The Board of Western Mining Network Limited (ASX:WMN) is pleased to announce that the Company has exercised its option to purchase 51% of the total number of issued shares held in PT Genesis Berkat Utama ("Genesis").
In a volatile and sharply weaker iron ore market, Atlas Iron Limited (ASX:AGO) has made a cash surplus from operations of A$70M (2011 - A$164M). During the period, the Company also commenced exports from the Mt Dove mine, started development at the Abydos mine and shipped a record total of 3.34Mt (WMT).
Baobab Resources Plc (LON:BAO) the iron ore, base and precious metals explorer with a portfolio of exploration projects in Mozambique, is pleased to present the results of the resource re-estimation and up-grade at the Tenge/Ruoni prospect at its 85% owned Tete pig iron, vanadium and titanium project (the "Tete Project") in which International Finance Corporation ('IFC') hold a 15% participatory interest.
Atlas Iron (ASX:AGO) advises that it will book a non-cash impairment of $258M, net of deferred MRRT and income tax, in its accounts for the six months to 31st December 2012. This follows a review of the carrying value of select undeveloped Horizon 1 and 2 exploration project areas and non-core tenements. The impairment is a consequence of the accounting values attributed to these exploration assets arising from the higher price of Atlas shares used as consideration when many of the tenements were acquired (including share price appreciation following the announcement of the transactions) as part of the four mergers and takeovers Atlas completed between 2009 and 2011. This compares to the value ascribed by the market as at 31 December 2012 to these exploration assets.
Baobab Resources Plc (LON:BAO) the Mozambique resource development company, provides the following operational update in relation to the Pre-Feasibility Study (PFS) being completed at its 85% owned Tete Pig Iron, vanadium and titanium Project. IFC (International Finance Corporation) hold a 15% participatory interest.
Equatorial Resources Limited (ASX:EQX) is pleased to release the attached Company Presentation presented by Managing Director and CEO, Mr John Welborn, to the Mining Indaba Conference in Cape Town, South Africa.
Atlas Iron Limited (ASX:AGO) is pleased to announce that its total Pilbara Ore Reserves have increased by 21% to 499Mt, further strengthening the Company's existing operations, near term development projects and its longer-term growth strategy.
