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TRADING UPDATES: New patents for Sareum; Guanajuato hails assessment

Mon, 26th Jun 2023 17:33

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

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Andrada Mining Ltd - Technology metals mining company with a portfolio of mining and exploration assets in Namibia - In the first financial quarter to May 31, notes 42% increase in contained tin metal output to 216 tonnes from 152 tonnes a year prior. Further, quarterly tin concentrate output grows 50% annually to 359 tonnes from 239 tonnes. The increase lays the foundation for sped up growth the firm expects for the balance of financial year 2024 ending in late February, Chief Executive Anthony Viljoen says. "We are committed to keeping costs within the lower range of our guidance. The completion of the tantalum circuit will introduce the initial by-product and enable Andrada to fully harness the additional revenue," he adds.

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Bens Creek Group PLC - London-based owner of a metallurgical coal mine in US state of West Virginia - Says arrival, installation, and start of operations of highwall miner Unit 81 HWM 81 has been temporarily withdrawn from service, as the company waits for completion of repairs and the re-establishment of necessary benching after a mining incident earlier in June. Meanwhile, raises USD6.5 million through its subsidiary Bens Creek Operations LLC via issuing unsecured loan notes to its largest shareholder Avani Resources Pte Ltd. Simple interest of loan notes is 15.1% per year from date of issue.

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BlueRock Diamonds PLC - South Africa-focused diamond producer - Says will not be in a position to publish its annual results for 2022 by the deadline on Friday, with its shares continuing to be suspended, as they have been since February. Company says will make further announcements "in due course as appropriate."

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Capricorn Energy PLC - upstream energy company with assets in the UK North Sea, Mexico, Suriname, Mauritania and Egypt - Reports year to date output to the end of May averages 31,500 barrels of oil equivalent per day, with full year working interest output guidance remaining at between 32,000 and 36,000 boepd. Company reports USD191 million net cash, down sharply from USD597 million at the end of 2022. Capital expenditure guidance stays at between USD155 million to USD175 million, at least 8.1% higher than USD143.4 million at the end of 2022.

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Chesterfield Resources PLC - copper and gold explorer in Cyprus and Newfoundland & Labrador, Canada - Says is in a "very stable financial condition for the foreseeable future" with no debts and very low cash outlays. Notes start of work on properties on licences at Sail Pond in Newfoundland and Adeline in Labrador, optioned via Sterling Metals Corp, a Canadian explorer.

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Guanajuato Silver Co Ltd - Mexico-focused precious metals explorer and producer - Presents results from preliminary economic assessment of El Cubo mines complex in Guanajuato in Mexico. At El Cubo, estimates 2.84 grams of inferred gold per tonne and 129,900 inferred gold ounces in total. Further, estimates 219 grams of inferred silver per tonne and 9.6 million inferred silver ounces in total. At El Pinguico, estimates 1.67 grams of underground stockpile gold per tonne and 166 grams of underground stockpile silver per tonne. Chair & Chief Executive Officer James Anderson says: "This updated PEA envisions a six-year mine life; however, El Cubo has already demonstrated a production history that has extended well over 100 years. Our goal is to continually increase mineral resources through in-fill and exploration drilling to end each year with 125% of the total resources that we started the year with; if we can achieve this, we believe that El Cubo can continue to be a significant silver producer for decades to come."

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Sareum Holdings PLC - Cambridge-based biotechnology company developing kinase inhibitors for autoimmune diseases and cancers - Hails two new granted patents. First patent relates to its lead TYK2/JAK1 kinase inhibitor, SDC-1801, granted in China. Second patent has been granted for SDC-1802 and several analogues in the US, which it says extends the scope of protection beyond immuno-oncology. Chief Scientific Officer John Reader says: "Although oncology remains the primary focus of this asset, this bulwarks our intellectual property position and gives us optionality to explore opportunities in other therapeutic areas."

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By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
28 Dec 2023 09:13

Bens Creek shares fall as interim loss widens; revenue jumps

(Alliance News) - Bens Creek Group PLC shares dropped early Thursday, after it reported that its interim loss widened on higher costs.

