| ABU | ABM Resources NL is pleased to provide an update on the development of the Old Pirate High-Grade Gold Project located in the Northern Territory of Australia. Stage One – Trial Mining to reconcile recovery, grade and mining techniques: Mine Management Plan accepted and authorisation issued by the Northern Territory Department of Mines and Energy allowing for: Extraction of 10,000 tonnes of gold-bearing material. Installation of a Pilot Plant and tailings facility. Associated site works and ground water extraction. Extensional exploration in the Old Pirate corridor. Pilot Plant and ancillary infrastructure details: 15tph gravity gold plant including crushers, coarse gold jig, ball mill, Knelson gravity concentrator and tabling / gold room. Plant cost of ~$2M with installation costs of ~$1M. Pilot Plant scalable with minor adjustments to 150,000 tonnes per annum and adaptable for use in ongoing mining operation. Trial mining scheduled to commence in June 2013 with processing in July 2013. | Company report |
| AQG | AQG posted a full year loss of $342m. During 2012, the company recorded an impairment charge of $490m after cash flow valuations were significantly affected by estimates of production levels, operating costs and capital expenditure. However, Alacer, whose operations are in Turkey and Australia, reiterated its 2013 gold production forecasts of 330k to 365koz, up from 328koz in the previous year. Alacer loss of $342m for the 12 months to December 31 compared with a net profit of $84.2m in 2011. Revenue for 2012 was $718.9m, up from $557.4m in 2011. Alacer’s forecast makes it one of Australia’s largest gold companies but is well behind Newcrest Mining, which produces up to 2.5mozpa. Chief executive David Quinlivan said he had recently completed a review of all of the company’s assets. “Alacer Gold’s focus is to maximise value in 2013 by targeting the highest grade ore available, while realigning the mine development programs to ensure the corporation is in a position to maximise production cash flow from high-value ore zones from 2014 onwards,” Mr Quinlivan said in a statement. He recently announced a staged approach to developing the Copler ore body in Turkey, as well as the sale of the company’s 49 per cent minority interest in the Frogs Leg Mine in WA. The company still intends to declare a special dividend of about $70m. “These decisions reflect four key strategic principles that will guide Alacer’s future activities maximising free cash flow, maximising portfolio value, minimising project risk and returning value to shareholders,” Mr Quinlivan said. | Company report |
| AZJ | Aurizon and Ensham have signed a new long-term contract for the haulage of coal in Central Queensland, extending their current relationship until 2024. | Company report |
| AZJ | Aurizon announced a new long-term, performance-based coal haulage contract with Xstrata Coal, as Xstrata continues to lift production at its Rolleston mine in central Queensland. The Aurizon contract supports Xstrata’s mine expansion at Rolleston from the current 9.4 million tonnes per annum (mtpa) to 14.6 mtpa commencing December 2014, with provision for Aurizon to haul expanded output volumes up to 20 mtpa in future years. Tonnages will be hauled to RG Tanna Terminal in Gladstone and the new Wiggins Island Coal Terminal (WICET) which is under construction near Gladstone. “Aurizon is delighted to extend its long-term relationship with Xstrata Coal where we will provide haulage services for more than 80% of its Queensland business,” Aurizon Managing Director & CEO Lance Hockridge said. | Company report |
| AZM | Step Out exploration results enhance prospecs for another discovery at Wa Gold Project. 4m @ 3.38g/t Au from 28m (JORC016) intersected 150m northwest of main Josephine North workings First-pass drill test of ‘blind’ Yiziri geochemical target returns 4m @ 1.05g/t Au from 60m (BNRD031) – 3km north of the Bepkong deposit | Company report |
| BHP | BHP has denied any wrongdoing associated with its sponsorship of the Beijing Olympics, saying that it believes its “activities complied with all applicable law.” BHP’s comments came after Australian police and U.S. authorities opened an investigation into bribery allegations against BHP in relation to the games, which took place in 2008. | Seeking Alpha |
| BRG | As indicated in Breville’s Half Year Report Announcement on 20 February 2013, Breville has been discussing with GMCR Canada Holding Inc. the terms upon which Breville’s Keurig distribution arrangement in Canada may continue after 30 June 2013. Breville Group Limited now advises that the Keurig distribution arrangement for Canada will not extend beyond 30 June 2013. | Company report |
