A tale of two miners: Capricorn stumbles while Emerald shines
WA gold miner Capricorn Metals (ASX:CMM) saw a sharp drop in quarterly production at its Karlawindi gold project in WA as it set up mining operations for the new quarter.
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Capricorn Metals Ltd
Capricorn Metals Ltd is a rapidly growing ASX-listed gold company, which is well advanced in the development of a new, large West Australian open pit mining project.
The Company is developing the Karlwinda Gold Project in the Pilbara region of Western Australia as a stand-alone project expected to produce between 105,000 – 120,000 ounces per annum over a 12-year mine life.
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News
Rainfall affects Regis Resources, Capricorn Metals, and Gold Road
Regis Resources (ASX:RRL), along with Capricorn Metals and Gold Road, has revealed setbacks to planned production due to last week’s record rainfall in parts of the WA Goldfields. Capricorn Metals (ASX:CMM) reported that its Karlawinda gold project in the Pilbara experienced a second rain event in three months, forcing the mine to process lower-grade stockpiled ore. Similarly, Gold Road (ASX:GOR) disclosed that its 50% owned Gruyere mine faced curtailed work in the open pit for a week or more, affecting production for the March quarter but maintaining guidance for the June 30 year, albeit at the lower end of the forecast range.
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Wet weather challenges persist for WA miners
The latest victim of nature's fury is Capricorn Metals' (ASX:CMM) Karlawinda gold mine, nestled in the heart of the Pilbara.
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Plenty of Positive Signs Emerging for Capricorn
Capricorn Metals has reported higher December half earnings after a solid final three months of the year and says it is on track to meet guidance for the year to the end of this June.
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CMM – Macquarie rates the stock as Neutral
Macquarie upgrades to Neutral from Underperform, along with a 31% increase in the target price to $3.40.
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CMM – Macquarie rates the stock as Neutral
Macquarie notes development of the Karlawinda gold project is nearing completion. Neutral rating and $1.60 target retained.
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CMM – Macquarie rates the stock as Underperform
The development of Karlawinda is on schedule for first gold in the fourth quarter of FY21. Budget is on track for $165-170m.
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Capricorn Secures Funding To Develop Karlawinda Gold Project
The execution of the debt financing facilities with Macquarie Bank completes the funding requirements for the Karlawinda project and is another major step towards the project’s development.
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Shining A Light On Capricorn
Last year’s crack down by the regulators on what can be said about the scope of a project based on inferred resources – i.e. pretty much nothing - was frustrating stuff for the industry.
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