Proactive Investors - Run By Investors For Investors

In The News - Monument Mining

In The News -  Monument Mining

In the news: Monument Mining



Jim Taylor has a new introductory piece out today: Monument Mining — Moving Towards Development, 27 February 2017. Monument is aiming to develop a biox plant at its Selinsing gold mine in Malaysia to more than double its mine life from the current three years. It is also aiming to complete the re-development of operations at the Murchison Project in Western Australia. We expect plans for both projects to be finalised in 2Q17, which would allow us to conclude our valuation and rating assessment.

Selinsing operations produced 19,000oz Au in FY16, at cash costs of US$606/oz. With oxide material containing 60,000oz sufficient to support the operation for less than three years, a PFS was completed in November 2016 into the development of a US$39m biox processing facility to allow treatment of refractory sulphide material; this could add 218,000oz to the mining inventory and nearly four years to the mine life. A final development decision and financing are expected to follow the completion of metallurgical test-work that is planned to be completed in April 2017.

Re-development of the Murchison Gold Project commenced. An independent review of internal studies into the development of Murchison in WA is planned to be completed in April 2017. This will allow the project parameters of this re-development project to be published and assist in its funding to complete the project. Historical resources on the project totalled 646,000oz and work by the company has defined an NI 43-101 resource of 103,000oz at two of the deposits on the project area.

Matala deal provides early-stage optionality. Monument has an option to acquire a 51% interest in the Matala Gold Exploration Project in the DRC. This prospective project area is located on trend to the south-west of Banro’s Twangiza and Namoya operations and contains large-scale gold anomalies, only one of which has been subject to a limited drill programme.

Unrestricted cash balance of US$6m at September 2016. At the end of September 2016 the company had unrestricted cash of US$6.3m (25% of the current market cap), and a further US$9.6m that was restricted pending the resolution of an ongoing Malaysian legal case.


This content has been approved under section 21(1) of the FMSA 2000 by RFC Ambrian Limited ("RFC Ambrian") for communication only to eligible counterparties and professional clients as those terms are defined by the rules of Financial Conduct Authority. The contents are not directed at retail clients as RFC Ambrian does not provide investment advisory services to retail clients.  RFC Ambrian publishes this document as non-independent research which is a marketing communication under the Conduct of Business rules. It has not been prepared in accordance with the regulatory rules relating to independent research, nor is it subject to the prohibition on dealing ahead of the dissemination of investment research. It does not constitute a personal recommendation and does not constitute an offer or a solicitation to buy or sell any security. Neither RFC Ambrian nor any of its directors, officers, employees or agents shall have any liability, howsoever arising, for any error or incompleteness of fact or opinion in it or lack of care in its preparation or publication; provided that this shall not exclude liability to the extent that this is impermissible under the law relating to financial services. All statements and opinions are made as of the date on the face of this document and are not held out as applicable thereafter. This document is intended for distribution only in those jurisdictions where RFC Ambrian is permitted to distribute its research. In particular, it is not intended for distribution in and is not directed as persons in the United States.  On the date of this document, RFC Ambrian, RFC Ambrian's holding company, persons connected with it and their respective directors may have a long or short position in any of the investments mentioned in this document.
RFC Ambrian is a member of the London Stock Exchange and is regulated and authorised by the Financial Conduct Authority. RFC Ambrian is registered in England and Wales no. 4236075. Its registered office is at Level 5, Condor House, 10 St Paul’s Churchyard, London EC4M 8AL.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use