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Braemore shares rise on tech revision

Reuters | Wed, 01 Jul 2009 12:41
[miningmx.com] -- Braemore Resources Plc has revised its ConRoast technology agreement with South African mining technology organisation Mintek, sending its shares higher.

Under the terms of the new deal, Braemore will be able to expand its use of the technology for the commercial smelting and refining of platinum group metals (PGMs), and has the option to extend its exclusive right to the ConRoast process through to 2020 from the previous three- to seven-year agreement.

Shares in Braemore were up 15.5 percent at 5.07 pence at 0903 GMT.

The ConRoast technology is unaffected by high-chrome content ores, which are increasingly being mined, and offers a more cost-effective, environmentally friendly option to junior miners, it said. On June 16, AIM-listed Braemore said it was in talks that could lead to a takeover offer.

There is press speculation that Finland's Ruukki Group Plc, which on Tuesday agreed to buy PGM producer Sylvania Resources for 268 million euros ($377 million), is interested in Braemore.




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