Small caps round-up: Quintain, Leed Petroleum, Solomon Gold...
Nov 02, 2009
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Quintain Estates is weaker Monday after the property developer confirmed it is considering an equity issue, thought to be about worth about £180m.
It said no formal decision has been made and a further announcement will be made when appropriate.
Oil and gas explorer Leed Petroleum has completed wire-line operations on the Eugene Island A-7 well and returned it to production following the shut in during September.
Well tests indicate a gross production rate of 3.1 millions of standard cubic feet of gas per day and 458 barrels of oil per day, or a combined 977 barrels of oil equivalent per day.
Solomon Gold is lower again after it emerged that Barclays has reduced its stake in the Australasia-focused gold and copper miner to 7.59m shares, or 8.93% of the business.
That's 746,162 shares less than the figure reported on 13 October.
South African platinum producer Sylvania Resources and Jubilee Platinum have agreed a strategic partnership to provide a total capability solution for the processing of platinum group metals (PGMs) to the secondary PGM sector.
"This alliance brings together Sylvania's demonstrated ability to retreat surface tailing stockpiles for recovery of PGMs into concentrate and Jubilee's industry accepted ConRoast smelting flexibility," read a statement Monday.
Namibian mining company Weatherly International has entered into an option agreement with South Africa's Cubenco whereby Cubenco has the option to buy the Kombat mine from Weatherly for $3m.
The group said the Kombat mine was flooded late in 2007 and although the mine and plant has been kept on care and maintenance, it is not part of Weatherly's future development plans.
Weatherly added it is focussing on the reopening of the Otjihase and Matchless mines and the development of the Tschudi open pit.
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