Proactiveinvestors Australia Gindalbie Metals Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Gindalbie Metals Ltd RSS feed en Thu, 20 Jun 2019 08:14:52 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Gindalbie Metals' drilling results confirm prospectivity at Emmie Bluff within Mt Gunson Copper-Cobalt Project ]]> https://www.proactiveinvestors.com.au/companies/news/218579/gindalbie-metals--drilling-results-confirm-prospectivity-at-emmie-bluff-within-mt-gunson-copper-cobalt-project-218579.html Gindalbie Metals Ltd (ASX:GBG) has confirmed the prospectivity of the Emmie Bluff prospect in recent diamond drilling at its Mt Gunson Copper-Cobalt Project in South Australia, strengthening the case for further drilling. 

Drilling at Emmie Bluff, part of an ongoing scoping study, tested for continuity of mineralised dolomitic shales and arenites within the Tapley Hill formation and provided core for geotechnical testing and fresh mineralised material for metallurgical analysis.

READ: Gindalbie Metals proposes demerger and sale transaction to focus on SA copper-cobalt project

Gindalbie chief executive officer Chris Stevens said: “These drilling results support the company’s assessment that Emmie Bluff represents a geologically comparable deposit to our flagship MG 14 and Windabout resources as well as our ongoing confidence in the potential of the Mt Gunson Copper-Cobalt Project more broadly.

“Given the substantial number of mineralised historical drill holes in the area and this recent drilling, Emmie Bluff represents an attractive opportunity as the company seeks to expand its resource base which would potentially result in a significant increase to the scale of the Mt Gunson Project.

“The ongoing Emmie Bluff scoping study will assist the board’s decision on a substantial drilling program at Emmie Bluff.”

All holes that reached the target depth successfully intersected mineralisation such as the following:

2.05 metres at 1.51 copper and 0.07% cobalt from 399.2 metres;

3.12 metres at 1.14% copper and 0.08% from 393.66 metres; and

1.7 metres at 1.28% copper and 0.05% cobalt from 443.3 metres.

The project hosts two existing JORC 2012 compliant indicated mineral resources:

MG14: 1.83 million tonnes at 1.24% copper, 334 ppm cobalt and 14 g/t silver; and

Windabout: 17.67 million tonnes at 0.77% copper, 492 ppm cobalt and 8 g/t silver.

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Mon, 15 Apr 2019 04:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218579/gindalbie-metals--drilling-results-confirm-prospectivity-at-emmie-bluff-within-mt-gunson-copper-cobalt-project-218579.html
<![CDATA[News - Gindalbie Metals proposes demerger and sale transaction to focus on SA copper-cobalt project ]]> https://www.proactiveinvestors.com.au/companies/news/216145/gindalbie-metals-proposes-demerger-and-sale-transaction-to-focus-on-sa-copper-cobalt-project-216145.html Gindalbie Metals Ltd (ASX:GBG) has proposed to demerge its wholly-owned subsidiary Coda Minerals to Gindalbie shareholders and to sell Gindalbie to Chinese company Ansteel for a cash consideration.

If both transactions are implemented, Gindalbie shareholders will receive 2.6 cents for each Gindalbie share, representing a 90% premium to Gindalbie’s 30-day volume weighted average price.

Gindalbie shareholders will also receive a pro-rata distribution of Coda shares at a ratio to be confirmed.

Coda will hold Gindalbie’s Mt Gunson assets as well as $10.64 million in cash less any incurred expenditure at Mt Gunson.

Culmination of productive discussions

Gindalbie non-executive chairman and non-executive chairman-designate of Coda Keith Jones said: “I am delighted to present the acquisition and merger proposals to our shareholders, which are the culmination of productive discussions and which I believe deliver a deal that is mutually beneficial for all parties.

“The acquisition and demerger allow Gindalbie shareholders to receive a cash price significantly higher than the current market price for their Gindalbie shares.

“[They will also] emerge with an ownership stake in an exciting new company that is focused on the Mt Gunson Copper-Cobalt Project.

