Hillgrove Resources' ambitious plans

Hillgrove Resources operates the Kanmantoo copper mine in South Australia, which produced over 13,000 tonnes of copper and 6,500 ounces of gold in financial year 2013 to generate revenue of $115m. The mine produced earnings before interest, tax, depreciation and amortisation (EBITDA) of $17.1m. That cashflow must pay for new expenditure at the mine – an extension of the tailings dam is needed and a new crusher was recently added – as well as fund the hunt for bigger, richer deposits in Indonesia where the company is drilling for large orebodies. These are big hopes for a small miner;...

Hillgrove Resources operates the Kanmantoo copper mine in South Australia, which produced over 13,000 tonnes of copper and 6,500 ounces of gold in financial year 2013 to generate revenue of $115m. The mine produced earnings before interest, tax, depreciation and amortisation (EBITDA) of $17.1m. That cashflow must pay for new expenditure at the mine – an extension of the tailings dam is needed and a new crusher was recently added – as well as fund the hunt for bigger, richer deposits in Indonesia where the company is drilling for large orebodies.

These are big hopes for a small miner; perhaps too big in an environment of sharply lower gold and copper prices. Last year, for example, the company spent over $38m on capital expenditure. Far more will be needed in future.

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