Kavango Resources PLC (LON:KAV) saw its shares surge in early deals after an update on its Kalahari Suture Zone (KSZ) prospect. The Botswana-focused mineral exploration company said the independent consultants report on the petrology and mineral composition of core samples from the 2019 drilling campaign confirmed two further characteristics of the geology of the KSZ that are shared by the Norilsk deposits in Russia, which host some of the world's richest mineralised zones of copper-nickel-platinum group metals. The two shares characteristics are the presence of cumulate rocks and sulphide liquid fractionation.
Immotion Group PLC (LON:IMMO) said it has launched a range of UV anti-bacterial cleaning cabinets under the Uvisan brand. The out of home virtual reality (VR) entertainment specialist said it has designed the Uvisan cabinets in response to the coronavirus pandemic, and while it had originally intended to use the product just to cleanse VR headsets at its larger partner locations, it has decided to sell the cabinets to third party companies following “numerous external commercial enquiries”. As a result, Immotion said it had seen “exceptional demand”, selling 10 cabinets in the last week including four to Chichester University, which has purchased the cabinets to protect sensitive equipment against coronavirus infection.
Jubilee Metals Group PLC (LON:JLP) chief executive Leon Coetzer said a joint venture to process up to 4mln tonnes of copper tailings in Zambia has “tremendous earnings potential”. The plan is to start with an initial 2mln tonnes of leftover material containing more than 2% copper via a processing facility that will cost US$15mln, with first production expected in the next four months. Jubilee said it expects is to add 10,000 tonnes to output per year at a cash cost of US$4,000 of the metal. Payback on the initial investment is expected in one year.
Genel Energy PLC (LON:GENL) chief executive Bill Higgs has highlighted the North Iraq-focused oil firms robust business model in its financial results for the six months ended June 30, 2020. Net production averaged 32,100 barrels of oil per day (bopd), versus 37,400 bopd in the comparative period of 2019. It generated some US$88.4mln of revenue for the six months compared to US$194.3mln in the first half of last year. Earnings (EDBITDAX) totalled US$65.1mln, from US$167.3mln in H1 2019. Genel reported a US$340mln operating loss, a US$32.2mln operating loss and a US$354.7mln net loss. Cash flow from operating activities amounted to US$85.5mln.
Anglo Asian Mining PLC (LON:AAZ) director Stephen Westhead has told investors that the company is looking forward to expediting work in the second half of the year, to deliver further positive progress in Azerbaijan. The metals explorer, in a statement, updated on its ongoing work programmes which are active in three contract areas. “Exploration of the near-surface gold targets at Gedabek are taking priority to rapidly develop mineral resources and advance mineral deposits towards production. Both Avshancli and Gilar will be explored by ground-based induced polarisation and magnetic geophysics in the second half of the year,” said Westhead, the group's director of geology & mining.
SIMEC Atlantis Energy Limited (LON:SAE) unveiled plans to raise funds to invest in a joint venture that will secure fuel supplies for its Uskmouth Power Station project as it reported a jump in 2019 results. The alternative energy group announced plans to raise around £6mln through a placing of shares at 12p a share. Existing shareholders will be able to participate in the offering via the PrimaryBid platform on a first-come, first-served basis, with any investment request over £50,000 first requiring consultation with the company. The funds from the share issue will be used to provide working capital and for investment in new fuel processing facilities via a joint venture (JV) with Dutch alternative fuels specialist N+P Group. SIMC Atlantis revenue in 2019 rose to £4.86mln from £2.22mln in 2018, with the bulk of those – £4.1mln – coming from the MeyGen project.
Savannah Resources PLC (LON:SAV) said the report commissioned from the University of Minho into the potential economic impacts of developing the Mina do Barroso Lithium Project has now been uploaded to Savannah's website. Available in Portuguese, or as an English translation, the full report and executive summaries can be found on the following pages on the site: http://www.savannahresources.com/investor-relations/presentations-and-reports/ and http://www.savannahresources.com/assets/mina-do-barroso/. In a statement, David Archer, Savannah's chief executive officer commented: "We are happy to share the Report completed by Professors Cerejeira and Carballo-Cruz from the University of Minho. We believe their excellent work brings further clarification regarding the many positive benefits that Mina do Barroso could bring.”
Bahamas Petroleum Company PLC (LON:BPC), the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, has confirmed that its merger with Columbus Energy Resources PLC, effected by means of a Court sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 was sanctioned by the Court on Wednesday. The Scheme will become effective upon the Court Order being delivered to the Registrar of Companies, which is expected to take place on or about August 7, 2020, consistent with the expected timetable of events as set out in Columbus's Scheme Document. Simon Potter, chief executive officer of Bahamas Petroleum commented: "Completion of the merger is a milestone for BPC as we move forward with our vision to create a business with a range of assets representative of each phase of our industry – a full-cycle exploration and production business.”