ASX Round-Up: A Look at Endeavour Mining and Mount Gibson Iron

For investors focused on the resource space, a good way to track companies listed in Australia is to look at the S&P/ASX 300 (INDEXASX:XKO). The index includes all S&P/ASX 200 (INDEXASX:XJO) companies as well as about 100 smaller-cap companies, and as of April 2015 accounted for 74 percent of the Australian equities market. Specifically, the S&P/ASX 300 Metal & Mining (INDEXASX:XMM) division is a great source for companies to watch.
The Investing News Network is thus profiling companies on the S&P/ASX 300 Metal & Mining index. This week’s companies are Endeavour Mining (ASX:EVR,TSX:EDV) and Mount Gibson Iron (ASX:MGX).

Endeavour is an intermediate gold producer with four gold mines located in Mali, Ghana, Burkina Faso, and Côte d’Ivoire. The operations produce a total of 500,000 ounces annually. The proven plus probable mineral reserves for the four mines plus a fifth mine in the development stage totals 3,952,000 ounces.
In September, the company announced that it had entered into a long-term strategic partnership with  La Mancha Holding, a private gold investment company.The transaction will see Endeavour acquire La Mancha’s indirect 55 percent interest in Société des Mines d’Ity SA, which operates the Ity gold mine in Côte d’Ivoire.
“The Ity Mine and resource base has grown significantly under the leadership of La Mancha. An aggressive exploration program at Ity has increased M&I resources since 2011 from 0.2 million ounces to 2.9 million ounces. With our successful track record in building and operating mines, together we will have the expertise and the funding to grow across Africa,” Endeavor CEO Neil Woodyer said in the press release.

Mount Gibson Iron is an iron ore producer with mining and export operations in Western Australia. The company increased its total mineral resources in August to 94.9 million tonnes of iron ore at a grade of 61.2 percent iron, while ore reserves were reduced to 7.1 million tonnes at 58.4 percent iron.
“The overall increase in our total Mineral Resources, notably in the Mid West1 with the addition of the Iron Hill deposit at Extension Hill and an increase in the Shine deposit, is a significant positive step that enhances the future optionality value within our existing iron ore asset portfolio,” Mount Gibson CEO Jim Beyer said in the press release.
At the same time, Mount Gibson reported it’s 2015 full-year financial results. The company’s full year sales revenue for 2015 was AU$325 million on iron ore sales or 5.8 million wet metric tonnes.
 
Securities Disclosure: I, Kristen Moran, hold no direct investment interest in any company mentioned in this article. 
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