METALLICA MINERALS LIMITED
Another Busy Quarter Progressing Projects
MLM - Quarterly Report for Period Ending 30 June 2008 - Mr Andrew Gillies, Managing Director
Fri, 1 Aug 2008 11:05AM
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Mr Andrew Gillies
Fri, 1 Aug 2008
11:05AM 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 Mark Ashley , Director
Mr John Haley , Non Exec. Director
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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)
| QGM: Metallica acquires strategic stake in QGM | Fri, 14 Nov 2008 |
| MLM acquires strategic stake in QGM | Fri, 14 Nov 2008 |
| MLM - Cape Alumina Ltd IPO Opens | Tue, 11 Nov 2008 |
| Quarterly Activities Report | Fri, 31 Oct 2008 |
| MLM - Mining 2008 Presentation | Thu, 30 Oct 2008 |
| Cape Alumina IPO Filed | Tue, 28 Oct 2008 |
| MLM response to ASX query re JORC code | Tue, 28 Oct 2008 |
| MLM - Annual Report to Shareholders | Tue, 21 Oct 2008 |
| Notice of Annual General Meeting/Proxy Form | Tue, 21 Oct 2008 |
| Boardroom Radio re Financial Results-29 September 2009 | Mon, 29 Sep 2008 |
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)
“Another Busy Quarter Progressing Projects”
http://www.brr.com.au/event/48867
FRIDAY, AUGUST 1, 2008, 11:05 AM.
BRR Today Boardroom Radio welcomes back Andrew Gillies, the Managing Director of Metallica Minerals. Andrew, thanks again for your time.
10 MLM Yeah, good morning, Cameron, and Boardroom Radio.
BRR Andrew, another quarter down. It’s been an incredibly busy quarter. When we last spoke, we talked about the business of selling the Cockatoo Coal shareholding, which has taken cash balances right up. Can you talk us
15 through briefly what the highlights of the quarter, please?
MLM Yeah, we always have busy quarters and you’ll see in our quarterlies, they are quite bulky and we’ve got a lot of projects on the boil. But certainly the one up top of the list is, you know, our consolidated cash position now at 26.7 million. That works out to be about just over 23 cents a share. So we basically
20 got, you know, that’s over half our share price in terms of cash backing. So, you know, a lot of that came in from the 20 million sale of the Cockatoo shares but also we had about $6 million in equity and we’ve also raised 1.5 million for MetroCoal in seed capital and also during the quarter XRF exercise their options that brought another 1.6. So we’re in a very healthy position
25 there and certainly it would be quite difficult, I'd imagine rising capital so we’re in a very good position there.
BRR And, Andrew, with your increased cash backing, what are you're plans for the cash?
30 MLM Well, we’ll probably be using the majority of it obviously to the vast Metallica NORNICO project for the nickel and it's holdings in coal where we’ve got a 94% interest in MetroCoal and also the Bauxite as probably bit of backup. We did put investment funds in from time to time. Metallica with a 40% holding in that and we’d be looking at getting that company listed. It also enables
35 Metallica to assess other opportunities that are compatible to the company’s core operations and obviously that’s mainly the nickel, so I think more of the same.
BRR And, Andrew, moving on to the highlights, NORNICO?
40 MLM Yes. It’s an acronym for North Queensland Nickel Cobalt project. We’re completing our feasibility study on that for 1 million tonne a year heap leach and we have got a resource base up there of about 35 million tons and that will be expanded. So that contains about 262,000 tonnes of nickel and, well, you know, our game plan up there is to complete the feasibility study and
45 we’re looking into producing an average of about 8,000 tonnes of nickel consigned in-product per annum for the first ten years and we may well expand. But it will have a very long mine life once established, so that’s nickel and that will be expanded on in this quarter. We have had drilling from last quarter and has defined a lot of mineralization outside the Bell Creek South resource and we expect to get a resource estimate out of the next few weeks at Bell Creek South, that’s probably the main focus for our mining into the future, certainly for the first five to ten years of NORNICO. But we’re also undertaking well into a major drilling program at Kokomo where we’re looking
5 at 20,000 major drill program. That will mean about 475 holes on a nickel laterite, sort of a 5 kilometre by 800 metre area. So we expect to get a substantial resource estimate out of that that probably will be coming around October. And I guess the third big ticket item for us is Cape Alumina. We’ve also, during the quarter, released a resource estimate effectively doubling our
10 Bauxite tonnage now to about 100 million tonnes of industry use Bauxite and still relatively a small portion of our tenement holdings up there at Weipa. And we’re also looking at progressing towards an IPO which should be released this September quarter and also of course fourthly, I guess, is MetroCoal. As I said earlier, we’ve just raised 1.5 million during the quarter in seed capital, so
15 mostly sophisticated investors, basically gearing up for an IPO, but we are putting some of that money into a drilling program that should be started in the next couple of weeks. We’ve got a very large tenement holding out there, about 4,000 square kilometres and putting in perspective I guess, you know, it’s comparable to, you know, the combined holdings of Link, Carbon energy
20 in Cougar out there in the Surat. So we think we’ve got a pretty good story out there. We have got the technology yet. We're certainly on the sidelines there. But we’re quite happy to follow Link and Cougar and Carbon Energy and basically build up our resource base there. So I think that certainly would be an interesting one to watch and we’re also probably doing the IPO is probably
25 part of that deal is to distribute a portion of that holding to Metallica shareholders.
BRR And, Andrew, you mentioned the technology utilized by Link and Cougar and Carbon, what is exactly the technology?
30 MLM Well, MetroCoal, itself, doesn’t have the personnel or the expertise on the technology. We’re quite happy to wait for that to come and, you know, when I say 'technology' I’m really talking underground coal gasification and coals to liquids. Our strategy is really increase our resource base of coal that would be suitable for UCG and coals to liquids, typically between depths of say 150
35 down to 400 metres and that will be our focus there and we’re quite happy to add value by building our resource base up and let the technology come down the track.
BRR And, Andrew, if our listeners are allowed to get some more information about
40 the float of Cape Alumina, what’s the best way they can do that? Who’s handling the float there?
MLM Well, it’s usually the advisers, but I guess the best thing is just watch the releases on Metallica’s website or the ASX site and also, you know, Cape Alumina at www.capealumina.com.au, probably the best thing. But, yeah,
45 we’re expecting it out to be certainly by September.
BRR Great. I should also remind our listeners that if they like to ask you a question about Metallica or indeed find out some more information about Cape Alumina, they’re able to ask a question through the webcast facility and we’ll send it to Andrew who can then answer it at a later stage.
MLM Yeah, thanks, Cameron. I think with Metallica tells a compelling story. Now we see ourselves very much as an emerging multi-commodity resource
5 company with the nickel development focus plus major interest in coal and Bauxite and we’ve got the cash to back it up.
BRR Certainly have. That’s been Queensland-based Metallica Minerals, Andrew Gillies, the Managing Director there, giving us an update on Boardroom
10 Radio.
MLM Thank you.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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