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.


Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Stobart Group PLC reports ' strong strategic and operational first-half...

Stobart Group (LON:STOB) CEO Warwick Brady and CFO Lewis Girdwood highlight what they believe to be the 'significant growth potential' within its aviation division and in particular at London Southend airport. Passenger numbers at the airport increased by 41.8% to 1.2 million in the six...

1 day, 6 hours ago