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Cazaly to contest decision after shares take hit

Western Australian iron ore junior Cazaly Resources Ltd faces troubled times ahead in the wake of the state government's decision over the Shovelana iron ore lease.
Shares in the company have taken a nose dive today as the market reacts to Resources Minister John Bowler's decision to award the potentially lucrative Shovelana mining tenement, in the state's Pilbara region, to resources giant Rio Tinto.
Cazaly shares had risen from around the 50 cent mark, prior to it staking Shovelana, to close at $2.12 on Friday before the decision was made.
Cazaly began trading at 45.5 cents this morning before recovering to 70 cents in early afternoon trade.
The market capitalisation of the company has fallen from more than $100 million on Friday to around $36 million today at 1230 AWST

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
45thPOZ Minerals238%49%
287thCazaly Resources30%-8%
381stNexus Minerals13%5%
405thWest African Resources7%16%
718thAntipa Minerals-46%-18%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

27/03/18
$39k Bought
08/01/18
$6k Bought
08/01/18
$30k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

151st↑Cazaly Resources$396k
186th↑Antipa Minerals$224k
187th↑POZ Minerals$218k
189th↓Nexus Minerals$211k
190th↑West African Resources$210k
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Cazaly Resources

408thClive Jones$180k
591stNathan McMahon$180k
Ranked by total remuneration from all listed WA companies

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