INDONESIA - Orpheus secures new royalty agreement

Indonesian mining contractor PT Debbia Mining has signed a life of mine royalty agreement for all coal sales from Orpheus Energy’s B2 project in East Kalimantan. Orpheus will receive US$8 million per tonne of thermal coal from the 0.95 million tonne indicated project.  1

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INDONESIA - Vale withdraws from Sabalong

Underwhelming drill results at the Sabalong copper joint venture on Indonesia’s Sumbawa Island have prompted one of the JV partners to pull out of the project.

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INVESTMENT - Baobab secures US$6.3 million in share placement

Iron, base and precious metals explorer Baobab Resources has raised US$6.3 million through the sale of 50 million ordinary shares to Redbird Investments. The investment company is a fully-owned vehicle of African Minerals Exploration & Development SICAR SCA and after the sale is approved, it will hold an 18.9% stake in Baobab.

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INVESTMENT - GoldMet acquires Monument stake

GoldMet has acquired a further 11.6% share of Monument Mining, buying 24.1 million shares for Can$12 million and boosting its holding to 26%. The initial 14.4% stake was made just four days prior to this last acquisition, when GoldMet paid Can$7.2 million for 30 million common shares.

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