Last A$3.10 AUD
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sphere minerals ltd (SPH) Snapshot

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218.3M
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sphere minerals ltd (SPH) Details

Sphere Minerals Limited engages in the exploration and development of iron ore properties in West Africa. It principally holds a 50% interest in the Guelb El Aouj iron ore project located in Mauritania. The company is based in Sydney, Australia. Sphere Minerals Limited is a subsidiary of Glencore Xstrata plc.

sphere minerals ltd (SPH) Top Compensated Officers

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Compensation as of Fiscal Year 2013.

sphere minerals ltd (SPH) Key Developments

Sphere Minerals Limited Enters into Loan Agreement with Glencore Australia Holdings Pty Limited

Sphere Minerals Limited approved entering into a loan agreement with Glencore Australia Holdings Pty Limited for a maximum draw down amount of USD 80 million to fund the ongoing project works in Mauritania. The loan facility is unsecured and carries interest at the rate of 12% per annum plus a 1% per annum commitment fee on the undrawn amount of the facility limit. The total amount drawn down is to be repaid at the end of 18 months from the date of the first drawing, or upon completion of a rights issue, or upon the issue of new equity by Sphere in an amount sufficient to repay the amount owing, whichever occurs first.

Sphere Minerals Limited Enters into Loan Agreement with Xstrata Finance Pty Limited

The Independent Directors of Sphere Minerals Limited approved entering into a loan agreement with Xstrata Finance Pty Limited for a maximum drawn down amount of $40 million to fund the ongoing project works in Mauritania. The loan facility is unsecured and carries interest at the rate of 12% per annum. The total amount drawn down is to be repaid at the end of 12 months from the date of the loan agreement, or upon completion of a rights issue, whichever occurs first. As a related party transaction, the Independent Directors have reviewed and obtained independent legal and financial advice on the terms of the loan agreement and are satisfied that the terms of the loan agreement including the interest rate applied are reasonable to Sphere having regard to the terms which could have been achieved if Sphere and Xstrata Finance were dealing at arms length and are less favorable to Xstrata Finance than the terms which could have been achieved if Sphere and Xstrata Finance were dealing at arms length.

Sphere Minerals Limited Announces Board Changes

The board of directors of Sphere Minerals Limited appointed Mr. Peter Coates AO as Non-Executive Chairman, effective from May 24, 2013. Mr. Coates is a director on the boards of ASX-listed companies Santos Ltd. and Amalgamated Holdings Limited. The company also announced that Peter Freyberg, Chairman of Sphere Minerals, and Earl Melamed, Director of Sphere Minerals, have resigned as directors effective from May 24, 2013.

 

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Valuation SPH Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 19,577.2x
Price/Book 2.7x
Price/Cash Flow NM Not Meaningful
TEV/Sales 19,265.4x

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