StockMarketWire.com - Minco [LON:MIO] was the sector's biggest faller after it recorded a Q1 loss of USD426,000, from a profit of USD482,000 a year earlier.

The loss included a forex loss of USD159,000, from a forex profit of USD665,000 a year earlier.

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Griffin Mining [LON:GFM] will hold its annual general meeting at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, on 14 July at 11 a.m. (local time).

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Beowulf Mining [LON:BEM] says it has carried out a great deal of work, both at the corporate and operational level, in the first five months of the year but admits the further delay in getting an exploitation concession for the Kallak project in Sweden is a frustration.

The group, which acquired Fennoscandian Resources AB, a privately owned Finnish company in January, says the Finnish graphite assets are fully incorporated into the Beowulf portfolio, and geophysical surveys, completed on two of the graphite projects in March, have already delivered numerous, and in some instances extensive, conductive bodies indicative of sub-surface graphite mineralisation.

The exploration team is now back on site working on the second stage of our exploration programme, visibly checking conductors, and has already found several new graphite occurrences.

A regional geophysical desktop study of Kallak and the surrounding licences has been undertaken and has identified new exploration targets for further investigation, and Beowulf has applied for two new exploration prospects in Sweden, reaffirming its commitment to doing business in the country. It has also successfully raised �1.5 million before expenses.

Chief executive Kurt Budge said: "Further delay in getting an Exploitation Concession for Kallak is a frustration for our supporters in Jokkmokk who want to see continuing investment and the project moving forward, and for our Swedish and UK shareholders who have funded the Company's work to date.

"It is important that all our stakeholders recognise that our application has met the requirements of the Swedish regulations for this stage of permitting, and if that means a further review to demonstrate this, given the recent Swedish court decision, then we are fit to meet that challenge. Widening the scope of review now, is bringing forward aspects that would have previously been considered during environmental permitting, but which have already been reviewed in full by the County Administrative Board for Norrbotten. The extra time taken now to award the Concession, provides us with an opportunity to further demonstrate our responsible approach to the development of Kallak.

"Our ambition in the Nordic region is to build a modern and sustainable mining company, working in partnership with communities wherever we operate. Successful mining companies only achieve success when they work in partnership with the communities they interact with. That is what I learnt first-hand managing operations in the UK, earlier in my career, and that's the way we've carried out our business in Jokkmokk, reaching out to engage with, and listen to our stakeholders.

"In January this year we began the process of relaying our messages to a wider audience by conducting interviews with the Swedish media, TV and newspapers. From the coverage Beowulf received, it seems our respectful approach is being recognised, and we are getting very different headlines to those the Company used to be associated with.

"While securing the Exploitation Concession for Kallak remains the main focus of management, we are creating a diversified, Nordic focused exploration and development company, with new projects being added to the portfolio, providing additional value creation opportunities.

"I look forward to updating the market in due course on our Kallak application, our graphite activities and our applications for new exploration ground in Sweden."

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Stellar Diamonds [LON:STEL] said the Minerals Advisory Board (MAB) has approved the application for a mining licence over its 100%-owned Tongo project in Sierra Leone.

Progression of the licencing process remains subject to the National Minerals Agency ("NMA"), the licencing body of the Ministry of Mines, formally writing to Stellar to inform it of the decision and drawing up a licence agreement to be forwarded to the Minister of Mines for approval.

Thereafter the fiscal terms of the mining licence will be negotiated between Stellar and the Government of Sierra Leone and the resulting mining concession agreement will then require ratification through Parliament.

In the meantime, Stellar is engaging with the Environmental Protection Agency ("EPA") with regards to the required environmental licence, which must also be issued before mining can commence.

A further announcement will be made to shareholders as and when the formal letter is received from the NMA. Such announcement will include any initial conditions expected in relation to the licence.

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Obtala Resources [LON:OBT] has received the second and final payment of USD300,000 from Global Timber Investment Ltd as per the investment agreement announced Feb. 17.

As per that announcement, three separate investors have now acquired minority shareholdings of less than 20% in three newly formed holding companies for a total investment of c.USD3 million all of which has now been received.

Each holding company holds the production rights for harvested timber from one of the Company's concessions.

Obtala, through its subsidiary companies, still owns and maintains the timber concessions, which cover a total area of 314,965 hectares.

In return for this investment, the investors will receive a 5% fixed return on their investment, payable biannually and a pro-rata share of any income.




At 4:07pm:

[LON:BEM] Beowulf Mining PLC share price was 0p at 3.75p

[LON:BKY] Berkeley Energia Ltd share price was -0.25p at 33.75p

[LON:CEY] Centamin PLC share price was +1.45p at 97p

[LON:CHL] Churchill Mining PLC share price was +3.13p at 22.25p

[LON:CZA] Coal of Africa Ltd share price was +0.22p at 3.37p

[LON:FDI] Firestone Diamonds PLC share price was +0.25p at 31.25p

[LON:FRES] Fresnillo PLC share price was -11.5p at 1005.5p

[LON:GEMD] Gem Diamonds Ltd share price was -0.5p at 133.25p

[LON:GFM] Griffin Mining share price was -0.25p at 29p

[LON:HOC] Hochschild Mining PLC share price was -2.37p at 136.38p

[LON:KMR] Kenmare Resources PLC share price was -0.07p at 0.78p

[LON:MIO] Minco PLC share price was -0.1p at 0.83p

[LON:OBT] Obtala Resources PLC share price was 0p at 8.38p

[LON:STEL] Stellar Diamonds PLC share price was 0p at 6.5p

[LON:VED] Vedanta Resources PLC share price was -4.75p at 375.55p



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