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Business Description: Gryphon Minerals Limited (GRY) is a minerals exploration company with a specific focus on gold, uranium and base metals. GRY’s flagship project is Banfora Gold Project in Burkina Faso, West Africa. GRY also has interests in projects located in Australia and West Africa.
Strategy Analysis: Recently, GRY divested its Australian assets to newly-formed gold exploration company Renaissance Minerals Limited ('Renaissance´) (ASX: RNS). The decision by Gryphon to divest its Australian projects supports the Company´s strategy to become a significant gold exploration and, over time, mining company in West Africa. In conjunction with GRY´s strategy of expanding its West African footprint, the Company launched an off-market takeover offer ('Offer´) for Shield Mining Limited ('Shield´) in June of this year. The acquisition of Shield has significantly enhanced Gryphon´s tenement holdings to in excess of 3,600km2 and places the combined entity in a very strong position with a well resourced and highly capable team ready to explore the Company´s highly prospective exploration assets
Gryphon Minerals reported positive cash flow of $20.04m for the quarter ended 31 December 2012. Operating cash flow for the period was $(9.14m). Payments for exploration and evaluation were $(7.58m). Investing cash flow was $(407,000). Financing cash flow was $29.59m. Cash in hand at the end of the quarter was $50.68m.
The Age 21/05/2013 |
Optus says its 4G mobile network will reach 70 per cent of the Australian population by mid-2014. The carrier revealed it has upgraded 4000 3G sites to 4G in five capital cities and in Coffs Harbour, the Gold Coast and Byron Bay. It also plans to make its 4G network suitable for customers with dual-band 4G mobile devices.
The Age 21/05/2013 |
Hong Kong private equity firm Quantum Pacific Capital says it is best placed to resolve a dispute over the ownership of a troubled $5 billion copper and gold project in Java and is negotiating to grab back as much as 80 per cent of the project on behalf of former owner Intrepid Mines.
The Age 21/05/2013 |
Shareholders in Transfield Services were bracing themselves on Monday for an earnings downgrade following downgrades by other mine services operators such as UGL, WorleyParsons and the smaller Coffey International last week.
The Age 21/05/2013 |
The whole retail recovery story has wandered perilously off script over the past quarter. The start of the year held the promise of green shoots at the discretionary spending end. But as we near the close of the financial year, the fragile recovery appears to have been nipped in the bud.
The Age 21/05/2013 |
New Leighton Holdings chairman Bob Humphris has moved to dispel fears that its directors remain at war with its German parent Hochtief, insisting the relationship was "collegiate" despite the abrupt resignation of three fellow directors two months ago.
The Age 21/05/2013 |
Australian shares flirted with five-year highs on Monday, returning to levels not seen since the onset of the global financial crisis, as investors were spurred on by signs of strength in the US economy.
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