Amur Minerals* (LON:AMC) 2.7p, Mkt Cap £21m – £1.2m equity raise Anglo Asian Mining* (LON:AAZ) 146p, Mkt Cap £166m – Q3 exploration update: new gold-copper mineralisation discovered Bushveld Minerals* (LON:BMN) 22.25p, Mkt Cap £268m – Bushveld prime the market for VRFB batteries with investment into Avalon takeover of RedT
MiFID II exempt information – see disclaimer below
Amur Minerals* (LON:AMC) 2.7p, Mkt Cap £21m – £1.2m equity raise
Anglo Asian Mining* (LON:AAZ) 146p, Mkt Cap £166m – Q3 exploration update: new gold-copper mineralisation discovered
Bushveld Minerals* (LON:BMN) 22.25p, Mkt Cap £268m – Bushveld prime the market for VRFB batteries with investment into Avalon takeover of RedT
Cora Gold* (LON:CORA) 6.9p, Mkt Cap £8.9m – Summary of recent exploration work at Sanankoro
Georgian Mining Corporation (LON:GEO) 1.175p, Mkt Cap £1.6m – Outotec to help modernise the Madneuli copper concentrator in Goergia
Rambler Metals & Mining* (LON:RMM) 1.375p, mkt cap £18m – Drilling results from the Ming Mine
Shanta Gold (LON:SHG) 8.6p, Mkt Cap £68m – $1.4m VAT refund
Australia – Prime Minister threatens to ban mining protests
- Scott Morrison, the Australian PM has threatened to crack down on Anti-Mining protests and make it illegal to promote action against mining companies and their suppliers.
- The move follows the arrest of >60 environmental protestors at the IMARC mining conference in Melbourne last week.
- While we agree with the right to protest we do see most mining companies working hard for better environmental practice and compliance.
- Anglo American is installing and trailing fuel cells to run on hydrogen in its trucks. Solar farms are being installed for renewable power supplies and emissions are being better treated.
- The Australian PM has suggested a ‘a dark force at work’ with a ‘new breed of radical activism’ harrying those in mining and businesses associated with it. According to International Policy Digest.
- Australia benefits from production of much of the world’s cleanest, iron ore and coal enabling more environmentally friendly steel and power production in China, its major export destination.
- While Australia continues to struggle to come to terms with an industry which supports $278bn of exports and 8.5% of its GDP, perhaps its protestors should focus their attention on the embassies of those countries which really pollute the planet rather than a nation which provides environmentally preferential ores.
- If China and others can’t buy clean ores from Australia they will buy ores from elsewhere exacerbating the pollution of our planet.
- While we agree with raising the bar on environmental standards we reckon this needs to be done on a global basis otherwise the rules simply take down the good western companies that adhere to the legislation.
- We saw this with International Ferro Metals which ran the cleanest ferrochrome smelter in the world but was constantly undercut by less-environmentally smelters in China and South Africa.
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Economics
UK – Construction PMI of 44.2 in October points to sustained deterioration of construction sector
- Civil Engineering output fell to at fastest rate for 10 years
- Brexit uncertainty is a contributing factor with investment said to be on the sidelines
Germany – manufacturing PMI recovers slightly but remains very firmly in negative territory at 42.1 vs 41.7 in September.
- The poor PMI indicates Germany will fall into recession as it suffers its biggest fall in employment since 2010
Poland – manufacturing PMI at 45.6 as mew orders and exports fall at fastest rate for 10 years
Spain – manufacturing PMI falls to 46.8, a six year low
Italy – manufacturing falls back to 47.7 having failed to rise about 50 this year
FCA-PSA merger could create an EV powerhouse (electrek)
- Last weeks announcement of a 50-50 merger between the PSA Group and Fiat Chrysler Automobiles could create the world’s largest automaker, producing about 9m vehicles per year.
- The prospective CEO, Carlos Tavares, is thought to be eager to develop the new alliance’s output of electric vehicles.
- The company plans to spend over $10bn producing all-electric versions of small and mid-size SUVs of its Jeep vehicles.
- Tavares said in an interview at the Frankfurt Auto Show that he is willing to fight for EVs, and will launch a “blitz” of electric cars over the next five years.
Trucks – economic downturn said to be hitting truck manufacturers faster than expected in Europe and North America
Brazil – Police raid offices of Greek shipping company which allegedly spilled Venezuelan crude at sea
- Brazilian prosecutors reckon a Greek oil tanker spilled heavy Venezuelan crude some 700km offshore Brazil between 28-29 July.
