of the total value of applications received would be necessary. The company added that each applicant would be treated equally and scaled back on a pro rata basis based on the size of their application subject to each applicant receiving a minimum of approximately $1,000 worth of shares.
OneSteel Limited (OST) said its Chief Financial Officer, Tony Reeves had resigned from the company. Mr Reeves would leave in December after eight years in the role the steelmaker said. The company said that a new CFO had not been appointed, however an internal and external search would begin immediately. OneSteel's CEO, Mr Geoff Plummer said that Mr Reeves had served the company with distinction as a member of OneSteel's executive team.
AngloGold Ashanti Limited (AGG) and Thani Dubai Mining Limited have formed an alliance to explore, develop and operate mines across the Middle East and parts of North Africa. Both companies would have a 50% interest in the alliance, which would explore for gold, precious and base metals. The South African based AngloGold said Thani has extensive knowledge of developing resource businesses in the Middle East and Africa, long standing and high level relationships with national governments and major industry players. The company said the board would comprise equal numbers from AngloGold Ashanti and Thani. Under the terms of the agreement AngloGold would develop, manage and operate any subsequent mining operations. The alliance said it has already identified opportunities in the region and an evaluation process is currently in progress.
