TMAC Resources Inc
TMAC Resources Inc
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Increased gold production, sales and consequent higher revenue have seen TMAC Resources cut its Mar 2020 qtr (Q1 20) loss to $C18M from Q4 19’s $628.4M loss, a result that would have better without FX losses out to $16M from a positive $3.3M.
Canadian gold miner TMAC Res has staged a $610m turnaround, cutting its Q1 20 loss to $18M
(MERGERS & ACQUISITIONS)
State-owned Chinese miner Shandong Gold brings the finance and technical strength to advance Canada’s $1B-plus Hope Bay gold mine expansion through a $149M takeover of the project owner TMAC Resources.
Major Chinese gold producer Shandong Gold will take command of the Hope Bay project in Canada as it undergoes a planned $C1.28B underground expansion through an agreed takeover of its 100% owner TMAC Resources.
The $US149M deal, under which Shandong will pay $C1.75ps, a 52% premium to TMAC’s volume-weighted average pricE, follows a strategic review process that was always likely to result in a sale or merger of the company.
The PFS on TMAC Resources’ 100%-owned underground Hope Bay gold expansion project in the Kitikmeot region of Nunavut, Canada, envisages a total $C1.28B capex operation producing 3.1Moz of over an initial 15-year LoM.
The latest numbers include a pre-tax NPV5% of $549M and an after tax NPV5% of $486M, based on updated proven/probable mineral reserves containing 3.5Moz, measured/indicated resources of 5.2Moz and an inferred 2.1Moz.
TMAC’s Hope Bay gold expansion PFS sees a $1.2B project producing an initial 3.1Moz over an initial 15-years
A worse than expected Dec 2019 year (FY/CY19) has gold miner TMAC Resources looking at the potential sale or merger of the company, a J/V on its flagship Hope Bay mine, introduction of a significant new strategic shareholder and various long-term financing alternatives.
The review came with the company’s Dec 2019 year (FY/CY19) report, which saw gold production from Hope Bay in Nunavut, N Canada, up to 139,510oz from FY/CY18’s 110,970oz, but missing reduced guidance down to 140,000oz-150,000oz from the previous 160,000oz-170,000oz.
TMAC Resources has launched a strategic review that will consider its sale/merger, a J/V on its Hope Bay Mine and a new major shareholder
TMAC Resources has lifted Dec 2019 year (FY/CY19) gold production from its 100%-owned Hope Bay project in Nunavut, N Canada, to 139,510oz from FY/CY18’s 110,970oz, but missed a reduced guidance down to 140,000oz-150,000oz from the previous 160,000oz-170,000oz.
TMAC Resources has cut Dec 2019 year (FY/CY19) production from its 100%-owned underground Hope Bay Gold Project in Nunavut, N Canada, to 140,000oz-150,000oz from the previous 160,000oz-170,000oz.
However, the company has managed a spectacular $C45.4M turnaround to a $C16.8M net profit for the 9-months Sept 2019 YTD (YTD19) from YTD18’s $28.6M loss on gold production rocketing to 114,860oz from 76,890oz and sales to 114,510oz from 77,440oz.