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Business Description: Chalice Gold Mines Limited (CHN) focuses on gold mine development and exploration, with its partner ENAMCO (the Eritrean National Mining Corporation). CHN operates in three main projects: Zara Project, Mogoraib North & Hurum Projects, and Gnaweeda Gold Project.
Strategy Analysis: Chalice are developing and acquiring gold sites in East Africa. They have had a mixture of acquisition and organic based growth. The company is currently aiming to move to higher grade ores on certain sites whilst remaining persistent in its exploration efforts.
Chalice Gold Mines reported negative cash flow of $3.2m for quarter ended 31 December 2011. Operating cash flow for the period was $(4.21m). Payments for exploration and evaluation were $(2.87m). Investing cash flow was $1.01m. Financing cash flow was nil. Cash in hand at the end of the quarter was $3.51m.
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