Anglesey Mining's (LON:AYM) shares fell after its 15%-held Labrador Iron Mines reported a second quarter net loss of $24.9m, which included a depletion and depreciation charge of $20.7m.

LIM sold four shipments of iron ore totalling 652,000 dry tonnes (~700,000 wet tonnes), and reported revenue of $40.3m. For the six months to the end of September LIM has completed the sale of six shipments of iron ore totalling 980,000 dry tonnes (~1,050,000 wet tonnes).

Production volumes increased substantially during the quarter: approximately 983,000 tonnes of ore were extracted from the James Mine, Redmond Mine and Ferriman stockpiles and 1.25 million tonnes of plant feed were processed and screened at the Silver Yards processing facility.

Rail volumes also increased to a quarterly record of 723,000 tonnes, averaging five trains per week by the end of July.

Revenues were affected by value-in-use deductions arising primarily from the lower grade of ore mined.

With a number of cost reduction measures implemented and higher production volumes achieved, operating unit costs were substantially lower quarter over quarter. Anglesey and LIM chairman John Kearney said: "LIM has now recorded the sale of eight shipments of iron ore in the year to date and despite a slow start-up experienced in the first quarter, we are on track to sell 10 shipments of iron ore this year, meeting our production target of 1.7 million tonnes of iron ore in 2013.

"While the price of iron ore averaged approximately US$133 per tonne in the quarter compared to approximately US$113 per tonne in the same quarter of 2012, this increase was partially offset by value-in-use adjustments arising primarily from the lower quality of ore mined as we got deeper in the James Mine, and by higher ocean freight."

Miner Vedanta Resources (LON:VED) reported revenue in the half-year to end-September down 17% at $6.2bn, down 17%, with underlying EPS down 70% at 29.3 cents.

EBITDA was of $2.2 billion, EBITDA margin was 44.5% despite volatile commodity prices.

Free cash flow was $1.0 billion before growth capex and $417 million after growth capex.

Net Debt was reduced by $1.6 billion over the last 18 months.

Interim dividend is up 5% to 22 cents per share.

Chairman Anil Agarwal said, "The successful completion of the Sesa Sterlite merger during this half year is a significant milestone. Operational performance has been particularly strong in our high margin Oil & Gas and Zinc India businesses, with record production achieved at Cairn India.

"We continue to focus on driving value-accretive growth across our diversified portfolio of Tier-1 assets and this, combined with efficient cost management and our strong position in fast growing emerging markets has positioned us well to sustainably create long term value for our shareholders."

Beacon Hill Resources (LON:BHR) has granted options over 4,301,075 ordinary shares to senior independent non-executive director Murray d'Almeida in lieu of his annual fee.

Eastern Platinum (LON:ELR) posts attributable losses of $4,617,000 for the three months to the end of September - down from $5,698,000 last time.

Losses for the first nine months totalled $155,293,000 compared with $101,745,000 a year ago.

Production at CRM was scaled down with effect from 22 June and ceased by the end of July. Production will not resume until it is clear that there can be sustainable economic production from CRM.

The company says it will continue to meet all its commitments with respect to its environmental management programs and the relevant aspects of its Social and Labour Plan.

Gem Diamonds (LON:GEMD) said in the period since 1st July, Letáeng has continued to demonstrate its strength as a world class producer of high value diamonds, with 25,559 carats recovered in Q3 2013, up 9% on Q2 2013.

There is continued indication that the new cone crushers are having a positive impact on recoveries.

÷ An average value of $2,022 per carat was achieved for the 2 exports in Q3 2013 ($1,855 per carat in Q2 2013 and $1,41 per carat in H1 2013).

÷ The October and November 2013 exports achieved an average of $2,139 per carat and S$2,406 per carat respectively.

÷ 13 rough diamonds achieved a value in excess of $1 million each during the Period, totalling 22 for the year to date.

÷ 26 rough diamonds produced which achieved prices greater than $20,000 per carat in the Period (totalling 78 for the year to date).

÷ A total of 178 rough diamonds greater than 10.8 carats in size were recovered in the Period, equating to 77% of Letáeng's revenue for the Period. (476 diamonds greater than 10.8 carats have been recovered for the year to date, totalling 73% of Letáeng's revenue for the year to date).

÷ In July 2013 a 99.87 carat diamond sold for $6.5 million, $64,631 per carat; in September 2013 a 98.29 carat diamond sold for $4.7 million, $52,077 per carat; and in October 2013 a 12.47 carat blue diamond sold for $7.5 million, a Letáeng record of $603,047 per carat; and an 83 carat white diamond sold for $4.8 million, $59,173 per carat.

