Morning News Bites – August 19

In the Morning News Bites – August 19

ANZ posts cash profits of $1.49 billion with around 84,000 home loan deferrals and around 22,000 business loans deferred. Dominoes Pizza has increazsed its sales in Australia and New Zealand by 4% to $1.2 billion. While The Reject Shop posts a net profit after tax of $1.1 million after a $16.9m loss in previous corresponding period.

Silver Lake Resources has posted an increase in gold production of 64% to 273,071 ounces gold equivalent and a 54% increase in gold sales. The company also posted a 3,852% increase in statutory profit after tax of $257 million. The hedge book for Silver Lake Resources is also totals 155,568 ounces at A$2,147/oz for delivery over FY21 – FY22 as of June 30.

Saracen Resources has made the big league according to Managing Director Ral Finlayson as the company announced a record underlying net profit after tax. Mr Finlayson said “These results show Saracen has successfully made the transition to the big league of ASX gold producers,” Production for Saracen is set to reach around 700,000oz pa in FY24, before climbing to around 800,000ozpa in FY27 “Our production rate is now running at +600,000oz a year and our cost base is still tight. This means we are perfectly positioned to capitalise on the strong gold price and continue generating strong growth in our cashflow. And all our operations are based in the Tier-1 location of Western Australia which, in conjunction with our future-proofing strategy, adds further certainty to the outlook for our business.” he said.

Production volume for Mineral Resources has increased for the 20FY by 65%. The Koolyanobbing Iron Ore operation June run rate was at 12.7Mtpa, while Mt Marion lithium production up 17% year-on-year. MRL have initiated a comprehensive COVID-19 screening process for employees and visitors and includes WA’s largest private PCR screening facility 7 sites – 2 in Perth metropolitan area and 5 in regional areas, More than 40 nurses and collectors trained for swab screening and they process test everyone prior to entering a site. Managing Director Chris Ellison said “MRL has entered FY21 with a strong balance sheet and positive momentum in our operations. We remain vigilant to the ongoing threat posed by COVID-19, as well as opportunities for which we can quickly and efficiently deploy the Mining Services capabilities that are the hallmark of our Company.”

Drill sites for Castillo Copper’s Big One Deposit have been pegged and preparations for the upcoming drill program are in place. Managing Director Simon Paull thanked his geology team and is looking to move forward on the drilling “Thanks to the dedicated hard work of our geology team, we are now clearly across logistics and regulatory approvals. Importantly, we are now fully prepared to move forward with our planned drilling campaign at the Big One Deposit. Moreover, the fresh geological insights the field team observed at site is extremely encouraging, especially finding high-grade supergene and massive sulphide mineralisation at surface.” he said.

Placement and Institutional Entitlement Offer attracted significant demand from both eligible existing and eligible new institutional investors located in Australia and offshore. Lynas Corp Managing Director Amanda Lacaze said “We are delighted by the level of demand for the Institutional Offer from eligible existing and new institutional investors, both in Australia and overseas. This is a clear indication of institutional support for our Lynas 2025 growth vision and our strengthened balance sheet will enable Lynas to mitigate global economic uncertainties and continue to progress with our Lynas 2025 foundation projects. We look forward to the participation of our retail shareholders when the Retail Entitlement Offer opens on Monday, 24 August.”