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TRADING UPDATES: Kazera begins tantalum exports; Cloudbreak fundraises

Tue, 19th Jul 2022 22:02

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

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City of London Investment Group PLC - specialist asset manager offering institutional and retail products investing in closed-end funds - In the year to June 30, says funds under management were USD9.22 billion, down year-on-year from USD11.45 billion. Says investment performance was behind its benchmarks for the bulk of its assets " due to a combination of country allocation in the Emerging Market strategy and net asset value performance at the underlying closed-end funds in the International and Opportunistic Value strategies". Notes its equity and fixed-income strategies outperformed market indices, but US equity trailed the benchmark. Proposes final dividend of 22 pence per share, unchanged from prior year, bringing total for the year to 46.5p, up from 33p a year before. Will announce full results on September 19.

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Horizonte Minerals PLC - nickel company focused on Brazil - Signs community development agreement for Araguiaia project to train people in skills needed for its construction. Will work with SENAI, a Brazilian industrial training provider. "In partnership with SENAI, it is our objective to up-skill local community members in industry-certified, market-ready, transferable industrial skills, such as welding and electro-mechanical construction. With these enhanced skill sets, host community members will have greater opportunities to participate in the direct and indirect mine workforce; the potential to supply goods and services to mining and broader industry through locally operated companies; and, most importantly, to strengthen the creation of vibrant regional communities," Chief Executive Officer Jeremy Martin.

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Kazera Global PLC - diamonds and rare earths explorer in South Africa and Namibia - Completes installation of pan plat at its Alexander Bay diamond mine, removing reliance on external parties for the processing of diamonds. Also announces it can begin export commercial deliveries of tantalum to its Chinese partner from its wholy-owned mine at Tantalite Valley, Namibia. Follows achievement of tantalum grades at acceptable commercial levels. Will also upgrade its plant further to boost production volumes. "Having got our grades to where we want them, we can now work on substantially boosting Tantalum production in the near future. Exporting our first commercial batch of Tantalum is great news and will considerably boost the morale of all our stakeholders including our team in Namibia, as well as generating revenue," says CEO Dennis Edmonds.

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Wheaton Precious Metals Corp - Vancouver-based investor in precious metal mining through royalty and streaming deals - Adds sustainability-linked element to its existing undrawn USD2 billion revolving credit facility. Also extends the maturity date of the RCF by one year to July, 2027. The facility is now linked key performance indicators related to its sustainability goals. "It is the right thing to do, and we hope to see more of our peers in the streaming and mining industry do the same," says CEO Randy Smallwood.

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Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Raises GBP585,625 via placing of GBP60,000 and subscription of GBP525,625, issuing 26.0 million new shares at a placing price of 2.25 pence each. "The proceeds of the fundraise will be used to support the company's immediate objective of developing its existing portfolio of assets and interests and acquiring suitable additions including lithium assets and bauxite projects globally, as well as cover operational costs generally," the firm says.

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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Notes announcement from portfolio company Immunocore Holdings PLC that it agrees to sell 3.7 million shares, consisting of 2.0 million American depository shares and 1.7 million ordinary shares, to investors via a private investment in public equity financing. The agreed sale price is USD37.50. Immunocore will raise around USD140 million in total. RTW says it participated in the financing round . It previously participated in Immunocore's series C financing round in January last year, and subsequently its IPO financing last February.

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Power Metal Resources PLC - London-based metals exploration company focused in North America, Africa and Australia - Notes update from 83% owned subsidiary, Golden Metal Resources, which is planning to float in London. Golden Metal has simplified the holding structure of the Pilot Mountain project, now owning 100% of the two US private companies that hold the project. Completes re-registration to a public limited company, receives pre-IPO funds in full, and progresses key technical work streams. All these developments set the stage for the company's IPO. "Since our last report earlier this year Golden Metal has made extensive progress and is now in the final stages of preparation for its planned listing... We look forward to Golden Metal taking the final steps towards its planned listing in the London capital markets, where we believe it will attract considerable investment interest," says Power Metal Resources CEO Oliver Friesen.

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Tungsten West PLC - Owner and operator of Hemerdon tungsten and tin mine in Plymouth - Aims to restart production at Hemerdon mine in the first half of 2023, following its new development plan. Announces CEO Max Denning will leave his role with immediate effect, with Executive Vice-Chair Mark Thompson to assume his responsibilities. Thompson is a co-founder of the company, currently serving as a director of TSX listed Meridian Mining and an advisor to LSE listed First Tin PLC.

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By Elizabeth Winter; elizabethwinter@alliancenews.com