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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Virginia - Says arrival, installation, and start of operations of highwall miner Unit 81 HWM 81 has been temporarily withdrawn from service, as the company waits for completion of repairs and the re-establishment of necessary benching after a mining incident earlier in June.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
12 May 2023 11:46

Bens Creek welcomes 30% stake purchase by Singapore's Avani Resources

(Alliance News) - Bens Creek Group PLC on Friday said Avani Resources Pte Ltd acquired just under 30% of its shares.

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12 May 2023 09:29

Singapore-based Avani buys 30pc of Bens Creek

(Sharecast News) - North American metallurgical coal miner Bens Creek announced on Friday that its largest shareholder MBU Capital Group has sold 119,218,394 existing shares to Avani Resources.

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5 May 2023 14:27

IN BRIEF: Bens Creek replacement miner equipment arrives at site

Bens Creek Group PLC - London-based owner of metallurgical coal mine in West Virginia - Confirms a replacement highwall miner equipment, unit 81, from its contractor Mega Highwall Mining LLC, has arrived at site and has begun operating.

Read more
5 May 2023 11:47

Bens Creek starts work with replacement highwall miner

(Sharecast News) - North American coal miner Bens Creek Group announced the arrival of a second highwall miner (HWM) on Friday, after it experienced issues with the initial one.

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28 Apr 2023 11:56

Bens Creek delivers 44,000 of coal to "largest" Indian steel producer

(Alliance News) - Bens Creek Group PLC on Friday said it has completed the delivery of 44,000 tonnes of coal to an Indian steel producer.

Read more
28 Apr 2023 10:55

AIM WINNERS & LOSERS: Numis rockets on takeover by Deutsche Bank

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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14 Apr 2023 10:38

IN BRIEF: Largest shareholder in Bens Creek to sell portion of stake

Bens Creek Group PLC - London-based metallurgical coal mine owner - Says it is aware its largest shareholder, MBU Capital Ltd, is in discussions to sell a portion of its shareholding at a price of 18 pence per share to an undisclosed international commodity trading business. MBU Capital holds 54% of the company. Bens Creek says the discussions are expected to result in the buyer purchasing a 30% stake of the current issued share capital of the company, and adds it is not party to the transaction. Says it is not aware of any commercial or operational reasons for movement of its share price on Thursday.

Read more
31 Mar 2023 20:32

TRADING UPDATE: Tekmar launches fund raising, Artemis Chair resigns

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

Read more
23 Mar 2023 14:23

IN BRIEF: Bens Creek says equipment arrives at coal miner after delay

Bens Creek Group PLC - owner of a metallurgical coal mine in US state of West Virginia - Says all components for a second highwall miner, unit 77 from its highwall mining contractor Mega Highwall Mining LLC, have now arrived on site following a short delay. The highwall miner has been assembled and is now only awaiting completion of its electrical fit out and testing before deployment at the mine.

Read more
9 Mar 2023 14:29

TRADING UPDATES: Forterra lifts yearly dividend on profit surge

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

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3 Mar 2023 12:56

Bens Creek says MBU converts outstanding loan facility into new stock

(Alliance News) - Bens Creek Group PLC on Thursday said MBU Capital Group Ltd exercised its right to convert the full outstanding amount of its loan facility provided to Bens Creek for new shares.

Read more
27 Feb 2023 12:19

Bens Creek agrees repayment of USD6 million convertible loan notes

(Alliance News) - Bens Creek Group PLC on Monday said it agreed repayment terms with its lender ACAM LP regarding USD6 million in outstanding unsecured convertible loan notes.

Read more
13 Jan 2023 16:52

Bens Creek confirms second highwall miner, agrees option for third

(Sharecast News) - American coal miner Bens Creek Group announced on Friday that it has signed an amendment to the agreement with its highwall mining contractor Mega Highwall Mining, to confirm the provision and delivery of a second highwall miner - unit 77 - by the end of January.

Read more
13 Jan 2023 10:21

Bens Creek shares up on delivery of second highwall miner

(Alliance News) - Bens Creek Group PLC shares were up on Friday, after it confirmed the provision and delivery of a second highwall miner, unit 77.

Read more
23 Dec 2022 14:32

IN BRIEF: Bens Creek subsidiary to buy Ben's Creek Rail for USD650,000

Bens Creek Group PLC - London-based mining company focused in North America - Says its subsidiary Ben's Creek Carbon LLC signs a deal to buy up to 100% of the membership interests in Ben's Creek Rail Holding LLC, a company currently owned by Bens Creek's largest shareholder, MBU Capital Group Ltd. The consideration payable by Bens Creek is up to USD650,000 in cash.

Read more

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