| BRU | Yulleroo 4 appraisal well identifies very significant gas column and provides strong support that the Yulleroo accumulation is part of the Laurel Formation regional Basin Centred Gas System (BCGS), with RISC identifying over 6 TCF of gas net to Buru in the Yulleroo area of the BCGS. Cyrene 1 well intersects Goldwyer Shale as prognosed, confirming significant regional oil and gas prospectivity of the Goldwyer Shale on Buru’s acreage. Ungani Field continued to deliver strong production performance. Production now suspended ahead of production logging operations. Funding secured for 2013 program with sale of interests in Fitzroy Blocks to Mitsubishi and Rey. | Company report |
| BTR | The Bonzan and Naboué exploration permits in Burkina Faso have been renewed for a further three years expiring in November 2015. Blackthorn Resources currently holds 100% interest in seven exploration permits in Burkina Faso covering a total area of 987 sq. kilometres. | Company report |
| BTR | Glencore to provide additional equity funding of up to US$80M during 2013 to complete construction and commissioning of the Perkoa Project and fund projected costs until the project becomes self-funding. The project is expected to become operating cash positive during Q4 CY2013. Instead of contributing up to US$35M to maintain its 39.9% interest in the project, Blackthorn Resources has opted for a strategic sell-down/dilution of its interest by 12.6% to 27.3%. No impairment of Blackthorn Resources’ carrying value of its investment in the Perkoa Project is required. Blackthorn Resources and Glencore are continuing to work on budget optimisation and improvements. Commissioning of the processing plant is continuing. | Company report |
| CCL | Terry Davis, chief executive of Coca-Cola Amatil, has announced plans to return the beverage bottler to the premium beer market after a two year non-compete agreement with SABMiller expires on December 17 this year | AFR |
| CFE | Global investment bank Deutsche Bank AG mandated to manage sale of royalty for Mayoko Iron Ore Project in Republic of Congo. Internal valuation on royalty for the Mayoko Project of between A$55-114M. Subject to sale of royalty, Cape Lambert will consider a return to shareholders. | Company report |
| CPU | Computershare announces that it has given regulatory notification in Canada of the sale of its entire holding in Solium Capital, listed on the Toronto Stock Exchange. The holding of 8,213,206 shares realised proceeds of CAD 29.2 million | Company report |
| CRZ | Carsales to acquire 19.9% of iCar Asia | Company report |
| CTP | Central Petroleum has been granted Authorities to Prospect (ATP) 909, 911 & 912, targeting the South Georgina Basin. Central Petroleum will now transfer some of its interest in those ATPs to the Southern Georgina Joint Venture with Total S.A. as required under the Farm-out Agreement announced on 6th November 2012. Richard Cottee, Managing Director of Central Petroleum said: “This marks the commencement of the $60million Stage 1 exploration phase of a joint venture targeting potential shale reserves around Boulia, and the start of a major new era of unconventional oil and gas exploration for Central. | Company report |
| DLS | The PEL 106B Joint Venture (Beach (BPT) 50% and Operator, DLS 50%) has entered into a new gas sales agreements (GSA) with the South Australian Cooper Basin (SACB) Joint Venture (Santos 66.60%, Beach Energy 20.21% and Origin Energy 13.19%) for wet gas production from the Western Cooper Wet Gas Project in PEL106B (see map). The new GSA follows the encouraging production history of the Middleton and Brownlow fields to date. It also demonstrates the SACB Joint Venture’s willingness and commitment to invest in expanded gas gathering facilities which are necessary to accommodate the significant additional gas production from the Project. | Company report |
| DML | Progress continued on the ramp up of production at Discovery Metals’ 100% owned Boseto copper project in north-western Botswana during February 2013. The highest monthly copper production to date was recorded, with concentrate production of 3,834 t containing 1,529 t Cu and 63,024 oz Ag. Concentrator throughput was approximately 91% of design rate for the 23 days operated. Mining material movements was 2.4 Mt | Company report |
| ELD | Elders announces that meetings of the MIS growers in the Indian Sandalwood schemes which are the subject of the sale to Santanol Pty Ltd were held yesterday. Elders Limited has been advised by the Responsible Entity of the schemes that the independent scrutineer of the votes has confirmed that growers in 14 of the 15 schemes voted to approve the sale of their standing timber to Santanol. The vote on a further one scheme (representing approximately 4Ha of standing timber) was adjourned and will be resumed on 26 March 2013. The successful vote on 14 of the schemes satisfies the remaining condition precedent in the sale agreement with Santanol Pty Ltd. Accordingly, the agreement with Santanol is now unconditional. Elders anticipates settlement before Easter. | Company report |
