Proactive news summary including Hummingbird Resources Iofina Bezant Resources AFC Energy and Obtala Resources


(MENAFN- ProactiveInvestors) On the day of the Queens speech a mixed news bag which featured miners biotechs and tech stocks.

Hummingbird Resources (LON:HUM) nudged higher after it confirmed it remains on track for an initial gold pour at its Yanfolila project in Mali in the first half of next year.

Earthworks are due to be completed by the end of the next month paving the way for construction the firm said.

In its results statement Condor Gold (LON:CNR) said its latest drilling programme at La India in Nicaragua had hit another notable high grade shoot to the south of the planned main pit.

So far Condor has completed almost half of the 4000m programme.

The intercept was 7.55m at 10.2g/t gold and demonstrated the resource remains open to the south Condor said.

Elsewhere Bezant Resources’ (LON:BZT) has introduced another round of cost cuts while talks over the sale of its Mankayan gold and copper property continue.

A recommendation last year that the Philippines government raise the mining levy by 50% has hampered progress on a sale.

Staff and directors are to take 30% salary cuts to preserve its cash pile of £1.9mln until this is resolved Bezant said.

Iofina (LON:IOF) chairman Lance Baller remained cautiously optimistic on the outlook for 2015 after reporting on a year of transition for the iodine producer.

It is currently on target to hit its first-half milestone of 220-260 metric tonnes of iodine which it extracts from the brine brought to surface during onshore oil production.

Baller also believes the market for his company’s product may also be stabilising.

Industrial fuel cell developer AFC Energy (LON:AFC) called for the UK government to instigate a full review over the country’s stalling hydrogen policy. 

Chief executive Adam Bond has also set AFC a target of achieved 1GW of fuel cell generating capacity by 2020 but so far none of that originates in the UK.

"Although none of the commercial traction we have seen so far stems from activity in the UK we remain hopeful that the British government will acknowledge the contribution that our fuel cell technology can make to a low carbon economy and accordingly consider a review of the UK's hydrogen fuel cell position through clear policy guidance and support for the sector over the short term" he said.

Alliance Pharma (LON:APH) the company that breathes new life into brands offloaded by the drugs majors has seen solid growth in 2015.

Trading in the first four months of 2015 was described as "satisfactory" by chairman Andrew Smith in a statement issued ahead of the firm's annual general meeting on Wednesday.

Revenue of £15.6mln was up 6% year-on-year with eczema cream Hydromol the group's biggest brand leading the charge with a 14% increase in sales.

Elsewhere renewable power supplier Rame Energy (LON:RAME) expects to start commercial sales from its Raki/Huajache wind farm project in Chile in June.

The two projects share the same substation though they are separate generators and that has required new legal definitions and caused a delay Rame said

Africa-focused Obtala Resources (LON:OBT) has hired a food expert as consultant and strategicpartner so it can expand and improve its Tanzanian agribusiness.

The appointment of Julie Dedman and her team is also aimed at fast-tracking food and safety certification for the group's farm and drying unit it said.

The aim is to supply more than 200 tonnes of fresh produce a month to  Dar es Salaam - Africa's fast growing city and revenue from sales will significantly reduce the overall operating cost for the dried fruit operation which will re-commence once certification is awarded.

Victoria Oil & Gas‘s (LON:VOG) Cameroon subsidiary has bought the plant it uses to process gas from the Logbaba field.

Taking control of the plant will generate significant cost savings Victoria Oil said which is negotiating a contract for maintenance over the long-term. 

Ebiquity (LON:EBQ) the market analytics firm enjoyed a growth spurt in the second half of its financial year.

The company's top line in the year to 30 April saw high single-digit percentage revenue growth year-on-year on a like-for-like constant currency basis with the growth rate achieved the highest in the company's recent history.

The Marketing Performance Optimization (MPO) and Media Value Measurement (MVM) divisions both enjoyed double-digit percentage growth with the MPO division up 40% on a year earlier. Ebiquity shares eased 0.4% to 123p each.


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