StockMarketWire.com - Beowulf's [LON:BEM] application for an exploitation concession for Kallak North has been listed on the Swedish government's meeting agenda for discussion on 30 June.

As is practice in Sweden, the company will be notified of any outcome when it is made public. The company will provide shareholders with an assessment of any outcome as soon as it is practicable thereafter.

Chief executive Kurt Budge said: "We are pleased that the government has our application tabled for discussion and look forward to hearing the outcome.

"We believe it is in the best interests of our stakeholders in Sweden, and our Swedish and non-Swedish shareholders, that our application is further reviewed by the Mining Inspectorate, so that any future award of the Exploitation Concession is consistent with the judgement of the Supreme Administrative Court in the case of the Norra KÓ“rr project.

"The time taken now to allow any additional review of our application enables Beowulf to further demonstrate its responsible approach to the development of Kallak, and our ambition to develop a modern and sustainable mining operation in partnership with the community."

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Ncondezi Energy [LON:NCCL] said it had a cash balance of $0.3 million with undrawn loan facility of $0.7 million as of 6 June.

HIGHLIGHTS

- Binding joint development agreement (JDA) with Shanghai Electric Power (SEP) signed in January 2016 to develop the power project and transmission line

- Completion of the transmission line environmental social impact assessment (ESIA)

- Completion of water optimisation study

- $1.32 million raised via loan facility from certain of Ncondezi's directors, management and long-term shareholders in May 2016

- $1.18 million raised via an open offer following the placing to AFC in January 2015

- Christiaan Schutte appointed chief operating officer in February 2015

- Aman Sachdeva appointed non-executive director in May 2015 as AFC's nominated director

- On 21 May 2015, Paul Venter resigned as a director and chief executive officer

- On 28 September 2015, Peter O'Connor resigned as a non-executive director

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Central Rand Gold [LON:CRND] posts a net profit of US$1.4 million (1.58 cents per share) for the year to the end of December against a loss of US$15.3 million (17.51 cents per share) in 2014.

The loss before interest, tax and depreciation totalled US$3.0 million, a significant reduction against the US$8.2 million for 2014.

The net profit is largely attributed to the following factors:

- Revenue in rand terms increased 21% due to a 15% higher gold sale volume at 7,017 ounces (2014: 6,146 ounces) from surface pits, improved plant availability and a stronger average realised Rand equivalent gold price. However, in US dollar terms, revenues reduced by 1.5% given the devaluation of the rand

- Reduction in operating and overhead costs reflecting both cost savings and the effect of the rand devaluation on costs in US Dollar terms

- Reduction in labour hire (Sekgwa Mining Services Proprietary Limited contract terminated in 2014) and reduction in salary cost by 17.6%

- Gain on fair value of convertible loan note derivatives of US$7.1 million compared to a loss of US$5.1 million in 2014

All-in cash operating costs per ounce decreased to US$1,643 per ounce against the prior year's US$2,521 per ounce.

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Obtala Resources [LON:OBT] has entered into two separate agreements with a high net worth investor and with the chairman of Obtala, Miles Pelham, for an inward investment of US$500,000 into the existing Meradell (2) Ltd investment vehicle, as previously announced on 17 February and amended on 29 June. The investment proceeds, to be received within 30 days, will be used to further develop production capabilities within the Forestry division by building additional drying units and investing in other operating machinery. Pelham will invest US$250,000 into Meradell (2) Limited thereby acquiring economic benefit of 714 hectares via a 1.42% shareholding in Meradell (2) Limited.

From 1 July 2021 the chairman has the right to put the investment back to Obtala for the nominal US$250,000 amount invested, payable in cash or the then equivalent value of Obtala shares at Obtala's choosing. From 1 July 2023 the company similarly has the right to call back the investment on the same terms. The chairman's investment was approved by the independent directors (excluding Pelham), who considered the terms of the transaction to be fair and reasonable.

A HNW investor based in Hong Kong will invest US$250,000 into Meradell (2) Limited thereby acquiring economic benefit of 833 hectares via a 1.67% shareholding in Meradell (2) Limited. From 1 July 2021 the investor has the right to put the investment back to Obtala for the nominal US$250,000 amount invested, payable in cash or the then equivalent value of Obtala shares at Obtala's choosing. From 1 July 2023 the company similarly has the right to call back the investment on the same terms.

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Trans-Siberian Gold [LON:TSG] has confirmed that all resolutions proposed at its annual general meeting today were approved by shareholders.


At market close:

[LON:BEM] Beowulf Mining PLC share price was +1.03p at 4.58p

[LON:BKY] Berkeley Energia Ltd share price was 0p at 35.25p

[LON:CEY] Centamin PLC share price was +2.7p at 131.5p

[LON:CHL] Churchill Mining PLC share price was +0.5p at 19.38p

[LON:CRND] Central Rand Gold Ltd share price was -0.33p at 1.65p

[LON:CZA] Coal of Africa Ltd share price was -0.01p at 4.12p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 31p

[LON:FRES] Fresnillo PLC share price was +41p at 1628p

[LON:GEMD] Gem Diamonds Ltd share price was +7.5p at 124.5p

[LON:HOC] Hochschild Mining PLC share price was +2.38p at 179.63p

[LON:KMR] Kenmare Resources PLC share price was -0.03p at 0.83p

[LON:NCCL] Ncondezi Energy Limited share price was +0.25p at 3.88p

[LON:OBT] Obtala Resources PLC share price was 0p at 8.13p

[LON:TSG] TransSiberian Gold PLC share price was 0p at 36.5p

[LON:VED] Vedanta Resources PLC share price was +10.25p at 410.15p



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