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AIM WINNERS & LOSERS: Zanaga powers up in the Republic of Congo

28th Dec 2023 10:25

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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AIM - WINNERS

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Zanaga Iron Ore Co Ltd, up 17% at 10.25 pence, 12-month range 3.7p-18.9p. The iron ore exploration and development company signs a memorandum of understanding with China Machinery Engineering Corp pertaining to hydroelectric power solutions for the Zanaga iron ore project in the Republic of Congo, and "associated funding of such power projects". Zanaga also updates on the timing of its feasibility study update process alongside its Chinese engineering, procurement & construction partner. The initial review and recosting phase of the 2014 FS is now complete, which indicates potential cost reductions compared to the 2014 study. The second market enquiry and financial modelling phase is now underway and will extend into the first quarter of next year, it says.

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Corcel PLC, up 16% at 0.68p, 12-month range 0.21p-0.69p. The stock nears a 12-month high as the mining and mineral resource development company updates on the drilling results for the Tobias-14 well in the onshore Block KON-11 in Angola, where it has a 20% working interest. The well encounters a full Binga reservoir section with identical zones as seen in the previous TO-13 well, with oil showing throughout. Corcel and operator Sonangol believe the results "confirm the ability to reactivate production through an early production system and imply significant hydrocarbon potential remaining". Corcel Executive Chair Antoine Karam comments: "The encouraging results of the TO-14 well constitute a significant milestone toward development of an EPS and providing line of sight to near-term revenue generation for Corcel."

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AIM - LOSERS

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Bens Creek Group PLC, down 8.1% at 11.49p, 12-month range 8.65p-30p. The owner of a metallurgical coal mine in the US state of West Virginia reports a widened interim loss stemming from higher costs and lower average selling prices. Pretax loss comes in at USD13.7 million in the six months that ended September 30, widening from USD11.7 million a year earlier. Revenue rises by 36% to USD23.5 million from USD17.4 million, but cost of goods sold nearly doubles to USD22.4 million from USD12.2 million. Bens Creek produces 204,998 tons of metallurgical coal in the recent half-year, doubled from 99,928 a year before. However, the average price received falls to USD118 a ton from USD166. Without that price fall, the company would have recorded a small profit, says Chief Executive Adam Wilson. "Overall, the outlook has improved for us, and we look forward with growing confidence to the coming months," Wilson says.

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By Elizabeth Winter, Alliance News deputy news editor

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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