Kirkland Lake Gold's (LON:KGI) shares fell after it corrected operational results for the second quarter to the end of October.

On 13 November the company announced that during the second quarter, 105,670 tons were produced at a head grade of 0.35 ounces per ton and a recovery rate of 95.17% to produce 34,935 ounces of gold.

But it says a re-examination of month-end procedures surrounding inventories and the mill circuit protocols resulted in the number of gold ounces produced being corrected to 31,387 ounces.

Total production for the first two quarters of the fiscal year is therefore corrected to 61,566 ounces. Over the course of the last 12 - 18 months the company has been upgrading the mill in preparation for an eventual increase to 2,200 tons per day milled.

As part of this upgrade process additional new larger equipment has been installed and recently commissioned. In calculating the month end gold ounces produced the company did not factor in gold that would be trapped in the upgraded circuit.

The trapping of gold in any new circuit is common during the "bedding in" period. Essentially these gold ounces are 'lost' and only recoverable when the mill or equipment is decommissioned followed by a full cleanout. In light of this the company felt it was appropriate to take the prudent approach and correct the reported produced ounces accordingly.

Anglesey Mining (LON:AYM) posted a net loss of ã3.2m for the six months to the end of September - down from ã7.4m a year ago.

The group says almost ã3m of its first half loss was in respect of its holding in Labrador Iron Mines.

Administration expenses were slightly reduced.

The group has no revenues from the operation of its properties.

At the period end the cash resources of the group were ã0.4m (31 March 2013 - ã0.7m).

Chairman John Kearney said: "The half year to the end of September 2013 has been difficult for the group and particularly for the investment in Labrador Iron Mines (LIM).

"For the six months ended 30 September 2013, LIM sold six shipments of iron ore totalling 980,000 dry tonnes and expects to achieve its target for the production and sale of 1.7 million wet tonnes for the year.

"However the quality of that product was below expectations, largely because of lower grade encountered in the deeper part of the James mine, and the net revenue received was negatively impacted, despite the improvement in iron ore prices. At the same time LIM's operating costs continued at higher levels than anticipated. The result was a very large loss reported by LIM.

"Now that LIM is treated as an investment this loss does not directly impact the group's accounts. However the LIM share price had declined at the period end and that fall in price is now reflected as a loss in our income statement. The increase in value of sterling against the Canadian dollar over the period has added further to this loss."

BHP Billiton (LON:BLT) president, HSEC, marketing and technology, Mike Henry, hosted the company's 2013 sustainability briefing in Melbourne today (25 November).

A debt financing package of up to $82.4m for Firestone Diamonds' (LON:FDI) 75%-owned Liqhobong Mining Development Company (Pty) has been approved by Absa Bank's credit committee.

The initial infrastructure and capital costs for the Liqhobong diamond mine project are estimated to be approximately US$185.4m and the facility will support the development of the main treatment plant.

The facility will have a total term of 6.5 years, with an 18 month draw down period for construction and with the repayment of capital occurring in the final 4.5 years of the loan term.

Firestone is required to fund its contribution to the project, being the balance required to complete the Project, prior to first draw down of the facility.

The government of Lesotho holds the other 25% of LMCD.

Medusa Mining Limited (LON:MML) has issued 9,445,195 ordinary shares pursuant to the settlement of the second tranche of the placement announced on 31 October 2013.

Application will be made to the UK Listing Authority and to the London Stock Exchange for 9,445,195 ordinary shares of nil par value to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings will commence on or around 28 November 2013.

The new ordinary shares rank pari passu in all respects with the existing ordinary shares. The Company's increased share capital comprises 207,794,301 ordinary shares with voting rights.

The sector's biggest risers were Red Rock Resources (LON:RRR) and Greatland Gold (LON:GGP ) - up by more than 31% and nearly 29% respectively in late afternoon trading.




At 4:01pm:

(LON:AMI) African Minerals Ltd share price was +1.38p at 200.13p

(LON:AQP) Aquarius Platinum Ltd share price was -0.12p at 42.63p

(LON:AYM) Anglesey Mining PLC share price was -0.38p at 4p

(LON:BEM) Beowulf Mining PLC share price was -0.13p at 6.5p

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

(LON:BLT) BHP Billiton PLC share price was -5.75p at 1870.25p

(LON:CEY) Centamin PLC share price was -3.28p at 44.03p

(LON:CHL) Churchill Mining PLC share price was -0.25p at 17.75p

(LON:CZA) Coal of Africa Ltd share price was +0.39p at 8.36p

(LON:FDI) Firestone Diamonds PLC share price was +0.01p at 3.13p

(LON:FRES) Fresnillo PLC share price was 0p at 840.5p

(LON:GEMD) Gem Diamonds Ltd share price was -0.37p at 142.63p

(LON:HOC) Hochschild Mining PLC share price was -2.5p at 127p

(LON:KGI) Kirkland Lake Gold Inc share price was -25.5p at 159.5p

(LON:KMR) Kenmare Resources PLC share price was -0.23p at 18.62p

(LON:MML) Medusa Mining Ltd share price was +0.5p at 99p

(LON:VED) Vedanta Resources PLC share price was -10.75p at 884.25p