Tag: Doray Minerals

Doray Minerals: Turnaround Success

Doray Minerals: Turnaround Success

Doray managing director Leigh Junk. Images: Doray Minerals. BY CAMERON DRUMMOND A YEAR on from taking the reins at Doray Minerals, managing director Leigh Junk has overseen a well-executed turnaround strategy, with the company shifting its focus to the ramp up of its new Deflector operation and extending its resource base. Q: What changes have you made at Doray since taking over as managing director? When I started as managing director a little over a year ago, the company had almost $70 million in debt and two operations that were not performing to expectation. The growth and drive for the company in the short term had to come from its operations. For the company to be...

Doray raises $25m

Doray raises $25m

Doray Minerals’ flagship deflector mine. Image: Doray Minerals. BY CAMERON DRUMMOND GOLD producer Doray Minerals has tapped investors for $25m to reduce debt, accelerate exploration, and fast track underground development at the Deflector copper-gold project. Doray will undertake resource definition drilling at Da Vinci north of the current Deflector mining operation. If successful, the company will have the funds to complete capital development for underground access to Da Vinci to boost total production. At the end of 2017, Doray had $47.5m in debt and $23.9m in cash and metals. The company will use $14m from the placement, and $4.5m in existing cash to reduce its gross debt balance to $29m. Doray managing director Leigh Junk said the company had worked...

Doray Minerals: Going underground

Doray Minerals: Going underground

All images: Doray Minerals. BY CAMERON DRUMMOND GOLD producer Doray Minerals is looking to its two producing assets – Andy Well and Deflector – for organic growth opportunities. WA gold producer Doray Minerals’ Andy Well gold project commenced production in August 2013; with the Deflector gold-copper project commencing production in May 2016. Both projects are currently undergoing aggressive exploration and development to increase the company’s mineral resources and reserves. Deflector The Deflector project is located 160km east of Geraldton in the southern Murchison region of WA, and was acquired following its successful takeover of Mutiny Gold in February 2015. After fast-tracking development of the $63m project, the mine commenced commercial production in November 2016 with an initial mine life of...

Doray Minerals: Gearing into full-throttle

Doray Minerals: Gearing into full-throttle

The Andy Well gold project north of Meekatharra, WA. By Cameron Drummond WITH two commissioned gold mines and its new Deflector project about to hit full production early this year, company value is expected to increase alongside production as the current financial year hits the halfway point. Speaking at Doray Minerals’ annual general meeting in November, managing director Allan Kelly said he believed the company was currently undervalued against most ASX and TSX peers, as both of its WA gold mining operations were currently transitioning through different stages of mine life. The company share price had fallen from the $1 mark at the end of the 2016 financial year down to 50 cents by the end of November. Doray came into existence...

Doray’s Allan Kelly in shock resignation

Doray’s Allan Kelly in shock resignation

Mines and Petroleum minister Sean L’Estrange with now former Doray managing director Allan Kelly. Image: Doray Minerals. By Cameron Drummond DORAY minerals founder and managing director Allan Kelly has resigned ahead of the company’s annual general meeting on 28 November. Doray announced that Mr Kelly resigned due to personal reasons, with non-executive director Leigh Junk assuming the role until a formal replacement was found. Just one month earlier Mr Kelly was joined by Mines and Petroleum minister Sean L’Estrange at the official opening of Doray’s Deflector gold mine 160km east of Geraldton; the second high-grade gold project the company had commissioned in four years. Mr Kelly managed the company for seven and a half years of successes, including its listing...

Doray Minerals opens Deflector

Doray Minerals opens Deflector

Doray’s managing director Allan Kelly and WA Minister for Mines and Petroleum Sean L’Estrange. By Elizabeth Fabri DORAY Minerals has officially opened Deflector, its second high-grade gold mine, which required just 14 months to bring into production. On 26 October WA Minister for Mines and Petroleum Sean L’Estrange and Doray managing director Allan Kelly attended a ceremony to officiate the opening, which marked the second project Doray had funded, developed and commissioned within a four year period. Mr Kelly said the opening of Deflector was ‘transformational’ for the company, after it culminated its first gold pour in May and first shipment of concentrate at the end of June. “We wouldn’t be celebrating this achievement, once again delivered on time...

The good, bad and ugly of Australian gold

The good, bad and ugly of Australian gold

By Rachel Dally-Watkins 2 April, 2015 WHILE the gold mining industry experienced a tumultuous past year, Doray Minerals managing director Allan Kelly said that, for his company, not a lot had changed thanks to a three pronged approach to weathering the uncertain market. Speaking at a WA Mining Club lunch in late March, Mr Kelly said his company’s focus on sustainable gold production, company management and exploration success had secured a “solid financial performance” for the first half of financial year 2014-2015. Capital expenditure to set the company up for the second half of 2015 and lower underground grades at Andy Well meant that the company...