“Coda intends to apply for listing on the ASX, with listing subject to all necessary regulatory approvals, and carry out fundraising in the short-to-medium term to strengthen its balance sheet.”

Unanimous board recommendation

Gindalbie’s directors intend to vote their relevant interests in favour of the resolutions and have unanimously recommended shareholders also vote in favour of each transaction.

The board believes the demerger will enable Gindalbie shareholders to retain exposure to Mt Gunson’s exploration and development without the legacy issues of Gindalbie.

Coda’s leadership team is to include Keith Jones and Gindalbie chief executive officer Chris Stevens, who is managing director-designate of Coda.

Gindalbie’s independent non-executive directors Paul Hallam and Robin Marshall are also proposed to join the Coda board and Ansteel also intends to nominate a director.

Strategic asset portfolio in SA

Coda currently holds the rights and interests under the Mt Gunson farm-in agreement to a substantial and strategic portfolio of tenements in South Australia.

Gindalbie announced its entry into the Mt Gunson farm-in agreement on March 12, 2007, and the agreement was renewed to Coda on May 21, 2018.

The farm-in tenements include the highly-prospective Mt Gunson project which is 100 kilometres south of BHP Billiton Ltd’s (LON:BHP) Olympic Dam Copper-Gold-Uranium Mine and within 50 kilometres of OZ Minerals Ltd’s (ASX:OZL) Carrapateena Copper Project.

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Sun, 10 Mar 2019 23:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216145/gindalbie-metals-proposes-demerger-and-sale-transaction-to-focus-on-sa-copper-cobalt-project-216145.html
<![CDATA[News - Gindalbie Metals reaches first stage expenditure at Mt Gunson farm-in project ]]> https://www.proactiveinvestors.com.au/companies/news/203366/gindalbie-metals-reaches-first-stage-expenditure-at-mt-gunson-farm-in-project-203366.html Gindalbie Metals Ltd (ASX:GBG) has reached the stage I expenditure commitment of $1.37 million at the Mt Gunson Copper-Cobalt Project.

Through its subsidiary Kobalamin Ltd, Gindalbie has the right to earn up to 75% interest in Mt Gunson and its surrounding tenement package.

The agreement was finalised with Terrace Mining Pty Ltd in March 2017 and pursuant to its terms, Kobalamin has written to Terrace Mining to request the transfer of a 25% interest in Mt Gunson after reaching the first stage commitment.

JORC-compliant resources

Along with a prospective tenement portfolio, Mt Gunson’s assets include existing JORC-compliant deposits at Windabout and MG14 which contain notable copper, cobalt and silver mineralisation.

The MG14 deposit has an indicated mineral resource of 1.83 million tonnes at 1.24% copper, 334 ppm cobalt and 14 g/t silver.

Windabout has an indicated resource of 17.67 million tonnes at 0.77% copper, 492 ppm cobalt and 8 g/t silver.

Stage II exploration underway

The decision to begin stage II of the Mt Gunson farm-in was reached in May, including a decision to progress the pre-feasibility study.

A drilling program to obtain bulk metallurgical samples is expected to start in early September, subject to environmental approvals.

Kobalamin is undertaking the feasibility work on the project and it is expected that the stage II expenditure commitment of $2.5 million will be met during the first half of 2019.

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Wed, 22 Aug 2018 02:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203366/gindalbie-metals-reaches-first-stage-expenditure-at-mt-gunson-farm-in-project-203366.html
<![CDATA[News - Gindalbie Metals granted ASX trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/152922/gindalbie-metals-granted-asx-trading-halt-63463.html Iron ore focussed Gindalbie Metals (ASX:GBG) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open.

Gindalbie requested the halt pending 'approval of a variation to a security in accordance with Listing Rules Chapter 10.'

