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EARNINGS AND TRADING: East Star, Getech strike Kazakhstan JV

Thu, 29th Feb 2024 19:42

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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East Star Resources PLC - Kazakhstan-focused gold and copper exploration and development company - Enters into joint-venture agreement with fellow London listing Getech Group PLC. JV concerns exploration of "sediment-hosted copper deposits in Kazakhstan". East Star says: "Getech will deploy its unique data set, geoscience expertise, AI-driven analytics, and extensive GIS capabilities, to carry out initial targeting in return for an option to obtain 5% of the JV company upon the granting of an exploration licence within the outlined area of interest. East Star will provide on-the-ground logistics and project management including licence procurement, as well as geological expertise led by East Star director, Chris van Wijk." Getech says pact is firm "implementing its equity participation strategy".

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Resolute Mining Ltd - Africa-focused gold miner - Revenue in 2023 totals USD631.1 million, down 3.1% from USD651.1 million. Swings to pretax profit of USD188.0 million from loss of USD14.1 million. Choef Executive Terry Holohan adds: "In 2023 we returned to profitability showing the results of our ongoing business turnaround. During the year we became cash positive, declared a maiden ore reserve at Syama North and approved the first phase of expansion at Syama." The CEO continues: "Our key focus for 2024 is to continue the sustainable reduction in costs across the group, deliver the Syama phase I expansion and progress a near-mine satellite resource to extend the Mako mine beyond 2026."

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Bens Creek Group PLC - owner and operator of metallurgical coal mines across the US, including the 10,000-acre Bens Creek mining project in West Virginia - Inks pact with largest shareholder Avani Resources Pte Ltd for delivery of 400,000 tonnes of coal. Bens Creek says: "The delivery of the coal is expected to be made over 12 months, subject to any train delays, starting from 1 April 2024 unless otherwise mutually agreed between Bens Creek and Avani. It is the intention of the parties to supply three to five trains per month, subject to levels of coal production and train availability." Coal is being bought by Avani at "prevailing market rates".

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Zephyr Energy PLC - oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountain region of the US - Says fourth-quarter output averages 1,053 barrels of oil equivalent per day, a rise of 7% quarter-on-quarter. Output for 2023 was below forecast, however, albeit only "marginally". It records output of 1,040 boepd, versus a 1,150 boepd forecast. For 2023, expects revenue of USD26.3 million "of which it is expected more than 90% is made up of oil sales".

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Coro Energy PLC - South East Asian energy company - Notes claiming damages of EUR300,000 "for the capital and related costs" for replacement of equipment, as well as EUR7 million in further "consequential losses" amid claim against Italian contractor. Claim is in relation to cessation of production at the Bezzecca field in Italy. "The company alleges that the original construction at Bezzecca lacked an effective cathodic protection system which was required to avoid corrosion, which ultimately led to the shut-in of gas production at the Bezzecca field in March 2020 for safety and environmental reasons. Production at Bezzecca was re-established in November 2022," Coro says. It adds: "The judge has set the first hearing for 5 June 2024, before which various supplementary memorandums are required to be filed by both sides. Further updates will be provided as necessary."

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Amaroq Minerals Ltd - mining company focused on gold and energy-transition mineral assets in southern Greenland - Says drilling confirms "presence of high tenor mineralisation, typical of a high grade nickel-copper deposits" at Stendalen project. Chief Executive Officer Eldur Olafsson says: "A new mineral discovery such as that seen at Stendalen is the culmination of many years of hard work by the Amaroq geological team, and is testament to our belief that South Greenland holds exceptional opportunities to host world class deposits. The discovery of strategic metals such as copper and nickel, critical for the energy transition, in a region with such a strong geopolitical position, cannot be overstated. These initial results give us the confidence to deploy a larger proportion of the company's Gardaq JV fully funded 3 year exploration programme to this project during 2024 and beyond."

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Thor Energy PLC - US and Australia-focused mineral exploration company - Completes reverse circulation drilling program on its wholly owned Wedding Bell and Radium Mountain projects and hails results. The projects are located in the uranium-vanadium mining district of the Uravan Mineral Belt, southwest Colorado, US. "The high-grade uranium (up to 0.6%) and vanadium (1.8%) assay results confirm the high-grade nature of the Saltwash style sandstone uranium systems, within the prolific Uravan Mineral Belt. The assay results also confirm the presence of wide intervals of high-grade uranium mineralisation within a halo of vanadium mineralisation," says Nicole Galloway Warland, managing director of Thor Energy. "Whilst these 100% owned projects are uranium assets, the 10:1 vanadium-to-uranium confirms the rich vanadium endowment."

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Beacon Energy PLC - oil and gas company - Raises EUR3.0 million through issue of 5.1 million shares. "We're pleased to have completed this fundraise and thank our new and existing shareholders for their support in the process. Having attempted various low-cost remedial works to bring the SCHB-2(2.) well into production at the volumes expected from the sub-surface results of that well, it became clear that the proposed side-track would be required," says CEO Larry Bottomley. "As previously guided, based on the excellent reservoir properties and light oil recovered by the well, and the higher rates of production achieved on historic wells in the area, management maintains belief that the well can produce at materially higher levels."

