Gindalbie Metals $18.8m Loss 1H2013

Junior mining company, Gindalbie Metals (ASX:GBG) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stockmarket.

• Gindalbie Metals has reported a loss of $18.8 million for the half. In the previous corresponding first half the company posted a loss of $13.6 million.
• The loss included a $15.4 million loss from the company's 50 percent stake in Karara Mining Limited (KML) and $3.4 million loss from the company's corporate overheads.
• Karara Mining Limited (KML) had commenced shipments in the quarter with 1.2 million of DSO hematite ore shipped over 21 shipments.
• 46 per cent of the tonnes shipped during this period comprised low grade (<54 percent Fe) ore. The average CFR price received for DSO hematite shipped during the reporting period was US$73.48 per tonne.
• The mining of low grade DSO formed a deliberate part of KML's DSO hematite mining strategy, with much of thelower grade product extracted as part of pre-strip mining activities to uncover the main magnetite ore body at Karara.
• Gindalbie Metals did not declare a dividend.