The halt will remain in place until the opening of trade on Friday 17th July 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 15 Jul 2015 16:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/152922/gindalbie-metals-granted-asx-trading-halt-63463.html
<![CDATA[News - Gindalbie Metals sells Shine Hematite Deposit for $15m to Mount Gibson Iron ]]> https://www.proactiveinvestors.com.au/companies/news/152919/gindalbie-metals-sells-shine-hematite-deposit-for-15m-to-mount-gibson-iron-50981.html Gindalbie Metals (ASX: GBG) has crystallised value from the wholly-owned Shine Hematite Deposit in Western Australia, selling it for $15 million plus a trailing price participation royalty to Mount Gibson (ASX: MGX).

The Shine Hematite Deposit is located 40 kilometres north-east of the Karara Project, and has been substantially progressed with a Feasibility Study completed and approvals well advanced.

It forms part of Gindalbie’s broader 1,900 square kilometre regional exploration portfolio in the Midwest region.

The proceeds of the sale will further strengthen Gindalbie’s balance sheet, further increasing its cash resources which currently stand at around $35 million.


Details of the deal

Under a binding Term Sheet executed between the companies, Mt Gibson will acquire the iron ore rights over the Shine tenements for an upfront consideration of $12 million.

A further milestone payment of $3 million is due on the first commercial sale of iron ore – effectively a non-refundable pre-payment on a price participation royalty.

Under this royalty, on a month average for every A$1 the Platt’s 62% price is above A$115 per tonne Gindalbie will receive an additional A$0.20 per tonne sold with the $3 million having been prepaid under the milestone payment.

The parties have 90 days to conclude definitive agreements for the transaction and meet conditions precedent.


Karara Project

Gindalbie's focus remains on the Karara magnetite project as it continues a ramp-up to full Stage 1 capacity.

 

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Mon, 09 Dec 2013 09:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/152919/gindalbie-metals-sells-shine-hematite-deposit-for-15m-to-mount-gibson-iron-50981.html
<![CDATA[News - Gindalbie Metals climbs as it becomes Australia's newest iron ore producer ]]> https://www.proactiveinvestors.com.au/companies/news/152917/gindalbie-metals-climbs-as-it-becomes-australias-newest-iron-ore-producer-46467.html Gindalbie Metals (ASX: GBG), Australia's newest iron ore producer, has jumped 11.1% higher intra-day to $0.15, with over 3 million shares changing hands.

Two months ago the stock traded as low as $0.094, and based on today's last trade thats a 60% gain.

Gindalbie's key asset is a 48% stake in world-class Karara Project in Western Australia, which has around a 2.5 billion tonne resource and a 30+ year mine life. It's Australia’s second magnetite project.

The joint venture partner is Ansteel, which is China’s second-largest steel maker and biggest iron ore producer.

Around a week ago Gindalbie produced the its first-ever batches of premium quality 68% iron magnetite concentrate from Karara, marking a significant milestone for the project and the Midwest iron ore industry.

At Karara the mining rate will be 30Mtpa, and is one of the state's single biggest mining operations. The project has a fully-integrated rail and port logistics chain, which includes four trains per day running between Karara and Geraldton.

Each train consists of 100 wagons and carry approximately 7000 tonnes.

At the Karara Export Terminal, Geraldton, there is the proven ability to turn around vessels in 24hrs to achieve 16Mtpa capacity.

A steady state of production is anticipated in the December quarter 2013, with Stage One capacity 8Mtpa.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 Aug 2013 15:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/152917/gindalbie-metals-climbs-as-it-becomes-australias-newest-iron-ore-producer-46467.html
<![CDATA[News - Gindalbie Metals marks a milestone with 68% Fe magnetite concentrate production at Karara ]]> https://www.proactiveinvestors.com.au/companies/news/152915/gindalbie-metals-marks-a-milestone-with-68-fe-magnetite-concentrate-production-at-karara-46228.html Gindalbie Metals (ASX:GBG) has marked a milestone, producing premium grade 68% Fe magnetite concentrate at its Karara Project in Midwest region of Western Australia.

Gindalbie is developing the world-class Karara Project, 200 kilometre east of Geraldton, in joint venture with Ansteel, China’s second-largest steel maker and biggest iron ore producer. The project consists of a substantial, long-life, magnetite concentrate operation with a smaller-scale supporting hematite operation.

