Kagara gears up for five year plan

Company News

Kagara Ltd (ASX:KZL) is preparing to launch a comprehensive five-year plan in September to combat the company’s disappointing performance, according to the Australian Financial Review.

The metals miner’s new CEO and managing director, Geoff Day, has admitted that the company has “completely flatlined” since the global financial crisis and the stock has not performed to the true potential of its assets.

The paper reports that the five-year plan will address the future of the company’s Admiral Bay zinc, lead and silver deposit and the Lounge Lizard nickel asset, both in Western Australia.

Investors responded well to the news, yesterday shares in Kagara rose 6.96 per cent to close at $0.615.

In the first half of its 2011 financial year, Kagara recorded a net profit of $2.2 million.