Read more
30 Nov 2023 15:39

IN BRIEF: Bens Creek shares up as agrees coal sale to Avani Resources

Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - Sass wholly-owned subsidiary Bens Creek Operations WV LLC agrees with Bens Creek's largest shareholder Avani Resources Pte to deliver three unit trains comprising a total of 33,000 short tons of Bens Creek High Vol B metallurgical coal. Says the delivery of the coal is expected to be made, subject to train delays, no later than the end of January. Says this sale is in addition to "existing and ongoing business". Says the coal is being purchased by Avani at a price which is "in line with current market rates for the sale and purchase of High Vol B coal" and that the quality of the coal will be "in keeping with standard production" from the Bens Creek mine. Says this agreement follows on from Avani entering into a non-exclusive sales and marketing agreement, as announced in July. Bens Creek Chief Executive Officer Adam Wilson says: "We are delighted to book our first trade with Avani. It demonstrates their ongoing commitment to the business, and it is the first step to what will, we hope, become a burgeoning and profitable partnership."

Read more
20 Oct 2023 15:44

UK shareholder meetings calendar - next 7 days

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4 Oct 2023 11:39

Bens Creek reports strong upswing in coal production

(Sharecast News) - North American metallurgical coal miner Bens Creek Group reported a substantial increase in production for the six months ended 30 September on Wednesday.

Read more
4 Oct 2023 10:12

IN BRIEF: Bens Creek shares rise as produces more metallurgical coal

Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - Produces 50,100 tonnes of metallurgical coal in September, up sharply from 17,630 tonnes a year prior, and 17% higher than 42,691 tonnes in August. For the six-month period to September 30, coal output more than doubles to 204,998 tonnes from 99,928 tonnes year-on-year. Bens Creek expects October production to rise from September. Chief Executive Officer Adam Wilson says: "With both highwall miners now in full operation the company expects to be able to continue the growth in production into the next quarter. This increased production is further enhanced by the reduction of costs per ton from June 2023, and the recent rebound in the met coal price from its lows of USD191 in August 2023 to USD238 at the current time."

Read more
29 Sep 2023 21:54

EARNINGS: Bens Creek sees "difficult" year; Challenger swings to loss

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

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20 Sep 2023 15:50

UK earnings, trading statements calendar - next 7 days

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13 Sep 2023 12:05

Bens Creek breaks clean coal production record in August

(Alliance News) - Bens Creek Group PLC on Wednesday said it recorded its highest monthly production in August, despite only having one functioning highwall miner.

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14 Aug 2023 09:49

Bens Creek highwall miner set to restart operations

(Sharecast News) - North American metallurgical coal miner Bens Creek Group announced on Monday that highwall miner unit 81 (HWM 81) is set to restart operations by 21 August.

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14 Aug 2023 09:28

IN BRIEF: Bens Creek Group highwall miner unit 81 to return to use

Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Says the highwall miner unit 81 is expected to recommence operating on Monday next week. In June, Bens Creek said arrival, installation, and start of operations of highwall miner unit 81 was temporarily withdrawn from service, as it waited for completion of repairs and the re-establishment of necessary benching after a mining incident earlier that month.

Read more
26 Jul 2023 14:18

TRADING UPDATES: NewRiver hails performance; AFC Energy gets grant

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

Read more
11 Jul 2023 14:54

Bens Creek issues $7.6m in new, unsecured loan notes

(Sharecast News) - Metallurgical coal miner Bens Creek announced the issue of $7.57m in unsecured loan notes to ACAM on Tuesday.

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11 Jul 2023 13:15

IN BRIEF: Bens Creek issues USD7.6 million of unsecured loan notes

Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Enters into unsecured loan note agreement with ACAM LP for a total subscription of USD7.6 million of loan notes, for the now cancelled USD6.0 million of convertible loan notes issued to ACAM on December 14. Loan notes have a term of 18 months, and are not convertible into company shares. Bens Creek issues ACAM with a total of 21.1 million warrants to subscribe for shares in Bens Creek exercisable at 28 pence per share. Warrants have a life of 5 years from issue date.

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7 Jul 2023 11:59

IN BRIEF: Bens Creek issues loan notes to raise USD6.5 million

Bens Creek Group PLC - Owner of a metallurgical coal mine in US state of West Virginia - Raises USD6.5 million through the issue of loan notes to shareholder Avani Resources Pte Ltd. Says loan notes have an 18-month term. Adds issue of loan notes to Avani is a related party transaction. Avani owns a 30% stake in Bens Creek. Bens Creek currently has an outstanding convertible loan note of around USD5.6 million with ACAM LP, issued in February, due for repayment by the end of summer. Proceeds of the issue of loan notes will be used to repay ACAM and for its general working capital requirements.

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