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Business Description: Gindalbie Metals Limited (GBG) is an independent Australian iron ore company based in Perth, Western Australia which is developing a portfolio of projects in the State's Mid West region. Gindalbie's core asset is the Karara Iron Ore Project which is a Joint Venture with AnSteel, Chinese steel producer.
Strategy Analysis: Gindalbie's most advanced asset is the Karara Iron Ore Project. The Project is a 50:50 joint venture with China's Ansteel, China's second largest steel maker. Ansteel also has a 36% shareholding in the company. Through the partnership with Ansteel, Gindalbie has been able to access project funding, equity funding and a product offtake agreement for all Karara iron concentrate. Gindalbie started production of hematite ore in early 2011 and magnetite concentrate production in late 2012. New resource development opportunities will also be jointly explored.
Gindalbie Metals reported positive cash flow of $36.4m for the quarter ended 31 December 2012. Operating cash flow for the period was $(3.3m). Payments for exploration and evaluation were $(1.51m). Investing cash flow was $1.16m. Financing cash flow was $38.53m. Cash in hand at the end of the quarter was $70.89m.
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The Age 24/05/2013 |
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