- Crude oil has been washing up along some 2,500km of Brazalian beaches
- The Greek registered vessel was apparently detained in the US for four days due to incorrect operating procedures related to the separation of oil and water for release in the sea.
- Brazil has so far recovered some 2,000t of sludge in the cleanup
US – McDonlads fires CEO for relationship with employee
- We ask, how does a company which allegedly produces some of the most unhealthy food on the planet fire its CEO for a consensual relationship which hasn’t harmed anyone?
Currencies
US$1.1166/eur vs 1.1152/eur last week. Yen 108.35/$ vs 108.04/$. SAr 14.786/$ vs 15.112/$. $1.293/gbp vs $1.295/gbp. 0.691/aud vs 0.690/aud. CNY 7.027/$ vs 7.039/$.
Commodity News
LME to enforce off-warrant stocks reporting (S&P)
- The LME will attempt to compel the reporting of metal stored off-warrant, to increase transparency over metals stocks.
- The reporting obligation will take effect on the 1st of Feb 2020.
- According to the LME, the proposals aim to combine “both logistical and financial drivers to bring greater vibrancy to the LME market”.
- The reform covered areas including charge-capping, setting limits on rents and charges and ensuring that warehouses support the LME pricing mechanism.
- Between 2013 and 2015, the LME carried out a study which showed that there was large warehouse queues of some metals which led to market speculation.
Gold US$1,511/oz vs US$1,512/oz last week – China to launch new Cryptocurrency backed by gold
- Popularity of the new cryptocurrency may generate substantial new buying of gold
- The currency also has the potential to take business away from Bitcoin although Bitcoin does have the advantage of simultaneous settlement.
- It may also take investors some time to trust in China’s backing of the new gold cryptocurrency as the gold may be there to back the currency but in times of stress will China actually sell this gold to support non-Chinese investors.
Gold ETFs 82.2moz vs US$82.2moz last week
Platinum US$955/oz vs US$933/oz last week
Palladium US$1,819/oz vs US$1,793/oz last week
Silver US$18.12/oz vs US$18.09/oz last week
Base metals:
Copper US$ 5,860/t vs US$5,822/t last week
Aluminium US$ 1,790/t vs US$1,760/t last week – LME aluminium hits over six week high due to supply fears on Monday (Reuters)
- Three-month aluminium on the LME rose as much as 0.3% to $1,792t, its highest since the 20th of September.
- Rio Tinto said high energy costs have made its Australian aluminium assets unsustainable.
- The miner also indicated it may cut output or shut its New Zealand’s Aluminium Smelter.
Nickel US$ 16,610/t vs US$16,775/t last week – Independence Group makes a A$312m bid for rival nickel group Panoramic Resources (Australian Financial Review)
- Independence made a takeover offer for shares in Panoramic Resources that it does not already own.
- The company said they would offer 1 IGO share for every 13 Panoramic share held- an implied offer price amounting to A$0.476/s
- The offer is being made to shareholders after “a number of unsuccessful attempts to engage with the Panoramic Board”.
- Panoramic has recommended that shareholders take no action in relation to the takeover, until the board evaluates the offer (proactive investors).
- Panoramic’s share price jumped as much as 35% to A$0.45 after the bid was announced on Monday.
Zinc US$ 2,524/t vs US$2,493/t last week
Lead US$ 2,166/t vs US$2,164/t last week
Tin US$ 16,425/t vs US$16,450/t last week
Energy:
Oil US$61.7/bbl vs US$59.9/bbl last week
Natural Gas US$2.819/mmbtu vs US$2.611/mmbtu last week
Uranium US$24.05/lb vs US$23.85/lb last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$81.2/t vs US$80.3/t – China iron ore futures hit two-week low on Monday (Reuters)
- The Dalian Commodity Exchange’s most-traded iron ore for delivery in January 2020 was down 1.2% at $87.56/t.
- On the Singapore exchange, the most active November contract was down 1.9% at $82.60/t.
- The Brazilian regulator ANM allowed Vale to resume it’s Alegria operations, which were halted last march due to a failed stability test.
