Global exploration budgets for nonferrous metals drop 29%, SNL

Transcription

Volume 1 Issue 94 Friday, October 25, 2013
Global exploration budgets for nonferrous metals drop 29%, SNL MEG study finds
by Jax Jacobsen
Global exploration budgets for nonferrous
metals across the board is estimated to have
fallen by 29% in 2013, according to preliminary
results from a new Corporate Exploration
Strategies study by SNL Metals Economics Group.
Exploration budgets dropped to US$15.2
billion in 2013 from US$21.5 billion a year
earlier, the SNL study found.
Junior exploration budgets fell 39% year
over year, with its share of overall exploration
falling to 34% from an all-time high of 55%
in 2007. “Since early 2012, junior companies
have struggled to attract investor interest,
and have been forced to rein in spending as
their coffers become depleted,” SNL said in an
Oct. 24 statement.
Exploration budgets for major mining firms,
meanwhile, dropped by 24% from 2012 levels,
which SNL attributed to higher operating and
capital costs, as well as shareholder pressure.
“Although most metals prices remain at or
near 10-year averages, higher operating and
capital costs, along with pressure from activist
shareholders, have required major companies
to focus on a return to healthy margins after
years of growth-oriented spending,” it said.
Still, the study found that mining firms have
continued to focus on exploration in mediumand high-risk regions, despite ongoing issues
with security, policy, taxation and resource
nationalism.
However, budgets allocated to stable mining
jurisdictions such as Canada and the U.S.
dropped, with Canada-focused mining falling
41% and U.S.-centered mining dropping 38%.
SNL also predicted that the pool of earlyand late-stage assets available for sale is “likely
near an all-time high” as many companies face
difficult financial and strategic choices, but
Continued on p 20
Featured in this Issue
Click on headline to advance to story
Goldcorp Q3 net profit
tanks 99%
Zijin Mining 9-month net profit
plunges 50.6%
Cliffs’ Q3’13 coal sales decline;
coal revenue drops
on lower met coal pricing
Teck fighting low met
coal prices with cost cuts,
Quintette deferral
Report: Newcrest directors keep
board seats
Whitehaven Coal
September-quarter
coal production rises 39% YOY
Potash Corp. lowers guidance
as Q3 profit sinks amid ‘stalled global demand’
by Fawad Mir
Potash Corp. of Saskatchewan on Oct. 24
reported a sharp drop in third-quarter profits
and lowered its full-year guidance as the
company saw one of the weakest quarters in
offshore shipments from North America in
recent history.
The company posted quarterly earnings of
US$356 million, or 41 cents per share, down
from US$645 million or 74 cents per share,
earned in the same year-ago period.
The company also lowered its full-year
estimate to between US$2.00 and US$2.20 per
share; in July, the company said it expected
full-year earnings to be between US$2.45 and
$2.70 per share.
The company attributed the drop in thirdquarter earnings to weaker prices for all three
nutrients — potash, nitrogen and phosphate
— and lower potash sales volumes, as the
company had warned earlier in October, as
near-term uncertainty overshadowed the
long-term fundamentals that drive food and
fertilizer demand.
“As we have seen in the past, fertilizer
customers faced with uncertainty act with
extreme caution,” Potash Corp. President and
Continued on p 21
Areva Q3 revenue drops 5.8% YOY on decline
in nuclear business, foreign exchange losses
by Luis Nonito Pasuelo
Departments
Click on department for more info
Precious
Base
Bulk
Specialty
Industry News
Areva SA on Oct. 24 reported a 5.8% decline
in third-quarter revenue due to foreign
exchange losses and a decrease in its main
nuclear business.
Revenue for the quarter ended September
dropped to €2.08 billion from €2.21 billion with
major nuclear operations falling 2.7% to €1.98
billion from €2.03 billion. At constant exchange
rates and consolidation scope, revenue at its
nuclear operations edged up 0.2% year over
year for the third quarter.
The company’s mining division had the
second-best performance in the third quarter,
growing 4.3% year over year to €404 million,
only slower than the 11.9% increase to
€461 million at its front-end business.
Continued on p 22
Friday, October 25, 2013
Whitehaven Coal fills CFO role
by Angela Kean
Australian coal producer Whitehaven Coal Ltd. has appointed Kevin
Ball to fill the position of CFO after Austen Perrin resigned from the role.
The company said Oct. 24 that Ball has a “wealth of experience”
working in senior finance roles in both the coal and the oil
and gas sectors.
Ball previously held the positions of commercial manager at Springvale
Coal, CFO at Milestone Group and CFO at Delhi Petroleum.
He also has experience at listed companies, most recently as general
manager finance at Chandler Macleod Group and as group financial
controller of Environmental Group.
Ball is a chartered accountant, with 11 years of experience gained at
Ernst & Young at the start of his career.
Perrin has agreed to stay on to ensure an orderly handover and will
finish work with Whitehaven in early 2014.
COMPANY REFERENCED IN THIS ARTICLE:
Whitehaven Coal Ltd.WHC
2PR: Whitehaven Coal Ltd.: APPOINTMENT OF NEW CFO
Read this article on SNL web.
Fresnillo declares extraordinary dividend,
appoints COO
Fresnillo Plc said Oct. 24 that it will pay an extraordinary dividend of
US$165.0 million Nov. 11, equivalent to 22.39 U.S. cents per share.
The company said it has a strong balance sheet and is well
placed to meet capital expenditure plans for its development and
exploration projects.
It added that an advance of future earnings to shareholders at this
time is fitting instead of at a future date, according to the release.
Fresnillo also appointed Roberto Diaz as COO, effective Nov. 1.
Diaz previously served as the company’s vice president of operations
and vice president of project development.
The company added that it was in discussion with ASX regarding the
voluntary suspension of its securities.
It is anticipated that trading in the company’s shares comprising
existing shares, placement shares, share purchase plan shares and any
shortfall share purchase plan shares will commence on Nov. 1.
Red 5 Ltd.RED
Highpointe Exploration to change name,
consolidate shares
by Adrienne Valdez
Copper miner Highpointe Exploration Inc. said Oct. 23 that its board
approved a consolidation of its issued share capital and that it intends
to change its name to Oxford Resources Inc., in a bid to facilitate
future equity financing.
The approved share consolidation will be on the basis of up to five old
common shares of the company for one new common share, trimming
Highpointe’s 24,816,869 issued and outstanding common shares to date,
to about 4,963,374 common shares.
The proposed share consolidation and name change remain subject
to the approval of the TSX Venture Exchange.
Highpointe Exploration Inc.
Dorato Resources approves share consolidation,
postpones trading under new name
by Adrienne Valdez
Red 5 raises A$48.0M from private share placement,
repays credit facility in full
Shareholders of Dorato Resources Inc. approved the new company
name Xiana Mining Inc., along with a 20-for-1 share consolidation, at a
recent annual and special shareholders meeting.
The company said its shares were supposed to start trading on the TSX
Venture Exchange under its new XIA ticker as of Oct. 23. However, Xiana
was unable to complete the necessary corporate filings for the name
change without access to BC Online.
Xiana is working on securing the needed password to put its filings
into effect.
The company is focused on the highly prospective northern Peru
copper-gold porphyry-epithermal belt.
by Yixiang Zeng
Fresnillo PlcFRES
Red 5 Ltd. said Oct. 22 that following the approval of its shareholders
for the second tranche of its private share placement, the company
raised A$48.0 million for the issue of 479,700,000 ordinary shares at 10
Australian cents per share.
Red 5 said under the standstill agreement with the senior lender,
the balance of the credit facility had been repaid in full from the
proceeds of the placement. The final payout amount, including interest,
was about A$19.1 million.
Dorato Resources Inc.
© 2013, SNL Financial LC. All Rights Reserved.
Page 2
Decade Resources executes
share consolidation scheme
During the third quarter, Goldcorp sold 652,100 ounces of gold on
the production of 637,100 ounces, which compares to the 617,800
ounces of gold sold on production of 592,500 ounces in the year-ago
by Sheharyar Khan
period. Meanwhile, the company produced 7.7 million ounces of silver,
down from the 8.5 million ounces of silver produced in the
Decade Resources Ltd. on Oct. 23 consolidated its shares on the basis
third quarter of 2012.
of 1 share for every 5 held in the company.
Average realized gold price for the quarter was US$1,339 per
As a result of the consolidation, the company’s 96,109,761 outstanding
ounce, compared to US$1,685 per ounce during the year-ago quarter.
shares were reduced to approximately 19,221,952 shares. Decade’s
Goldcorp said it incurred operating costs of US$992 per ounce of gold
on an all-in sustaining basis.
board approved the consolidation Oct. 8 in a bid to facilitate new equity
investment in the company.
Commenting on the results, President and CEO Chuck Jeannes said
the company was on track to achieve its revised annual production and
cost guidance figure of between 2.6 million and 2.7 million ounces of
Decade Resources Ltd.
gold at an all-in sustaining cost of between US$1,050 per ounce and
US$1,100 per ounce.
Goldcorp originally intended to produce between 3.2 million to 3.5
million ounces of gold. The company also revised its CapEx for the year
to US$2.6 billion from US$2.8 billion.
“Two of our three current development projects are set to begin
contributing to our low-cost production profile in 2014, and given our
Precious Metals
strong balance sheet and low debt levels, we will enter this new growth
phase an efficient, well-capitalized organization with our peak year of
Goldcorp Q3 net profit tanks 99%
capital spending behind us,” Jeannes said in a statement.
by Sheharyar Khan
Jeannes said permitting delays, unsustainable foreign exchange rates
and uncertainty with respect to provincial taxation demands continued
Goldcorp Inc.’s profit for the three months ended Sept. 30 sank sharply
to pose obstacle for the company’s upcoming Éléonore and Cochenour
as the company posted a profit attributable to shareholders of just US$5
gold mines located within the Cerro Negro project, Argentina.
million, or 1 cent per share, down from the US$498 million, or 61 cents
“[W]e have suspended exploration and deferred certain development
per share earned a year earlier.
activities at Cerro Negro. … We are in the midst of our planning and
The decline came as revenues for the quarter dropped to US$929
budgeting process for 2014 and, despite the delay at Cerro Negro, we
million from US$1.28 billion year over year, while mine operating costs
continue to anticipate strong company-wide production growth in 2014
ticked slightly higher to US$695 million from US$681 million.
along with reduced all-in sustaining costs, which should drive higher
Results for the quarter also included a US$155 million share in net
losses from associates, compared to a US$171 million profit a year earlier.
margins and operating cash flow.”
