Australasian Miners Mining Review
Share Talk wrap up the weekend with a glance to the east and we take a look at a number of Australasian Miners. This week we review AngloGold, CuDeco, Syrah Resources, Primary Gold and TerraCom.
AngloGold (ASX: AGG) expects up to 262% increase in headline earnings
AngloGold Ashanti expects to report a 242% to 262% year-on-year increase in headline earnings to $104-million to $118-million for the year ended December 31. Headline earnings a share are expected to be 239% to 256% higher year-on-year.
CuDeco (ASX: CDU) making plans to snuff out debt
Copper miner CuDeco has told shareholders that the company is progressing options to service the repayment of $15-million debt that is due in March. CuDeco said on Friday that preliminary discussions were under way with Minsheng Bank, with the board also reviewing options for future funding opportunities during the current “challenging” market period.
Syrah (ASX: SYR) gets new boss
Graphite developer Syrah Resources has appointed Shaun Verner MD and CEO, effective February 3. He succeeds Tolga Kumova, who tendered his resignation in October 2016.
Verner has been an executive GM for sales and marketing for Syrah since 2016, and was previously employed with mining major BHP Billiton for 20 years in a variety of executive roles.
Meanwhile, Syrah has also appointed Rob Schaefer chief commercial officer, with accountability for sales and marketing strategy, outbound logistics and strategic supply contracts. Schaefer has previously held senior roles in WMC, BHP Billiton and most recently MMG.
Furthermore, after a period of four months acting as executive chairperson, Jim Askew will revert to his nonexecutive chairperson role. However, he will continue to support the development of the battery anode material qualification plant project, in Louisiana, and will support Verner in his capacity as MD and CEO over the next month.
Primary (ASX: PGO) raises cash for gold projects
Junior project developer Primary Gold will raise some A$8.5-million to progress work at the Coolgardie and Mount Bundy gold projects, in Western Australia and the Northern Territory respectively.
Primary this week said it would place some 12.14-million shares, priced at 7c each, to institutional and sophisticated investors, with firm commitments already received.
The Coolgardie project was acquired in 2016, and hosts an existing resource of 3.81-million tonnes, at 1.63 g/t gold for 200 600 oz of gold. Primary was targeting approvals for the Coolgardie mine by the first half of this year, and was planning to initially mine the Macphersons and Tycho deposits, and toll treat the ore at nearby mills.
Mount Bundy, in turn, is estimated to host a resource base of 26.9-million tonnes, at 1.5 g/t gold for 1.24-million ounces of gold. The resource lies within 10 km of treatment opportunities.
TerraCom (ASX: TER) closer to Blair Athol start
ASX-listed junior TerraCom is one step closer to restarting the Blair Athol coal mine, in Queensland, after the state government advised the company that it was “minded to grant an indicative approval subject to conditions” for the transfer of the mining lease.
TerraCom in 2016 inked a binding sales and purchase agreement with mining major Rio Tinto to acquire the Blair Athol mine for A$1.
Under the agreement, TerraCom, a subsidiary of Orion Mining, would receive A$80-million from the mining giant to meet rehabilitation costs at the site.
TerraCom said on Friday that the proposed conditions set by the Queensland government could be met by the company, with TerraCom hoping to have a final decision on the indicative approval shortly.
The ASX-listed company was planning to start over 50 ha of site rehabilitation while the Blair Athol mine was brought back into production, with the mine expected to deliver some two-million tonnes a year of coal over a seven-year mine life.
TerraCom is hoping to restart operations in the first quarter of this year.
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