Noble Mineral Group Limited (NMG) announced that it has acquired a 100 square kilometre gold mine in Ghana from Central African Gold Ghana Limited. Noble said it would fund the purchase through a $5.4 million share placement at 27 cents per share to existing shareholders. The junior miner said the acquisition would “immediately transform the company into a substantial producer.”
Aquarius Platinum Limited (AQP) revealed it successfully offered US$250 million of convertible bonds due 2015. The company said the proceeds would be utilised in funding the ZAR 650 million bonds and future business opportunities. Aquarius said under the offering the bonds would have a coupon of 4% per annum, with an initial conversion price of US$6.773 per share representing a 22.5% premium of volume weighted average price.
Eromanga Uranium Limited (ERO) said drilling would begin at the Nackara Arc Gold Project, northeast of Adelaide, by the end of next week. The company said the first phase of drill-testing would test the surface anomaly it identified at the Hillside Prospect. About four months ago Eromanga announced the discovery of a 450-metre-long surface gold anomaly open on two sides at Hillside, with peak gold values up to 100 times regular background values.
Globe Metals & Mining Limited (GBE) said it has entered into a joint venture agreement to acquire up to 80% interest in the Machinga Rare Earth Project from Resource Star Limited (RSL). Globe said the project appears to be endowed with some of the high value rare earths, such as dysprosium. Additionally, the company said the niobium and tantalum grades are very high. Globe said it would sole fund exploration, up to the completion of a feasibility study, and in doing so earn staged equity through the achievement of defined exploration and assessment hurdles over a maximum eight-year period.
China Yunnan Copper Australia Limited (CYU) announced it has entered into a farm-in and joint venture agreement with ActivEX Limited (AIV) to explore ActivEX’s Pentland Project in North Queensland for large tonnage, intrusive style gold mineralisation. China Yunnan said the joint venture would lead to early drilling of the Mt Remarkable and Norwood prospects in the March quarter of 2010. China Yunnan has agreed to farm-in to the Pentland Project area and can earn up to a 70% interest in the project area by spending $3 million over the next 5 years in a two-stage earn-in.
Beach Petroleum Limited (BPT) said it could produce its first international oil production in the first half of next year following successful oil well flow rates from its offshore Gulf of Suez project. The company said the NS377-3 oil field development well in the North Shadwan block had flowed at rates up to 1,400 barrels of oil per day (bopd), pointing to likely initial production rates of approximately 1,500 to 2,000 bopd. Beach said the well is the first development well in the NS377 and NS385 oil fields in the North Shadwan block, in which Beach has a 20% joint venture interest. The company said the project is on target to achieve first production by the June quarter of 2010.
WorleyParsons Limited (WOR) said the Tennessee Valley Authority (“TVA”) Board had awarded a contract to GUBMK Constructors, a joint venture of WorleyParsons, Williams Plant Services and URS Corporation’s Washington Division, for maintenance and modification construction services at TVA’s electric generation facilities, including seven coal-fired power plants in Tennessee. The contract has a base term of five years and worth up to $1 billion.
