Companies: AIMR    CSH    JKX    PLR    RIO    URA    VML   

Concern about the quality of some of the resource companies hoping to list in London has prompted the AIM authorities to take soundings about whether and how they should tighten the rules

But fears that too many chancers – and sector overheating – could spoil things for serious companies have not deterred broker Numis from working to assemble potential support for a contemplated AIM issue, said to have a price tag of up to £100 million, for Anglo Asian Mining. Anglo Asian wants to develop gold and copper projects in Azerbaijan and could include an illustrious former US envoy among its directors.

If it comes to market, it could hit dealers' screens at the same time as a decidedly more speculative-looking venture, Copper Resources Corporation, which boasts two billion lbs of copper at Hinoba on the Philippines island of Negros. Based in the British Virgin Islands, the company claims a net present value of £100 million.

Another AIM newcomer, the confusingly-named Aim Resources, has meanwhile raised £1.45 million at 2p to develop the Perkoa zinc project in the West African state of Burkina Faso, with an estimated seven million tonnes at 17.7 per cent zinc. Mining giant BHP Billiton is one of the backers and Aim Resources boss, Aussie former fund manager Marc Florey, says a bankable feasibility study should take about three months.

Caspian boss plans Po listing

Michael Masterman, boss of AIM-quoted oil hopeful Caspian Holdings, hopes to bring Australia-listed Po Valley Energy, at a Down Under equivalent of 37.5p valued at £29 million, to AIM next month. He is chief executive officer of Po Valley, which has interests in Italy and elsewhere, and has helped steer Kazakhstan opportunities to Caspian.

Since its £4 million November float, Caspian, with a £38 million price tag at 45p, has 'hit oil on every well drilled'. At Zhengeldy near the Caspian Sea, the company targets daily output of between 1,000 and 1,400 barrels, with claimed likely cash production costs below $2 a barrel – against a current oil price of $56 a barrel.

Caspian intends to expand Zhengeldy to a five-well operation and offers speculative possibilities, as could Po Valley, if and when it comes.

Market rays from uranium

New-found interest in uranium, highlighted recently in this column, is gripping the market. Vane Minerals, floated last year on the back of gold and silver prospects in Mexico, has seen its shares double to 23.5p on identifying 35 uranium targets, coyly described as being 'in North America'.

Depressed AIM gem prospector Reefton Mining has similarly electrified punters with 'a new uranium target' at its Erongo poly-metallic project in Namibia. Its shares have leapt from 2.5p to nearly 10p on four 'radiometric anomalies' close to mining giant Rio Tinto's Rossing uranium mine and Paladin Resources' Peter Heinrich deposit.

Another Australian, entrepreneur David Steinepreis, hopes to impress with AIM counter Uranium Resources at 4.75p, pursuing prospects in Africa, Australasia and the former Soviet Union. Soaring oil prices have put nuclear power and uranium back on the agenda and, lo and behold, many small companies seem suddenly to be finding it.

This is a highly speculative area. But potential gains could be juicy.

JKX surges ahead

JKX Oil & Gas continues to benefit from winning permission at the end of 2003 to export gas from the Ukraine at market-linked prices. With profits and cash doubled last year to £12.5 million and £20.5 million, the company is pursuing prospects in the Ukraine, Black Sea, Texas, Italy and Bulgaria.

At 155.5p, up from Growth Company Investor's 53p recommendation in December 2003, the shares could go further still.