China Magnesium Corporation Limited (ASX:CMC) has signed an agreement to acquire a stand-alone, profitable ferrosilicon producer in China's Ningxia province. The acquisition will add an additional market in ferro-alloys which complements the Company's existing magnesium and magnesium alloy markets. The ferrosilicon business is expected to contribute approximately A$1.6 millions and A$3.3 millions to the Company's net profit after tax for financial year 2012 and financial year 2013 respectively.
Uranex Limited (ASX:UNX) has further confirmed the presence of coal within the Lumecha Coalfield, part of its 100% owned Songea Coal Project in Southern Tanzania. The current 20 hole drilling program is expected to be completed in mid December 2011 with samples to be used for a comprehensive suite of coal analyses. Songea Coal Project covers 2,600km2 and is favourably located in a well known area for large tonnages of high quality thermal coal with published resources exceeding 1 billion tonnes.
TVN Corporation Limited (ASX:TVN) says today that drilling on the Nuurst Coal Project in Mongolia is nearing completion. The drilling programme has now drilled over 4000 metres within the 2011 Targeted Resource Area, confirming the shallow nature of the thick coal seam development. It is anticipated that the coal seam development extends to the southernmost boundary of the licence.
TVN Corporation Limited
Stanmore Coal Limited
Magnis Resources Ltd
China Magnesium Corporation Ltd