PMEA Blog

CGA Mining (ASX: CGX, TSX: CGA) has agreed to acquire 100% of the interests of Bloomsbury Holdings Limited in the companies owning a direct and indirect interest in the highly prospective Pajo MPSA.

Pajo MPSA is positioned immediately to the north of the Colorado Pit, which is part of CGA’s gold producing Masbate Gold Project in the Philippines.

Exploration activities at Pajo MPSA have already commenced with the first hole returning 85 metres at 0.85g/t gold, including 14 metres at 1.26g/t gold from the surface.

The company said the entire hole was mineralised and was drilled to intersect the central - northern end of the mineralised zone from the eastern side of the hill.

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MANILA, Sept 21 (Reuters) - South Africa’s Gold Fields Ltd could invest up to $2 billion to develop a gold and copper prospect in the Philippines, a government official said on Wednesday, although the company said it was far too early for such estimates.

Gold Fields, the world’s fourth-largest gold producer, said on Wednesday it had made a $66 million downpayment for an option to acquire a 60 percent interest in the undeveloped Far Southeast gold-copper project.

“Their initial disclosure to us, assuming the due diligence is successful, they are looking at $1.8 billion to $2.0 billion investment budget,” said Leo Jasareno, director of state agency Mines and Geosciences Bureau.

That cost covered exploration to full development, he said.

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THE Philippines said it expects mining investments to rise more than four-fold to $18 billion in five years as global commodity prices soared.

A new mining law allowed foreign investments in 2005, and high metal prices were drawing even more investor interest, Environment and Natural Resources Secretary Ramon Paje said.

“In terms of investments, the aggregate amount of $3.835 billion has been invested in the sector over the last six years. Total investments are projected to reach $18 billion by 2016,” he told a mining conference.

Mining output had already spiked 31 percent year-on-year in the six months to June to 63.92 billion pesos ($1.48 billion).

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MANILA, Philippines - South African mining firm Harmony Gold Mining Co. Ltd., the world’s fifth largest gold producer, is looking to invest in copper-gold projects in the Philippines.

Greg Job, Harmony Gold Southeast Asia executive for growth and resource development, said the 60-year-old company has been looking for opportunities in the country over the last two years.

Harmony’s potential initial investment for a project, Jobs said, could be “in excess of hundreds of millions of dollars,” depending on the viability and the size of the ore body.

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MANILA-(MarketWatch)- Mining investments could reach $2.8 billion in the Philippines this year if Chinese investors proceed with plans to jointly develop mining projects in the country, a senior mining official said Tuesday.

There is a good chance that an initial target of $1.4 billion could be doubled if Chinese investors follow through in the last quarter on investments they have expressed interest in, Mines and Geosciences Bureau director Leo Jasareno said.

Sustained high prices of metals have been “driving interest” in thePhilippines mining sector, Jasareno told reporters.

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CGA Mining (ASX: CGA, TSX: CGX) has delivered a bumper set of numbers in the company’s annual report for financial year 2011.

The stand out metric is a 307% increase in net profit to $65.1 million, which was generated from a 51% boost in gold and silver sales to $235.3 million.

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As low-cost gold producer Medusa Mining (LON:MML, ASX:MLL, TSE:MLL) unveiled impressive full year earnings of US$120 million, up 64 per cent from last year, the group’s new managing director Peter Hepburn-Brown was firmly focussed on bigger and better things.

This morning’s full year results, for the twelve months ended 30 June 2011, are the first since the company began producing at a rate of 100,000 ounces a year from the Co-O gold mine in the Philippines.

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MANILA, Philippines - Conglomerate First Pacific Co. Ltd. is looking to acquire gold and coal assets in Indonesia, managing director and chief executive officer Manuel V. Pangilinan said last week.

The move comes more than a year after First Pacific effectively gained control of Philex Mining Corp., the Philippines’ biggest gold producer. If successful, it could also be First Pacific’s next major acquisition outside the Philippines.

The company, controlled by Indonesian billionaire Anthoni Salim, is already the single-biggest shareholder of telecommunications giant Philippine Long Distance Telephone Co. (PLDT).

First Pacific also owns a near-majority stake in the country’s largest electricity retailer Manila Electric Co., which is putting up a 1,500-megawatt power generation portfolio that will include coal-powered facilities through 2016.

“We are looking [at mining acquisitions] in Indonesia,” Pangilinan told reporters in a chance interview last week. He said his group is looking at “both” coal and gold prospects, without providing additional details.

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Medusa Mining (LON:MML, ASX:MML) reported strong full-year financial and production results and is targeting to produce 100,000 to 110,000 ounces of gold in the current full-year at cash costs of around US$200 per ounce.

Pretax profit before interest, depreciation and amortisation rose to US$120.7 million in the year to end-June 2011, up 64 percent year-on-year from US$47 million. The company also posted a 58 percent revenue growth to a record US$149.6 million due to increased gold production and a higher price received on sale of gold.

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ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE AND TORONTO STOCK EXCHANGE /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES/

PERTH, Western Australia, Aug. 30, 2011 /CNW/ - The Board of CGA Mining Limited (”CGA”, “the Company”) (TSX Code : CGA, ASX Code : CGX) is pleased to announce the preliminary final report for the year ended 30 June 2011. In its second year of operations the Company has seen a 51% increase in revenues from ordinary activities, a 70% increase in gross profit and a 307% increase in net profit after tax.

Highlights for the period include:

• 27% increase in production for the year ended 30 June 2011 of 190,033 ounces (2010:150,141 ounces) of gold.
• 70% increase in gross profit to $80.4M (2010:$47.4M).
• 307% increase in net profit after tax to $65.1M (2010: $16.0M)
• Revenues from gold and silver sales increased by 51% to $235.3M (2010: $155.6M).
• $204.6M in cash and liquid assets on hand at 30 June 2011, an increase of 87% from the prior year (2010: $109.2M).
• 37% increase in throughput with a total of 6,152,561 dry tonnes milled (2010: 4,148,408t).
• Work on the 6.5Mtpa plant upgrade is being finalized with commissioning of the supplementary crusher expected to occur within the next two weeks.
• Work on the comprehensive scoping study to lift production rates to +10Mtpa is well advanced and continues to track on schedule.

The detailed final year end operating and financial results will be included in the Annual Management Discussion and Analysis and Annual Financial Statements, which will be released at the end of September, following completion of the year end audit.

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