Woolworths has been fined $1 million for continuing to send emails to recipents who indicated they no longer wanted to receive correspondence, Victoria goes in to postcode lockdown and Tesla overtakes Toyota as the world’s most valuable carmaker.
SRG Global has provided the market with an update on its operations and also outlined bringing forward a half year dividend which was originally posted as being due 29 October 2020. The first half Interim Dividend payment of 0.5 cents per share has been brought forward to 30 July 2020. As part of the market update, SRG announced the Financial Year 20 Underlying EBITDA expected to be $20m – $21m. SGR Global Managing Director David Macgeorge, “SRG Global’s focus has and will remain the safety and wellbeing of our people and accordingly we proactively implemented a range of safety, supply chain and cost mitigation measures to manage the company through the uncertainty caused by COVID-19. With the actions we have now taken, we expect FY21 EBITDA growth to be circa 50% from underlying FY20. We have a strong pipeline of opportunities in excess of $6b, with positive exposure to Government backed Infrastructure investment, high quality commodities, diverse industries and a tier one client base. This has us well positioned for long-term sustainable growth.” SRG has around $707m as described as work in hand as at 30 June 2020. With this figure, approximately two thirds of work in hand annuity/recurring in nature. The Company continued to invest in growth capital in 2H FY20 including the commencement of five-year contracts with both Alcoa and Saracen Minerals.
Breaker Resources has announced a hit of 4m @ 21.79g/t Au from 172m from one of three RC drill holes as part of the maiden drilling at the Carbineer Prospect. All three drill holes intersected significant gold mineralisation at the project with assay results for another 11 holes pending. Executive Chairman Tom Sanders recapped the drilling results and also eluded to good results around the Kopai-Crescent area – he said “These two emerging discoveries have the potential to materially expand our shallow gold inventory and complement our success extending the Bombora gold deposit at depth, We are still gauging the extent of the mineralisation footprint in each area on very wide reconnaissance drill hole spacings. So to hit high-grade gold at the Carbineer Prospect on the first two single-hole sections 100m apart, is both exciting and unusual. Further drilling is planned to restart in two weeks. In the Kopai-Crescent area we are seeing significant gold up to 2-4g/t over a very large area. I think that the high-grade intersections will come once we finish scoping the areal extent of the mineralisation and then zero in on the structures controlling the gold.”
Black Cat Syndicate has completed the acquisition of the Fingals and Rowes Find gold project. Fingals is located around 30 kms south east of Bulong and Rowe’s Find is located around 100 km east of Bulong. The transaction has increased Black Cat`s resource by 145%. Also Silver Lake Resources has emerged as a substantial shareholder (8.7%) in Black Cat and will have the first right of refusal on any toll treating arrangements relating to Fingals and Rowe’s Find. Black Cat’s Managing Director, Gareth Solly, commented: “We are extremely pleased to have completed this transformational acquisition and welcome Silver Lake as our largest shareholder. With the acquisition of Fingals and Rowe’s Find completed, we will now focus on converting the JORC 2004 Resources to JORC 2012 Resources, updating the JORC 2012 Resources and identifying our immediate drilling priorities. We will commence releasing the results of this work later in July 2020.”
The awarding of a the Corunna Downs Mining Services’ contract for Atlas Iron Pty Ltd has been awarded to MACA Limited. The project will consist of open pit mining services including drilling & blasting, and loading & hauling. The contract will generate approximately $230 million in revenue for MACA over the 62 month term. MACA CEO Mike Sutton said “We are pleased to have been selected as the Contract Miner for Atlas building on our workload in the Iron Ore Sector with an existing client. We look forward to being part of the successful development of this project”. MACA has previously worked on Atlas Iron projects at Pardoo, Mt Dove, Abydos and Wodgina operations as well as providing Crushing Services for Atlas at its Mount Webber Operations and Civil works at Corunna Downs.
A planned Financial Year 2021 exploration program has been announced by Australian Potash under the Earn-In & Joint Venture agreement by joint venture partner St Barbara Limited for the Lake Wells Gold Project. The exploration program will cover around 30,000m. Managing Director and CEO, Matt Shackleton said “The results of exploration to date by St Barbara generated compelling analogies to the richly endowed Kundana goldfield endowed with in excess of 8M ounces of gold. St Barbara has confirmed the details of the planned FY21 exploration program, including up to 30,000 metres across targets in the Yamarna and Lake Wells joint venture areas. Subject to access, the program is planned to commence in September and is likely to continue through to the end of Q2 FY21.”
