Cradle Resources Limited (ASX: CXX) owns 50% of niobium deposit âPanda Hillâ in Tanzania. Cradleâs holding of Panda Hill places it on the path to be the first new niobium producer in 40 years.
Cradle Resources Limited made an announcement about the results for the quarter ended March 2019. In the release dated 26th April 2019, Cradle Resources stated that it continues to advance Panda Hill Niobium Project, which is located in Tanzania and the company is also considering new opportunities in the resources sector that could add value to the shareholders. The release stated that in the quarter ended March 2019, the company continued to liaise with Tanzanian Government in order to clarify uncertainty with respect to the new legislation, which is governing the mining sector in Tanzania as well as to progress the discussions on what project financiers would need so that the financing of the project can be wrapped up. The release also presented some information on Panda Hill Niobium Project, and as per the same source, it is located in Mbeya region in southwestern Tanzania, around 680km west of the capital Dar es Salaam. The project is situated near the main highway to capital Dar es Salaam as well as is in close proximity to the Songwe Airport, which has regular domestic flights from Dar es Salaam and the company also has plans for the regional expansion of this project.
The release issued by Cradle Resources also contained information about the cash flows for the quarter. The cash used in operating activities amounted to $0.197 million in the quarter ended March 2019. During the same period, the company made payments of $0.065 million towards exploration and evaluation, while $0.094 million was incurred towards administration and corporate costs. However, Cradle Resources Limitedâs staff costs were $0.047 million in March 2019 quarter. In the nine months ended March 2019, the companyâs net cash used in operating activities stood at A$0.617 million, and during the same period, it made cash payments of $0.172 million towards the exploration and evaluation. The companyâs administration and corporate costs were A$0.189 million during the nine months to March 2019.
Let us now have a look at how Cradle Resources Limitedâs stock has performed in the past few months. In the span of previous six months, the companyâs stock delivered a return of 2.47%, while in the timeframe of the previous three months, it posted a return of 10.67% and in the past one month, it showcased a return of -13.54%. According to the Australian Securities Exchange or ASX, the market capitalisation of Cradle Resources Limited stands at $15.35 million. At the time of writing on 26th April 2019 AEST 02:30, the companyâs stock was trading at a price of A$0.083 per share.
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