Adjusted net earnings for the period came to US$190 million, or 23
cents per share, compared to US$441 million, or 54 cents per share,
booked a year ago. Adjusted earnings exclude the retroactive impacts of
Goldcorp Inc.GG
amendments in the Pueblo Viejo special-lease agreement, under which
the Dominican Republic will receive a greater share of revenues over the
2PR: Goldcorp reports 2013 third quarter results
life of mine than envisaged in a preliminary agreement; adjusted earnings
also exclude losses from the foreign exchange translation of deferred
income tax liabilities and foreign exchange losses on capital projects.
West Edition: Published for readers located in Europe, Africa and the Americas.
Published by: SNL Financial LC (ISSN 2329-2903) © 2013
Gabe LeDonne, Editor
Amy Gleason, Director, News
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SNL reserves editorial judgment concerning all submissions.
Page 3
Zijin Mining 9-month net profit plunges 50.6%
by Angela Kean
Chinese state-controlled miner Zijin Mining Group Co. Ltd. posted
a 50.6% slide in its net profit attributable to shareholders for the nine
months ended September, the company’s results showed Oct. 24.
Net profit was 1.79 billion Chinese yuan, or 8.2 fen per share, for the
nine-month period, compared to 3.62 billion yuan, or 16.6 fen per share,
for the same period in 2012.
The result was impacted by a loss of 96.3 million yuan from
extraordinary items including the disposal of noncurrent assets and
impairment losses on available-for-sale investments.
However, Zijin Mining said the declining performance in the third
quarter marked a 3.4-percentage-point improvement over the interim
results, which dropped 53.95% over the same period in 2012.
Revenue for the first three quarters rose 6.9% to 37.03 billion yuan
from 34.63 billion yuan a year earlier.
Of the mine-produced precious metals, gold increased to 23,410
kilograms for the nine-month period from 22,874 kilograms a year earlier,
while silver climbed to 124,787 kilograms, versus 100,364 kilograms in
the corresponding prior-year period.
Mine-produced copper rose to 95,154 tonnes for the first nine months
from 75,556 tonnes a year earlier, mine-produced zinc jumped to 55,988
tonnes from 26,475 tonnes, and iron concentrates increased to about 2
million tonnes from 1.8 million tonnes.
Zijin Mining attributed a drop in gross profit margin of mine-produced
gold to a number of factors, including a 16.3% decrease in gold price,
a decline in the grade of the ore processed at the Zijinshan gold mine
and the suspension of production at its third process plant due to
system maintenance.
The gross profit margin of copper and zinc also fell during the ninemonth period, while the cost of sales of gold, copper and zinc climbed
36.1%, 31.8% and 32.8%, respectively, year over year.
As of Oct. 24, US$1 was equivalent to 6.08 Chinese yuan.
Zijin Mining Group Co. Ltd.2899
Regis Resources September-quarter gold production
slips QOQ on lower grades
by Angela Kean
Regis Resources Ltd. has booked lower quarter-over-quarter gold
production of 69,878 ounces for the September quarter due to lower
grades processed at both the Garden Well and Moolart Well mines in
Western Australia.
The company said Oct. 25 that the Moolart Well mine produced 25,403
ounces during the quarter, compared to the 26,031 ounces produced in
the prior quarter.
The mine reported record quarterly throughput of 720,795 tonnes
at an annualized rate of 2.9 million tonnes, 45% above the nameplate
design capacity of 2 million tonnes per annum, which partially offset the
10% lower milled head grade.
Meanwhile, gold production at Garden Well was 3.5% lower at 44,475
ounces for the September quarter, versus the 46,103 ounces booked for
the June quarter.
Annualized throughput was also higher at Garden Well, coming in 30%
above the nameplate design capacity of 4 million tonnes per annum.
Regis reported gold sales of 72,079 ounces at A$1,477 per ounce for
the quarter, compared to 76,313 ounces at A$1,563 per ounce for the
previous quarter.
Cash flow from operations was A$57.1 million, down from the A$63.5
million booked in the previous quarter.
The company has revised its December quarter production guidance
due to the expected impacts of the remnants of the ore mined from the
stage 3 depletion zone; tie-in commissioning of the Rosemont mine,
part of the Duketon project in Western Australia; and the limitations on
throughput and recovery.
Regis completed stage-one construction and began commissioning of
the Rosemont mine after the end of the September quarter.
Production for the quarter is now expected to be between 40,000
ounces and 45,000 ounces.
The company said the second half of the 2014 financial year is
expected to generate gold production in line with the earlier guidance,
on an annualized basis, of 190,000 ounces to 210,000 ounces.
Regis Resources Ltd.RRL
GBM Resources completes
tailings resource estimate for Malaysian gold mine
by Angela Kean
Australia-based gold explorer GBM Resources Ltd. has delivered a
resource for its Tailings Dam project, part of the Lubuk Mandi gold mine
in the Terengganu state of Malaysia.
The company said Oct. 24 that the new resource comprises 1.5 million
tonnes at an average grade of 0.7 g/t of gold for 34,700 contained
ounces, of which 94% is already in the indicated category.
The contained gold is at the upper end of GBM’s exploration target
range of 23,000 ounces to 38,000 ounces.
Chairman Peter Thompson said the successful estimation of an
indicated resource for Lubuk Mandi potentially underpins the move to
restart hard rock mining at the project.
GBM’s plan is to begin the retreatment of tailings to achieve production
by April 2014, as well as complete a hard rock drilling program to outline
an exploration target of between 174,000 ounces and 443,000 ounces.
The drilling program will begin in October.
The company is also targeting a listing on the Singapore Exchange
in 2014, after which it will recommence open cut operations and
recommission the existing carbon-in-pulp plant.
GBM completed the acquisition of a 40% stake in Angka Alamjaya
Sdn. Bhd. in mid-August, which gave the company access to the
Lubuk Mandi mine.
GBM Resources Ltd.GBZ
Page 4
Silver Bear investor acquires units in placement,
to become control person of the company
Riverside Resources swaps JV partner at Penoles
by Sheharyar Khan
Riverside Resources Inc. said on Oct. 22 that its joint venture partner
on the Penoles project in northwest-central Mexico, Sierra Madre
Developments Inc., has entered a non-binding letter of intent to transfer
its rights and obligations pertaining to the project to Morro Bay Capital Ltd.
Penoles hosts two historical silver mines known as Jesus Maria and
San Rafael, an oxide gold prospect known as El Capitan and several
exploration targets, according to the release.
Riverside and Sierra Madre entered an option agreement in 2011 under
which Sierra Madre could earn an initial 51% interest in the project.
Riverside said it has received C$2.1 million in cash and shares from
Sierra Madre to date and that the remaining requirements to earn the
51% include payments of C$1.4 million in cash, C$1.5 million in shares
and C$750,000 in additional exploration expenditure.
Under the new agreement, Morro Bay will acquire all of Sierra Madre’s
Mexican mining interests in exchange for 16,000,000 Morro Bay common
shares and purchase warrants for 8,000,000 shares. The warrants are
exercisable at 15 Canadian cents per share by June 15, 2014, and 25 cents
per share thereafter, subject to expiry.
Upon closing of the deal, Riverside expects to receive about 3,700,000
Morro Bay shares and more than 1,850,000 warrants.
According to a statement released Oct. 22, Aterra Investment
Ltd. applied for 3,846,153 units of the 7,768,743 units offered in the
first tranche of a previously announced placement by Silver Bear
Resources Inc.
Under the placement, Silver Bear intends to raise up to C$4.3 million
in two tranches by selling 32,692,307 units at 13 Canadian cents apiece.
Units consist of 1 share and 1 share purchase warrant, exercisable at 24.5
cents per share for up to 24 months.
Aterra Investments said that it would be applying for an additional
13,461,538 units in the second tranche.
According to Silver Bear, Aterra Investments will become a control
person of the company after the offering is complete, as it will hold
more than 20% of Silver Bear’s common shares after participating in the
second tranche.
Silver Bear Resources Inc.SBR
2PR: Silver Bear investor Aterra acquires 3.84 million units
by Emma Brown
http://go.snl.com/getMEGnews.html
Page 5
Riverside also said it has reached an agreement with Morro Bay to
amend the Penoles option agreement, whereby Morro Bay will be
required to spend C$750,000 on exploration by March 31, 2014, pay C$1.4
million in cash and issue C$1.5 million in shares or cash by June 30, 2014.
A formal agreement on the amended option agreement is expected to
be completed within 60 days.
Follow-up work suggested that the entire vein system is associated
with a large-scale collapsed volcanic caldera containing rhyolitic domes,
which are associated with mineralization.
In addition, two gold-silver bearing quartz vein zones with sample
rock-chip grades of 9.55g/t of gold with 95.8 g/t of silver and 9.54 g/t of
gold with 17.6 g/t of silver was identified in the immediate vicinity of the
Kiziltepe sector licenses.
COMPANIES REFERENCED IN THIS ARTICLE:
Base-metal anomalies were also identified and early stage exploration
Riverside Resources Inc.RRI
shows that its geochemical signatures and mineralization styles are
associated with mineralized porphyries. Sierra Madre Developments Inc.Ariana’s exploration team remains focused on target follow-up, but
the testing of a new geological model for the region is set commence
2PR: Riverside Provides Option Agreement and Partner Funding Update
shortly to test for a possible buried porphyry system.
for Its Penoles Project, Durango, Mexico
The company plans to prioritize on defining potentially mineable
high-grade resources in the vicinity of the planned Kiziltepe plant,
aiming to extend the mine life to stage 2 and increase mineable
resources beyond eight years.