| ENV | The Australian Energy Regulator (AER) has issued its Final Decisions on Envestra’s Victorian and Albury Access Arrangements for the 2013 to 2017 period. The AER has set tariffs such that revenue of around $0.95 billion is anticipated for Victoria and Albury over the 5 year period, $60 million higher than that allowed for in the Draft Decisions released by the AER in September 2012 and $115 million higher than the revenue received in the last 5 year period (2008 to 2012). The AER decisions anticipate an increase in Victorian network tariffs on 1 July 2013 of 2.3%, with average annual adjustments of around 5% each year thereafter. Managing Director, Ian Little said, “The AER Final Decisions envisage the Company undertaking $440 million of capital expenditure between 2013 to 2017, including completing at least 365 km of mains replacement and connecting some 70,000 new gas customers to the network, including in Merrifield, north of Melbourne”. The AER has also provided an allowance such that the Company may increase its capital expenditure from $440 million to around $560 million during the regulatory period if certain construction milestones are met. | Company report |
| ERA | Energy Resources announced that it had formally commenced the statutory approval process for the proposed Ranger 3 Deeps underground mine with the submission of a referral to the Commonwealth Department of Sustainability, Environment, Water, Population and Communities | Company report |
| EVR | Endeavour Mining announces that construction of its Agbaou Gold Mine in Côte d’Ivoire is proceeding on-budget and on-schedule to initial production in Q1 2014. Steel deliveries for the plant have begun and will continue over the next several months, with major concrete pours complete and CIL tank construction in progress. To date, approximately 62% of the $159 million construction cost budget has been committed, with $45 million spent and the project is 52% physically complete overall | Company report |
| FDC | Federation Centres is aware of recent media speculation regarding certain assets within its directly held and managed portfolio. As previously disclosed, there may be further strategic and co-ownership opportunities in addition to those that have been undertaken to date. FDC confirms it is in discussions with Challenger in relation to some assets. A further announcement will be made if these discussions result in a binding agreement. | Company report |
| FMG | Increase in Nyidinghu Resource to 2.46 Billion Tonnes | Company report |
| FML | Focus offering 1 Focus share for every 0.725 Focus Laverton (previously known as Crescent Gold Limited) shares in an unconditional off-market bid | Company report |
| IMF | IMF announces that it proposes to fund an investigation, public examinations and legal proceedings to recover losses incurred by unsecured creditors of Retail Adventures Pty Ltd (Administrators Appointed) (“RAPL”) (which traded under the names of Crazy Clark’s, Sam’s Warehouse, Go-Lo and Chickenfeed until October 2012). The claims relate to allegations of insolvent trading by RAPL and the enforceability of securities held by companies associated with Jan Cameron | Company report |
| LEI | Leighton Contractors (Asia) Limited, a part of the Leighton Asia, India and Offshore Group, has secured an A$656 million contract from the MTR Corporation to construct a critical component of its Shatin to Central Link (SCL) development in Hong Kong. | Company report |
| LEI | Visionstream secures $334 Million contract for NBN | Company report |
| LNC | Linc Energy First Umiat Drilling. Linc Energy has reached 1000 feet in depth at Well #18 and has already successfully extracted core samples from the Lower Grandstand sequence. Experiencing 100 percent core returns (recovery). Plan to extract a total of five 60 foot core samples from Well #18. Early results from the core samples extracted are very encouraging | Company report |
| LYC | Lynas Corporation is pleased to announce that the Federal Court of Malaysia has confirmed the earlier decisions of lower courts to dismiss a challenge by persons associated with the Save Malaysia Stop Lynas group (SMSL) to Lynas’ Temporary Operating Licence (TOL). In April 2012, the Kuala Lumpur High Court dismissed an application by SMSL for leave to seek a judicial review of the decision of the Atomic Energy Licensing Board (AELB) to approve the TOL. On appeal, the decision of the High Court was upheld by the Court of Appeal in September 2012. Today, the Federal Court dismissed an application by SMSL for leave to appeal the earlier decisions of the lower courts. | Company report |
| MEL | Metgaso announced the suspension of the company’s Clarence Moreton exploration and development program. This is a carefully considered decision by the Metgasco Board in light of the uncertain operating environment created by the New South Wales Government’s announcement on 19 February that it intends to change the regulations for Coal Seam Gas (CSG) operations in the State. | Company report |
