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Mining Weekly | Africa

The latest mining world news and project information from Africa.
  • Edenville raises £2m to advance Rukwa project to production
    Aim-listed Edenville Energy has raised £2-million through an oversubscribed subscription of 250-million new ordinary shares at 0.8p apiece. The company also issued 125-million warrants to the subscribers on the basis of one warrant for every two new ordinary shares, exercisable at 1.08p per warrant, at any time over the next 18 months.
  • Metallon reports 40% y/y Ebitda improvement
    Zimbabwe-focused gold producer Metallon Corporation grew its earnings before interest, taxes, depreciation and amortisation (Ebitda) by 40% to $18.6-million in 2016, from $13.3-million in 2015.  “2016 was a year of positive progress for Metallon. The business delivered an outstanding Ebitda . . . This was attributable to solid production from operations, especially at How Mine, improved cost efficiencies and a strong gold price,” CEO Ken Mekani said in a statement on Monday.
  • Petmin expects lower interim HEPS; basic earnings to increase by 216%
    JSE-listed Petmin expects its basic earnings a share for the six months ended December 31, to be about 216% higher year-on-year at 8.3c, compared with a loss of 7.15c for the six months ended December 31, 2015. Petmin had incurred a R115-million impairment on the investment in the Veremo project in the six months to December 2015.