10 February 2012

Albidon trims feasibility study

30/10/2008 Robert Tyerman

Mining hopeful Albidon is boosting nickel output at Munali in Zambia and limiting its feasibility study for the Chirundu uranium project.

Based in Western Australia and quoted Down Under and on AIM, Albidon says ‘global financial instability’ obliged it to review the bankable feasibility on Chirundu, a minority joint venture with Africa Energy Resources. As a result, the joint venture partners have decided to defer the study of the Zambian project, except for the updating of resource estimates at the two deposits there, Njame and Gwabe.

Meanwhile, the company says it has continued to ramp up output from Munali, which produced 5,606 tonnes of concentrate in the three months to September at an average grade of 6.72 per cent nickel. Albidon realised $50 million (£31.2 million) from closing out its nickel hedges and says it is using the proceeds to repay senior debt, as well as receiving an initial $3.1 million (£1.94 million) for July and August deliveries from Munali to China’s Jinchuan Nickel group.

Shares in Albidon have been volatile, soaring to 216.5p in May before collapsing to 12p earlier this month. They now stand at 16.5p, valuing the company at £27 million.

Save 50% off your first year’s subscription to Growth Company Investor magazine, and gain immediate access to all the recommendations online. Click here.

Sector: Mining

Companies: Albidon (suspended on 24 March, 2009)

Subscribe today

Subscribe today and save 50%. Receive company watch recommendations and extensive company profile tips, released two months ahead of the market.

Sign up here

Spread Trading. New from Halifax Share Dealing

£100 credit when you open five trades within 60 days – terms apply. Spread Trading is not for everyone please ensure you understand the risks as you may lose more than your initial deposit. Click here for more information.

Institutional Investors in AIM 2011 - New Report

This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.

Coverage of AIM, techMARK and PLUS Markets

Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.

If you're interested in business tax updates visit our specialist tax guide website.

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Acquisition   Acquisitions   Aim   Aim Market   Boardroom Moves   Breaking-even   British Technology   Cash   China   Commodities   Credit Crunch   Deals & Contracts   Debt   Dividend   Emerging Markets   Full List   Fundraisings   Gold   Growth Company   Growth Stocks   Main Market   Mergers & Acquisitions   New Issues   Penny Shares   Placing   Plus Markets   Profit Warning   Renewables   Restructuring   South Africa   Speculative Punts   Technology   Trading Update   Turnaround   Undervalued  

Latest News

Nighthawk remains jolly 09/02/2012

US-focused Nighthawk Energy is launching a $7.5 million program to invest in its Colorado-based Jolly Ranch project.

Tags: AIM-quoted business, Doing business in the US, Drilling new wells, Investing in Colorado

Sector: Oil & Gas Producers

Companies: Nighthawk Energy

Tower raises £5.4m 09/02/2012

Africa-focused Tower Resources (TRP) has raised £5.4 million via a placing with a mixture of institutional investors and directors.

Tags: Doing business in Africa, Doing business with New Jersey, Placing, Unusual financing arrangements

Sector: Oil & Gas Producers

Companies: Tower Resources

Thomas nurses £91m loss 08/02/2012

Beleaguered travel operator Thomas Cook (TCG) has reported a loss of £91 million its first quarter also announcing the sale of its Indian division.

Tags: Doing business in India, Sale of subsidary, Travel and leisure, Travel operator

Sector: Travel & Leisure

Chariot finishes 3D survey 08/02/2012

AIM-quoted Chariot Oil and Gas (CHAR) has completed a 3D seismic survey across its central blocks.

Tags: AIM 100, Business in Namibia, Commodities in Africa

Sector: Oil & Gas Producers

Companies: Chariot Oil & Gas

Aminex and Solo disappoint 07/02/2012

Aminex (AEX) and Solo Oil (SOLO) both reported the Ntorya-1 well had 'not encountered' sandstone intervals after drilling 2500 metres.

Tags: Commodities in Africa, Oil and gas projects, Product sharing agreement

Sector: Oil & Gas Producers

Companies: Aminex , Solo Oil , Tullow Oil

Brady to raise £18m 07/02/2012

Brady (BRY), the supplier of software to the commodities sector, is to raise £18 million to fund two acquisitions.

Tags: Acquisitions, Commodities sector, GCI sector picks, Software sector

Sector: Software & Computer Services

Companies: Brady

More News

Sectors

Aerospace & Defence   Alternative Energy   Automobiles & Parts   Banks   Beverages   Chemicals   Construction & Materials   Electricity   Electronic & Electrical Equipment   Equity Investment Instruments   Financial Services   Fixed Line Telecommunications   Food & Drug Retailers   Food Producers   Forestry & Paper   Gas, Water & Multiutilities   General Financial   General Industrials   General Retailers   Health Care Equipment & Services   Household Goods   Industrial Engineering   Industrial Metals   Industrial Transportation   Leisure Goods   Life Insurance   Media   Mining   Mobile Telecommunications   Nonequity Investment Instruments   Nonlife Insurance   Oil & Gas Producers   Oil Equipment, Services & Distribution   Personal Goods   Pharmaceuticals & Biotechnology