Mineral Deposits limited

Published : August 15th, 2013

First Half 2013 Results

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Keywords :   Australia | Debt | Dollar | Ilmenite |

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ASX Release                                                                                  15 August 2013

 

First half 2013 results

All dollar amounts are expressed in US$ unless otherwise stated

 

MDL owns 50% of TiZir Limited, which owns an ilmenite upgrading facility in Tyssedal, Norway and the Grande C?te mineral sands project in Senegal, West Africa

 

Mineral Deposits

?       Underlying earnings: $8.7 million, compared to $13.5 million in 1H 2012.

?       Underlying EPS: 10.3 cents, compared to 16.2 cents in 1H 2012.

?       Cash: $19.6 million, down from $50.2 million at December 2012 primarily due to remaining $25 million of equity contributed to TiZir.

?       Debt: Nil.

?       Investments: $34.7 million (value at 30 June 2013).

TiZir

(50% owned
by MDL)

?       EBITDA: $39.7 million (including insurance proceeds of $11.4 million), 21% lower than 1H 2012 which primarily reflects reduced titanium slag pricing.

?       Equity injection: remaining $50 million of committed equity was injected by MDL ($25 million) and Eramet ($25 million) during the second quarter.

?       Cash: $47.5 million.

?       Debt: $150.3 million (5 year bond issued September 2012).

?       Additional funding sources: a US$50 million working capital facility was finalised during the June quarter which is available to be drawn upon; and US$45 million of unsecured debt remains to be injected by Eramet, which when combined with existing cash ($47.5 million) gives total funding of $142.5 million.

Tyssedal

Operational performance

?       Titanium slag production: 99.3kt, 28% higher than 1H 2012, reflecting the plant operating at effective capacity.

?       Titanium slag sales: 80.6kt, 11% higher than 1H 2012, with increased sales in the second quarter (43.3kt) compared to the first quarter (37.2kt).

?       Titanium slag pricing: on average approximately 30% lower than average full-year 2012 levels, with prices softening through the half.

?       High purity pig iron (HPPI) sales volumes: 66.3kt, 27% higher than 1H 2012, with the increased sales volumes partially reflecting the introduction of an intermediate grade product that is accessing a different customer segment.

?       HPPI pricing: approximately 20% lower than average full-year 2012 levels, partially a result of the introduction of the intermediate grade product.

Grande C?te

Construction
status

?       Construction completion: over 80%.

?       Estimated cost to complete construction: approximately $100 million (at 30 June 2013).

?       Work to do: with the dredge and power station completed, and the rail and port facilities on-track for completion in October, the majority of the final construction phase centres on the wet concentrator plant (including the tails densification module) and mineral separation plant, with piping and electricals being the major works to be undertaken.

?       Schedule: commissioning of the WCP and MSP is scheduled during the March 2014 quarter (unchanged from the March 2013 quarterly report).

Outlook

?       Titanium slag production: approximately 100kt of production is anticipated in 2H 2013, giving around 200kt for the 2013 year, an uplift from 190kt guided at the commencement of the year and some 10% above 2012 levels.

?       Titanium slag sales volumes: approximately 100kt is anticipated in 2H 2013, some 25% higher than 1H 2013.

?       HPPI sales volumes: approximately 55kt is anticipated in 2H 2013.

 

 

acrobatTo read today's full announcement click here.

 




Email us at mdlmail@mineraldeposits.com.au | Visit our website at www.mineraldeposits.com.au

Ph: +61 3 9618 2500 | Fax: +61 3 9621 1460
Level 17, 530 Collins Street, Melbourne VIC 3000, Australia
ABN 19 064 377 420

 

 

Data and Statistics for these countries : Australia | Norway | Senegal | All
Gold and Silver Prices for these countries : Australia | Norway | Senegal | All

Mineral Deposits limited

PRODUCER
CODE : MDL.AX
ISIN : AU000000MDL9
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Mineral Deposits is a gold producing company based in Australia.

Mineral Deposits develops gold, ilmenite and zircon in Senegal.

Its main asset in production is SABODALA in Senegal and its main asset in development is GRANDE COTE in Senegal.

Mineral Deposits is listed in Australia and in Germany. Its market capitalisation is AU$ 343.7 millions as of today (US$ 252.1 millions, € 215.7 millions).

Its stock quote reached its highest recent level on April 01, 2011 at AU$ 7.46, and its lowest recent point on January 22, 2016 at AU$ 0.18.

Mineral Deposits has 196 990 000 shares outstanding.

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8/16/2007(Sabodala)Sabodala Gold project - Formal Contract Signed with Ausenco
7/13/2007(Sabodala) High Grade Wide Ore Zone Depth Extensions at Sabodala
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1/15/2014Disposal of Teranga Shareholding
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11/1/2013Increased interest in World Titanium Resources
8/15/2013First Half 2013 Results
7/4/2013Withdrawal of Director Nominations to the Board of Teranga G...
6/13/2012: Voluntary Delisting From Toronto Stock Exchange
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1/8/2008Quarterly Report for the period ended 31 December 2007
12/14/2007PROSPECTUS – TSX LISTINGd
12/13/2007PRICING OF OFFERING
11/28/2007GRANDE COTE PRESIDENTIAL DECREE SIGNED
11/12/2007REGIONAL GOLD DRILLING PROGRAMME UNDERWAY AT BRANSAN, SENEGA...
10/31/2007QUARTERLY REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2007
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AUSTRALIA (MDL.AX)FRANKFURT (MDI.F)
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Produces Gold
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