It was a good day for Frank Timis, the colourful mining company promoter. His latest venture, African Minerals, an iron ore explorer in Sierra Leone, raised £64 million in a placing of shares at 250p each to use for further drilling at its giant Tonkolili iron ore project there, which Mr Timis believes could be one of the largest iron deposits in Africa. The company’s other iron deposit there — Marampa — has already been farmed out to Cape Lambert Iron Ore. African Minerals lost 9¼p to 235½p, but it has risen from 20p since last November.

Meanwhile, Regal Petroleum, the Ukrainian company he founded and in which he owns 16 per cent, rose 2¾p to 69¼p after Merrill Lynch upgraded from “hold” to “buy” with a 130p target, saying that results for two new gas wells in Ukraine due by September could double the size of its reserves. Russian energy companies and Western oil majors should be interested. TNK-BP is a rumoured predator.

Kalahari Minerals remained flat at 127p despite Xtract Resources, its 40 per cent-owned associate, raising its estimate of uranium reserves at its Rossing South deposit in Namibia by 36 per cent. Ambrian, Kalahari’s broker, said: “This estimate exceeds our most optimistic expectations.”

Communisis, the printer of junk mail for banks, charities and public sector bodies, fell ½p to 26p after saying that the Government’s plan to ban the mailing of unsolicited credit card cheques would hit earnings this year.

Photo-Me International rose 1¾p to 18¼p as it returned to annual profit and halved its net debt.

Earthport, the provider of international payments, rose 3¾p to 67p on hope that a potential bidder would offer a premium close to its broker’s 88p price target.

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