DNA Precious Metals to take full control
of Excel Gold’s Montauban property in Canada
by Abdul Rehman Maqbool
DNA Precious Metals Inc. said Oct. 22 that it has inked a binding
agreement with Excel Gold Mining Inc. for an undivided 100% interest
for all of the latter’s Montauban Mines gold property assets in Quebec.
The five contiguous claims consist of a mining lease and a mining
concession encompassing an approximate surface of 76.84 hectares.
These mining claims are contingent to DNA’s mining claims covering an
area of about 340 hectares on the property.
The newly acquired minerals claims include three shafts and extensive
underground workings, as well as the Golden Goose north strike area of
the Montauban mineralized near-surface ore belt.
This mineralized ore block consists of about 693,590 metric tonnes
grading an average 3.44 g/t gold and 14.32 g/t silver.
Ariana Resources PlcAAU
BonTerra to sell 1% NSR royalty
on Eastern Extension gold property to Gold Royalties
BonTerra Resources Inc. said Oct. 23 that it has entered into an
exclusive nonbinding letter of intent with Gold Royalties Corp to sell
a 1% net smelter return royalty interest on its 100%-owned Eastern
Extension gold property in Quebec.
Under the terms of the letter, Gold Royalties will purchase the NSR for
1,000,000 common shares at a deemed price of 50 Canadian cents apiece.
Closing of the transaction, which is expected to occur on or before
Nov. 15, is subject to certain conditions, including execution of a binding
definitive agreement and the approval of the TSX Venture Exchange.
Excel Gold Mining Inc.
Ariana Resources identifies
10 new drill-ready targets at Red Rabbit gold project
BonTerra Resources Inc.
Gold Royalties Corp
by Adrienne Valdez
Ariana Resources Plc said Oct. 23 that it generated 310 exploration
targets within the Kiziltepe sector of its Red Rabbit gold-silver project in
Turkey, of which 10 are defined on well-mineralized veins and identified
to be drill-ready.
The new targets are located within 75 kilometers of the proposed
Kiziltepe mine, 193 of these — including the drill-ready targets — lay
within 50 kilometers of the proposed site and have been designated as
high-priority targets.
Work is continuing and 41 targets have been followed up recently; so
far, only 6% of the total vein system mapped in the region corresponds
to the 1.1 million tonnes at 3.1 g/t of gold and 39.8 g/t of silver open-pit
reserve for the mine, the company said.
Premium Exploration to raise
C$1M for Idaho Gold project
by Adrienne Valdez
Premium Exploration Inc. said Oct. 23 that it arranged a non-brokered
private placement of up to 22,000,000 units at 5 Canadian cents each to
raise C$1.1 million for the advancement of its Idaho Gold project in Idaho
and for additional working capital.
Each unit comprises one common share and a common share purchase
warrant, exercisable at 15 cents per share for three years.
The miner will issue cash finder’s fees of 9% and 9% finder’s warrants
at an exercise price of 15 cents for three years, for units placed by
qualified individuals.
Page 6
The placement is subject to acceptance by the TSX Venture Exchange,
and units and finder’s warrants will be subject to a four-month holding
period from the date of issuance.
Alcyone Nonexecutive Chairman Paul D’Sylva said, “The new facility
will not only enhance the company’s ability to realize its objective of
becoming a low cost silver producer but one that is further protected
from extreme weather events that have adversely affected production
and profitability in the past.”
Premium Exploration Inc.
Alcyone Resources Ltd.AYN
Balmoral Resources resumes
drilling on Ontario gold project
by Jax Jacobsen
Balmoral Resources Ltd. said Oct. 23 that it will resume drill testing on
the Northshore gold property on an Ontarian gold belt in Canada.
The new drill program will drill for 1,000 meters and target both the
Afric gold zone and a newly discovered gold mineralization located
between Afric and the past-producing Northshore gold mine.
Drilling had been temporarily suspended due to spring
breakup conditions.
Balmoral is jointly developing the project with GTA Resources &
Mining Inc., with GTA participating in an earn-in program to take an
initial 51% interest in the property.
Prior drilling programs uncovered a near-surface zone of gold
mineralization with an average grade of 5.23 g/t of gold over 6 meters,
which included a section of 19.20 g/t of gold over 1.5 meters. The deposit
remains open to depth and to the northeast.
The Vancouver, Canada-based company is principally focused on its
Detour Gold Trend project in Quebec.
Balmoral Resources Ltd.BAR
GTA Resources & Mining Inc.GTA
2PR: BALMORAL REPORTS RESUMPTION OF DRILL PROGRAM ON
NORTHSHORE PROPERTY, ONTARIO
Oremex Silver options
2 Mexican silver projects to First Majestic
by Sheharyar Khan
Oremex Silver Inc. and First Majestic Silver Corp. inked agreements
whereby the latter can acquire a 100% stake in Oremex’s Chalchihuites
silver property and Oremex’s rights, title and interest related to an
option on the Navidad silver property for C$1.5 million. Both properties
are located in Mexico.
According to a statement released by Oremex on Oct. 24, First Majestic
would be required to make a cash payment of C$834,400 — inclusive
of a C$150,000 deposit — with the remainder to be settled in four
annual payments.
The proceeds, combined with the amount expected from the option
sale of Oremex’s Mexico-based El Sol silver-base metals project,
will assist the company in advancing its flagship Tejamen silver
project in Mexico.
“Oremex continues to evaluate other opportunities to realize
additional financial value for its non-core assets as it focuses on
bringing the Tejamen deposit closer to feasibility through the successful
resolution of surface access issues,” Oremex Executive Chairman John
Carlesso said in a statement.
First Majestic Silver Corp.FR
Oremex Silver Inc.OAG
2PR: Oremex Silver Options Chalchihuites Project to First Majestic
Alcyone Resources: Cyanide facility operational
at Texas silver mine
by Fawad Mir
Alcyone Resources Ltd. said Oct. 24 that it completed the construction
of the cyanide mixing facility on its Texas silver mine in Queensland,
Australia, as part of its strategy to reduce operating costs.
The facility is operational and will enable the company to mix its own
cyanide supply on site to be utilized in the irrigation of heaps.
Utilization of the facility will reduce costs per tonne from A$4,900 to
an average of A$3,200 to A$3,800, a saving of more than A$100,000 per
month and A$9.6 million over the life of the mine, the company said.
The construction cost of the facility is expected to achieve payback in less
than six months and will mitigate the risk of rainfall events in Queensland,
which severely affected operations in the previous financial year.
Lincoln Mining receives extension for Procon divestment,
engages PricewaterhouseCoopers
by Sheharyar Khan
Lincoln Mining Corp. said Oct. 22 that the Committee on Foreign
Investment in the United States extended the divestment date of
Procon’s stake in Lincoln to Dec. 13.
Lincoln engaged PricewaterhouseCoopers Corporate Finance Inc.
to facilitate the divestiture process while seeking additional financing
options for Lincoln.
Page 7
Earlier this year, the Committee on Foreign Investment ruled that
Procon, which consists of China National Machinery Industry Corp.,
Procon Mining and Tunnelling Ltd. and affiliate Procon Resources Inc.,
needed to divest its investment in Lincoln following a regulatory review.
Until completion of the divestment, Lincoln’s access to its U.S.
properties is limited and needs the prior approval of specified U.S.
government agencies.
Lincoln’s projects include the Pine Grove and Bell Mountain gold
properties in Nevada, the Oro Cruz gold property in California and the
La Bufa gold-silver property in Mexico.
Renforth can then elevate its stake to 80% by spending at least
C$750,000 on the project and issuing 650,000 shares over a period
of three years.
Upon acquiring an 80% interest, Renforth will have the option to
acquire the remaining 20% in exchange for 500,000 shares and a 2% net
smelter return royalty.
The Alejandrina permit covers an area of 40 square kilometers and
hosts a corridor of 3.6 kilometer in length, encompassing gold showings
and historic mines, including Mina Pilar.
Renforth Resources Inc.
LIncoln Mining Corp.
Procon Mining Tunnelling Ltd
Stillwater’s Q3 production from Mont. mines stumbles
by Angela Kean
Orogen commences
2nd phase of drilling at Armenian gold project
by Christopher Rivituso
Orogen Gold Plc said Oct. 23 that it has begun the second phase of
drilling at its Mutsk gold project after raising the necessary financing for
the site earlier in October, according to the AIM-listed company.
The drilling program will target a maiden resource by the end of 2014,
the company added.
The program was facilitated by the placing of £650,000 announced on
Oct. 3, which was undertaken to provide additional working capital to
accelerate the company’s Mutsk exploration program.
Orogen raised the funds by placing with new and existing shareholders
approximately 217 million new ordinary shares at 30 British pence each.
Orogen is also exploring the Deli Jovan district in eastern Serbia,
where a historical high-grade gold mining camp was last in production
before World War II.
Orogen Gold PlcORE
U.S. platinum group metals producer Stillwater Mining Co. said Oct. 24
that mined production of palladium and platinum from its Montana mines
was 2.2% lower year over year for the third quarter at 124,200 ounces.
During the quarter the company produced 95,700 ounces of palladium
and 28,500 ounces of platinum from its Stillwater and East Boulder mines.
While production for the third quarter was lower, total mined
production for the first nine months rose slightly to 382,800 ounces from
381,200 ounces for the same period in 2012.
Recycling production for the quarter also improved, jumping 74.1%
to 167,500 ounces of palladium, platinum and rhodium processed from
96,200 ounces for the third quarter a year ago.
Stillwater said it processed a record 496,700 ounces of platinum group
metals from recycled material in the nine months to September, marking
a 52.1% increase from the 326,600 ounces processed during the first nine
months of 2012.
Stillwater Mining Co.SWC
2PR: Stillwater Mining Company Reports Third-Quarter Production Results
Renforth Resources to take majority
in Mina Pilar gold project after positive due diligence
by Sheharyar Khan
Renforth Resources Inc. on Oct. 22 announced positive due diligence
results from the Mina Pilar gold project in Spain and has entered into an
agreement to take a majority in it.