| MGX | Mount Gibson Iron plans to increase iron ore output at its Koolan Island mine in Western Australia state by around 33%. The Perth-based producer–which counts APAC Resources and Shougang Concord among its largest shareholders–aims to be producing 4 million metric tons of iron ore on an annual basis from Koolan Island by the end of 2014. “The plan positions the mine to maintain positive cash flows… and sets the operation up to become a low-cost cash generator,” Chief Executive Jim Beyer said in a statement. Mount Gibson said expanding Koolan Island will make it cheaper to produce a ton of iron ore. That’s despite the likely addition of around 100 new jobs at the mine over the next nine months. | Company report |
| MGX | Maiden Indicated and Inferred Mineral Resource of 1.51Mt @ 60.3% Fe declared for T1 deposit at Tallering Peak. Reserve estimation and mine planning targeted for completion early in June Quarter 2013 | Company report |
| MQG | Macquarie Group announced that it has reached an agreement to settle proceedings brought against it by investors advised by Storm Financial and who had Macquarie margin loan facilities. This commercial settlement was reached having regard to the complex and unique features of the extensive litigation. The settlement includes an acknowledgement by the investors that there was no wrongdoing by Macquarie. The settlement amount will be $82.5 million, inclusive of costs | Company report |
| MTU | Eftel announced it had entered into a Bid Implementation Agreement with M2 Telecommunications Group Ltd, under which M2 will make an off-market takeover offer for all of the issued shares in Eftel. The offer is priced at $0.3581 per share, implying a total enterprise value for Eftel of $44.1m (inclusive of $5.6m net debt, based on 31 December 2012 accounts). | Company report |
| MYR | MYR reported HY profit of $87.9M (Shaw $86.7M) and declared an interim dividend of 10 cps (Shaw 10 cps). MYR remains one of the best managed retail chains in Australia, and under the leadership of Bernie Brookes (CEO) has rapidly addressed many growth avenues for the group. MYR has established product range differentiation (55% of group sales) and a developing online capability to minimise the risks from competition, and has managed down operating costs. MYR’s financial position has improved, with cash flow from operations increasing from $186M in 2012 HY to $229M in 2013 HY. We have forecast solid positive cash flow for the balance of 2013 and into 2014. Gearing has reduced from 25% in pcp to 21% in 2013 HY, and we have forecast this to continue to reduce with cash flow from operations ($367M in 2013, Shaw est) well ahead of the combined dividend payments ($112M) and capital expenditure ($60M, excluding intangible items). MYR is optimising its store footprint, with underperforming stores closing and stores that generate returns above the weighted cost of capital expanded / opened. While MYR intends to open 14 stores from 2013 to 2017, the gross floor space will not be increased significantly. We have forecast 2.9% EPS growth in 2013 followed by a stronger 7.3% growth in 2014. Our 2014 forecast incorporates a stronger retail environment, as well as the benefits of growth initiatives currently underway. | Shaw |
| NAM | Namoi Cotton was advised by the ACCC that is has no objection to the proposed acquisitions to establish a cotton marketing and commodities packing services Joint Venture with Louis Dreyfus Commodities Group, to be called Namoi Cotton Alliance. | Company report |
| NHC | Net profit before tax of $93.2 million for HY2013, driven by a strong focus on operational efficiencies and despite the adverse impact of weaker export prices, the higher Australian dollar and lower production volumes. Profit was lower on an after tax basis due to a one off tax benefit in the prior half year which largely offset income tax expense from recurring operations. Significant cost savings realised, with production costs 11.7% lower on a per tonne basis than the previous corresponding period. Successful acquisition of Bridgeport completed, signalling New Hope’s diversification into oil and gas production in order to partially offset weaker coal prices. New Hope remains well positioned to weather the current downturn in the broader coal sector with further cost reduction initiatives planned. | Company report |
| OGC | Transportation of copper-gold concentrate from the Didipio Mine site to port has resumed. Approximately 9,000 tonnes of copper-gold concentrate has been produced to date with one-third of this delivered to the port thus far. The trucking capacity is being increased to reduce the site stockpiles of concentrate in advance of the first shipment from the port in April. | Company report |
| OZL | OZ Minerals is pleased to announce the acceptance of the retention lease for the Carrapateena copper-gold advanced exploration project, located approximately 130 kilometres from Port Augusta. OZ Minerals Managing Director and CEO, Terry Burgess said ‘this is a great step forward for this exciting project. We are very pleased that the retention lease has been granted as it means that we are able to pursue advanced exploration works to determine the feasibility of future mining activities’. | Company report |
