The Conversation (0)
The Alternative Investment Market in London gained slightly this week, with Alba Mineral Resources gaining nearly 50 percent.
The Alternative Investment Market (AIM) All-Share index (INDEXFTSE:AXX) was up slightly this week, gaining 1.39 points to close at 732.02 points.
A number of resource-focused companies were on the rise on the AIM. LGO Energy (LSE:LGO) gained 25 percent for the week to hit GBX0.50 on news of an amended debt arrangement with its lender, BNP Paribas (EPA:BNP). “As the Company and the industry as a whole adjusts to the sustained low oil price environment, we are pleased to have reached this agreement with BNP Paribas,” said LGO CEO Neil Ritson in a statement. “This will provide a firm financial platform for LGO to maintain the momentum of our oil production operations in Trinidad.”
Alba Mineral Resources (LSE:ALBA), a junior exploration company focused on graphite, oil, gas, uranium and base metals, was also up for the week, gaining 49 percent to reach GBX0.315.
Meanwhile, Alecto Minerals (LSE:ALO) saw its share price fall 36 percent to finish at GBX0.0725 at end of day Friday. Alecto holds gold projects in Mali and Burkina Faso, and on Sunday, the company announced the acquisition of the historic Matala and Dunrobin gold mines in Zambia.
Iofina (LSE:IOF), which is focused on the exploration and production of iodine, also lost for the week. Its share price was down 29 percent on Friday, at GBX14, following news of a 4.7-magnitude earthquake near the company’s plants in Oklahoma. The Oklahoma Corporation Commission Oil and Gas Conservation Division issued a plan to reduce salt water injection in the area, and that is expected to result in a lower amount of available brines for the company’s iodine plants.
“While the reduction in brine supply is likely to affect our production at 3 of our 5 IOsorb® plants, we will be working together with our partners to minimize any production losses and together will investigate means to reduce the impact of this decision by the OCC,” said Iofina President and CEO Tom Becker in a release.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Related reading:
AIM Round-Up: Beowulf Mining Up 59 Percent
AIM Round-Up: Clontarf Energy Up Over 100 Percent
AIM Round-Up: Pantheon Resources Up 82 Percent on Positive Results from VOBM#1
AIM Round-Up: Sovereign Mines of Africa Takes Top Spot
AIM Round-Up: Ithaca Energy Gains 42 Percent on Operations Update