- According to Vale, resuming operations at Alegria will allow it to restore 8mt out of the 50mt lost after the collapse of the Brumadinho Dam (Mining-Journal)
Chinese steel rebar 25mm US$563.8/t vs US$562.4/t
Thermal coal (1st year forward cif ARA) US$64.5/t vs US$64.6/t
Coking coal futures Dalian Exchange US$184.4/t vs US$184.1/t
Other:
Cobalt LME 3m US$36,000/t vs US$36,000/t – Cobalt – Traxyx agrees to market cobalt for Norilsk Nickel
- The three-year agreement is expected to cover most of Norilsk’s ~5,000tpa of production accounting for around 4% of global supply (est. 135,000tpa).
NdPr Rare Earth Oxide (China) US$41,199/t vs US$41,412/t – Rare earths: Myanmar’s border to China reopened in late October according to Roskill
Lithium carbonate 99% (China) US$6,902/t vs US$6,890/t – Bolivian government cancels joint partnership with Germany’s ACI Systems (Deutsche Welle)
- The local residents of Potosi have been protesting since early October against the lithium project, as they say it does not benefit local communities.
- According to Potosi authorities, the decision was taken on Saturday by President Evo Morales’ cabinet.
- The joint venture between Bolivian state company YLB and ACISA aimed to produce 40,000tpa of lithium hydroxide for 70 years.
- More than 80% of the lithium was to be exported to Germany, as industry in the country aims to secure raw materials for electric batteries.
Ferro Vanadium 80% FOB (China) US$31.0/kg vs US$31.0/kg – Ferro-vanadium prices find new level in Western Europe following falls last week
- Prices for ferro-vanadium have continued to slide beyond our expectation last week led by small orders sold in Western Europe at $20.5/kg and $21/kg according to FastmarketsMB.
- A number of bids and offers were also reported between $20-21/kg indicating some stability at this new price level as sellers look for new buying activity.
- Ferro-vanadium prices fell 11.1% to $29-31/kg in China last week (FastmarketsMB)
- Ferro-vanadium prices appear to have stabilised at $20.5-21/kg in Western Europe following an 18.5% fall to $23.59-24.63/kg last week (FastmarketsMB)
- New Vanadium Redox Flow Battery instillations should be supported by new lower price levels for vanadium pentoxide in China and Rotterdam where prices fell 14.2% and 23.8% respectively to $6.3-6.4/lb and $5.26-6.16/lb.
- This makes a difference to the price of the VRFB instillation though new lease financing will spread the cost of the contained vanadium.
Antimony Trioxide 99.5% EU (China) US$5.4/kg vs US$5.4/kg
Tungsten APT European US$225-245/mtu vs US$205-215/mtu
Graphite flake 94% C, -100 mesh, fob China US$540/t vs US$540/t
Graphite spherical 99.95% C, 15 microns, fob China US$2,550/t vs US$2,550/t
Battery News
Company News
Amur Minerals* (LON:AMC) 2.7p, Mkt Cap £21m – £1.2m equity raise
- The Company raised £1.2m by issuing 70.6m shares at 1.7p.
- £625k of proceeds will be used to repay in full the convertible loans outstanding to Riverfort along with any interest due.
- The team agreed not to make any further drawdowns under the convertible loan facility for a minimum period of three months and is planning to find new sources of funding to avoid future draw downs.
- The balance of the funds will be used for general working capital purposes as the Company continues work on the TEO workstreams and to be followed Kun Manie DFS.
Conclusion: The equity raise provides working capital for the Kun Manie project and reflects re-emerging investors’ interest in the nickel market amid the ongoing strength in prices.
*SP Angel act as Nomad and Broker to Amur Minerals
Anglo Asian Mining* (AAZ LN) 146p, Mkt Cap £166m – Q3 exploration update: new gold-copper mineralisation discovered
- At Gedabek Contract Area (CA), exploration focused on Gadir underground mine orebody extensions, near mine drilling at Ugur as well as previously identified ZTEM targets.
- 3,412m were completed at Gadir with mineralised intersections extending the orebody both laterally as well down dip pointing to further life of mine expansion.
- Seven drillholes including two geotechnical were completed at Ugur with further drilling continuing into Q4/19.
- Geological mapping around ZTEM geophysics anomalies identified two new mineral occurrences within the trucking distance of the Gedabek processing complex including:
- Avshancli: three copper-gold zones
- Gilar: gold hosting quartz vein
- At Avshancli (10.5km NE of Gedabek open pit), exploration works fast tracked since the beginning of October 2019 following good preliminary results.
