S&P/ASX 200 slips 0.37% as China confirms ban on importing Australian coal

S&P/ASX 200 (INDEXASX:XJO) was trading 0.37% lower at 6635 by about 1.38 pm with mining and energy stocks weighing on the local index. Coal miners have slipped after China formalised its ban on Australian coal imports. Australia’s coking and thermal coal exports to China fell by between 50% to 60% in October compared to last year. New Hope (ASX:NHC) is down 7% while Whitehaven Coal (ASX:WHC) fell 5%. Village Roadshow takeover A takeover of Village Roadshow (ASX:VRL) by Melbourne-based private equity firm BGH Capital is one step closer after the Federal Court approved the offer which values shares at $3 each. Village Roadshow, which owns Warners Bros Movie World, Wet 'n' Wild and Seaworld, has had a difficult year due to COVID-19 restrictions which caused several theme parks and cinemas to close. BGH initially valued Village Roadshow at $4 per share but that bid was revised later in the year because of market conditions. Top gainers Today’s top gainers on the ASX include MGC Pharmaceuticals Ltd (ASX:MXC) (+9.37%), Alicanto Minerals Ltd (ASX:AQI) (+8.70%), Boadicea Resources Ltd (ASX:BOA) (+13.95%), PNX Metals Ltd (ASX:PNX) (+16.67%), Eclipse Metals Ltd (ASX:EPM) (+7.14%) and Aeris Resources Ltd (ASX:AIS) (+8.70%). Proactive news headlines: Horizon Minerals generates $3.6 million in net cash from third Boorara gold milling campaign Horizon Minerals Ltd (ASX:HRZ) has generated $3.6 million in net cash flow after completing its third toll milling campaign from trial mining at Boorara Gold Project, 10 kilometres east of Kalgoorlie-Boulder in the WA Goldfields. Fe Limited progresses development of JWD Iron Ore Project with key works approval lodged Fe Limited (ASX:FEL) has lodged its Works Approval application for the JWD Iron Ore Project with the WA Department of Water and Environmental Regulation (DWER). Great Southern Mining has RC drill turning at Cox's Find targeting gold extensions and repeats Great Southern Mining Ltd (ASX:GSN) has started reverse circulation drilling at the Cox’s Find Gold deposit near Laverton, Western Australia, targeting extensions at depth in the southern search space. Meteoric Resources receives firm commitments for $4 million to accelerate extensive gold drilling in WA and Brazil Meteoric Resources NL (ASX:MEI) (FRA:RNF) has received firm commitments to raise $4 million before costs in a placement to accelerate its extensive gold drilling programs in Western Australia and Brazil. Latin Resources kicks-off maiden Noombenberry aircore drilling as reconnaissance work confirms further bright white kaolin dams Latin Resources Ltd (ASX:LRS) has kicked-off its maiden aircore drilling of the Noombenberry Halloysite-Kaolin Project, east-southeast of Merredin in Western Australia. Galileo Mining set to step-up nickel exploration at Fraser Range and Norseman projects in 2021 Galileo Mining Ltd (ASX:GAL) has scheduled reverse circulation (RC) drilling of priority Fraser Range nickel targets, Lantern East and Lantern South prospects, in mid-February 2021 while results from sampling at the Norseman project will be used to determine follow-up work. Legend Mining again lifts Rockford potential with further regional drilling success Legend Mining Limited (ASX:LEG) has received positive nickel-copper results from an extensive regional aircore drilling program which have further enhanced the growing potential of the Rockford project in Western Australia’s Fraser Range. Tempest Minerals completes tranche-2 of $1.155 million placement Tempest Minerals Ltd (ASX:TEM) (FRA:LIF) has completed tranche-2 of a placement that raised a total of $1.155 million to accelerate the company’s gold and base-metal exploration programs in Western Australia. MGC Pharma higher as ArtemiC Phase II clinical trial on COVID-19 patients meets all primary and secondary endpoints MGC Pharmaceuticals Ltd’s (ASX:MXC) (OTCMKTS:MGCLF) (FRA:H5O) Phase II double-blind, placebo-controlled clinical trial for anti-inflammatory treatment ArtemiC, based on Swiss PharmaCan AG MyCell Enhanced™ delivery system technology, on those diagnosed with COVID-19, has met all the Phase II primary and secondary endpoints and demonstrated to improve the clinical recovery of the patients. Roots Sustainable Agricultural Technologies deploys maiden commercial-scale Israeli-manufactured technology at Northern Israel cannabis farm Roots Sustainable Agricultural Technologies Limited (ASX:ROO) has started installing more than 1,000 heat exchange probe units at the My Green Fields cannabis farm in Northern Israel. Nexus Minerals targets Pinnacles Gold Project feasibility study by early 2021 Nexus Minerals Ltd (ASX:NXM) is making steady progress with a feasibility study for Pinnacles JV Gold Project in the Eastern Goldfields of Western Australia and expects to complete this in early 2021.