There was good progress at Ghaghoo, which offers strong growth potential:

÷ The decline tunnel continues to progress well through the competent basalt with 306 metres of basalt tunnelling completed as at the end of October. (As at the end of October 2013 a total of 765 metres of underground development was achieved).

÷ Construction of the Plant is complete, with commissioning planned to be complete early in Q2 2014; well ahead of a sustainable feed of run of mine ore becoming available from underground.

The Group maintains its strong cash position with US$ 63.6 million cash as at 31 October 2013, of which US$ 56.3 million is attributable to Gem Diamonds. (US$ 61.5 million as at 30 June 2013, of which US$ 55.6 million was attributable to Gem Diamonds).

As at Period end no draw-downs have been made on either of the US$ 20 million or Maloti 250 million (US$ 25 million) facilities.

Gem Diamonds' CEO, Clifford Elphick, commented:

"We continue to see a strong performance at Letáeng with the recovery and sale of 13 exceptional Letáeng diamonds which achieved prices in excess of US$ 1 million each, totalling US$ 42.6 million in the Period and the gradual move from the lower value main pipe into increasing tonnages of higher value Satellite pipe ore. We are continuing to look at opportunities to improve operating efficiencies at Letáeng. In line with this, the installation of the new cone crushers is complete and we believe that this will enable us to better harness the value of the Letáeng mine as we look to reduce diamond breakage. The development of the new mine at Ghaghoo is progressing well and is on track for the first production to be run through the Plant in H2 of next year as we focus on building our production profile in the longer term and deliver on our growth ambitions."

Diamond Market

Ahead of the end of year festive shopping season, the diamond market is again looking at the US as the main centre for the sale of polished. The current demand for rough diamonds seems relatively healthy and, in particular, the demand for high quality large rough diamonds remained strong during the Period. Although positive sentiment is expected to continue, factors such as the devaluation of the Indian Rupee, reduced margins in the manufacturing sector and sustained liquidity constraints are expected to result in the continuation of the cautious approach adopted by most industry participants in both the rough and polished market.

Avocet Mining (LON:AVM) has completed the buy back of its entire hedge position with Macquarie Bank and is now a fully unhedged gold producer.

African Barrick Gold (LON:ABG) has reached an agreement for Tanzania's state-owned mining corporation, STAMICO, to acquire the Tulawaka gold mine.

STAMICO will acquire the mine and certain exploration licences surrounding it for $4.5m and the grant of a 2% net smelter royalty on future production in excess of 500,000 ounces, capped at US$500,000.

STAMICO will take ownership and management of the rehabilitation fund established as part of the closure plan for the mine, in return for the assumption of all remaining past and future closure and rehabilitation liabilities for Tulawaka, and will indemnify the other parties to the agreement in relation to these liabilities. This will result in a cash payment by ABG to STAMICO of the balance of the rehabilitation fund, which currently stands at US$17.6m, less the transaction consideration on completion.

Tulawaka is 100% owned by the Tulawaka joint venture, in which ABG holds a 70% economic interest through a wholly owned subsidiary, with MDN Inc holding the remaining 30% of the joint venture. Production at Tulawaka ceased in Q2 2013.

ABG chief executive Brad Gordon said: "Tulawaka was a highly successful mine for African Barrick Gold and this transaction provides STAMICO the opportunity to further develop the domestic Tanzanian mining industry."

The biggest riser was Oxus Gold (LON:OXS) - up by moer than 8% in late afternoon trading.






At 4:05pm:

(LON:AMI) African Minerals Ltd share price was -0.87p at 193.88p

(LON:AQP) Aquarius Platinum Ltd share price was -0.37p at 42.88p

(LON:AVM) Avocet Mining PLC share price was +0.13p at 14.5p

(LON:AYM) Anglesey Mining PLC share price was -0.62p at 4.63p

(LON:BEM) Beowulf Mining PLC share price was +0.01p at 6.76p

(LON:BKY) Berkeley Resources Ltd share price was 0p at 14p

(LON:CEY) Centamin PLC share price was +0.6p at 52.6p

(LON:CHL) Churchill Mining PLC share price was -0.75p at 19p

(LON:CZA) Coal of Africa Ltd share price was +0.05p at 8.36p

(LON:ELR) Eastern Platinum Ltd share price was 0p at 3.75p

(LON:FDI) Firestone Diamonds PLC share price was 0p at 3.5p

(LON:FRES) Fresnillo PLC share price was +28.5p at 943.5p

(LON:GEMD) Gem Diamonds Ltd share price was +0.25p at 153.75p

(LON:HOC) Hochschild Mining PLC share price was -3.25p at 142.75p

(LON:KMR) Kenmare Resources PLC share price was +0.05p at 21.05p

(LON:VED) Vedanta Resources PLC share price was -63.5p at 960.5p