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Gindalbie to move on rights issue

GINDALBIE Metals will undertake a fully underwritten $9.5 million rights issue to aid exploration and development plans for its Blue Hills iron ore project in Western Australia. The funds raised will be used to pursue an active exploration program to support an early cash flow start-up project, as well as a feasibility study on a large-scale development of the Mt Karara magnetite deposit. The Blue Hills project, which includes the Mt Karara deposit, is located 45 kilometres east of Koolanooka in the state’s Mid West, 260km inland from Geraldton. The non-renounceable entitlements issue is to be made on a one-for-two basis at an issue price of nine cents and is to be underwritten by Patersons Securities. Gindalbie’s major shareholder, Melewar Steel Ventures, has committed to sub-underwrite $5 million of the raising. Melewar is a wholly-owned subsidiary of the listed Malaysian industrial conglomerate, Melewar Industrial Group Berhad, which is involved in the manufacture of steel tubing products. Gindalbie managing director David McSweeney said the raising would enable the company to fulfil its plans to build a significant new independent iron ore business in WA, with the Blue Hills project already attracting interest from major international steel groups.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/03/18

1 year TSR5 year TSR
22ndTaruga Gold623%-30%
444thStone Resources Australia0%-7%
547thRMG-17%20%
567thGindalbie Metals-20%-38%
773rdSiburan Resources-64%-44%
716 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

10/04/13
$59k Bought
13/12/12
$25k Bought
11/12/12
$25k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

418th↓Gindalbie Metals$0
475th↓RMG$0
476th↓Siburan Resources$0
479th↓Stone Resources Australia$0
480th↓Taruga Gold$0
508 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Gindalbie Metals

432ndRebecca Moylan$304k
639thKeith Jones$207k
824thChris Stevens$141k
Ranked by total remuneration from all listed WA companies

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