In Case You Missed It: A labour hire stock and iron ore player look to African opportunities
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Stockhead’s In-Case-You-Missed-It highlights some strongest performing ASX stocks that might have slipped your notice today.
It’s a short, sharp update to help frame the trading day by showing some of the biggest movers in percentage terms.
Stocks highlighted in green have made market-moving announcements (click headings to sort).
Bumping resources out of top spot today was labour hire stock RBR Group (ASX:RBR) which says the stalled development of the Rovuma LNG mega project in northern Mozambique could be back on the table.
RBR business Futuro Group is experiencing a significant lift in business activity, with engineering recruitment and construction contract enquiries increasing as Total and EPC contractor, Saipem, prepare for imminent restart to the Rovuma LNG onshore facility in Afungi, it says.
“Whilst Total is yet to make an official announcement on the lifting of Force Majeure on the project Saipem executive, Alessandro Puliti has publicly stated that July 2023 is the target for formal resumption of works,” the company said.
Executive chairman Ian Macpherson said with the world scale project looking to get back underway, “opportunities for participation by RBR Group companies in Mozambique should continue to arise.”
Equatorial Resources (ASX:EQX) has inked a deal to acquire the high grade Nimba Alliance iron ore project in Guinea, West Africa.
Extensive work has already been completed at the project, which EQX says was previously owned by an international consortium of major mining companies, including BHP (ASX:BHP).
That includes historical drill hits like 14m at 60.7% fe from surface, plus geophysics, mapping, mineralogy and beneficiation studies, mine engineering, and transport studies.
Africa has become a focus for major mining houses due to low operating costs and the potential for “vast, high-grade discoveries of high-quality iron ore”, EQX says.
“In Guinea, Rio Tinto, Chinese steel giant Baowu and the Guinean Government have reached agreement on a major capital investment associated with the Simandou Project which is set to deliver shared infrastructure to the area worth approximately US$15 billion and is expected to be completed by December 2024, enabling commercial production from mines in the area by 2025,” it says.
“Equatorial considers Central and West Africa, and in particular Guinea, to be the new iron ore frontier.”
Solis Minerals (ASX:SLM) says early-stage copper exploration is ongoing in Peru, with the company now ‘boots on the ground’ to examine recently identified remote sensing anomalies and conduct field mapping at Ilo Este, Cinto and Ilo Norte.
Areas to be identified for potential drilling will lead to submission of environmental permitting applications, it says.
On Aussie shores, Miramar Resources’ (ASX:M2R) plan to conduct diamond drilling to test for a potential large iron oxide copper gold deposit within WA’s relatively underexplored Capricorn Orogen has received support from the state government in the form of up to $180,000 from the Exploration Incentive Scheme (EIS).
Executive chairman Allan Kelly said the successful EIS application validates the robustness of the bedrock IOCG targets identified by the company at its Whaleshark project in the Ashburton region.
“The discovery of a large IOCG deposit at Whaleshark could have a significant impact on exploration activities across the wider Gascoyne mineral province, similar to the discovery of the giant Olympic Dam deposit in the 1970s and the Prominent Hill and Carrapateena IOCG discoveries in the 2000s,” he said.
At Stockhead we tell it like it is. While Miramar Resources is a Stockhead advertiser, it did not sponsor this article.