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central rand gold ltd (CRD) Snapshot

Open
$200.00
Previous Close
$200.00
Day High
$200.00
Day Low
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52 Week High
11/11/14 - $650.00
52 Week Low
10/6/14 - $130.00
Market Cap
102.4M
Average Volume 10 Days
68.8
EPS TTM
$-0.32
Shares Outstanding
51.2M
EX-Date
--
P/E TM
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Dividend
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Dividend Yield
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Current Stock Chart for CENTRAL RAND GOLD LTD (CRD)

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central rand gold ltd (CRD) Details

Central Rand Gold Limited is engaged in the mining and exploration of gold properties in the Central Rand Goldfield of South Africa. It holds prospecting rights in Consolidated Main Reef, Crown Mines, City Deep, Anglodeeps area, Village Main, Robinson Deep, and Simmer and Jack Gold Mine covering an area from west to east of approximately 40 kilometers and north to south of approximately 7 kilometers located in Johannesburg. The company is headquartered in Johannesburg, South Africa.

105 Employees
Last Reported Date: 05/30/14

central rand gold ltd (CRD) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: $365.0K
Compensation as of Fiscal Year 2013.

central rand gold ltd (CRD) Key Developments

Central Rand Gold Limited Provides Operational Update

The board of directors of Central Rand Gold announced operational update. The High Density Sludge Plant has now been operational for five months. Central Rand Gold continues to monitor the water level at its mining operations as well as the daily flow rate, being the amount of water pumped out of the Central Basin from the HDSP. Overall, since July 2014, the water levels at Central Rand Gold's mining operations have risen by approximately 5.8 vertical metres. The company has observed that when the flow rate is maintained at approximately 60 million litres per day ("mlpd"), which equates to approximately 80% of nameplate capacity, a reduction in the water level occurs. The HDSP ran at or around nameplate capacity between mid-July 2014 and early August 2014 and accordingly, a reduction of approximately 1.5 vertical metres in the Central Basin water levels was reported. This trend provides evidence that the HDSP is able to de-water the Central Basin, even when the daily flow rate is only at 80% of the Ritz submersible pump capacity. The flow rate was reduced in mid-August 2014 as a result of the decision by the Trans Caledon Tunnel Authority to strengthen the mechanical components of the two 42 million litre thickeners at the HDSP. This upgrade was required in order to improve, manage and control the AMD sludge and to ensure the longer term improved performance of the HDSP. During September 2014, a temporary upgrade to the thickeners was completed. The final upgrade is planned for completion in early 2015. Until this upgrade has been completed, the daily flow rate is expected to be between 48 and 60 mlpd. If the planned daily flow rate can be maintained, the Board believes that the water level is not expected to change significantly during this time. Given that the Ritz submersible pumps have performed reliably since July 2014, it has been agreed that once the thickener upgrade has been completed, the TCTA will increase the flow rate to 84 mlpd. This represents a 17% increase on the original planned capacity of 72 mlpd. This increased capacity will provide the HDSP with greater ability to accelerate the future dewatering in the Central Basin to ensure that the underground AMD is, at a minimum, maintained at the Environmental Critical Level. This will allow Central Rand Gold to de-water the Central Basin to at least 450 metres below surface ("mbs"). Mining operations: As reported in the 2014 interim report, the company had reduced the production rate from the underground mine due to the elevated water levels which currently sits at 152 mbs. The Board had hoped that by the date of this announcement, the company would have been able to re-access some of its previously flooded and developed stoping areas. However, the inability to re-access these areas has placed strain on the company's gold production and cash resources as the Company has been forced to substitute higher grade underground ore with other lower grade material, such as underground North Reef ore, old rock piles and material from tailings dams. It is important to note that the Board remains extremely positive about the medium and long-term viability of the company's current target mining area. The Board recognises that the current high water level is a short-term challenge and remains confident in the ability of the HDSP to dewater the Central Basin. In light of this short-term setback, the company has pursued a strategy of repositioning itself with respect to primary ore source. The Company has, for the past two months, focussed on revisiting and reassessing open pit targets that were mothballed on the commissioning of the underground operation. This temporary change in focus from underground operations brought about by the rising water levels has allowed the Company to consider alternate approaches to mining these more technically challenging surface resources. The introduction of mechanical ripping and other rock breaking technology has opened up SAMREC Compliant Exploration Target material of between 91 000 and 350 000t of reef running up to 2.5g/t. The Board continues to focus on reducing the Company's cost structure. Since January 2014, it has been able to reduce the overall Head Office salaries and Board remuneration by 15%. Similarly, the Company has reduced its overtime costs by 72% since January 2014 through efficiency improvements and more rigorous scheduled maintenance programs. In addition, the Company has, through the development of strategic alliances with other gold mining groups operating within the Witwatersrand, been able to reduce the cost of high usage Metallurgical re-agents, notably steel balls, by 12%.

Central Rand Gold Limited and Zhejiang Golden Machinery Plant Enter into A Non Binding Memorandum of Understanding

Central Rand Gold entered into a non binding Memorandum of Understanding with Zhejiang Golden Machinery Plant (ZGMP). The rationale for the MOU is to establish a framework to enable information sharing and collaboration. The short-term priority of the Strategic Partnership is to focus on Central Rand Gold's existing metallurgical plant to determine whether Zhejiang Golden Machinery Plant can assist in the upgrade and optimisation program currently underway. The medium- to long-term focus of the Strategic Partnership is to advance the company's 'string of pearls' development strategy, as the company moves towards becoming an emerging mid-tier gold producer. The Strategic Partnership will provide Central Rand Gold with access to ZGMP's knowledge and expertise of plant design and engineering. ZGMP ultimately provide the Company with any equipment or services, the company can elect to pay ZGMP through the issuance of Shares in Central Rand Gold rather than in cash, subject to the required shareholder approvals. This option would have the benefit of reducing balance sheet strain while aligning the interests of Central Rand Gold and ZGMP.

Central Rand Gold Limited Reports Unaudited Group Earnings and Production Results for the Half Year Ended June 30, 2014

Central Rand Gold Limited reported unaudited group earnings and production results for the half year ended June 30, 2014. For the half year, revenue was $5,774,000 against $8,798,000 a year ago. Loss before interest, tax and depreciation was $2,596,000 against $4,550,000 a year ago. Loss before income tax was $2,842,000 against $4,871,000 a year ago. Loss attributable to equity holders of the parent was $2,842,000 against $4,871,000 a year ago. Basic and diluted loss per share was 3.78 cents against 15.22 cents a year ago. Net cash used in operating activities was $2,814,000 against $4,169,000 a year ago. Purchases of property, plant and equipment was $2,022,000 against $61,000 a year ago. Headline loss attributable to equity holders of the group was $2,833,000 against $5,328,000 a year ago. Basic and diluted headline loss per share was 3.76 cents against 16.65 cents a year ago. The loss was driven by lower head grade and lower reliance on toll revenue during the first half of the year. The loss was partly mitigated by a focus on the reduction of costs. For the half year, total tonnes processed was 94,651,000 against 110,770,000 a year ago. Total gold produced was 4,149 oz against 6,097 oz a year ago.

 

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