Underground chip sampling from historic mine works returned values
of up to 2.6 grams per tonne gold.
Mina Pilar, located within the Alejandrina investigation permit 130
kilometers southwest of Madrid, is subject to an option agreement under
which Renforth can acquire an initial 51% ownership by investing C$50,000,
in 1 million company shares, in Goldtrex S.L., the owner of the permit.
Report: Newcrest directors keep board seats
by Angela Kean
Three Newcrest Mining Ltd. nonexecutive directors have managed
to hang on to their board seats after shareholders disregarded
recommendations from proxy advisers and voted in favor of their
re-election, according to the results of the company’s annual general
meeting on Oct. 24.
Richard Lee, Tim Poole and John Spark each received majority votes
above 70% in favor of their re-election.
Several proxy advisers and fund managers recommended shareholders
vote against the re-election of the directors for the role they played in
Newcrest’s alleged selective briefing of analysts ahead of announcing
massive write-downs in June, as well as the company’s poor performance
over the past five years.
Page 8
Shareholders were also called upon to vote against the adoption of
the remuneration report; however, that received 87.15% of votes in favor
of the move to adopt the report.
Peter Hay was welcomed as a director and Chairman Don Mercer’s
successor in December with 99.02% of shareholders voting in favor of
his appointment.
Proxy advisers Ownership Matters and Kolesnikoff Governance, and
fund manager Allan Gray have all previously expressed concerns over
bonuses received by Newcrest executives during a period of poor
performance.
However, CEO Greg Robinson described his short-term bonus as a
“bagel,” indicating that long-term bonuses, which are to be decided
on in November, will probably be more or less the same, The Australian
Financial Review reported Oct. 24.
“As an indicator, you saw the short-term incentives this year. I got a
bagel. The executive group got almost nothing. I probably have never
worked harder in my life in the last 12 months,” he told the publication
after the annual general meeting.
Mercer said in his address to shareholders that 2013 has been a tough
year for Newcrest, but that the company is focusing on restoring its
reputation and delivering “reliable low cost production.”
“[Newcrest] has responded decisively to external volatility,” he said.
“It has quality assets, management and technical capability, and the
flexibility to make more changes should the gold price decline further.”
Newcrest Mining Ltd.NCM-ASX
Base Metals
Kazakhmys sees ‘solid’ 9-month copper production,
set to hit top of FY’13 forecast range
Kazakhmys Plc said Oct. 24 that it recorded year-over-year growth in
its copper mining and production for the first nine months, and it is on
track to hit the top of the production guidance range for the full year.
Copper cathode production for the January-to-September
period totaled 214,900 tonnes, a 0.8% year-over-year increase from
213,100 tonnes.
Group ore extraction was 6% higher at 29.6 million tonnes from the
27.9 million tonnes produced in the previous year, on the back of an
increase in output from the Central Region, with the Konyrat copper
mine in Kazakhstan contributing an additional 2.0 million tonnes of ore,
Kazakhmys said.
Kazakhmys’ copper in concentrate production was up 4.9% at 236,500
tonnes during the nine-month period, from 225,400 tonnes last year.
The company said that the copper cathode equivalent output is on
track to reach the upper end of its full-year guidance, between 285,000
tonnes and 295,000 tonnes.
“We have had a solid nine months of production and we are continuing
to deliver against our production targets. We remain focused on output
and grades, in order to maximize returns,” said CEO Oleg Novachuk.
The company added that it is also on track to meet its full-year output
targets for its other metal by-products.
The company produced 99,600 tonnes of zinc in concentrate from
January to September, down from 112,400 tonnes in 2012. Silver output
reached 10.4 million ounces, up from 9.0 million ounces, benefiting from
higher recovery rates. Gold output fell to 78,200 ounces for the first nine
months from 89,900 ounces the previous year.
Kazakhmys PlcKAZ
Argonaut uncovers
largest copper target yet at Zambian project
by Angela Kean
Argonaut Resources NL said Oct. 24 that exploration at its Lumwana
West project in Zambia has resulted in the definition of a 2.5-kilometer
copper target, making it the strongest and largest target defined so far
at the project.
The target, known as West Mwombezhi, was discovered by an induced
polarization geophysical survey and copper-in-soil sampling.
Argonaut said that West Mwombezhi, which is located along strike to
the north-northeast of the Nyungu deposit, is now the highest-priority
drill target at Lumwana West.
The company has decided to estimate a separate exploration target
for West Mwombezhi.
Argonaut will undertake a 10-hole, 2,500-meter reverse circulation and
diamond drilling program in two phases, subject to board approval, in 2014.
The company, through subsidiary Lumwana West Resources Ltd.,
recently increased its potential stake in the Lumwana West project to
90%, and has also ended a two-year legal battle with Equinox Zambia
Ltd., a subsidiary of Barrick Gold Corp., over the ownership of the project.
Argonaut Resources NLARE
Barrick Gold Corp.ABX
Lumwana West Resources Ltd
Sentosa Mining begins
drilling at Darvii Naruu copper-gold project
Sentosa Mining Ltd. said Oct. 24 that it began reverse circulation drilling
at its fully owned Darvii Naruu copper-gold project in western Mongolia.
The 2,000-meter scout drilling will test four out of the 37 anomalies
identified by a recent airborne geophysics survey conducted over the
project’s northwestern sector.
Page 9
The prioritization of the targets — Mushroom Reef, Mushroom East,
Sulphide Creek and Anomaly 13 — was based on recent analysis of
samples from field work completed in 2012, according to the company.
The company entered into a farm-in agreement with Elementos Ltd.
in September, allowing it to explore for copper, gold and other minerals
and ultimately earn a majority interest in the Millenium project, which
covers several mining leases over 134 hectares.
Sentosa Mining Ltd.
Chinalco Yunnan Copper Resources Ltd.CYU
Phoenix Copper to sell Leigh Creek unit
Phoenix Copper Ltd. said Oct. 24 that it inked a nonbinding term
sheet with Clean TeQ Holdings Ltd. for the sale of subsidiary Leigh Creek
Copper Mine Pty. Ltd. for as much as A$1 million.
The sale is expected to be completed no later than Jan. 22, 2014,
subject to due diligence and the signing of a formal share sale agreement.
Upon completion, Phoenix Copper will receive A$750,000 in cash
and an additional payment of up to A$250,000 which will be based on
20% of net profit after tax of Leigh Creek’s operations. Clean TeQ was
granted exclusivity during the due diligence period, for which it will pay
an additional A$10,000 per month.
“The sale of [Leigh Creek] will provide funding that will be directed
towards exploration on our significant and highly prospective Yorke
Peninsula tenements and at our copper sulphide project at Eagle north
of Burra,” said Phoenix Copper CEO James Fox.
Leigh Creek holds three mining leases and associated processing
facilities, including the Mountain of Light operation in South Australia.
The Mountain of Light project has been under care and maintenance
since January 2012.
Elementos Ltd.
2PR: Chinalco Yunnan Copper: COPPER/GOLD DRILLING PROGRAM TO
COMMENCE AT MILLENIUM, NW QUEENSLAND
IGE Resources subsidiary applies
for exploration permits extension
by Yixiang Zeng
IGE Resources AB said Oct. 23 that its 100%-owned subsidiary Nickel
Mountain Resources AB has applied to the Swedish Mining Inspectorate
for the extension of three exploration permits on the Ronnbacken
nickel-sulfide deposit in northern Sweden.
The permits are approaching expiration in November and December,
and applications are for an extension of another three years.
The Ronnbacken project includes six exploration permits totalling
3,036 hectares.
IGE Resources ABIGE
Leigh Creek Copper Mine Pty
Nickel Mountain Resources AB
Phoenix Copper Ltd.PNX
2PR: Phoenix Copper Ltd.: SALE OF LEIGH COPPER MINE
Puma Exploration confirms
large copper-molybdenum system in New Brunswick
by Sheharyar Khan
Chinalco Yunnan Copper to start
exploration at Millenium prospect in Queensland
by Fawad Mir
Chinalco Yunnan Copper Resources Ltd. said Oct. 24 that it is set
to start an exploration drilling program at the Millenium prospect in
northwestern Queensland, Australia, in early November.
The proposed exploration program involves 13 reverse circulation
drill holes designed to validate historic drill results from the 1970s and
early 1980s, and the company has selected three initial target areas for
drilling. The historic results include 10.6 meters grading 2% of copper
and 0.23% of cobalt and 11 meters grading 2% of copper.
Puma Exploration Inc. said Oct. 22 that additional drilling at its
Nicholas-Denys silver project in New Brunswick, Canada, confirmed the
existence of a large, near-surface copper-molybdenum system.
According to a statement, continuous copper and molybdenum
mineralization was intersected from surface including 591 meters
grading 281 parts per million copper, 109 ppm molybdenum and 0.7
g/t silver, outlining a highly prospective180-hectare area in the core
of the porphyry.
The company also intersected high-grade copper discoveries
including 0.3 meters grading 2.54% copper, 70 g/t silver and 382 ppm
molybdenum; 0.3 meters grading 1.88% copper, 68 g/t silver and 64 ppm
molybdenum; and 0.4 meters grading 0.89% copper, 25 g/t silver and
767 ppm molybdenum.
Page 10
“This is a very large copper and molybdenum porphyry system that is
in the very early stage of definition,” CEO Marcel Robillard said.
“We are very pleased with the initial size indications of this system
which so far measures approximately 16 [square kilometers] in surface
area with current vertical drill-hole depths of approximately 450 meters.”
Based on the results, the company intends to commence the next
round of drilling that would be scheduled for completion before
2013-end and would be aimed at defining economic grades for the
mineralization already intersected.
The company concluded that results revealed strong correlation
between copper, molybdenum and silver but also with specialty metals
such as bismuth and tungsten.
Proceeds raised from the offering will assist the company in continuing
exploration and maintaining activities at its properties in Colombia and
Panama.