Significantly, the company has also completed all nine key areas of the Concentrator with the commissioning of the final polishing circuit currently underway.

The project is on track for the the ramp up towards nameplate throughput capacity of 8 million tonnes per annum of magnetite concentrate, and it is expected that the steady state production at nameplate capacity will be achieved in the December quarter.

The Karara project has already completed 80 shipments since the start up in October 2012, with product comprising 3.5 million tonnes of direct shipping ore (DSO) and 1.3 million tonnes of magnetite concentrate.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 01 Aug 2013 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/152915/gindalbie-metals-marks-a-milestone-with-68-fe-magnetite-concentrate-production-at-karara-46228.html
<![CDATA[News - Gindalbie Metals shares on a tear ]]> https://www.proactiveinvestors.com.au/companies/news/152913/gindalbie-metals-shares-on-a-tear-44383.html Gindalbie Metals' (ASX: GBG) shares are soaring in afternoon trade today with the stock up 30% to $0.15 with over 18 million shares changing hands by 3pm EST Sydney.

Gindalbie announced yesterday before the market open that the company will remain debt-free with more than A$35 million cash following a proposed financial and ownership restructure of Karara Mining Limited.

The news earlier in the week surrounded that Gindalbie had agreed in principle with its joint venture partner Ansteel to a restructure of the Karara Project in Western Australia, in a move which will leave Gindalbie ideally positioned to take advantage of growth opportunities.

Ansteel is China’s second-largest steel maker and biggest iron ore producer.

Subject to final agreements and satisfaction of conditions precedent, the restructure will see Ansteel undertake to provide all required bridging loan finance to KML to fund any cashflow requirements.

In recognition of funding support Ansteel will have the option to increase its stake in KML to a maximum of 52.16% by converting existing loans to equity, and Ansteel will work with Gindalbie and KML to secure a new long-term working capital facility for KML from China Development Bank.

Gindalbie will therefore have the financial and technical capability to progress its wholly-owned projects including development of the Shine DSO hematite deposit in Western Australia’s Mid-West.

The Shine Feasibility Study on the development of the DSO deposit has been largely completed and indicates the project can generate an attractive financial return at current market prices.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 12 Jun 2013 16:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/152913/gindalbie-metals-shares-on-a-tear-44383.html
<![CDATA[News - Gindalbie Metals on target for iron ore production ramp-up at Karara ]]> https://www.proactiveinvestors.com.au/companies/news/152912/gindalbie-metals-on-target-for-iron-ore-production-ramp-up-at-karara-43778.html Gindalbie Metals (ASX: GBG) has ramped up production from its Karara Project joint venture in Western Australia with a target to achieve the nameplate 8 million tonnes per annum (Mtpa) iron ore in July 2013.

Gindalbie is partnering with Ansteel (50%), which is China’s second-largest steel maker and biggest iron ore producer.

Commissioning of the final two components of the Karara Concentrator, the polishing circuit and the tailings circuit continues.

Two thirds of the polishing circuit has been commissioned and is operational, resulting in improvements in magnetite concentrate grade of up to 65% Fe. Full product specification of 68% Fe is expected to be achieved with the completion of the floatation circuit.

Shipments are continuing with 57 completed to date for 3.4 million tonnes since start-up in October 2012, comprising 2.7Mt of Direct Shipping Ore (46 shipments) and 700,000t of magnetite concentrate (11 shipments).

In the March 2013 quarterly, Gindalbie said that four trains per day are currently running between Karara and the Karara Export Terminal at Geraldton.

At the Karara Export Terminal, trains are regularly being unloaded in less than two hours. The Karara shiploader is performing to expectations and has demonstrated the capacity to achieve the target ship loading rate of 5000 tonnes per hour.

Karara is located 200 kilometres east of Geraldton


Forecast working capital requirements

As the project has not achieved commercial production levels or declared cash-flow positive, the slower than expected shipping schedule will have an impact on the forecast working capital requirements of the joint venture company Karara Mining Limited (KML).

