Goldstone cuts back expenses, secures short-term loan
JOHANNESBURG (miningweekly.com) – Aim-listed Goldstone Resources has secured a short-term loan of up to $100 000 for general working capital from major shareholder Aim-listed Stratex International.
Stratex, which held a 33.45% interest in Goldstone, agreed to provide an unsecured, short-term loan repayable on or before December 31, 2016.
As at April 11, Goldstone had available cash resources of around $113 000 and it intended to draw down the loan as and when required, in line with the budget approved by the Goldstone board.
This emerged as Goldstone on Tuesday said it was cutting back exploration activities and exploring options for its assets, which could include a disposal of one or all of its assets.
“Given the prevailing commodity prices and market sentiment towards exploration companies, Goldstone has undertaken a number of initiatives to reduce costs and recalibrate the business in line with the current financial position of the company,” it said in a statement.
Goldstone plans to implement a series of cost-cutting initiatives, such as the reduction or elimination of a significant portion of the company's day-to-day administration and running costs, including salaries and the waiving of all nonexecutive director and interim CEO fees.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation