LONDON (ShareCast) - Sylvania Resources saw profits for the quarter to JUne rise 54% to R86.6m (South African rand). PGM production rose 30% to 6,264oz.

"Our confidence in our ability to deliver on our target of 70 000oz of production by 2010 is fuelled both by our track record of success to date with the Millsell and Steelpoort plants and our positive view of the platinum, palladium and rhodium markets going forward," said the group.

"Notwithstanding some recent tightening in platinum and palladium prices, the rhodium price has continued to strengthen and rhodium, of course, comprises a significant 15% of our production split," it added.

Shanta Gold shares collapsed after the miner said it may consider impairment in asset value after having problems accessing its Mgusu project in Tanzania because of "illegal" artisanal miners, independent small-scale miners.

The group said it is pursuing various options open to protect the asset and gain access to the property.

"The board of directors awaits the outcome of the various legal processes underway, at which stage impairment in asset value will be considered in the event the outcome is such that the company is unable to carry out exploration activities," it added.

MobilityOne continued its dreadful year today after e-commerce infrastructure payment solutions and platform provider warned that interim results would be “much lower” than forecast.

It said turnover and profits have been affected by the general weak global market conditions and delays to some of its projects and business expansion. The discontinuation of all the self-service terminals leaves less than 2,000 in service.

There was better news for Twenty, an investment vehicle focused on the marketing services sector, as its bank indicated continued support for the firm and said it will review its banking facilities over the coming months.

“Following those discussions with the bank it has been concluded that there is sufficient headroom within the existing facilities to support the ongoing working capital position,” it said.

As a result the bank renewed the invoice discounting line at £2m and kept the original capital repayment profile in place.

Shares in Landround plummeted after the travel promotions specialist said it now expects operating loss for the first half to be greater than the 250,000 pre-exceptional loss recorded last year due to the slower than expected pace at which some of its projects are generating revenues.

Oil explorer Nautical Petroleum has entered into a third farm out agreement with Canamens Energy for an additional 10% interest in North Sea Block 9/2b at Kraken.

Infection and contamination control business said Tristel has seen strong trading and expects operating profits for the year to be broadly in line with market expectations.

Aim-listed mining tiddler Goldstone Resources said it is now focusing on the exploration for palaeoplacer and hydrothermal gold mineralization, as well as associated minerals, such as silver, copper and uranium. As a consequence the board is investigating and reviewing other potential exploration projects in this area.

The company has conditionally agreed to buy a 100% stake in a uranium exploration project, known as DR3-East, in South Africa.

The company is currently assessing and reinterpreting the historical exploration data for the project.

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