- Selected outcrop samples returned up to 33.47g/t gold and 3.56% copper with a total of 451 samples collected.
- Trenches dug at the prospect returned intersections of 7m at 3.60g/t gold and 0.40% Cu as well as 1m at 8.85g/t.
- Diamond drilling commenced at Avshancli-1 with massive sulphide mineralisation seen in one hole between 110m and 135m and between 42m 64m in the other; assays are pending.
- At Gilar, mapping and outcrop sampling established a continuous quartz vein running c.2km south of Avshancli.
- The vein was traced for c.500m with samples returning 3.21-11.84g/t and one sample returning 16.0g/t gold grades.
- Vein dip is estimated at 80-85’ to the NE with widths running at 0.3-1.0m.
- The team is planning a drilling programme to test grades and continuity of the vein at depth.
- In the Gedabek open pit, drilling focused on RC grade control drilling with no exploration work completed during the quarter.
- At Gosha CA, 2,115m of diamond core drilling has been completed during the quarter testing adjacent to Gosha underground mine targets.
- At Ordubad CA, reconnaissance fieldwork over new anomalies named Aylis and identified during the 2018 geochemical campaign was the main focus of the exploration.
- 2 km2 of mapping was completed delineating numerous vein sets to be outcrop sampled in Q4/19.
- A review of a comprehensive satellite remote sensing data covering 244km2 identified area of alteration that may be potentially indicative of porphyry mineralisation.
- Preliminary findings of the Natural History Museum of London study of rock chips and geology at Ordubad suggest the geochemistry of the igneous sites is favourable for porphyry formation.
Conclusion: Exploration across contract areas expands the scope of known orebodies as well yields discoveries of new prospective targets, both of which bode well for the potential to extend the life of mine of the Company’s operations.
*SP Angel act as Nomad and broker to Anglo Asian Mining
Bushveld Minerals* (LON:BMN) 22.25p, Mkt Cap £268m – Bushveld prime the market for VRFB batteries with investment into Avalon takeover of RedT
- (Bushveld Minerals owns 74% of Vametco, 84% of Bushveld Energy in South Africa, 100% of Lemur Holdings, 9.5% of Afritin)
- Bushveld Minerals reports it is to support the merger of RedT (RED LN) and Avalon Battery Corporation with interim funding of US$5m by way of a convertible loan.
- Avalon Battery Corp is a North American Vanadium Redox Flow Battery VRFB manufacturer which is reversing into RedT, a UK-based energy storage / VFRB installer.
- The merged entity proposes to raise US$30m to support the new business.
- The reverse takeover remains subject to further due diligence.
- Bushveld Minerals is looking to partner with VRFB manufacturers and installers to support grid storage projects with funding and availability to vanadium electrolyte supply.
- The vanadium contained in the VRFB’s can be leased using bank finance thereby spreading the cost of the vanadium supply and hopefully enabling the instillation of VRFB batteries into mainstream Grid support programs.
- The newly combined Avalon / RedT business should enable some near-term VRFB instillations plus some follow-on sales with access to North America, Europe and Asia.
- Bushveld report the sector may require up to 50,000mtV based on market forecasts.
- The transaction should hedge Bushveld against future volatility in vanadium market prices as lower vanadium prices should, in theory, enable better sales of VRFB batteries.
- Bushveld also has the right, but not the obligation, to invest a further into the merged entity on the same terms as other investors, at a maximum price of 1.65p/s.
- Bushveld’s US$5m is structured as a draw-down facility over six months at a 12%pa interest rate plus a 20% commitment fee
- More importantly, Bushveld gets a right of first refusal to supply vanadium, vanadium electrolyte and vanadium as a rental to the merged entity for two years and thereafter subject inter alia to Bushveld continuing to beneficially own at least 5%.
- If the Avalon / RedT deal does not complete then Bushveld can convert the loan directly into Avalon shares.
- The energy storage market presents a very large commercial opportunity, potentially exceeding $300 billion by 2030.
- Larry Zulch, CEO of Avalon Battery, said: “A commitment to renewable energy is increasingly a commitment to large-scale energy storage. This storage must be dependable, safe and economical”
- Bushveld see VRFB original equipment manufacturer’s known as OEMs as critical drivers for the success of VRFB technology in Grid energy storage supporting wind and solar farms as they become an increasing feature of our grid power supply.
