June 24, 2017 6:48 AM ET

Metals and Mining

Company Overview of Tasmania Mines Limited

Company Overview

Tasmania Mines Limited, together with its subsidiaries, explores, produces, and sells magnetite and its scheelite by-products in Australia and internationally. It is involved in the mining, crushing, and concentration of scheelite and magnetite from the Kara Mine in Tasmania. The company sells scheelite for the production of specialty steel in Europe, as well as for use in the lighting Industry in the United States; and magnetite for use as a dense medium to wash coal in Australia. The company is based in Hampshire, Australia. Tasmania Mines Limited is a subsidiary of Metroof Industries Pty Ltd.

Kara Mine

683 Kara Road

Hampshire, TAS 7321

Australia

29 Employees

Phone:

61 3 6435 2914

Fax:

61 3 6435 2586

Key Executives for Tasmania Mines Limited

Company Secretary and Non Executive Director
Joint Company Secretary
Compensation as of Fiscal Year 2016.

Tasmania Mines Limited Key Developments

Tasmania Mines Delisted From ASX

Tasmania Mines Limited delisted from Australia Stock Exchange (ASX) at the close of trading on 15 May 2017, pursuant to Listing rule 17.11. The minority shareholders were disadvantaged by illiquidity on ASX, the company had cost and administrative burdens of communicating with a large number of small inactive shareholders and it was hard to justify the cost and administrative burdens of its ASX listing - the company therefore cancelled the shares of the approx. 20% minority in return for a payment of $1.80 a share.

Tasmania Mines Limited Announces Financial Results for the Year Ended December 31, 2016

Tasmania Mines Limited announced financial results for the year ended December 31, 2016. For the period, the company reported revenue of AUD 40,691,000 against AUD 40,781,000 for the same period a year ago. Loss before tax was AUD 17,746,000 against profit before tax of AUD 8,852,000 for the same period a year ago. Loss for the year was AUD 12,106,000 against profit for the year of AUD 6,213,000 for the same period a year ago. Basic and diluted loss per share was 66.30 cents per share against basic and diluted earnings per share of 34.0 cents per share for the same period a year ago. Net cash provided by operating activities was AUD 9,218,000 against AUD 3,757,000 for the same period a year ago. Payments for plant and equipment was AUD 3,840,000 against AUD 4,340,000 for the same period a year ago.

Tasmania Mines Limited Announces Unaudited Consolidated Earnings Results for Year Ended December 31, 2016

Tasmania Mines Limited announced unaudited consolidated earnings results for year ended December 31, 2016. For the period, the company reported revenues of AUD 40,691,000, loss before tax of AUD 17,746,000, loss for the year of AUD 12,106,000 or 66.3 cents per basic and diluted share, net cash provided by operating activities of AUD 9,218,000, payment for the plant and equipment of AUD 3,840,000 compared to the revenues of AUD 40,781,000, profit before tax of AUD 8,852,000, profit for the year of AUD 6,213,000 or 34.0 cents per basic and diluted share, net cash provided by operating activities of AUD 3,757,000, payment for the plant and equipment of AUD 4,340,000 for the same period a year ago.

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Recent Private Companies Transactions

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Date
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No transactions available in the past 12 months.
 

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