StockMarketWire.com - Churchill Mining [LON:CHL] was the sector's biggest faller after it posted pre-tax losses of $11.6m for the year to the end of June - up from $10.4m last time.

Significant expenditure items during the period include:

* Legal and professional fees of $4.2m (2012: $2.64m) incurred to progress arbitrations against the Republic of Indonesia over the East Kutai coal project in Kalimantan

* Impairment of the carrying value of the proposed EKCP Port Land of $1.76m

* Impairment of the carrying value of financial assets of $2.26m

* Consulting, directors and professional fees of $0.8m (2012: $2.18m)

* Public relations and media outreach programmes of $0.62m (2012: $1.26m).

Chairman David Quinlivan said: "During the year the company continued actively to seek recovery of shareholder value by progressing the international arbitration against the Republic of Indonesia at the International Centre for Settlement of Investment Disputes in Washington DC.

"Churchill's Australian subsidiary Planet Mining Pty Ltd, which via its 5% shareholding in PT Indonesia Coal Development also held an interest in the East Kutai coal project, filed a separate arbitration at the ICSID against the ROI pursuant to the Australia-Indonesia Bilateral Investment Treaty. The Churchill arbitration and Planet arbitration have subsequently been consolidated into a single proceeding."

Trans-Siberian Gold [LON:TSG] reports that mine development activities at Asacha in the third quarter of 2013 comprised about 751 metres, while ore extraction (including ore from stoping and mine development) amounted to 38,647 metric tonnes.

In the same period, 41,941 mt was processed through the Asacha plant, the highest quarterly total to date.

During the third quarter the mine continued to implement the previously reported measures to reduce dilution and improve the grade of ore delivered to the plant.

The results achieved in a test of the new mining methods in July were encouraging, that month's average grade of 7.38 g/t including ore extracted from the test area at more than 16 g/t.

However it is clear that such improved results may not be achievable in some areas where mine development was undertaken in 2012. Mine development for areas to be mined in 2014 is being undertaken in line with the new stoping methods to be used. The Company believes that significantly better grades can be obtained from those newly developed areas.

Mwana [LON:MWA] has implemented previously accrued bonus arrangements in relation to the year ending 31 March 2013 concerning a number of existing and previous employees.

In total, 37,885,448 Ordinary Shares will be issued at a price of 1.57p per share (the "Bonus Shares") in lieu of cash bonuses. It should be noted that the Bonus Shares are not being issued to any Directors of the Company.

Application has been made for admission of the 37,885,448 Bonus Shares to trading on AIM ("Admission") and it is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on or around 23 October 2013.

Fresnillo [LON:FRES] remains on track to hit silver output targets with year-to-date attributable silver production - including Silverstream - up 5.6% at 32.1Moz.

Quarterly attributable silver production of 11.1Moz - including Silverstream) - is up by 7.6% year on year.

Year-to-date and quarterly attributable gold production decreased by 6.8% and 9.8% respectively compared with 2012.

The company says construction of the dynamic leaching plant at Herradura, is on track for start up in the fourth quarter.

Chief executive Octavio Alvídrez said: "We remain on track to reach our full year silver production target following an excellent quarter of silver production, driven by robust performances at both Saucito and Ciénega.

"While the legal proceedings around the 'El Bajio' claims disrupted the volume of ore deposited at Soledad-Dipolos over the quarter, the successful continued ramp-up at the Noche Buena mine partially mitigated this and the production at Herradura was not impacted thanks to better recovery rates.

"As previously noted, we expect that the temporary suspension of the explosives permits at Herradura will be lifted over the coming week, at which point we will provide a further update regarding gold production guidance for 2013."

The sector's biggest riser was Atlantic Coal [LON:ATC] - up by more than 17% in late afternoon trading.


At 4:20pm:

[LON:AMI] American Investment Trust share price was +0.38p at 205.38p

[LON:AQP] Aquarius Platinum share price was +0.88p at 49.63p

[LON:ATC] share price was +0.04p at 0.21p

[LON:BEM] share price was -0.15p at 7.63p

[LON:BKY] share price was 0p at 13.75p

[LON:CEY] Centamin Egypt Ld share price was +0.12p at 47.6p

[LON:CHL] share price was -2p at 15p

[LON:CZA] share price was +0.02p at 8.02p

[LON:FDI] Firestone Diamonds share price was 0p at 3.75p

[LON:FRES] share price was +14p at 951.5p

[LON:GEMD] share price was +2.25p at 160.25p

[LON:HOC] share price was +0.25p at 156.85p

[LON:KMR] Kenmare Resources share price was +0.16p at 23.16p

[LON:MWA] share price was +0.03p at 1.51p

[LON:TSG] Trans-Siberian Gold share price was -0.75p at 17.75p

[LON:VED] Vedanta Resources share price was -15.5p at 1030.5p



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