Rio Tinto PLC (LON:RIO)(ASX:RIO) has entered into a binding Heads of Agreement with its partner Turquoise Hill Resources in regard to an updated funding plan for the completion of the underground portion of the huge Oyu Tolgoi copper project in Mongolia.
The plan addresses the estimated remaining known funding requirement of approximately US$2.3bn, building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and Turquoise Hill previously entered into on 9 September 2020.
Oyu Tolgoi has been the subject of intense pressures in recent months, as scheduling delays have pushed out the financial projections for return on capital.
Anglo American PLC (LON:AAL) said it will spin off its thermal coal operations in South Africa, helping the group move closer towards its commitment to be carbon neutral by 2040.
Subject to the approval of Anglo American’s shareholders on May 5, the thermal coal operations in South Africa will be transferred to a new holding company, Thungela Resources Ltd, which will have a primary listing on the Johannesburg Stock Exchange and a standard listing in London.
IronRidge Resources Ltd (LON:IRR) said it has strengthened its management team through the appointment of Mark Schild as full-time Group Financial Controller. The minerals exploration firm said the appointment is in line with its strategy to perform all management and administrative services in house.
Tirupati Graphite PLC (LON:TGR) said production and sales from its Sahamamy deposit in Madagascar ran at record levels during the first three months of 2021. Sales of high-quality flake graphite were above 97% of nameplate capacity of 3,000 tonnes a year, added the London standard listed group.
ECR Minerals PLC (LON:ECR), the gold exploration and development company focussed on Australia, has raised £2mln through a share placing. The shares were placed at 2.2p. Shares in ECR Minerals were trading at 2.33p in early deals on Friday, down 9.7% in the day.
Caledonia Mining Corporation PLC (LON:CMCL, NYSE:CMCL) lifted its quarterly dividend for the fifth time in 18 months and said it is confident of making further increases based on its outlook for the business. It plans to pay a quarterly dividend of 12 US cents, a 75% rise since the first dividend increase in October 2019 and 1 US cent higher than the payout in the previous quarter.
Power Metal Resources PLC (LON:POW) said significant nickel intersections were hit by KKME 1-6, the first hole of a drilling programme at Molopo Farms in Botswana. Assay results showed five intersections including 16.7m at 0.16% Ni from 501.8m down and 4.1m at 0.49% Ni from 309m.
Landore Resources Limited (LON:LND) said it has disposed of its 30% interest in the West Graham property in Ontario, Canada, to SPC Nickel Corp (CVE:SPC). Under the terms of the disposal, Landore said it will receive C$250,000 in cash, a 1% net smelter return royalty on the project and 1mln warrants in SPC Nickel,
Trident Royalties PLC (LON:TRR, FSX:5KVlc) said it completed the acquisition of a set of copper royalties over the Pukaqaqa copper project in Peru. Last December, Trident announced it had agreed to buy the existing copper royalties (the “Royalty Package”) from Orion Resource Partners in a US$3.0mln share deal.
Caerus Mineral Resources PLC (LON:CMRS) acquired a private, Cypriot-registered exploration and mining company, giving it a further suite of advanced copper-gold exploration licences in the Republic of Cyprus. Caerus Minerals has agreed to pay £750,000, via the issue of new shares, for PR Ploutonic Resources Ltd (PRL) and its licences.
Zanaga Iron Ore Company (LON:ZIOC) said the re-costing exercise of Stage One of the Zanaga iron ore development project is being completed and is expected to be concluded around the middle of this month.
Oriole Resources PLC (LON:ORR) said it acquired a controlling stake in local holding company Reservoir…