| PDN | Paladin Energy is pleased to advise it has repaid in full the outstanding balance of the US$325M Convertible Bonds. US$191M of this was previously repaid via a Tender Buyback which settled 29 May 2012. | Company report |
| PIR | Papillon Resources is seeking to raise up to 54.5 million Australian dollars (US$56.5 million) to develop its flagship Fekola gold project in West Africa, at a range of between A$1.28 and A$1.38 a share. | Iress |
| PXS | The FDA has concluded its review of the Bronchitol New Drug Application (NDA) and recommended Pharmaxis conduct an additional clinical trial to obtain an approval for Bronchitol. The complete response letter states: “The submitted data do not provide a favourable benefit‐risk balance to support the use of inhaled mannitol in patients with cystic fibrosis 6 years of age and older. The determination of efficacy based on the two clinical trials are not adequate because of the treatment‐related frequent early dropouts in trial 301 for which the primary statistical analyses did not account and the lack of statistical significance in trial 302 for the primary endpoint“. In relation to safety, the FDA stated its concern with the occurrence of haemoptysis, particularly in paediatric patients. | Company report |
| RFE | In the six month period to 31 December 2012, oil and gas sales revenue was US$5.8 million, (2011: US$2.5 million), an increase of 132% from the sale of 46,524 barrels of oil and 211,726 Mcfe of gas (2011: 10,236 barrels of oil and 215,737 Mcfe of gas). The increase in sales revenues is driven by significantly higher production levels from the Company’s Mississippian oil and liquids rich gas project, with oil prices remaining constant. The Company also sells gas from West Tulsa and Osage through a percentage of proceeds gas gathering contract. Red Fork Energy Limited recorded a net loss after tax of US$3.1 million for the half‐year (2011: US$1.8 million). Gross profit for the half-year was US$3.45 million, up from US$1.02 million for the corresponding 2011 half-year period. The increase in net loss in the current period was attributable to the increase in non-cash amortisation expense as more oil and gas producing properties were brought online during the period. Equity based payments also increased significantly in the current period mainly due to the value attributed and expensed in relation to the issue of performance rights. Price: Average prices received for the reporting period were consistent for oil US$88.8 (2011: US$88.9) and marginally lower for gas US$2.95 (2011: US$3.02) compared to the prior corresponding period. | Company report |
| RHC | Ramsay confirms that it has been in discussions and negotiations with Sime Darby in relation to a possible transaction for well over a year. However, Ramsay also confirms these negotiations are incomplete and that it has not entered into any binding agreement with Sime Darby in respect of a potential transaction. | Company report |
| RMS | The Company has successfully transitioned between production from its Wattle Dam mine to its Mt Magnet mine and expects to produce approximately 21,000 ounces of gold in the current quarter. The Company also expects to produce approximately 19,000 ounces in the June 2013 Quarter, predominately from Mt Magnet. In addition, Ramelius confirms its production profile with planned production increasing beyond 100,000 oz p.a. from FY 2013/14 with the addition of new high-grade projects such as Western Queen South, Coogee and Vivien, once settlement is completed. The Company’s financial position at the end of February 2013 is strong, with $48M in cash and gold on hand. | Company report |
| RXM | Rex Minerals has completed a review of its 100% owned Hillside Copper Project in South Australia with significant project enhancements to form part of a Bankable Feasibility Study (BFS) later in 2013. Higher production profile of more than 115,000tpa CuEq (80,000t copper plus by-products) in years 3 to 10 due to higher grades and improved recoveries BFS on track with potential for material savings to capital expenditure estimate Drilling program reduced due to completion of work associated with the Hillside BFS | Company report |
| SBM | St Barbara proposes offering of US$250M Senior Secured Notes | Company report |
| SGP | Stockland today announced plans to more than double the size of its Hervey Bay Shopping Centre with a $115 million redevelopment scheduled to start next month. Stockland Managing Director and CEO Mark Steinert said: “The redevelopment demonstrates our ongoing commitment to enhancing returns by creating market-leading shopping centres in key growth corridors.” | Company report |
