Headlines from the Proactive UK newsroom.
Sirius Minerals (LON:SXX) has scrapped its proposed US$500mln bond raise and will undergo a strategic review to assess options for the York Potash project. The firm says development of the mine will be slowed to preserve existing funds. A request for government funding for the project has been turned down.
Soil sampling by Arc Minerals (LON:ARCM) at two new target areas in Zambia has confirmed a larger mineralised system. The miner took 8,100 samples at the Lumbeta and Muswema targets, which are located within the Zamsort and Zaco licences.
Arkle Resources (LON:ARK) has identified a new gold target at the Inishowen project in Ireland. The target lies between the Meeneragh gold discovery drill site and the historic Glentoagher Lead-Silver mine.
Petro Matad’s (LON:MATD) Red Deer 1 exploration well in Mongolia has come up dry. The well was drilled down to 2,000 metres and no hydrocarbon bearing zones were identified.
Clothes retailer French Connection blamed the uncertain economic environment for a drop in first half sales. Revenues fell 12% while underlying losses were little changed.