Edge Resources, an oil and gas exploration, development and production company, has purchased two undeveloped sections of land covering 1,280 acres for a cash payment of 60,000 dollars and a non-convertible overriding royalty of three per cent. The transaction was made at the start of June this year. "These two sections fit perfectly within our existing asset, where we have now created a large, enviable land position," the firm said.
CIC, the consulting and advisory firm operating primarily in the mining and energy infrastructure sectors, has reported that following a 48-day leaching period, the Shanba gold mine in China has produced 3,825 ounces gold, with a further three-heap leach due to complete final leaching in the near future. A total of 4,790 ounces gold has been produced to date. The company is planning to cover the mine and processing equipment costs, which are expected to total $8.3m, from initial gold production. Once these are paid the company will receive a diviend from Shanba, although shareholders will have the choice to fund increased oxide gold production at its various gold leases.
Orsu Metals has announced it is to sell its 40% interest in its Talas gold-copper-molybdenum project in the Kyrgyz Republic to a wholly owned subsidiary of Gold Fields $10m. It also unveiled plans to raise CAD$10m through an agreed subscription for 25m units at 40cents each. The proceeds of both will fund Orsu's equity portion of the Karchiga Project capital expenditure. The Gold Fields group currently owns a 60% interest in the Talas Project and is the project's operator. Orsu has sold the interest as part of its plan to focus on bringing its 94.75% owned Karchiga Volcanogenic Massive Sulphide copper project in north eastern Kazakhstan into production as soon as possible.
Resources investment firm Creon has entered into a joint venture with a multi-billion dollar China based shipbuilding giant, Yangzijiang Shipbuilding, in the offshore oil and gas infrastructure sector. Under the terms of the JV, Creon and YZJ Holdings will each invest into the joint venture company, YZJ Offshore Engineering, a Singapore registered company. Creon will invest $15.33m, with YZJ Holdings and its associates investing a further $14.67m. As at June 30th 2012, YZJ Offshore had net assets of around $2.85m and made an operating loss of around $0.15m in the six month period to June 30th 2012.
Northern Petroleum has announced that operations have begun on the second well on the Guyane Maritime permit, following an oil discovery in late 2011. Drilling is expected to last three months and the operator, Shell, hopes to discover a reserve of at least 300m barrels of oil. The Exploration Director of Tullow, which also has a stake in the firm, was quoted in the New York Times as having said the field could be larger than Jubilee, with 1bn barrels or more of recoverable oil. Northern has a 50% interest in Northpet Investment, which holds a 2.5% stake in the interest offshore Guyane.
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