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Apr 22, 2013

Emerald miner Gemfields reports 7 pct fall in prices at Lusaka auction

April 22 (Reuters) – Emerald miner Gemfields Plc
reported a 7 percent decline in average per-carat prices at its
lower-quality gemstone auction earlier this month, hurt by a
recent directive by the Zambia government that prevents the
overseas sale of gemstones mined in the country.

The rough emerald and beryl auction in Lusaka, Zambia,
generated revenue of $15.2 million, but the gemstones sold for
an average of $2.42 per carat, the first dip in per-carat prices
in the last five auctions of lower-quality stones by Gemfields.

Apr 10, 2013

African Minerals shares jump on strong output forecast

April 10 (Reuters) – Iron ore miner African Minerals Ltd
said it expected a surge in output this year as it
ramps up production at its flagship Tonkolili mine in Sierra
Leone, sending its shares up as much as 15.6 percent.

The miner, which said it remained on track to meet its
sustainable output target of 20 million tonnes of ore per year
during the second quarter, expects to triple 2013 production to
between 15 million and 18 million tonnes at Tonkolili.

Mar 21, 2013

London Mining forecasts surge in output at Sierra Leone mine

March 21 (Reuters) – London Mining Plc reported a
smaller full-year loss, helped by higher iron ore production at
its Marampa mine in Sierra Leone, and said it expected output
from the mine to more than double in 2013.

The miner said it expected to produce between 3.3 million
and 3.6 million dry metric tonnes in 2013, and forecast sales in
the range of 3.6 million to 3.8 million dry metric tonnes.

Mar 21, 2013

Premier Farnell says 2013 off to positive start, shares up

March 21 (Reuters) – British electronic parts distributor
Premier Farnell Plc’s full-year earnings fell about 15
percent, hurt by weakness at its U.S. operations, but the
company’s stock rose after it said 2013 had begun on a positive

Premier Farnell shares rose nearly 7 percent in early
trading on Thursday morning on the London Stock Exchange, making
the stock one of the top percentage gainers on the FTSE 250
midcap index.

Mar 7, 2013

Avocet Mining rules out share sale in fundraising drive

March 7 (Reuters) – West Africa-focused gold company Avocet
Mining Plc said it was no longer considering selling
equity to boost liquidity, after it found that reserves at its
only producing mine were smaller than estimated.

Avocet said it was actively exploring a “non-equity
solution” with Macquarie Bank – with which it has a
hedging agreement – to restructure its finances, after talks
with its major shareholders.

Mar 7, 2013

Britain’s largest coal mine to close after fire

March 7 (Reuters) – Britain’s largest coal mine will close
permanently and most of its 650 workers will lose their jobs due
to an underground fire that continues to burn “ferociously” two
weeks after it started, mine owner Coalfield Resources

The Daw Mill Colliery in Warwickshire has been closed since
Feb. 22, when a blaze described by Coalfield as Britain’s worst
coal mine fire in 30 years began. The company had said that the
closure was likely to become permanent.

Mar 1, 2013

‘Baptism of fire’ tests UK Coal’s new chief

March 1 (Reuters) – UK Coal, Britain’s biggest coal miner,
expects revenue from its remaining collieries to keep the
company afloat while it wrestles with the costs of closing a
major mine devastated by fire, its chief executive told Reuters.

The underground fire at the Daw Mill Colliery, which started
last Friday, is likely to close one of the company’s three deep
mines permanently at a time when the once-mighty British coal
sector is battling greener government policy and cheap imports.

Feb 28, 2013

Severfield plans rights issue, amends debt facility

Feb 28 (Reuters) – Structural steelwork maker
Severfield-Rowen Plc said it planned a rights issue and
had amended its debt facilities to shore up its finances after
“a very difficult” 2012.

The company, which reported an underlying pretax loss of
19.6 million pounds ($29.7 million) for 2012, said it planned to
raise a net 44.8 million pounds through the 7-for-3 issue.

Feb 27, 2013

Shell abandons Alaska drilling for 2013

Feb 27 (Reuters) – Royal Dutch Shell will not be
drilling for oil in Alaska’s Beaufort and Chukchi Seas this
year, the company said on Wednesday, a widely expected decision
that follows a series of setbacks in the 2012 season.

“Our decision to pause in 2013 will give us time to ensure
the readiness of all our equipment and people,” said Marvin
Odum, director, Upstream Americas.

Feb 25, 2013

UK Daw Mill coal mine operator warns on fire impact

LONDON, Feb 25 (Reuters) – A major fire at its Daw Mill
Colliery could threaten the viability of operator UK Coal, its
chief executive warned on Monday, hitting shares in listed
shareholder Coalfield Resources.

The fire on Friday forced UK Coal to evacuate more than 100
underground workers from Daw Mill, one of three deep coal mines
it operates.

    • About Brenton

      "I’m currently Editor-in-Charge for UK company news in Bangalore, overseeing the coverage of mid-cap and small-cap UK companies. Previously, I was the Deputy Editor-in-Charge of the Headline News team in Bangalore, which is responsible for sending news alerts for all the major publicly listed companies in North America. I also worked with the finance team in Bangalore covering IPOs, and mid-cap and small-cap U.S. financial companies."
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