Liberty Mines changes name to Northern Sun Mining
Puma Exploration Inc.PUM
Canada Zinc Metals confirms
sedimentary exhalative discovery at Akie
by Emma Brown
Bellhaven Copper and Gold Inc.BHV
2PR: Bellhaven Announces Non-Brokered Financing
by Adrienne Valdez
Liberty Mines said Oct. 23 that it changed the company’s name to
Northern Sun Mining Corp.
Its shares will begin trading on the Toronto Stock Exchange on Oct. 25
under the new name and new ticker NSC.
Northern Sun Mining Corp.LBE
Canada Zinc Metals Corp. said Oct. 23 that results of its recently
completed 2013 exploration program have confirmed the recent
discovery of a new zone of mineralization known as Sitka at its Akie zinclead-silver project in north-central British Columbia.
The program included 4,000 meters of core drilling at Akie and an
airborne geophysical survey over the Kechika Regional claim package.
Channel sampling on the new Sitka prospect indicated a new
sedimentary exhalative, or SEDEX, horizon in the eastern area of the Akie
project, with better results including 0.7 meters grading 5.1% of zinc, as
highlighted by Canada Zinc. Grab sampling on the new prospect also
returned grades of up to 43.55% of zinc and 48.95% of lead.
The company said it is looking at the data from the program in a
regional context to define possible drill targets.
Canada Zinc’s Kechika Regional group of properties extends about
140 kilometers northwest from Akie and includes the Pie, Yuen and
Cirque East properties, which were optioned to Teck Resources Ltd.
in September.
Canada Zinc Metals Corp.CZX
Teck Resources Ltd.TCK.B
2PR: Canada Zinc Metals Corp.: New Discovery of SEDEX Mineralization at
Akie East Panel Positive Channel Sample Results from Sitka Showing
Bellhaven eyes C$1.3M via placement
by Sheharyar Khan
Bellhaven Copper and Gold Inc. said Oct. 24 that it plans to raise about
C$1.3 million through a private placement.
The company will place 26 million units priced at 5 cents apiece
consisting of one share and one warrant exercisable at 8 cents for a
period of 36 months following the closing of the transaction.
Bulk Commodities
Teck posts lower adjusted Q3 profit,
hunkers down on costs
by Gabe LeDonne
Teck Resources Ltd. on Oct. 24 warned that depressed commodity
prices could persist for “some time,” as it posted lower third-quarter
adjusted profit on lower coal and copper prices.
The Canadian mining company showed a third-quarter net profit
attributable to shareholders of C$267 million, or 46 cents per share, up
from C$256 million, or 44 cents per share, earned a year earlier.
However, the company noted that year-ago results were negatively
impacted by C$126 million in finance expenses and a C$179 million hit
on debt repurchase and financing costs.
Adjusting for those and other items, adjusted profit for the third
quarter was C$252 million, or 44 cents per share, well below the C$425
million, or 73 cents per share, earned a year earlier.
The consensus EPS estimate for the third quarter was 37 cents,
according to FactSet data.
EBITDA for the quarter came in at C$815 million, down from C$861
million in the third quarter of 2012, while revenues totaled C$2.52 billion,
compared to C$2.56 billion a year earlier.
Teck blamed the earnings decline on lower prices for all of its principal
products, noting that coal and copper prices in the third quarter
dropped 28% and 8%, respectively, from year-ago levels. The company
said that depressed commodity prices, based on sales volumes, knocked
down its quarterly revenues by about C$410 million.
The decline came despite what Teck called “record” coal sales, jumping
36% year over year to 7.6 million tonnes, while coal production rose 6%
year over year. Revenues from coal, however, ticked up only marginally
year over year, to C$1.09 billion from C$1.08 billion, as the average price
for coal fell to US$139 per tonne from US$193 per tonne.
Page 11
Copper production, meanwhile, fell to 25.5 million tonnes from 31.5
million tonnes year over year, which the company attributed to reduced
throughput at its Quebrada Blanca operations in Chile, in addition to
lower grades at most of its mines.
“Ongoing economic uncertainties in Europe and the United States
and less robust growth rates in China, India and other emerging markets
have impacted both demand and prices for some of our products,”
Teck said. “While we believe that the longer term fundamentals for
steelmaking coal, copper and zinc are favorable, the recent weakness in
these markets may well persist for some time.”
“With the current market conditions, our near-term efforts are focusing
on our [C]$330 million cost reduction program, reducing our sustaining
capital spending and reviewing the timing of our various development
projects,” President and CEO Don Lindsay said in a statement.
The company said that to date, it has implemented C$300 million
of the cost savings it had previously identified, and said it also has
identified and implemented an additional C$130 million of one-time cost
savings and deferrals.
The company also said it has reduced its planned spending on
exploration by about 15% and has reduced its corporate overhead. It
also has continued to delay the development of some of its internal
growth projects and has deferred capital spending.
At the Quintette coal mine, the company has delayed the final stage of
development and will not start it until it sees “a sustained improvement
in demand for steelmaking coal.” It also has slowed the development
of Quebrada Blanca Phase 2, and is “taking action to reduce sustaining
capital expenditures.”
Teck maintained, however, that none of its assets were impaired in the
quarter, despite the short-term price volatility.
“We will continue to review our assets for impairment as conditions
demand and in particular our short-lived assets,” the company added.
Teck’s cash balance stood at C$2.3 billion as of Sept. 30.
2PR: Teck Reports Unaudited Third Quarter Results for 2013
Teck fighting low met coal prices with cost cuts,
Quintette deferral
by Taylor Kuykendall
In an Oct. 24 research note, Cowen and Co. reiterated Teck’s
“outperform” rating based on the company’s use of the current
market to strengthen its operations and competitive position in global
metallurgical markets. Cowen noted Teck’s “impressive cost reduction
efforts” and higher production volumes.
Teck has implemented C$300 million of C$330 million in identified
annual cost savings, along with C$130 million of one-time cost savings
and deferrals across the company. Those cost savings are expected to be
more fully realized by the company as they take effect at various times
in the coming months.
Lindsay said he expects Teck to reach the upper end of its 2013 coal
production guidance of 24.5 million to 25.5 million tonnes.
If Teck’s Quintette mine were to go back into operation, Lindsay said,
it would increase Teck’s coal production by 3 million to 4 million tonnes.
Quintette, in northeastern British Columbia, is a metallurgical coal
project the company deferred restarting, but it could be in production
by mid-2015 in agreeable market conditions. The company will review
the project again in 2014.
For now, according to the company’s third-quarter earnings release,
Teck is executing a bulk sample program at Quintette over the next nine
months to produce marketable coal for potential customers to purchase
for test burns.
Ian Kilgour, Teck executive vice president and COO, said the decision
to bring Quintette into production will involve finding a way that
maximizes the amount of capital needed to open the mine. Quintette
had planned capital spending of C$300 million in 2013 and C$350 million
in the first half of 2014. The company already has spent C$200 million to
prepare the open-pit mine for restart.
Kilgour also told analysts that Teck recently has been able to reduce
levels of excess coal after having “built up inventory levels significantly.”
Kilgour did not put a firm number on current or past inventory levels
during the Oct. 24 conference call, but did indicate Teck was satisfied
with current levels.
“Right now, we’re in a pretty healthy situation,” Kilgour said. “We
like to have somewhere around potentially three to four weeks’
inventory available and we like to have around two-thirds of that at
the various ports.”
Kilgour said that overall “our view is positive” and Teck expects
metallurgical coal prices will return to a level that will allow the company
to maintain or increase production levels.
2PR: Teck Reports Unaudited Third Quarter Results for 2013
Teck Resources Ltd. executives said Oct. 24 that the company is
focusing on cutting costs and deferring large spending projects
as “record” coal sales only slightly offset lower coal prices during
the third quarter.
During a conference call to discuss third-quarter financial results,
executives from the Canadian mining company said they believe the
current price for steelmaking coal remains below sustainable levels
in the long term. Despite selling a record 36% more coal year over
year while increasing production by only 6%, third-quarter revenues
increased to just C$1.09 billion from C$1.08 billion due to the average
price of coal falling to US$139/tonne from US$193/tonne.
“Given the current market conditions, our near-term attention is on
cost reductions, deferring capital spending and reviewing the timing of
our various development projects,” President and CEO Don Lindsay said.
Whitehaven Coal September-quarter coal production
rises 39% YOY
Whitehaven Coal Ltd. said Oct. 25 that run-of-mine coal production
for the September quarter rose 39% year over year to 2.7 million
tonnes on strong coal production from the Narrabri mine in
New South Wales, Australia.
Run-of-mine output at the Narrabri mine grew 166% year over year
to 1.4 million tonnes of coal for the period on the successful relocation
and startup of the longwall equipment in the second panel at the mine.
Page 12
Meanwhile, production at Whitehaven’s two open-cut mines, namely
Tarrawonga and Werris Creek, recorded more modest growths. Run-of
mine coal production at Tarrawonga increased 18% year over year for
the September quarter to 539,000 tonnes while production at Werris
Creek grew 5% to 420,000 tonnes. However, output at Rocglen fell 4%
to 339,000 tonnes.
Salable coal production for the quarter was 44% higher at 2.3 million
tonnes, compared to a year earlier. Total managed coal sales for the quarter were 2.5 million tonnes, up
36% from the same quarter of 2012, with Narrabri recording coal sales of
1.1 million tonnes, up 184% year over year.
Whitehaven said thermal coal sales from the Narrabri mine achieved
better than the standard Newcastle thermal coal specification following
the introduction of blending the bypass coal and thermal coal product
from the coal handling and preparation plant at the mine.
The company added that the expansion of the Werris Creek mine to
2.5 million tonnes per year is on schedule, with work expected to be
completed in December.
Whitehaven also successfully defended the injunction application
seeking to restrict the construction start at the Maules Creek coal project
in New South Wales.
In addition, the company inked a contract with Leighton Contractors
Pty. Ltd. for the construction of the rail line for the Maules Creek project,
with mobilization expected in the December quarter.
Whitehaven Coal Ltd.WHC
South Korea’s POSCO posts
lower Q3 profit amid subdued steel demand
by Gabe LeDonne
POSCO on Oct. 24 posted a sharply lower third-quarter net profit
compared to the year-ago period as the company saw weaker demand
for its steel products.
