Kagara Limited Market Update
12.04.2012 | ABN Newswire
11:25 AEST Apr 12, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Kagara Limited (ASX:KZL) continues to review business operations and focus on core producing assets. This includes a restructure of its banking arrangements which have impacted Kagara's short term cash flow.
As a result of this tightening of cash flow, mining operations at Baal Gammon have been suspended. This suspension is temporary while Kagara completes the restructure of its business and working capital.
Stockpiled ore is still being transported to Mt Garnet and milling operations of copper and polymetallic ore at Mt Garnet remain unaffected.
Kagara continues to maintain contact with its suppliers and is appreciative of their support during this period.
About Kagara Limited:
Kagara Limited is an S&P ASX 200 Australian resources group and one of Australia's lower cost producers of zinc, copper, lead and nickel.
The Company's base metals operations centre on the Mt Garnet-Chillagoe region of north Queensland, with three underground mines, one open pit mine and three processing facilities and a substantial production profile targeting copper production of 23,000 tonnes in FY2011 and zinc production of 100,000 tonnes in FY2012.
Production is also underway at the Lounge Lizard Nickel Project in Western Australia at a targeted nickel ore production rate of 50,000 tonnes per annum.
In addition, Kagara holds an extensive portfolio of high quality development and exploration assets, including the world-class Admiral Bay zinc-lead-silver-barite deposit in Western Australia, capable of delivering long term growth for the Company's shareholders well into the future.
Contact:
Kagara Limited
Geoff Day, Managing Director and CEO
T: +61-8-9481-1211
WWW: www.kagara.com.au