KML is currently working on a number of potential funding solutions to assist with short term working capital requirements and has completed a $US44 million magnetite concentrate prepayment agreement with Ansteel and is working to progress further prepayment agreements.

At 31 March 2013, the Company had cash reserves of $41.05m.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 May 2013 08:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/152912/gindalbie-metals-on-target-for-iron-ore-production-ramp-up-at-karara-43778.html
<![CDATA[News - Gindalbie Metals makes first shipment of magnetite ]]> https://www.proactiveinvestors.com.au/companies/news/152910/gindalbie-metals-makes-first-shipment-of-magnetite-37783.html Gindalbie Metals (ASX: GBG) has reached a key milestone with the first shipment of magnetite concentrate from its Karara Iron Ore project in Western Australia.

The shipment of about 55,000 tonnes of concentrate departed the Karara Export Terminal in Geraldton yesterday for China.

Commissioning of the Karara Concentrator is continuing to progress well, with various sections of the plant being sequentially commissioned and production rates together with concentrate quality increasing in line with the commissioning and ramp up plan.

Gindalbie added the project was on track to achieve its full nameplate production capability of 8 million tonnes per annum by the end of April 2013.

Karara successfully passed the milestone of 1 million tonnes of hematite DSO shipped in early December 2012, demonstrating the efficiency of the entire Karara logistics chain.

The project has probable magnetite reserves of 955.5Mt at 36.4% iron as at 30 June 2012.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 02 Jan 2013 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/152910/gindalbie-metals-makes-first-shipment-of-magnetite-37783.html
<![CDATA[News - Gindalbie Metals to conduct share placement ]]> https://www.proactiveinvestors.com.au/companies/news/152908/gindalbie-metals-to-conduct-share-placement-36635.html Gindalbie Metals (ASX: GBG) has been granted a trading halt by the ASX pending details of a placement to sophisticated and professional investors.

Gindalbie's have been placed in pre-open.

Earlier in the week Gindalbie started loading its tenth of hematite DSO through the Karara Export Terminal at Geraldton.

When the M.V. King Peace departs it will bring the total iron ore shipments from the Karara Project to date to around 580,000 tonnes in less than six weeks of operation at the Karara Export Terminal.

The ramp-up of the infrastructure chain has de-risked a major part of the project ahead of the expected start of magnetite concentrate shipments in around a month.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 4th December.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 30 Nov 2012 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/152908/gindalbie-metals-to-conduct-share-placement-36635.html
<![CDATA[News - Gindalbie Metals' maiden shipment from Karara Terminal bound for China ]]> https://www.proactiveinvestors.com.au/companies/news/152906/gindalbie-metals-maiden-shipment-from-karara-terminal-bound-for-china-34650.html Gindalbie Metals (ASX: GBG) has sent the first commercial shipment of iron ore from the Karara Project in Western Australia to China from the new Karara Export Terminal in Geraldton.

The shipment marks another significant milestone for the Karara Project and the first time the integrated Mine, Rail and Port logistics chain servicing the project has been utilised.

The DSO was loaded on to the Panamax vessel M.V.Jai Tai last night, and is the beginning of regular shipments of hematite from Karara, with production and shipments expected to ramp up to an annualised rate of 2Mtpa towards the end of 2012.

This follows the official opening of the Karara Export Terminal by the WA Treasurer and Transport Minister, Troy Buswell, on 18 September, 2012.

The new facilities at Geraldton comprise a dedicated berth (Berth 7) and 5,000tph ship-loader, a 255,000t storage facility and a twin-car rotary dumper for train unloading. The Karara Export Terminal is capable of handling up to 16Mtpa, which is sufficient for Stage One and the anticipated Stage Two of the Karara Project.

Karara currently has stockpiles of around 1.8 million tonnes of hematite DSO.