The company showed a quarterly net profit of 564 billion South
Korean won, down from 723 billion won earned a year earlier. Profit
attributable to owners of the company fell to 567 billion won from
731 billion won year over year.
Operating profit for the quarter dropped to 633 billion won from 1.020
trillion won a year ago.
The decline came as POSCO saw lower sales volumes in the quarter,
which the company blamed on weaker demand from major steelconsuming industries. Finished product sales fell to 8.27 million tons
from 8.93 million tons a year earlier.
Crude steel production, meanwhile, fell to 8.93 million tons from
9.66 million tons.
Still, POSCO said that it expects steel prices in China to recover toward
the end of the fourth quarter, supported by an adjustment in inventory
and a rise in restocking demand ahead the Chinese New Year holidays
in 2014. Elsewhere, the company sees the weak demand in developed
countries to “turn modestly upward” in 2014 along with a broader
economic recovery, and sees global steel demand growing by about 3%
in 2014 to reach 1.5 billion tons.
As of Oct. 23, US$1 was equivalent to about 1,059 South Korean won.
POSCO005490
28-K: POSCO (005490)
Cliffs’ Q3’13 coal sales decline;
coal revenue drops on lower met coal pricing
by Darren Epps
Coal sales from Cliffs Natural Resources Inc.’s North American mines
declined 2.3% to 1.6 million tons in the third quarter compared to the
year-ago quarter on lower sales from the Oak Grove mine in Alabama,
the company said in an Oct. 24 earnings release.
Coal production, however, jumped to 2.1 million tons from 1.4 million
tons in the year-ago quarter.
“In the prior year’s third quarter,Oak Grovesales volume was higher
due to catch-up commitments related to the severe weather damage
force majeure,” Cliffs said in the release.
Cliffs said the decrease was partially offset by higher sales at the
Pinnacle mine in West Virginiaand its Logan County operations, also in
West Virginia, due to strong production volumes.
Third-quarter revenue per ton dropped 23% to $98.95 from $128.88 on
lower market pricing for metallurgical coal products and customer mix.
Cliffs said the decrease in market pricing was partially offset by favorably
priced annual and carryover contracts.
Cliffs said it is maintaining its full-year 2013 sales and production
guidance for North American coal of approximately 7 million tons. Sales
volume mix is anticipated to be approximately 70% low-vol met coal
and 21% high-vol met coal, with thermal coal making up the remainder.
Cliffs also said it is maintaining its full-year 2013 revenue-per-ton
outlook ofbetween $100 and $105.
In 2014, Cliffs said it expects to sell between 6 million and 7 million
tons from itsNorth American coalbusiness, comprising approximately
68% low-vol met coal, 23% high-vol met coal and 9% thermal coal.
Cliffs, which generates most of its revenue from iron ore mining,
reported third-quarter net income attributable to Cliffs’ common
shareholders of$104.3 million, or66cents per share, compared with$85.1
million, or59 centsper share, in the third quarter of 2012.
“We are pleased with the third quarter’s operating performance and
financial results. During the quarter, we cut costs across the board,
improved year-over-year sales margin, and lowered our full-year capital
expenditures outlook,” Cliffs Chairman James Kirsch said in the release.
“We have made good progress and have even greater investment and
operational opportunities in our future. Ultimately, we will be driven by
strategies that create the best options to deliver value to shareholders.”
Cliffs Natural Resources Inc.
2PR: Cliffs Natural Resources Inc. Reports Strong 2013 Third-Quarter
Results on Lower Costs
Page 13
OSM sued over inactive coal permit renewal case;
judge denies suit against ND PSC
by Rohan Somwanshi
OSM sued over handling of inactive coal permit renewal
An advocacy group in West Virginia filed a complaint Oct. 21 in federal
court alleging that the federal agency charged with regulation of surface
coal mining is not enforcing a law that automatically terminates coal
permits at inactive operations.
The case involves Alpha Natural Resources Inc. subsidiary Marfork Coal
Co. Inc. and its permit for the Eagle No. 2 surface mine, issued June 6,
2008, by the West Virginia Department of Environmental Protection, or
DEP. The permit automatically expired June 6, 2011, after three years of
inactivity. There was no application for an extension.
Judge denies suit seeking
to strip ND PSC of surface mining authority
A federal judge denied a lawsuit by environmentalists seeking to
strip the North Dakota Public Service Commission of surface mining
oversight authority because of political campaign funds donated to two
commissioners by coal industry officials.
U.S. District Judge Daniel Hovland said in an Oct. 22 order that the
U.S. District Court for the District of North Dakota lacks jurisdiction to
grant a citizens’ suit request to strip authority to regulate surface mines
from the state. The judge wrote that the donations may be legal, but he
questioned their propriety.
Environmental groups press
DC court to overturn stream buffer zone rule
A coalition of environmental groups again asked the U.S. District
Court for the District of Columbia to reverse a Department of the Interior
2008 rule that they say removed a key protection for streams against
mountaintop removal coal mining.
In a motion for summary judgment filed Oct. 21, the groups said
the original 1983 stream buffer zone rule “clearly and unambiguously”
protected streams from environmental harm and the 2008 rule violated
the National Environmental Policy Act. The National Mining Association
is listed as an intervenor in the case.
Morrow Pacific project hits
another snag in race to export coal from Northwest
An Oregon regulatory official said issues with Ambre Energy Ltd.’s
permit application for the Morrow Pacific coal export project will take
“several months to resolve” and suggested pushing back the project’s
timeline, according to a letter obtained by SNL Energy.
The Oct. 16 letter from the Oregon Department of State Lands, or
DSL, is the latest setback for Ambre and its Morrow Pacific project in
Oregon, originally slated to begin operations in 2013 and serve a pair
of Korea Electric Power Corp. subsidiaries with Powder River Basin coal.
The Morrow Pacific project entails barging coal from the Port of Morrow
near Boardman, Ore., down the Columbia River to the Port of St. Helens
for export to Asia.
FirstEnergy plan to close
huge coal ash impoundment comes up short
FirstEnergy Generation Corp.’s closure plan for the controversial Little Blue
Run coal ash impoundment was recently greeted with a 29-page deficiency
letter from the Pennsylvania Department of Environmental Protection.
In comments filed earlier this month, the DEP found a multitude of
technical deficiencies in FirstEnergy’s plan. The impoundment, which
straddles Pennsylvania and West Virginia, takes scrubber waste from
the Bruce Mansfield coal plant near Shippingport, Pa. Little Blue Run
contains the equivalent of more than 20 billion gallons of coal ash.
Arch has work cut out for itself to persuade
Supreme Court to hear Spruce case
Arch Coal Inc.’s Mingo Logan Coal Co. is preparing to ask the U.S.
Supreme Court to hear its arguments against the U.S. EPA’s veto in 2011
of the mining permit for the company’s controversial Spruce strip mine
in West Virginia.
But legal experts tell SNL Energy that Arch could find it difficult to
persuade the high court to review the case.
NIST issues draft cybersecurity framework, seeks comments
The National Institute of Standards and Technology issued a
draft framework that would help owners and operators of critical
infrastructure in the U.S. in industries such as energy, transportation and
telecommunications reduce their cybersecurity risks.
The proposed framework “offers a common language and mechanism
for organizations to determine and describe their current cybersecurity
posture, as well as their target state for cybersecurity,” NIST said in a
news release. The framework will help entities to “identify and prioritize
opportunities for improvement within the context of risk management
and to assess progress toward their goals,” NIST said.
House subcommittee chairman plans hearings,
bill to weaken EPA carbon emission regs
The common industry complaint that the U.S. lacks a national energy
policy is incorrect, according to Kentucky Republican Rep. Ed Whitfield.
American energy policy, the Energy and Power Subcommittee chairman
said Oct. 21 during law firm DLA Piper’s Global Energy Summit, has been
“made unilaterally by the president” and will cripple the coal industry.
Whitfield pledged to fight that policy, saying in an interview after
his speech that his subcommittee will hold hearings “within a couple
weeks” on the U.S. EPA’s carbon dioxide regulations for power plants.
Legislation curtailing the Obama administration’s ability to regulate
power plant emissions “has already been drafted” and will probably be
introduced before the hearing, he told SNL Energy.
Court says Jim Justice affiliate owes
drilling company more than $100,000
A federal court ruled Oct. 22 that Jim Justice II affiliate Southern Coal
Corp. owes Pennsylvania-based Target Drilling Inc. about $110,479, plus
the costs of the lawsuit, after failing to plead or otherwise defend itself
in a suit brought over alleged unpaid drilling fees.
Page 14
The U.S. District Court for the Western District of Pennsylvania declared
Southern Coal in default Oct. 10. Target Drilling, a turnkey drilling
company, brought the suit against Southern and affiliate Kentucky Fuel
Corp. in late August, claiming it was contracted to provide directional
drilling services at a Southern Coal mine earlier in 2013. Target said it had
not been paid for the work.
Report: BHP, Rio Tinto plan
A$10B investment in iron ore
Mechel gets 1st tranche of US$2.5B financing
for Elga coal complex
by Adrienne Valdez
Rio TintoRIO
Mechel OAO said Oct. 24 that it signed an agreement with Russian
state bank Vnesheconombank for allocating the first tranche of the
project financing for the Elga coal complex in Yakutia, Russia, amounting
to a total US$2.5 billion.
The initial US$150 million will be used to complete the first stage
construction of the project, which includes construction of a railroad
and a mining and washing complex with an annual capacity of 11.7
million tonnes of run-of-mine coal by 2017.
The Elga coal deposit is Russia’s largest and one of the world’s largest
deposits of high-quality coking coal, according to Mechel, with a reserve
of some 2.2 billion tonnes, as per JORC standards.
The loan was approved by the bank’s supervisory board in September,
with a tenor of 13.5 years and a grace period until 2017.
by Jax Jacobsen
BHP Billiton and Rio Tinto could approve expansion work totaling
about A$10.4 billion in the near future, The Australian reported Oct. 23.
