MZI Resources’ Keysbrook Mineral Sands Project Officially Opened
Argonaut wishes to congratulate MZI Resources (ASX: MZI) on the official opening on Monday 4th April 2016 of its flagship Keysbrook Minerals Sands Project, located 70km south of Perth, by the Honourable Tony Simpson, MLA for Darling Range and Western Australia’s Minister for Local Government; Community Services; Seniors and Volunteering; Youth.
The Dow industrials were on track for their biggest percentage drop since February as blue-chip technology shares slumped anew. Stocks whipsawed throughout the day, but a turnaround in technology shares pushed major indexes lower. The Dow Jones Industrial Average was led lower by declines in Apple. Shares of the iPhone-maker were off 2.6%, shaving close to 18 points off the Dow. Microsoft and International Business Machines each fell 2%. Investors were focused on individual company reports, rewarding those whose results beat expectations.More >
Troy Resources (TRY) delivered a solid maiden Q of production at Karouni, producing 20koz @ AISC US$638/oz, v Argonaut’s estimate of 19koz @ US$774/oz. The outlook for the mine is bright, with Q-on-Q production increases expected for the remainder of CY16 and a first quartile AISC. To date, mined grade, tonnages and overall ounces at Karouni outperformed the Reserve model by 8%, 25% and 35% respectively, providing Reserve upside. Cash and bullion balance was at A$10m following a A$15m Investec repayment and creditor payments associated with construction and ramp-up of Karouni. The Company recently announced the divestment of Casposo for up to US$11m, allowing TRY to focus on the high margin Karouni mine. TRY has reached an agreement with Investec to restructure its Revolving Facility (A$60m), reducing quarterly repayments starting 30th June. Argonaut increases its valuation to A$0.70 (was A$0.58) by factoring an additional ~90koz open pit production at Karouni. BUY maintained.More >