- Bushveld is looking to establish of a new VRFB Investment Platform for strategic investments to support VRFB sector growth and is partnering with utilities such as ESKOM in South Africa to trial and showcase VRFB grid storage.
- Navigant Research estimate the energy storage market should grow at a massive 58% pa eg >100GWh and US$50bn pa by 2027 with 90% of the market dominated by long duration use technologies, including transmission and distribution asset optimization and peak load support, requiring four or more hours of storage where VRFBs are competitive.
- Navigant reckons VRFBs should capture 18% of the total stationary energy storage market by 2027.
- The recent DNV-GL Energy Transition Outlook 2019: Power Supply and Use noted that by 2050 installed energy storage capacity will approach 30 terawatt hours.
- In comparison, that amount is six times what will be deployed through pumped hydro and more than twice the energy storage capacity provided to the power system by electric vehicles.
- Bushveld reckon ‘the energy storage market presents a sizeable commercial opportunity, potentially exceeding $660bn by 2040’.
- Bushveld Energy: we currently value Bushveld Energy at 8.4p/s representing 84% of our $149m valuation.
- We assume the division is involved in just 90MW of VRFB sales in 2021 rising to 180MW in 2022 and 260MW in 2023, stabilising at 540MW of VRFB sales from 2024.
- We also assume the business produces vanadium electrolyte for VRFB instillations at 125MWh capacity in 2021, 250MWh in 2022, 500MWh in 2023 stabilising at 750MWh from 2025.
- Our modelling assumes relatively modest margins on the VRFB instillations and electrolyte sales which we hope Bushveld Energy will improve on.
- We assume a price of $8/lb for vanadium pentoxide in our VRFB model vs current vanadium prices of $6.3-6.4/lb in China and $5.26-6.16/lb in Rotterdam.
Conclusion: Our increasing reliance on Wind and Solar power means energy storage is critically important to stabilise electricity supply.
VRFB batteries are competing with Li-ion and other grid power storage devices but we expect much Li-ion battery supply to be taken up by Electric Vehicle manufacturers leaving the way open for longer-duration and safer VRFB batteries to find their niche in this rapid-growth market.
*SP Angel acts as Financial Advisor & Broker to Bushveld Minerals.
Cora Gold* (LON:CORA) 6.9p, Mkt Cap £8.9m – Summary of recent exploration work at Sanankoro
- The Company released a recap of results generated during the most recent work programme between May and September 2019 at the Sanankoro Gold Project, Southern Mali.
- The work was focused on drilling to support the SRK exploration target of c.1-2moz within the weathered horizon of 100m.
- Additionally, the Company completed deeper holes that have intersected sulphide mineralisation to up to 170m deep establishing new exploration targets.
- 6,000m of AC and RC as well as over 600m of diamond core drilling focused on around 6km of mineralised structures within Zone A, B and Selin, which is only ~20% of around 30km long corridor of mineralised structures within the Sanankoro permit area.
- Infill drilling at Selin tested the gold mineralisation along the 2.25km long structure returning wide high grade intersections lending itself for future extraction through lw cost open pit mining.
- At Zone A, drilling focused on the 250m long high grade gold zone that confirmed the depth of oxide mineralisation with selected intersections returning 27m at 2.43g/t and 36m at 2.40g/t.
- Zone B is a 1,500m long prospect with ~1,000m of drilling completed in the area during the period testing northern and southern parts of the zone confirming a continuation of high-grade gold mineralisation.
- Additionally, the team drill tested the northern extension of the prospect (Zone B North) with mineralisation traced over 1,000m while surface reconnaissance indicators point to the potential to extend the area for at least an additional 2,500m.
- The Company is well funded after raising c.£2m in September with new field season drilling to commence shortly.
Conclusion: The successful 2019 field season continued to de-risk the flagship Sanankoro Gold Project including both infill as well step out drilling around identified gold zones that account for only 20% of 30km long mineralised corridor and, thus, offer significant exploration upside potential. The team is planning to release maiden Sanankoro MRE later this year while launching new field season drilling programme shortly following the end of the wet season in Mali.
*SP Angel acts as Nomad and Broker to Cora Gold
Georgian Mining Corporation (LON:GEO) 1.175p, Mkt Cap £1.6m – Outotec to help modernise the Madneuli copper concentrator in Georgia
- News this morning that Outotec will help Rich Metals modernise its Madneuli copper concentrator in Georgia is interesting.
- Georgian Mining is in joint venture with the owners of the Madneuli copper/gold mine.
