Contractual disputes at Kouroussa gold mine in Guinea have halted operations, affecting production and cash flow. IMPACT Owner Hummingbird Resources plc’s principal contract miner Corica Mining Services temporarily suspended mining operations as of 17 March 2024. The company said that the suspension was “a clear breach of the mining contract” and has given Corica notice […]
Legal
Capricorn in line for $9.5m dividend from Vedanta
Capricorn Energy said that a payment order had been issued regarding Vedanta Ltd’s $9.5 million dividend owed to Capricorn UK Holdings Ltd. The Securities and Exchange Board of India issued the order dated 12 March 2024. Vedanta, which must pay the money within 45 days of the order’s date, may challenge the order before the […]
Red Rock aims to finalise DRC arbitration award
Red Rock Resources plc aims to finalise its $10 million arbitration award either this week or next in the Democratic Republic of Congo. PROGRESS The company said it expected an initial $2.5 million from its local partner with $7.5m pending. The figures represent 50.1% of what was received by its partner from the buyer and […]
Galantas cancels shares-warrants for marketing firms
Galantas Gold Corporation has cancelled shares and warrants issued to two marketing companies instead of payment in cash on order of the TSX Venture Exchange. CHIEF EXECUTIVE In March 2023 the company engaged Grit Capital Corp for 26 weeks to conduct advertising campaigns for a fee of US$65,000 plus HST*. Galantas paid Grit an initial […]
Red Rock offered Central America oil and gas assets
Red Rock Resources plc said it had been conducting due diligence on a private offer of “some promising hydrocarbon assets” in Central America. PROGRESS Chairman Andrew Bell added that the assets had the potential to restore the company’s “nine-year-old oil and gas function”. “We are always ready to look at highly prospective projects, especially ones […]
Kavango extends Hillside option to review tax changes
Kavango Resources plc has agreed a 90-day extension to the Hillside gold option in Zimbabwe in order to review changes to tax laws. UNCERTAINTY The company said that, based on technical data gathered from exploration including initial core review, it had intended to exercise the option today. The extension follows uncertainty over the impact of […]