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African Energy Resources
African Energy Resources reported a loss of $US2.1 million for the six months to December 2011 compared to a loss of $900,890 for the previous corresponding period.
Revenue for the period was $1.81 million compared with $35.5 million for the previous corresponding period.
African Energy鈥檚 Sese thermal coal project in Botswana has been earmarked to produce up to 30 million tonnes per annum of coal by 2018.
In the company鈥檚 latest investor presentation, African Energy said it would split up the development of the Sese project into four stages.
Stage 1 will target 1-2Mtpa of coal by mid-2012, ramping up to 4-5Mtpa in late 2015 under stage 2.
Stages 3 and 4 will see the operation produce between 20 and 30Mtpa.
Strategic Elements
Strategic Elements has secured exploration rights to the Wicklow tungsten block, located about 60km southwest of Dublin, Ireland.
The Wicklow tungsten block contains an extensive tungsten system potentially up to 10km in strike length.
Two companies have previously invested significant time and resources to advance the project to the drill testing stage.
Both companies identified the prospective nature of the project, with the tungsten price increasing more than 400% since the last drilling program.
The company believes the timing of the grant is strategically important due to a notable increase in the tungsten price to $US44,000 per tonne and concerns over the dominance of Chinese tungsten production and exports.
Strategic said tungsten鈥檚 growing recognition as a 鈥渃ritical rare metal鈥� has generated an attractive environment for the potential development and financing of European based tungsten projects.
Molycorp
Molycorp will acquire Neo Material Technologies in a $US1.3 billion deal to create a global, vertically-integrated rare earth technology group and give Molycorp a greater range of products and increased sales opportunities across Asia.
Under the agreement Neo Materials shareholders will receive consideration equal to $C11.30 per share, comprising of $C8.05 per share in cash and 0.122 Molycorp shares based on Molycorp鈥檚 20鈥揹ay volume weighted average price of $US26.66.
Neo Materials shareholders will have the right to elect their preferred consideration mix of cash and newly issued Molycorp common stock, with the total consideration being approximately 71.2% cash and approximately 28.8% Molycorp common stock.
The $C11.30 per share represents a premium of approximately 42% to Neo Materials鈥� closing share price of $C7.97 on March 8, 2012.
The transaction will combine Molycorp鈥檚 world-class rare earth resource and low-cost production from its Project Phoenix with Neo鈥檚 expertise in the development, processing, and distribution of technically advanced rare earth products.
The transaction will also give Molycorp greater exposure to the world鈥檚 largest and fastest-growing rare earth consuming nation 鈥� China 鈥� which now comprises about 70% of global rare earth consumption.
It will also leverage Neo Materials鈥� existing infrastructure to allow Molycorp to ramp up its overall production once Project Phoenix phase 2 production begins in 2013.
Gladiator Resources
Gladiator Resources has announced a renounceable rights issue of nine fully paid ordinary shares for every 11 fully paid ordinary shares held as at March 21, 2012 to shareholders with a registered address in Australia, New Zealand, Malaysia or the British Virgin Islands.
The company has lodged a full prospectus with ASIC.
The company will issue up to 101,468,350 new shares (assuming all rights are taken up) at an issue price of $0.06 each to raise approximately $6.1 million (before costs of the issue).脗聽
New shares under the rights issue will rank equally with the company鈥檚 existing shares and the company will apply for quotation of the shares.脗聽脗聽
In addition, subscribers in the rights issue will receive one free attaching option for every new share subscribed for, with an exercise price of $0.10 and expiring on June 30, 2015.
Patersons Securities has been appointed as joint lead manager, together with Cunningham Peterson Sharbanee Securities, and underwriter to the rights issue.
The company intends to apply the proceeds from the rights issue towards funding ongoing exploration, engineering and metallurgical testing, and advancing the bankable feasibility study on the Isla Cristalina joint venture project in Uruguay.
Upon completion of the Isla Cristalina project鈥檚 bankable feasibility study the company would be allowed to acquire an additional 29% in the project from Orosur Mining and increase its interest in the project to 80%.