- The refurbishment of the old concentrator / flotation plant may help Georgian Mining if it is able to start mining at the Kvemo Bolnisi mine site.
- Georgian Mining continues to await the renewal of its exploration license. The license renewal has been with the government for some time.
- The Georgian Parliament approved a new Prime Minister in September.
*SP Angel acts as Nomad and Broker to Georgian Mining.
Rambler Metals & Mining* (LON:RMM) 1.375p, mkt cap £18m – Drilling results from the Ming Mine
- Rambler Metals & Mining has released results from 10,034m of drilling completed at the Ming copper/gold mine in Newfoundland between October 2018 and September 2019. The results are to be incorporated in a revised mineral resource and reserve estimate expected to be released during Q1 2020.
- Based on 3,950m of drilling in ten holes on the Ming North massive sulphide zone the campaign is reported to have extended the known strike length of by over 150m down-plunge with the company highlighting the intersection of 16.4m (estimated 2.3m true width) at an average grade of 4.62% copper, 3.26g/t gold and 28.9g/t silver in hole R18-722-29 as well as 20.7m (9.0m true width) averaging 4.42% copper, 2.13g/t gold and 13.82g/t silver in hole R18-745-04.
- We observe that within these broader intersections, hole R18-722-29 produced several particularly high grade individual assays including 9.9% copper, 8.5g/t gold and 28g/t silver over 2m from119m depth as well as a single meter averaging 9.94% copper, 5.26g/t gold and 43.7g/t silver over a single metre from 124m depth while similarly high grade assays of single metres averaging 9.38% copper, 2.52g/t gold and 28g/t silver and 11.7% copper,7.66g/t gold and 20.9g/t silver are reported in hole R18-745-04.
- The recent drilling has established the continuity of the Ming North Zone below the 745 level to the 820level where it remains open at depth with confirmation that the grades appear to improve with depth.
- Drilling of 3,777m on the Lower Footwall Zone (LFZ) which lies approximately 100m below the Ming North zone is interpreted to extend the LFZ over approximately 2150m down plunge and included intersection up to 21m true width with copper grades of up to 3.8%.
- The LFZ is now interpreted to represent “a feeder zone for the overlying volcanogenic massive sulphide (VMS) mineralisation including the MNZ”.
- A further 2,152m of drilling on the Upper Footwall zone (UFZ) shows the zone extending 490m down plunge, “a strike length of 75 metres and an average thickness of 4.5m with the down plunge extent remaining open at depth.”
- Highlights of the UFZ drilling include a 10.9m wide intersection averaging 5.92% copper, 0.6g/t gold and 8.56g/t silver from a depth of 83.5m in hole R19-695-03 and 9.07m averaging 4.14% copper, 0.45g/t gold and 4.99g/t silver in hole R19-695-11.
- Commenting that this drilling campaign has “returned some of the thickest massive sulphide intercepts and highest copper and gold grades encountered on the property to date”, the company’s President and CEO, Andre Booyzen, explained that “potential exists to extend the Ming North massive sulphide body even deeper with continued underground drilling. And previously announced surface drilling has already demonstrated that the Lower Footwall Zone of stringer mineralization extends more than 700m down plunge of the current mine workings, awaiting infill surface holes to convert to Indicated Resource and thereby support many years of mining.”
- Mr. Booyzen explained that the drilling had met each of the company’s objectives for the programme by replacing the copper ore resources mined during the year; helping in the conversion of resources to reserves; expanding the previously established high grade targets; and helping to confirm new exploration targets identified by re-interpretation of the geological data.
Conclusion: Drilling has intersected some of the highest grade mineralisation yet encountered at the Ming mine and provided confirmation that the grades appear to be improving with depth. The drilling has also expanded the lateral and depth extension of the known mineralisation and provided additional data for updating the mineral reserve and resources estimates. We look forward to the new mineral resource and reserve estimates during Q1 2020.
*SP Angel act as Nomad and broker to Rambler Metals & Mining
Shanta Gold (SHG LN) 8.6p, Mkt Cap £68m – $1.4m VAT refund
- Authorities paid $1.4m in cash in relation to the outstanding owed VAT.
- This brought the current VAT receivable balance to $26.6m as of 31Oct/19.
Conclusion: This is positive news marking the first VAT refund received since late 2017 with the announcement coming amid a reconciliation in the long lasting standoff between Acacia (now Barrick) and the government.
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