StockMarketWire.com - Highland Gold Mining (HGM) has announced that for the half year ended 30 June 2015 EBITDA was $54.9m, an increase of 13.5% compared to the first half of last year.

Despite being hit by lower gold prices the growth was driven mainly by RUR devaluation and strong cost performance.

Total first half revenue fell by 8.1%, reflecting lower metals spot market prices during the period.

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Vast Resources (VAST) said production has commenced at its 584 hectare Pickstone-Peerless Gold Mine in Zimbabwe, with its first gold smelt producing 8.5kg of gold bullion, which will be delivered to the Fidelity refinery in Harare.

This milestone follows the maiden sale of approximately 450 tonnes of copper concentrate at Vast's 50.1 per cent. owned Manaila Polymetallic Mine in Romania ("Manaila") (see announcement dated 22.09.15), thus firmly cementing the Company's transition from an exploration to a production company.

Pickstone-Peerless has a current JORC Resource of 62 million tonnes grading 1.8 g/t, containing 3.56 million ounces of gold. Included in this Resource is an open-pittable Ore Reserve of 16.6Mt grading at 1.9 g/t for 1.02 million ounces.

Initial production is on-track at a rate of 10,000 tonnes of ore per month from the open cast oxide gold cap, with an estimated life of six years. During this period, expansion of the plant to treat the open cast sulphides, at a rate at least double the current monthly volume, will be evaluated.

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Edenville Energy (EDL), the company developing a coal to power project in south western Tanzania, has announced a loss for the six months ended 30 June 2015 of £421,819 (2014 H1: £533,265).

It said there had been positive results from the surface test-pit programme in January demonstrating a significant quantity of high quality near surface coal.

Sally Schofield, non-executive chairman, commented: "We are pleased with the level of progress that the company has made over the last six months, continuing along our path of developing the Rukwa Coal to Power Project.

"The major milestone of commencing the formal review of the Rukwa Power Plant Feasiblity Study by the MEM and Tanesco and the submission of our mining licence application moves us ever closer to the development stage of the project.

"We look forward to making further progress during the rest of the year, in particular with regard to the selection of EPC and financial partners."

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Bushveld Minerals (BMN) has announced the launch of a share buy-back programme to repurchase up to 10 per cent of the Company's issued share capital by way of on-market purchases.

The Company said that the purchases will be at a maximum price (including expenses) of 105 percent of the average closing price for the shares for the five trading days prior to the date of purchase.

In addition, the Company confirmed that it has appointed Mirabaud Securities as joint broker and Russell & Associates as South African Investor & Public Relations adviser.

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At 3:59pm:

[LON:AQP] Aquarius Platinum Ltd share price was +0.16p at 7.18p

[LON:BEM] Beowulf Mining PLC share price was 0p at 2.8p

[LON:BKY] Berkeley Resources Ltd share price was 0p at 20.75p

[LON:BMN] Bushveld Minerals share price was +0.08p at 3.18p

[LON:CEY] Centamin PLC share price was +1.13p at 64.58p

[LON:CHL] Churchill Mining PLC share price was 0p at 26p

[LON:CZA] Coal of Africa Ltd share price was +0.18p at 3.55p

[LON:EDL] Edenville Energy PLC share price was -0.01p at 0.05p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 23.75p

[LON:FRES] Fresnillo PLC share price was +6.25p at 602.75p

[LON:GEMD] Gem Diamonds Ltd share price was -1.12p at 124.13p

[LON:HGM] Highland Gold Mining Ltd share price was -1.87p at 53.63p

[LON:HOC] Hochschild Mining PLC share price was -1p at 67.75p

[LON:KMR] Kenmare Resources PLC share price was +0.01p at 2.1p

[LON:VAST] African Consolidated Resources Plc Ord 1p share price was -0.27p at 1.78p

[LON:VED] Vedanta Resources PLC share price was +5.5p at 472.1p



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