(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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Rainbow Rare Earths Ltd - rare earth element mining in Burundi, East Africa - Says operating costs in Burundi being minimised, as a government-enforced suspension of trial mining work at Gakara project continues. Rainbow says "vast majority" of staff placed on suspension. Says no "significant impact" on company's cash flow forecasts. Rainbow Rare Earths says Burundi government's primary concern relates to pricing of rare earth mineral concentrate sold by local unit Rainbow Mining Burundi SM. Company says this concern was addressed in an independent report back in July 2019. Rainbow Rare adds: "Rainbow notes that the ongoing suspension contravenes Burundi law and has been imposed without due and proper process. For example, the government has never provided credible, data-based alternative prices for the concentrate exported or any alternative credible third-party analysis of grades from the samples they hold for each batch exported to date."
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Berkeley Energia Ltd - clean energy company focused on bringing its wholly owned Salamanca project in Spain into production - Takes further action to try to overturn unfavourable decision by Spain's Nuclear Safety Council at Berkeley's planned uranium mine. In July, the Spanish watchdog blocked Berkeley's planned uranium mine in Salamanca due to safety concerns. "Berkeley has submitted further documentation to the Ministry for the Ecological Transition & the Demographic Challenge in which the company, with strongly supported arguments, dismantles all of the technical issues used by the NSC as justification to issue the unfavourable report," company says. Berkeley Energia says the planned project is "compliant" with regulatory rules, despite Nuclear Safety Council's unfavourable verdict.
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Goldplat PLC - Africa-focused gold producer - Says operating profit in year that ended June 30 falls 17% to GBP5.3 million from GBP6.4 million. In fourth quarter alone, profit falls 58% year-on-year to GBP1.1 million from GBP2.5 million. "I am pleased to report continued profitability in the group and expect returns in the first quarter of the current financial year in South Africa to benefit from the sale of the stockpile of gravity concentrates at the year end. The regular supply into Ghana remains encouraging, but even more so the increased engagement in neighbouring countries creating the potential of future supply," Chief Executive Werner Klingenberg says.
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SDX Energy PLC - oil and gas exploration, production and development in Morocco - Says Hanut-1 exploration well in South Disouq project has been spudded. "The Hanut prospect is estimated to contain gross unrisked mean recoverable volume of 139 billion cubic feet (23.2 million barrels of oil equivalent) with a 33% chance of success," SDX adds. SDX has a 55% working interest in well and it says it is expected to take one month to drill.
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Power Metal Resources PLC - metal exploration and development in Botswana and Canada - Says diamond drilling programme "continues at pace" at Silver Peak project in Canada. "Excellent progress has been made thus far in the 2021 diamond drilling at Silver Peak with 12 holes now completed, high core recovery and evidence that the drill core is extremely oxidised," CEO Paul Johnson says. Drilling progressing on 13th hole and Power Metal says 25 diamond drill holes are now planned.
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Hummingbird Resources PLC - gold production, development and exploration in West Africa - Says drilling results from Komana East deposit of Yanfolila gold mine in Mali extends mineralisation. Says receives results from 18 new diamond drill holes. "Our ongoing drill results continue to be very encouraging, from various deposits, and give us increasing confidence of adding life of mine potential at Yanfolila. There are multiple assays that we are awaiting results on, which we will update the market on in the coming months," CEO Dan Betts says.
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DeepMatter Group PLC - Bristol-based company focused on digitising chemistry - Teams with University of Cambridge's Innovation Centre in Digital Molecular Technologies arm. IDMT is co-funded by the university, as well as AstraZeneca PLC, Shionogi, and the European Regional Development Fund. DeepMatter to provide its DigitalGlassware cloud-based digital chemistry platform. "DeepMatter will provide its DigitalGlassware platform to iDMT as part of the development of a fully digital workflow in the discovery and development of new molecules, materials, reactions and processes," company explains.
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ICG-Longbow Senior Secured UK Property Debt Investments Ltd - UK real estate debt-related investor - Receives full GBP5.7 million payment from industrial and distribution property firm Halycon following a refinancing. Also receives partial GBP1.7 million prepayment of loan to Quattro following a refinancing of portfolio properties. Quattro's properties are mixed-use assets. To announce plans for capital distribution for investors in "due course".
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Maestrano Group PLC - London-based software firm - Wins deal with Network Rail High Speed, a unit of Network Rail Infrastructure Ltd. Network Network Rail Infrastructure manages the UK's only high speed rail line. Maestrano's specialist rail analytics unit Cordel wins a five-month proof of concept pact. Company says: "As part of the POC contract, Cordel hardware, including the Cordel LiDAR scanner and machine vision cameras, will be mounted on a multi-purpose rail vehicle (MPV)." Maestrano says the system will spot any "out-of-course movements" in overhead wiring above the trains.
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By Eric Cunha; ericcunha@alliancenews.com
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