Gindalbie Metals

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.

Gindalbie Metals (ASX:GBG) announced a major cost blow out in a joint venture with Ansteel, jumping 62 percent in operating costs for its Karara iron ore project. The miner confirmed their previous estimate of $2.57 million in costs. Gindalbie is the latest addition to the growing list of cost blow outs, which includes major players such as BHP and Woodside.

QR National (ASX:QRN) has secured a rail haulage agreement with Gindalbie Metals (ASX:GBG) which is expected to generate over $900 million in profits. The railway operator will transport iron ore for Gindalbie starting January next year.

Iron ore explorer Gindalbie Metals (ASX:GBG) has signed up more funds from China's Ansteel for its Western Australian (WA) project at an official ceremony in Beijing yesterday. An increase of US$336 million to an existing US$1.2 billion facility was acquired to support Gindalbie's Karara Project as well as US$300 million in bank guarantees for securing rail upgrade deals.

Lihir Gold Limited (LGL), an Australia based company with concentration on gold mining, exploration and processing in the Australasian region was the best performer for this week in ASX100 with a gain of 33.7 percent or $1.02 to its stock price closing the week at $4.04.

Centennial Coal Company (CEY) the largest Australia based independent coal company which is involved in a coal mining and marketing with the focus on supply of coking and thermal coal to both Australian and export markets was the worst performer in the ASX100 list for the 3rd week of 2010. The company lost 10.9 percent or 46 cents to its stock price and was closed for the week at $3.73.

Fairfax Media (FXJ), formerly known as the John Fairfax Holdings Ltd is the biggest and leading newspaper publishing group of Australia that focuses in information, entertainment and news publishing along with advertising sales in both print and electronic media was the best performer of the 37th week in ASX100 with a gain of 12.6 percent or 19 cents closing the week at $1.65.