BHP’s Pilbara operations could be expanded to accommodate betterAlpha Natural Resources Inc.ANR
than-expected production figures. BHP this week increased 2013-2014
Western Australia iron ore production guidance to 212 million tonnes, 5
Ambre Energy Ltd.
million more than previously indicated.
The Australian major’s Jimblebar mine expansion to 35 million tonnes
Arch Coal Inc.ACI
per year and the installation of four mobile iron ore crushers is projected
to produce a higher-than-forecast 220 million tonnes per year.
FirstEnergy Generation Corp.
“Longer term, a low-cost option to expand Jimblebar to 55 million
tonnes per annum and the broader debottlenecking of the supply
Kentucky Fuel Corp.
chain is expected to underpin capital efficient growth in capacity
to approximately 260-270 million tonnes per annum,” BHP CEO
Korea Electric Power Corp.
Andrew Mackenzie said Oct. 22.
Analysts expect some or all expansion plans to be given a green light
Marfork Coal Co. Inc.
late in 2013-2014, though the company emphasized that it has no room
for more growth spending in 2013.
Analysts are similarly cheery about Rio Tinto’s expansion plans,
Mingo Logan Coal Co.
and said the company is intent on expanding operations to 360
million tonnes. Current plans target production of 290 million
Southern Coal Corp.
tonnes. The company estimates expansion plans could cost between
Target Drilling Inc.
A$5 billion and A$6 billion.
BHP and Rio Tinto are the best-placed to survive a drop in iron ore
profits as their expansion plans and operating costs are among the
lowest., the report added.
Mechel OAOMTLR
2PR: Mechel Signs Agreement With Vnesheconombank for First Tranche of
Financing for Elga Coal Complex
BHP BillitonBHP
Report: Baosteel head says
Chinese appetite for iron ore will remain ‘strong’
by Angela Kean
Demand from China for Australia’s iron ore is set to remain strong,
according to Baosteel Group Corp. President He Wenbo, who made the
remarks during talks in Shanghai with Australian Trade Minister Andrew
Robb, The Australian reported Oct. 24.
During the three-day trip, He reportedly told Robb he was positive
about the newly elected Liberal government’s plan to scrap the carbon
and minerals resource rent taxes.
Australia has spent the past eight years trying to negotiate a freetrade agreement with China, and a fresh round of talks is due to begin
in Beijing in November.
Prime Minister Tony Abbott is reportedly hopeful that he can succeed
where previous governments have failed, promising a deal will be
finalized in the next year.
With about A$150 billion worth of mining projects remaining
undeveloped in Australia, the federal government wants to improve the
nation’s competitiveness to attract greater investment.
Page 15
“Our first legislative move is to reduce the cost of doing business in
Australia,” Robb said.
“We have to make Australia more attractive to investment. A lot
of developers have brown fields projects in Australia but they don’t
necessarily have to be in Australia.
“We have to make sure that we are competitive.”
Robb said Australia needs to be “lean and mean” to attract business
and investment from China, which is considered the top trading partner
for 123 countries around the world.
The government’s first move to achieve this was the release of draft
bills to roll back the carbon tax for public comment.
Baosteel Group Corp.600019
Report: Anglo considering
new coal mine to serve power plant in South Africa
by Rohan Somwanshi
International diversified miner Anglo American Plc, which owns 10
coal mines in South Africa, is considering building a new thermal coal
mine in the country in an effort to support future power generation,
Mining Weekly reported Oct. 24, citing the company CEO.
The 10 mines produce a combined 59.2 million tonnes of coal per year,
of which 16 million tonnes are shipped to international markets.
The new greenfield mine, called New Largo, would be built in
Mpumalanga, according to Mining Weekly, and supply coal to a 4,800MW power plant being constructed by South Africa’s state-run electricity
producer Eskom. It is estimated New Largo will supply 12 million tonnes
per year to the Eskom coal plant.
Anglo and Eskom have a capital-sharing arrangement for New Largo,
which could cost in the range of 16 billion South African rand to 20
billion South African rand to develop.
As of Oct. 23, US$1 was equivalent to 9.78 South African rand.
Anglo American PlcAAL
The lawsuit states that Southern Coal no longer wanted to
proceed with the agreement after entering into it and then changed
its decision after additional negotiations and signed an amended
agreement in March.
Under the final agreement, the lawsuit states that Southern Coal
agreed to make a one-time payment of $60,000 to implement and set
up the software; $10,000 per month for 36 months to host the software
and for continuing operations; $150 an hour for premium support hourly
service; and reasonable travel expenses. Fusion said Southern Coal made
the $60,000 payment.
Fusion said it needed Southern Coal employees to provide requested
information, participate in training and test the software.
“Southern Coal failed these tasks and its designated employees were
generally unavailable to cooperate with Fusion’s employees,” Fusion said
in the lawsuit. “Over these several months while Fusion attempted to
successfully implement the ComTrac software, it communicated weekly in
writing to Southern Coal the problems and issues caused by Southern Coal’s
failure to cooperate, and the negative effects that noncooperation was having
on the successful implementation of the ComTrac software, to no avail.”
Fusion said Southern Coal made the first three monthly payments and then
stopped, beginning with the August payment, and demanded its money back.
“On or about August 5, 2013, Southern Coal communicated its
termination and refusal to proceed further under the final agreement
when it emailed written notice of same to Fusion demanding return of
the $90,000.00 it had paid under the final agreement,” Fusion said.
A Southern Coal representative was not available to comment
on the lawsuit.
Fusion’s complaint follows breach of contract claims filed against
various Justice affiliates by a drilling company, a tax consulting company,
a demolition company, and a provider of work apparel and facility
products and services.
According to an Oct. 24 story in The West Virginia Record, two
companies that manufacture and service machine parts filed suit against
multiple Justice affiliates Oct. 8 in the Circuit Court of Raleigh County
for allegedly not paying outstanding bills. A court clerk confirmed that
Phillips Machine Service Inc. and subsidiary The Combs Group Inc. filed
a suit against Southern Coal, Kentucky Fuel Corp., A & G Coal Corp.,
Virginia Fuel Corp., Sequoia Energy LLC, Justice Low Seam Mining Inc.
and Black River Coal LLC.
Justice, with an estimated net worth of $1.6 billion, is ranked 342 out
of the 400 most wealthy in the U.S. according to Forbes.
Southern Coal has reportedly offered Indian coal consortium International
Coal Ventures Pvt. Ltd. equity participation in three operating mines.
Eskom
A & G Coal Corp.
Black River Coal LLC
Jim Justice’s Southern Coal sued yet again
over breach of contract allegations
by Darren Epps
A software management systems and hosting services provider filed
a lawsuit against Southern Coal Corp. on Oct. 23, the latest company to
allege that an affiliate of Appalachian coal magnate Jim Justice II failed
to pay for services.
Indiana-based FusionSoft LLC, in a complaint filed in the U.S. District
Court for the Southern District of Indiana, said Southern Coal contracted
with the company for ComTrac, a commodities software management
system, and for hosting services in November 2012. Fusion is seeking
$330,000 in damages.
International Coal Ventures Pvt. Ltd.
Kentucky Fuel Corp.
Sequoia Energy LLC
Southern Coal Corp.
Virginia Fuel Corp
2Industry Document: Complaint
Page 16
MetroCoal raises Bundi thermal coal resource,
suspends operations in Surat Basin
CITIC Group settles dispute
over Naomaohu coalfield exploration rights with Yiwu
by Angela Kean
by Jonathan Tam
MetroCoal Ltd. said Oct. 24 that it has increased the thermal coal
resource for its Bundi underground project in Surat Basin in Queensland,
Australia, by 11% to 2 billion tonnes, but now plans to suspend
operations in the region due to delays in the completion of the
Surat Basin railway.
The suspension follows Glencore Xstrata Plc’s announcement in
September that it has shelved the development of its nearby Wandoan
open cut mine, which will delay the completion of the railway.
MetroCoal said that although it is in talks with other Surat Basin coal
companies to consider other options for the construction of the railway,
it has accepted the Bundi project will be delayed.
The company has suspended further operations in the field, including
the environmental impact study, and also no longer plans to submit its
mining lease application in 2013.
Meanwhile, the higher resource at the Bundi project, which includes
the Juandah project, comprises 296 million tonnes in the indicated
category and 1.71 billion tonnes in the inferred category.
MetroCoal has reviewed the mine plan and mapped out a preferred
mining area. The company said the area is sufficient to support a
modern longwall mining operation and will form the basis for a
pre-feasibility study.
CITIC Group Corp. has settled a dispute over exploration rights
regarding a coalfield in Hami, China’s Xinjiang province, with Yiwu
Guanghui Energy Development Co. Ltd., a unit of Shanghai-listed
Xinjiang Guanghui Industrial Investment (Group) Co. Ltd.
According to the settlement, CITIC will have the rights over an area in
the Naomaohu coalfield that hosts a reserve of about 2.74 billion tonnes
and will pay 100 million Chinese yuan for related geological survey data
to Yiwu, Xinjiang Guanghui said in an Oct. 24 release.
As part of the settlement, Yiwu will obtain the rights over
two different areas of the field with a combined resource of
3.5 billion tonnes, it added.
CITIC Group Corp.
Red Hill releases
resource estimate for Pannawonica iron ore project
MetroCoal Ltd.MTE
2PR: MetroCoal Ltd.: BUNDI PROJECT UPDATE
Red Hill Iron Ltd. said Oct. 23 that an independent mineral resource
estimate was completed for its Pannawonica iron ore project in the
Pilbara region of Western Australia.
Using a cutoff grade of 52% iron, the resource estimate reached 62.5
million tonnes grading 53.4% iron, 5.1% aluminum oxide, 8.7% silicon
dioxide, 0.05% phosphorus and 9.0% loss on ignition.
The measured and indicated resource stands at 53.1 million tonnes, or
85% of the total, making it a “high confidence” resource.
The independent estimate, conducted by Ravensgate Mining Industry
Consultants, complies with the guidelines set out by the Joint Ore
Reserves Committee 2004 code. Ravensgate is currently preparing a
JORC 2012-compliant resource estimate, according to Red Hill.
