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African Barrick Gold, Anglo American, Pathfinder Minerals, Strategic Natural Resources news briefs

Contributed by Fox-Davies Capital

African Barrick Gold PLC announced its third quarter production figures. The company produced 147,786oz of gold at a cash cost $965/oz. CEO Greg Hawkins said: "This has been a challenging quarter for ABG. We were expecting to see a step up in production levels, leading into the end of the year and 2013, but there have been production interruptions and issues across each of our sites.  We have seen the ramp up in grade at North Mara which is positive and expected to continue in Q4, but have been disrupted in our efforts to mine it at a normal rate given an increase in illegal mining operations. At the same time the production levels at Bulyanhulu and Buzwagi have been lower than planned. In light of this, we now believe that our full year production will be around 5-10% below the bottom of our previous range of 675,000 - 725,000 ounces of gold, at a total cash cost of US$900-950 per ounce."

Anglo American has announced that Cynthia Carroll has decided to step down as Chief Executive, with the Board's agreement. Cynthia will remain in her post until a successor has been appointed and an appropriate transition has taken place. Cynthia has been CEO for lot longer than most people expected when she originally joined to re-structure the business and streamlined a lot of the middle management creating a lot of bad blood in the process. Since then she has managed to transform the focus of the business although it has not always been a smooth ride. No details yet of a successor but our guess would be Alex Vanselow former CFO of BHP who retired last February.

Pathfinder Minerals has obtained an interdict in Mozambique court suspending the Resolutions of the EGM last December held by General Jacinto Veloso and Diogo Cavaco, so that the purported removal of the Company's board appointees is not effective. This follows the decision announced on 19 October 2012 that Pathfinder had obtained an English High Court judgment that it had validly acquired its 99.99% interest in Mozambican subsidiary Companhia Mineira de Naburi S.A. There was due to be a hearing scheduled to take place on 25 October 2012 in the Maputo Court to consider, as a preliminary issue, the question of the status of the shareholding in CMDN as a matter of Mozambique law. However upon arrival at the Maputo Court yesterday, representatives of the Company were told that that hearing had been adjourned to 6 December 2012, upon the application of the opposing party. These latest rulings are positive for the Company; however, with the postponement of the hearing yesterday it looks like there is still a lengthy and costly legal process ahead.

Strategic Natural Resources has appointed Mark Rosslee as Finance Director of the Company. Mark is a Chartered Accountant in South Africa and has previously served on the Board of AIM quoted Central African Gold Plc. The move is unsurprising as Mark has been CFO SNR subsidiary Elitheni Coal since April 2012.