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Main ForumCGA Mining the next ANDEAN?

  • CGA: ASX Code:CGX has announced a marked increase in gold output and markedly increased profitability from 2009 - 2010 from their 64% owned Philippines, Masbate mine.

    Total revenue for CGA was $US158 million, up from $US2.3 million a year earlier, with cash flows before taxes at $US75.2 million.

    CGA has a market cap ~AUD$870m and cash (June)>AUD$100m. Cash cost per Oz = $580.

    Resource of >7m Ozs with exploration upside and is targeting production of around 100,000 ozs for 2010 and possible upside to 200,000 per annum in 20011.

    The company has also reported high grade drilling results from their 100% owned Nigerian, Segilola project where a drill indicated gold mineralisation zone has been shown to exist for 950m along strike and to 150m in depth. The drilling to date suggests a grade in excess of 5g/t will be available in any future operations.

    So a very strong cash balance a mid to low cash per oz price with a relatively low market cap and the prospect of a marked increase in price of gold sales achieved plus a large and ongoing increase in gold produced all seems to add up to an extraordinary opportunity... either as a long term profit maker or takeover target.

    See for a summary and links.

  • Wellington Management Company buys 5% September 20th, 2010

    Interesting to see Wellington Management Company taking a large chunk of CGA Mining ASX: CGX today.

    Wellington Management Company with approximately US$544 billion in client assets under management, Wellington Management serves as an investment advisor to more than 1,800 institutions located in over 40 countries.

    Not a bad vote of confidence.

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