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As per the recent market news, Sandfire Resources NLâs (ASX:SFR) CEO and Managing Director, Mr. Karl Simich has offered to take all of the $15 million capital raising of Adriatic Metals Plc (ASX:ADT) which is going to be conducted very soon, but the offer was politely declined by Adriatic Metals as it did not want to give away a blocking stake too easily. Sandfire Resources currently owns more than 7 percent of Adriatic Metals which is the UK based Exploration and Development Company and it has been speculated that Mr. Simich is in negotiations to increase the companyâs shareholding in Adriatic to 10 percent.
On 13 November 2018, Adriatic Metalsâ shares were placed in a trading halt at the request of ADT, pending it releasing an announcement in relation to a capital raising. Adriatic Metals is expecting to announce an update to the market on or before the commencement of trading on 15 November 2018. In the past six months, the shares of Adriatic have performed very well, as they uplifted from $0.190 on 14 May 2018 to 0.635 on 12 November 2018 which is a 234.21 percent increase. ADTâs shares were last traded at $0.635 with a market capitalization of about $83.06 million.
Sandfire Resources has been closely watching the progress of Adriatic as the company is searching for a next growth project, but it is not the only company on which Sandfire is keeping an eye on. It has been revealed in the recent market news that Sandire is also interested in the work that Kingston Resources (ASX:KSN) are doing on Papua New Guinea's volcanic Misima Island. Sandfire Resources currently owns more than 9 percent of Kingston Resources Ltd., and it is understood to have been suitably impressed by the gold grades of more than 3 grams per tonne reported by Kingston recently. In the past six months, Kingstonsâ shares increased by 4.55 percent as on 12 November 2018.
Sandfire recently reported that it produced 17,924t of contained copper and 11,141oz of contained gold in the September quarter. The Mill throughput for the September Quarter was slightly below forecast due to scheduled maintenance shutdowns in August and September, as well as periods where the feed grade into the mill was significantly higher than predicted. The company also achieved further progress in the development of the Monty Copper-Gold Mine during the Quarter, with onsite construction activities and pre-production surface and underground infrastructure installed and in-use. The Company is also planning a drilling program for the December 2018 Quarter designed to collect additional data for resource verification and to collect geotechnical data necessary for the feasibility study. The company has further maintained the FY 2019 guidance at 63-67kt of contained copper and 37-40koz of contained gold.
In the last six months, the share price of the company decreased by 16.18 percent as on 13 November 2018. SFRâs shares traded at $6.780 (-5.439% intraday) with a market capitalization of about $1.14 billion as on 14 November 2018 (AEST 3:54 PM).
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