StockMarketWire.com - Orsu Metals Corporation's [LON:OSU] was the sector's biggest riser in late trading after it received the deposit of USD100,000 due from Karasat Trading FZE under the sale and purchase agreement for the conditional sale of the Karchiga project.

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KAZ Minerals [LON:KAZ] has confirmed that all resolutions proposed at its annual general meeting were passed.

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Rio Tinto [LON:RIO] has announced that it will reduce its near term maturing gross debt by USD1.5bn after accepting for purchase a total of USD141m of debt under its Dutch Auction Offer and USD1.359bn under its Any and All Offer.

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Churchill [LON:CHL] has issued an update on the default by Indonesia following the failure to pay its share of the fifth advance payment sought by the International Centre for the Settlement of Investment Disputes. Churchill says that overnight it has been advised by the ICSID Tribunal Secretary that a wire transfer in the sum of US$200,000 had just been received from Indonesia which ICSID understands to be the payment of Indonesia's share of the fifth advance of ICSID's fees and expenses.

The Tribunal Secretary has also advised that the sum of US$200,000 paid earlier by Churchill to address Indonesia's default will now be refunded to Churchill. By its letter dated 25 April, the ICSID Tribunal invited Indonesia to provide an explanation for its failure to pay its share of the fifth advance payment of ICSID's fees and expenses and to make any comments it may have on Churchill's Rule 42 Application by COB Monday, 9 May.

Churchill is not aware that any explanation has yet been given by Indonesia for the almost two month delay in paying its share of the fifth fee advance or for its apparent disengagement from the arbitral process.

The ICSID Tribunal has also advised that it has made good progress in its deliberations on Indonesia's Forgery Dismissal Application and will revert around mid-June with an indication of when its ruling will be issued. Churchill has reserved all rights, including (but without limitation) as to costs. Churchill chairman David Quinlivan said "We are pleased that the issuing of the ruling on Indonesia's Forgery Dismissal Application is close. Obviously it is also pleasing that, albeit belatedly, Indonesia has paid its share of the fifth advance on the Tribunal's fees. We still do not understand why Indonesia defaulted but we trust an explanation will be provided."

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Red Rock Resources [LON:RRR] said the acquisition of about 6.0m shares (9.645%) of Goldstone Resources Ltd has completed. It has issued and allotted to the vendor, ASX-quoted Unity Mining Ltd, about 21.3m new shares credited as fully paid.

In addition, Red Rock will issue to Unity Mining 21.3m options, giving the right within two years to exercise each option into a new Red Rock share at a price of 0.66 pence per share.

At the closing price of Goldstone on May 3, the value of Red Rock's holding in Goldstone was GBP233,055, versus an acquisition cost of GBP112,500.



At 3:53pm:

[LON:BEM] Beowulf Mining PLC share price was 0p at 4p

[LON:BKY] Berkeley Energia Ltd share price was 0p at 30.75p

[LON:CEY] Centamin PLC share price was -1.95p at 111.55p

[LON:CHL] Churchill Mining PLC share price was -1.38p at 19.25p

[LON:CZA] Coal of Africa Ltd share price was -0.6p at 3.55p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 29.25p

[LON:FRES] Fresnillo PLC share price was +0.5p at 1036.5p

[LON:GEMD] Gem Diamonds Ltd share price was -1.37p at 135.38p

[LON:HOC] Hochschild Mining PLC share price was -3.87p at 118.88p

[LON:KAZ] Kaz Minerals PLC share price was +2.65p at 161.15p

[LON:KMR] Kenmare Resources PLC share price was -0.06p at 0.79p

[LON:OSU] Orsu Metals Corporation share price was +0.35p at 1.63p

[LON:RIO] Rio Tinto PLC share price was +16.5p at 2118.5p

[LON:RRR] Red Rock Resources PLC share price was -0.05p at 0.53p

[LON:VED] Vedanta Resources PLC share price was +13.35p at 388.35p



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