| SIP | Sigma today announced another strong financial result for the year ending January 2013. A highlight of the result was a record high ROIC of 13.5% (excluding net litigation settlement expense). Sales revenue rose by 3.1% reflecting market share gains made during the past twelve months. This is despite the dampening impact caused by PBS reform. Excluding net litigation settlement expense, full year EBIT was $71.1 million versus $70.3 million last year. The result was constrained by a number of one-off costs and the ongoing process of business reinvestment during the past year. Reported NPAT of $18.7 million was well below last year’s result, reflecting the net impact from settlement of the class action proceedings. Excluding this, the strong health of the underlying business was reflected in the 4% rise in Net Profit After Tax to $52.3 million versus $50.3 million last year. “Sigma has delivered continued improvement on its key financial metrics against the backdrop of the toughest era of PBS reform in more than a generation’’ said Mark Hooper, Sigma’s CEO and Managing Director. | Company report |
| SIR | Sirius Resources NL advises that the first assays received from its Bollinger discovery have confirmed the presence of both high grade massive sulphides and more extensive zones of lower grade mineralisation (see Figures 1 and 2). Hole SFRD0167, the Bollinger discovery hole, intersected a very thick zone of disseminated mineralisation containing a lower zone of stringer mineralisation including several metres of massive sulphides comprising: 102.82 metres @ 1.0% nickel, 0.43% copper and 0.04% cobalt from 361 metres, including 62.82 metres @ 1.41% nickel, 0.57% copper and 0.06% cobalt from 401 metres, including 4.78 metres @ 4.6% nickel, 1.29% copper and 0.19% cobalt from 433.92 metres. | Company report |
| SPN | SP AusNet welcomes the certainty provided by the Australian Energy Regulator’s (AER) final decision regarding the Victorian Gas Access Arrangement Review (GAAR) for 2013 to 2017 released today. Under the final decision, the AER has approved higher levels of capital and operating expenditure for SP AusNet, compared to its draft decision issued in September 2012. | Company report |
| TAP | Tap Oil is pleased to announce it has executed a USD $50 million field development facility for the Manora Oil Development in Thailand and a AUD $20 million corporate facility, both with CBA. The USD $50 million field development facility will be used solely to fund the Manora Oil Development. The facility has a tenor of four years, however, it is expected to be repaid within the first 24 months of commencement of production from Manora. The facility includes usual terms and conditions and is forecast to be drawn down in the second half of 2013. | Company report |
| TEL | Telecom said it has undertaken a strategic review of the Australian operations of its ICT services unit, Gen-i, which will result in a significant change in focus for Gen-i Australia. Gen-i Australia will now concentrate on supporting large corporate customers (based either in New Zealand or Australia) with specific trans-Tasman ICT services requirements. It will be exiting from other customer activities which fall outside this refined business focus. Where feasible, Gen-i Australia will look to transfer some customer activities across to AAPT, a wholly-owned Telecom subsidiary and Australia’s largest business-only telecommunications network provider. | Company report |
| TPM | TPG has announced its H1 2013 result, net profit $78.3m (+41%), EBITDA $153.6m (+16%), and dividend 3.5 cents. Stock should trade up. EBITDA guidance increased from “$263m-$273m” to “$285m-$290m)”, +7%. 631,000 broadband subscribers, 301,000 mobile subscribers, 3,800km of fibre. $10m one off gain in consumer, $10.5m in Corporate. | Shaw |
| TSE | Transfield Services today announced it will continue its 15-year relationship with the Mornington Peninsula Shire in Victoria, Australia, in three expanded 10-year contracts providing sustainable infrastructure maintenance services for A$190 million. | Company report |
| VAH | No Objection from FIRB for Acquisition of Skywest | Company report |
| WSA | The Board of Western Areas is pleased to provide shareholders with an update of the exploration strategy and recent activities. The announcement is made with the back-drop of an operation which is performing exceedingly well in all key areas despite a challenging Australian dollar nickel price: 1. Production – The Company is on target to better initial guidance on both nickel in ore and nickel in concentrate targets (27,500t and 25,500t of contained nickel respectively); 2. Unit Cash Costs – At the half year, the Company’s unit cash cost in concentrate was A$2.69/lb, well below the guidance of <A$3.00lb; 3. Cashflow Generation – The Company continues to produce strong cashflow from operations (A$48m for first half). Based on the current nickel price, we expect that cashflow generation will be higher in the second half; 4. Balance Sheet – The Company has a strong balance sheet with over A$150m in debt repaid over the last 8 months and recently announced a fully committed bank facility of A$125m which remains undraw | Company report |
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