Corporate deal-making and legal wrangling dominated the mining sector's news flow, with a major portfolio disposal from South32 sitting alongside a foreclosure dispute at Celsius Resources and a jurisdictional win for Emmerson in its long-running Morocco arbitration. Production updates from Caledonia Mining and Savannah Resources' financing progress added to a busy session across the small and mid-cap space.
Kazera banks first tranche under SAI partnership
Kazera Global (LON:KZG) has received the initial $750,000 payment under its production-sharing agreement with South Africa AT Investments, a deal structured to ease pressure on the company's existing loan facility. The advance marks the first concrete cash inflow from the partnership, and shares in Kazera responded with a gain of 10.345% to 1.6p.
South32 beats output targets, sells aluminium chain to Alcoa
South32 Di (LON:S32) confirmed it exceeded its full-year production guidance, while simultaneously agreeing to sell its aluminium value chain, excluding Mozal Aluminium, to Alcoa Corporation. The disposal marks a clear pivot in the miner's portfolio strategy toward base and precious metals, and the market welcomed the moves, sending shares up 4.706% to 213.6p.
Savannah advances debt and offtake talks for Barroso
Savannah Resources (LON:SAV) reported progress on debt financing and offtake negotiations for its Barroso lithium project in Portugal. Chief executive Emanuel Proenca said interest from lenders is strong, citing the project's robust underlying economics, its location in a low-risk jurisdiction, and the strategic value the European Union and its member states place on lithium supply. Shares rose 3.17% to 6.5p.
Celsius Resources fights foreclosure bid over Makilala stake
Celsius Resources (LON:CLA) is disputing a default claim brought by Equinaire, which now holds the Makilala Mining loan purchased from a Philippine sovereign fund. Equinaire has moved to foreclose on Celsius's 40% stake in the project, a claim the company rejects outright. The dispute weighed heavily on sentiment, with shares collapsing 42.86% to 0.004p.
Emmerson's $1.215bn treaty claim to proceed as one case
A tribunal has rejected Morocco's application to split Emmerson Npv (LON:EML)'s arbitration case, ruling that jurisdictional objections and the merits of the company's $1.215bn treaty claim will be heard together. The decision removes a procedural hurdle Morocco had sought to use to delay proceedings. Emmerson shares stood at 1.9p.
Caledonia's Blanket Mine lifts output on higher-grade ore
Caledonia Mining Corporation Di (LON:CMCL) reported second-quarter gold production of 17,360 ounces at its Blanket Mine in Zimbabwe, an 18% increase driven by improved access to higher-grade ore. The company reaffirmed its full-year guidance following the stronger quarter, with shares trading at 1275.0p.