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EnSilica PLC - Oxfordshire, England-based semiconductor designer - Receives payment for the 2023 R&D tax credit. In its half-year results earlier in February, it said: "The board originally anticipated to receive R&D tax credit from HMRC in December 2023. While the timing of the receipt of this continues to remain outside of the company's control, this is now anticipated to be received in the first quarter of 2024."

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Arecor Therapeutics PLC - West Sussex, England-based commercial biotechnology company - Notes Ogluo glucagon prefilled autoinjector pen product launched in Netherlands to treat severe low blood sugar in adults, adolescents, and children aged two years and over living with diabetes mellitus.

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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
2 Aug 2022 14:57

IN BRIEF: Bens Creek says railway track undamaged by severe flooding

Bens Creek Group PLC - operates metallurgical coal mine in US state of West Virginia - Says the vast majority of its infrastructure is unaffected by the severe flooding experienced in the western part of the West Virginia and the Eastern Kentucky region since July 27. Says only the railway system suffered some damage to railway ties, and the volume of water having washed away ballast along several sections of the railway line. Bens Creek says the railway track itself did not suffer any damage. Says repairs to railway line have been made and passed an inspection undertaken by the rail operator yesterday, August 1.

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2 Aug 2022 14:09

Bens Creek working to recover from Appalachia flooding

(Sharecast News) - Coal mine owner Bens Creek updated the market on its infrastructure on Tuesday, following severe flooding in the western part of West Virginia and in Eastern Kentucky since 27 July.

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25 Jul 2022 14:17

IN BRIEF: Bens Creek falls on weak coal price due to Russian coal bans

Bens Creek Group PLC - operates metallurgical coal mine in US state of West Virginia - Estimates that coal production from April to July was likely to be around 80,000 clean tonnes. Anticipates monthly production from August onwards to be to roughly 40,000 clean tonnes, or 80,000 raw tonnes. This is in line with its production targets and will be enabled by underground mining, which started recently. Sold 44,000 raw tonnes to Integrity Coal Sales Inc from December to March 31. Notes the last two months have seen considerable market price volatility for coal.

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12 Jul 2022 10:27

IN BRIEF: Bens Creek hires Murat Erden as new chief financial officer

Bens Creek Group PLC - London-based mining company focused in North America - Hires ARCH Emerging Markets Partners Chair Murat Erden as its new chief financial officer, effective immediately. Bens Creek says Murat has over 25 years of experience in private equity, banking and technology. He served as the chair of private equity firm ARCH since 2018. Prior to that, he served as the CFO of NYSE-listed Turkcell, a communication and information technologies company.

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12 Jul 2022 07:45

Bens Creek names Murat Erden as CFO

(Sharecast News) - Coal mine owner Bens Creek has tapped Murat Erden to take over as chief financial officer of the group, with immediate effect.

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29 Jun 2022 14:28

IN BRIEF: Bens Creek knows no reason behind fall in share price

Bens Creek Group PLC - London-based mining company focused in North America - Notes recent drop in share price, and confirms it knows "no specific reason" for the share price movement. "The company confirms that there has been no material developments since the update released by the company on June 27 2022," the firm says.

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27 Jun 2022 14:58

IN BRIEF: Bens Creek expects boost to monthly production capacity

Bens Creek Group PLC - London-based mining company focused in North America - Says it expects an "increase in production capacity to up to 80,000 tons per month" at its two highwall miners. It says the supply of a second highwall miner by Mega Highwall Mining LLC will be completed during July this year. Bens Creek expects the second highwall miner to have a production target of between 32,000 and 40,000 tons of metallurgical coal per month.

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16 Jun 2022 18:21

IN BRIEF: Bens Creek notes favourable report on West Virginia assets

Bens Creek Group PLC - London-based mining company focused in North America - Reports updated reserve base evaluation undertaken by Marshall Miller & Associates Inc of its coal properties in Mingo County, West Virginia.

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8 Jun 2022 12:17

TRADING UPDATES: City Pub Jubilee boost; Fulham Shore fights inflation

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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6 Jun 2022 12:10

TRADING UPDATES: Nanoco ups outlook; Seeing Machines wins deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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6 May 2022 11:53

Bens Creek CFO to resign as firm seeks further independence from MBU

(Alliance News) - Bens Creek Group PLC on Friday announced steps to increase independence from its largest shareholder, MBU Group Capital Ltd.

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6 May 2022 11:46

Bens Creek working to increase independence from biggest shareholder

(Sharecast News) - North American coal miner Bens Creek Group said in an update on Friday that it was taking "a number of steps" to increase its independence from its largest shareholder MBU Group Capital.

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14 Apr 2022 21:36

TRADING UPDATES: Polar Capital assets up; Brooks Macdonald funds fall

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and Wednesday and not separately reported by Alliance News:

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14 Apr 2022 12:19

Bens Creek enters sublease to mine adjacent land

(Sharecast News) - North American coal miner Bens Creek announced on Thursday that its BC Operations subsidiary has entered into a coal sublease agreement with Star Ridge Land.

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14 Mar 2022 11:32

Bens Creek upbeat on latest production, delivery data

(Sharecast News) - North American metallurgical coal miner Bens Creek updated the market on production and deliveries on Monday, confirming completion of the first purchase order from Integrity Coal Sales of 17,000 raw tonnes - equivalent to around 9,000 clean tonnes.

Read more

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