Archive for June, 2014

Chaarat Gold published update on definitive feasibility study of Kyrgyz project

Sunday, June 29th, 2014

BVI-registered holding company Chaarat Gold Holdings Ltd listed on AIM Stock Exchange, informed about its plans to increase production from its mine in the Kyrgyz Republic. As this will enhance the indices of the project, shares in Chaarat Gold rose by almost 3% after this announcement. The company provided a further progress update on the definitive feasibility study of the Chaarat Project, informing investors that it expects to increase projected production of gold to at least 250,000 ounces per annum. Charaat will start with building a heap leach facility that will process 120,000 ounces, before constructing a facility to take the sulphide ore.

The layout of the project will be still revised to improve efficiency, reduce possible environmental impact and eliminate access issues.

Chief executive of the BVI company Dekel Golan said in his comments: “The board has listened to our key stakeholders and taken note of market conditions to adapt the company’s strategy accordingly…We believe that now is not the time to commit cash flow to small scale production and that fast-tracking a definitive feasibility study, together with a continued focus on the development of infrastructure, is the optimal route to deliver the value of the Chaarat deposit.”

Xcite Energy Limited announced the issue of secured bonds and placement of new shares

Wednesday, June 18th, 2014

Xcite Energy Limited, BVI-domiciled mining company working in the North Sea, has successfully raised US$140 million through the placing of senior secured bonds issued by its fully owned UK subsidiary Xcite Energy Resources Limited, and through a private placement of shares to new investors. The bonds have a term of two years and 12 per cent cash interest, payable quarterly in arrears. The bonds will be issued at 90 per cent of the face value, and subscribers for the bonbds, have also subscribed for 11,616,875 shares at a price of 68.5 pence per share. Additionally, a subscriber in the bond issue has subscribed for additional 4,302,546 shares, at the same price per share, for gross proceeds of US$ 5 million, to provide an aggregate gross proceeds from the Bond Issue and the Share Issue of US$ 140 million. The bonds are expected to be settled on 30 June 2014. The net proceeds from the bond issue and the private placement will be used to refinance the US$ 80 million, 12.5 per cent unsecured loan notes, due 25 December 2014 plus accrued interest and related obligations, to service interest payments under the bonds, to fund the Bentley field development work programme through this year, and for general corporate purposes.

MDM is awarded Preliminary Economic Assessment for Namibia Project

Thursday, June 5th, 2014

MDM Engineering Group Limited, a mineral process engineering and project management company working mainly in Africa and incorporated in BVI, announced that it has been awarded the Preliminary Economic Assessment (PEA) for Namibia Rare Earths Inc.’s Lofdal Rare Earth Project in Namibia. MDM has been awarded the next phase of work.

This project has been developed over a very short period of time, since 2008. In 2010, the heavy rare earth enriched zones were discovered in Lofdal. The essence of the project opportunity is the potential of Lofdal to host a number of new rare earth deposits, in particular, deposits with exceptional heavy enrichment.