Date: Wednesday 04 Jul 2012
International Mining and Infrastructure Corporation rose 9% on Wednesday morning after it said its strategic partner had signed an agreement that will see its iron sold to the Chinese market. The firm's partner, African Iron Ore Group, has signed the deal with China Railway Materials Company, one of the leading Chinese state-owned enterprises. The iron will brought into China for sale to steel mills and other users.
African Minerals also rose 9% after it announced a new Chief Executive. The firm said Keith Calder, a former Rio Tinto executive, would join in August, leaving Executive Chairman, Frank Timis to take a less hands-on role. The company said Calder's experience of large project development at Rio Tinto, coupled with his recent success as Chief Executive of Western Coal, made him the ideal candidate.
A bitter dispute between Urals Energy and a former director over a multi-million dollar loan has come to an end after an arbitrator in London found in favour of the company. The firm was chasing the repayment of a $3.73m loan to former director and manager Vyatcheslav Rovneiko. Urals said it intended to seek "all available measures" to recover the amount owing to it, including seizing assets of the former director if necessary. The company's shares jumped 10% on the news.
Beacon Hill Resources rose 4.5% after it released a positive update on expansion plans at its Minas Moatize project in Mozambique. The firm said talks regarding the financing of Phase III of the Expansion Project were progressing well, and having completed a further drilling programme, it had started further test work on the site.
Plans by New World Oil and Gas to change its company status on AIM did not going down well with investors, who pushed shares down 6%. The firm is registered as an investing company but said its mining activities in Belize could force it to change its status to an operating resource company under AIM rules. This would be classified as a reverse-taker over under the index's regulations, New World said.
A barricade has been set up by protestors, blocking access to Anglesey Mining's 26% owned associate, Labrador Iron Mines, the firm said. It added that it was unclear why this had happened and no contact had been made with the protestors at the Canadian site. However, Anglesey said there had been minimal impact on the mine's operations.
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