This has been a specific risk management strategy, enabling the commissioning of the entire logistics chain to be completed ahead of the commissioning of the magnetite processing facility and then for this logistics chain to continue being fully used while production of magnetite concentrate progressively ramps up over a forecast six-month period from the first production.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 18 Oct 2012 12:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/152906/gindalbie-metals-maiden-shipment-from-karara-terminal-bound-for-china-34650.html
<![CDATA[News - Gindalbie Metals finalises magnetite contract ]]> https://www.proactiveinvestors.com.au/companies/news/152905/gindalbie-metals-finalises-magnetite-contract-6107.html Iron ore miner Gindalbie Metals (ASX:GBG) says it has finalised a long-term off-take contract with joint venture partner, Ansteel, covering the life-of-mine production from the Karara Iron Ore Project in Western Australia.

Gindalbie says the agreement between the joint venture company Karara Mining Ltd and Angang Group International Trade Corporation, valued at more than US$65 billion over the life of the project, marks another key milestone for the Karara project.

The company says stage one production, based on a rate of 8 million tonnes per annum, is scheduled to be commissioned in late 2011, however has the potential to produce over 30 million tonnes per annum for a life of 30 years.

Gindalbie says based on the 2009 benchmark iron ore fines price and stage one production rate, the off-take agreement is worth around US$580 million a year increasing to more than US$2.1 billion a year at the project's potential production rate.

The first shipment under the new magnetite off-take agreement is expected to occur in the second half of 2011 with commissioning of the Karara project.

Gindalbie Metals posted profit of $26.22 million in the 12 months to June 30, 2009.

Metals Place

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Wed, 31 Mar 2010 05:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/152905/gindalbie-metals-finalises-magnetite-contract-6107.html
<![CDATA[News - Gindalbie Chairman optimistic on China Iron Ore Demand at AGM ]]> https://www.proactiveinvestors.com.au/companies/news/152903/gindalbie-chairman-optimistic-on-china-iron-ore-demand-at-agm-0421.html Gindalbie Chairman George Jones said at the Gindalbie Metals Annual General Meeting today, "once the final payments are made early next year from AnSteel, our joint venture company, Karara Mining Limited, will have cash resources of approximately $450 million, while Gindalbie itself will be debt-free, with uncommitted cash reserves of around $40 million."

"AnSteel has made it clear to me that they want to help Gindalbie develop into a major resources group focused on the carbon steel materials sector."

Speaking of the Chinese economy, Mr Jones said, while there is evidence of a slowdown in Chinese economic growth from its peak of 11.9% last year, it is unlikely it will experience a so-called “hard landing” where GDP growth slows to 5% per annum."

"My view – which is supported by recent discussions I have had with a number of senior Chinese business leaders and other experienced China analysts – is that there is a solid “bottom line” of demand for key raw materials.

 

"This will continue to underpin and sustain quality Australian resource projects.   We are also seeing the Chinese Government’s push for consolidation of the Chinese steel industry rapidly gathering momentum – with the industry likely to be dominated by three or four giants, with AnSteel being one of these. Ultimately that is probably a good thing for the stability and long-term growth of the iron ore industry."

"All of this gives me comfort that China will continue to grow, and grow strongly for many decades to come,providing a solid underpinning to the long-term outlook for commodities – a view which is supported by recent comments from BHP Billiton (ASX:BHP) Chairman Don Argus and Rio Tinto (ASX:RIO) Chief Executive Tom Albanese."

Gindalbie Strengths 

"In our case, we have a joint venture partner which is one of the pillars of the Chinese steel industry. Importantly, Ansteel is earning a 50% direct stake in the Karara Project and is also our major shareholder.Their interests are firmly aligned with ours and it is important to remember that Karara will supply most of the feed for the new state-of-the-art steel mill they have just completed at BuYuQuan in north-east China.

Importantly, we have achieved the following:

A world-class, multi-billion-tonne ore body, as well as a growing inventory of high-grade hematite resources;A strong joint venture partner which is absolutely committed to the project, wants our ore and is committed
to organise and underwrite the entire project financing to earn its 50% stake; andA committed, high quality team of personnel who are continuing to go about their business with focus and dedication – not deterred by the current market turmoil. ]]>
Thu, 20 Nov 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/152903/gindalbie-chairman-optimistic-on-china-iron-ore-demand-at-agm-0421.html