METALLICA MINERALS LIMITED
Metallica Minerals Increases Cash Balance by $20mil
MLM - Sells COK Shares and Increases Cash Reserves by $20M - Mr Andrew Gillies, Managing Director
Fri, 25 Jul 2008 09:45AM
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Mr Andrew Gillies
Fri, 25 Jul 2008
09:45AM Australia/NSW
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METALLICA MINERALS LIMITED (MLM)
ASX code: MLM
Website: http://www.metallicaminerals.com.au
Industry: Materials
Principal Activities:
Mining exploration
Address:
, 1 Potts Street, Unit 3,
EAST BRISBANE
QLD
Phone: (07) 3891 9611
Fax: (07) 3891 9199
Executives & Directors
Mr David Barwick , Chairman
Mr Andrew Gillies , Managing Director
Mr Peter Bruce Nicholson , Director
Mr John Haley , Non Exec. Director
Mr John Haley , Company Secretary
Company Podcasts
Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
METALLICA MINERALS LIMITED (MLM) Events
Australia/NSW
METALLICA MINERALS LIMITED (MLM)
| Appendix 3Y | Wed, 1 Jul 2009 |
| Appendix 3B and Listing Rule 3.4 notices after QOL bid close | Tue, 23 Jun 2009 |
| Response to ASX query | Mon, 22 Jun 2009 |
| Appendix 3X Mr Shu | Thu, 18 Jun 2009 |
| Appendix 3Z Mark Ashley | Thu, 18 Jun 2009 |
| Letter to Shareholders | Wed, 17 Jun 2009 |
| MLM - BRR Company presentation | Wed, 17 Jun 2009 |
| QOL: Letter to Shareholders | Wed, 17 Jun 2009 |
| MLM - Presentation Gold Coast Resources Showcase | Thu, 11 Jun 2009 |
| MLM increases holding in QOL to 70.92% | Wed, 10 Jun 2009 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH ANDREW GILLIES, MANAGING DIRECTOR OF METALLICA MINERALS LIMITED (MLM)
“Metallica Minerals Increases Cash Balance by $20mil”
http://www.brr.com.au/event/48679
FRIDAY, JULY 25, 2008, 9:45 AM.
BRR Today Boardroom Radio welcomes back Mr. Andrew Gillies, the Managing Director of Metallica Minerals. Andrew, thanks again for joining us.
10 MLM Always glad to be here, Cameron.
BRR Andrew, Metallica has announced today that you have increased your cash reserves by selling your stake in Cockatoo Coal, releasing $20 million cash. It must be a good feeling to have the bank so full.
15 MLM Oh, it is. It is certainly a good time, I think, to be cashed up. It is a very difficult market out there and a very uncertain one. We are like most of the juniors out there. We are really relying on investment. We had about $5 or $6 million and this other 20 adds to it, so now we have got at least $25 million in the kitty. That works out to about $0.22 a share which is about half our cash backing
20 on our market cap. So it puts us on a good stead to move forward on our nickel projects in particular but also be helpful for our coal and bauxite.
BRR It certainly will. Andrew, can you talk to us about the history behind the Cockatoo Coal stake?
25 MLM Well, it started out, I guess, we had two subsidiaries, South East Queensland Coal and South East Queensland Energy. We formed those companies in 2004 which had substantial coal assets in Southern Queensland. We actually sold those to Cockatoo Coal in July last year for $5 million cash. At that time, 25 million Cockatoo shares trading at that time at $0.20. So we had a good
30 history there with coal, but we would stick on nickel so we thought we would divest them, and it has worked very well for us. Basically, I guess, at that stage, it was a $10 million deal and now it has turned out to be a $25 million deal. So it has come at a timely time when the market is a bit difficult for raising capital, and now that we have got the cash reserves of over $25
35 million, it gives us the ability to move forward on our coal projects. Also, I might add, we are still exposed to coal. We have got an 84% held subsidiary with MetroCoal, and since that time, we have acquired 4000 square kilometres in the Surat Coal Basin. We do like coal. We also like coal to fuels. We think there is a good market to be had and a good future in fuels. We will
40 be putting part of that money into, I suspect, moving forward and adding value with MetroCoal.
BRR Andrew, how long should this cash last you? I mean, you will certainly not need to come back to the market anytime the next six months?
45 MLM Oh, certainly not. Our cash burn, we are drilling (inaudible) (0:02:22) at the moment. That said, we are obviously progressing with our feasibility on our nickel. Nothing would change in terms of our project, so I guess from here to the end of the year, we are probably looking at about $5 million expenditure from here to the end of the year which is covered really on our previous cash position. But it certainly may help to fast track a few things and possibly enhance. It certainly gives us a lot more options to work for our three key projects, mainly nickel, of course, but also bauxite and the coal.
5 BRR Andrew, the obvious question would be, do you think this puts you in a position where you might be looked at by some of the larger companies?
MLM Well, I certainly hope not because we have a lot of value adding to do before we even think about that stage. Being a small company, that is our focus and I think that is something that we are good at, adding value to our projects. We
10 will be certainly using our cash reserves on our own projects and we do not want to be looking over our shoulders. So we will just focus on what we are good at and we will stick to (inaudible) (0:03:20). Big companies start as small companies and we want to be a big company ourselves.
15 BRR Sure. Andrew, thanks for your time and the update on Metallica Minerals. We appreciate it. If our listeners would like to ask you a question or get in contact with you, what is the best way they can reach you?
MLM Oh, our phone number in Brisbane is (07) 3891-9611 or just send an e-mail through to me, always welcome to take calls. Thank you, Boardroom Radio
20 and Cameron, and I always look forward to our chat.
BRR A pleasure. I should remind the listeners that they are able to ask questions through the web cast which we will then send to Andrew for answering at a later stage. It has been Andrew Gillies, Managing Director of Metallica
25 Minerals speaking to us on Boardroom Radio.
MLM Thank you.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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