Terramin view expected to become clearer
Michael Quinn, 15 December 2011
TRYING to decipher the inner workings of Terramin Zinc is a rather fruitless undertaking, but shareholders will perhaps be getting some optimism with the noises emanating from the company’s office high above King William Street in Adelaide’s CBD.
Terramin is in the process of undertaking a “strategic review of options available to the company to enhance shareholder value”, which of course is more or less code for trying to improve the company’s languishing shareprice. A spokesman for the company was unwilling to go into what any of those options were when contacted this week. He said the report would likely be completed by late January, after which time further information should be forthcoming.
He also said that a workshop to address issues raised by Terramin’s partner at the Tala Hamza zinc project in Algeria following a review of the definitive feasibility study was in the process of being organised.
The spokesman refused to speculate on when further clarity from Tala Hamza might be forthcoming.
Tala Hamza is flagged to be among the top 10 global zinc mines when it gets into operation and is owned 65% by Terramin.
The company also owns the operating Angas mine in Australia (which currently produces in the order of 18,000 tonnes of contained zinc (in concentrate) and about half that amount of lead, as well as the Menninnie zinc project and other assets.
Terramin’s company spokesman indicated the company had been approached by third parties with regards its Australian assets, though he declined to go into particulars.
Terramin was this week capitalised at $28 million, debt of about $A53 million and cash of about $A10 million (as of October) – with an $A8 million shareholder share purchase plan (that was recently extended) due to close this week.
It is understood the company has been receiving strong criticism from its shareholders about its performance.
New managing director Nic Clift was appointed in September, with company founder Dr Kevin Moriarty moving to a non-exec role.
Also in the December 15 - 21, 2011 edition
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- WA uranium policy
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- Windfall at lake
- Winmar attracts investor
- Yellowhead on track
- CENTRAL ASIA
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- COAL
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- CONSULTING
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- CONTRACTING
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- FINANCE
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- Copper deficit a fixture for the future
- Kagara opts for safety first
- Money’s almost too tight to mention
- FORUM
- How the JORC and Valmin codes work
- More must buy into JORC discussion
- FROM THE CAPITAL
- Capital management will be key 2012 theme
- GOLD
- Loyal to the cause
- Upside seen despite Teranga downslide
- HEAVY METAL
- Atlas Copco expands mining range
- ISSUES
- State-run miners: best of a bad bunch
- MINING
- Independence gloom unwarranted
- MINING INTELLIGENCE
- 'tis the season (still) to be wary
- MINING IT
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- Innovation is the new black
- IT notebook: ARANZ Geo, Immersive Technologies
- IT notebook: Devex receives certification
- IT optimists
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- Mining IT: product releases to fill 2012 calendar
- XPAC to lead dynamic software revival
- PEOPLE
- People on the move: Gindalbie Metals, Abcourt Mines, Carbon Energy
- SOUTH AMERICA
- Chili backers like its prospects
- VIEW FROM THE WEST END
- Bitten on the bum by a Black Swan