Afferro to delist, takeover by IMIC extended
Afferro Mining Inc. said Oct. 23 that it has agreed to amend the
agreement under which the proposed takeover of the company
by International Mining & Infrastructure Corp. Plc will be extended
to Nov. 26.
Afferro has also applied for the delisting of its shares from the
Alternative Investment Market of the London Stock Exchange as well as
from the TSX Venture Exchange. The delisting is expected to take place
between Nov. 21 and Nov. 26.
Afferro Mining Inc.AFF
Red Hill Iron Ltd.RHI
2PR: Red Hill Iron Ltd.: Independent Mineral Resource Estimate for the
Pannawonica Iron Ore Project.
International Mining & Infrastructure Corp. Plc
Alderon enters final stage of environmental assessment
process for Kami iron ore project in Canada
Alderon Iron Ore Corp. Oct. 23 said the federal government
environmental assessment process for its 75%-owned Kami iron ore
project in Canada has advanced to the final stages.
Page 17
Under the terms of the federal project agreement timelines for the
project, the federal government will release the relevant comprehensive
study report for a 30-day public review period prior to the
end of October.
President and CEO Tayfun Eldem said, “While it awaits the release
of the Kami project from the provincial and federal environmental
assessment process, Alderon has been advancing its project financing
efforts, detailed engineering, procurement of long-lead items and
infrastructure agreements for rail and power.”
Alderon further noted that it has received bids from various suppliers
for the primary crusher station for the project.
As described in the independent technical reports, the primary
crusher station is the initial phase of the processing equipment in the
proposed flow sheet.
Bids have also been received for the Pointe-Noire terminal ore car
dumper and the stacker.
The company added that the placement of these orders is part of
its strategy to source the long-lead mining, processing and materials
handling equipment in sufficient time to commence production by the
end of 2015.
The other key processing equipment that will be ordered in the next
few months includes pan and drum filters, thickener, apron feeders,
pumps, spirals, magnetic separators as well as screens.
The Kami project is 75%-owned by Alderon and 25%-owned by Hebei
Iron and Steel Group.
Alderon Iron Ore Corp.ADV
Specialty Commodities
Inner Mongolia Baotou Steel Q3 profit jumps
on booking of unrealized sales
by Jonathan Tam
Shanghai-listed Inner Mongolia Baotou Steel Rare-Earth (Group)
Hi-Tech Co. Ltd. said Oct. 24 that its third-quarter profit surged as it
booked income from unrealized sales last year.
Net profit attributable to shareholders rose to 272.8 million Chinese
yuan, or 11.3 Chinese fen per share, for the quarter ended Sept. 30 from
119.9 million yuan, or 5 fen per share, in the year-earlier period. Revenue
slid to 1.93 billion yuan from 1.97 billion yuan year over year.
The company said the increase in net profit was a result of income
booked from unrealized internal sales of the group last year. A decrease
in value-added tax helped narrow its operating taxes by 79% to 8.9
million yuan from 42.9 million yuan.
For the first nine months, the company booked a net profit of 1.32
billion yuan, or 54.7 fen per share, compared to 1.69 billion yuan, or 69.8
fen per share, a year earlier.
Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co.
Ltd.600111
Hebei Iron and Steel Group
2PR: Alderon Enters Final Stage of Environmental Assessment ProcessPrepares to Order More Long Lead Items
Fission Uranium closes placement,
conditionally raises C$12.9M
by Sheharyar Khan
Inova Resources Ltd. recommended that shareholders take no action
until Shanxi Donghui Coal Coking & Chemicals Group Co. Ltd.’s takeover
offer is unconditional and accepted by majority Inova shareholder
Turquoise Hill Resources Ltd..
The recommendation was issued in response to Shanxi Donghui’s Oct.
24 notice, saying it is further extending the offer period until Nov. 14,
from the previously announced Oct. 31 deadline.
Inova further said the offer remains conditional and that it has not
been informed that Turquoise Hill has accepted the offer.
Fission Uranium Corp. said Oct. 24 that it closed a placement, conditionally
raising C$12.9 million to finance exploration at an uranium project.
As part of a bought deal, the company issued 7.5 million subscription
receipts plus 1,081,700 subscription receipts for the over-allotment
exercised by a syndicate of underwriters led by Dundee Securities
Ltd. Each subscription receipt is exchangeable into one flow-through
common share.
Funds from the offering are now held in escrow and will be used to
advance exploration at the Patterson Lake South uranium project.
The company is required to complete the acquisition of Alpha Minerals
Inc. on or before Dec. 10 as a condition for the release of the placement
funds. Fission Uranium in September announced a definitive agreement
to acquire Alpha and its primary asset, a 50% interest in the Patterson
Lake, via an all-stock deal.
The two companies are equal joint venture partners in Patterson
Lake South.
Turquoise Hill Resources Ltd.TRQ
2PR: Fission Uranium Announces Closing of Offering
2PR: Inova Resources Limited: Shanxi Donghui Conditional Takeover Offer
Period Further Extended
Inova asks shareholders to not act on Shanxi Donghui’s
offer until Turquoise Hill shows its hand
by Adrienne Valdez
Inova Resources Ltd.IVA
Fission Uranium Corp.FCU
Page 18
Metallica Minerals receives A$3.1M R&D refund
Metallica Minerals Ltd. said Oct. 24 that it received a A$3.1 million
refund under the Australian federal government’s research and
development tax incentive scheme.
The company was entitled to a tax refund for expenditure related
to the development of the SCONI scandium-cobalt-nickel project in
Queensland, Australia.
The tax refund will move the company’s “ground breaking” work
toward potentially creating the world’s first major reliable supply of
scandium oxide, said Managing Director Andrew Gillies.
It will also progress the company’s Weipa heavy mineral sands project
in Queensland, Gillies said.
“These additional funds place Metallica in a sound financial position,
with total funds on hand of approximately [A$3.9 million] and no debt,”
he added.
Metallica Minerals Ltd.MLM
A feasibility study of the Tabba Tabba project is due by the end of
2013, with first production slated for the second quarter of 2014.
Global Advanced Metals
Nagrom and Co
Pilbara Minerals Ltd.
2PR: PILBARA SECURES PATHWAY TO PRODUCTION WITH AGREEMENT TO
DEVELOP AND MINE ADVANCE WA TANTALUM PROJECT
China to launch spot trading platform
for rare-earth metal trading in November
by Yixiang Zeng
Pilbara Minerals enters
partnership to develop Tabba Tabba tantalum project
by Angela Kean
Pilbara Minerals Ltd. said Oct. 24 that it has inked a deal with Perth,
Australia-based metallurgical and gravity processing firm Nagrom and
Co. to jointly evaluate, develop and mine the advanced Tabba Tabba
tantalum project in Western Australia.
The Tabba Tabba tenement is wholly owned by global tantalum
producer Global Advanced Metals but the project will be developed
under a mining and off-take agreement with the company.
The joint venture agreement with Nagrom will give Pilbara Minerals
a 50% stake in the tantalum project, which hosts a partially completed
processing facility that the company hopes to bring into production
rapidly in 2014.
Pilbara Minerals will acquire a 50% interest in Nagrom Mining Pty. Ltd.,
which holds the right to mine and process tantalum ore from the Tabba
Tabba project, for A$1.2 million in staged payments.
Under the five-year mining and off-take agreement with Global
Advanced Metals, the joint venture partners will aim to produce tantalum
concentrate with grades of more than 5% for sale at a fixed price.
The 178-hectare Tabba Tabba project, 75 kilometers southeast of Port
Hedland, comprises four mining licenses.
Initial work by Pilbara Minerals included defining a maiden inferred
resource of 211,000 tonnes at 0.124% tantalum for 575,000 contained pounds.
The joint venture partners now plan to undertake a seven-hole
geotechnical diamond drilling program to upgrade the inferred resource
to the higher-confidence indicated category.
China will launch a spot trading platform for rare-earth metal trading
Nov. 8, Shanghai Securities News reported Oct. 24.
General Manager Gu Ming at the Baotou Rare Earth Products Exchange
told the state-run newspaper that the exchange will set up three types
of trading model, including competitive price trading, listing trading and
real-time trading.
Gu said that the specific rare-earth products available for trading have
not yet been confirmed.
The exchange is in the northern city of Baotou in the Inner Mongolia
Autonomous Region, which produces more than half of China’s light
rare-earth metals.
Energizer Resources buys
Malagasy Minerals out of graphite JV
by Adrienne Valdez
Energizer Resources Inc. said Oct. 24 that it signed a binding
memorandum of understanding with Malagasy Minerals Ltd. for the
purchase of the latter’s 25% stake in the joint venture entity which holds
the Molo graphite project in Madagascar.
The parties agreed to complete a formal purchase and sale agreement
within 45 days, leading Energizer to hold a 100% interest in the project,
including all of the industrial mineral rights within the acquired property
— 2,120 claims totaling 94,011 hectares — of which the actual Molo
deposit accounts for less than 1%.
In addition, Energizer will also acquire a 100% interest in the industrial
mineral rights of additional claim blocks comprising 10,811 hectares,
immediately to the east and adjoining the Molo deposit claim blocks.
Upon execution of the agreement, Energizer agreed to pay C$400,000
and issue 2.5 million common shares and 3.5 million share purchase
warrants with specified terms to Malagasy within five business days of
the TSX approval.
Furthermore, the buyer will make a C$700,000 cash payment and issue
1 million common Energizer shares to Malagasy within five business days
of the receipt of the project’s final completed bankable feasibility study
or the formal announcement of a decision to mine.
Page 19
Malagasy will also receive a C$1 million cash payment within five
business days of the start of Molo’s commercial production and
retain a 1.5% net smelter return on all industrial minerals produced
from the property.
Energizer President and COO Craig Scherba said the ownership
consolidation will yield maximum opportunity to increase shareholder
value and that it is a step forward in the mine’s development plan,
helping facilitate future project financing.
Meanwhile, Malagasy is set to acquire a 75% interest in Energizer’s
wholly owned Green Giant graphite property in Madagascar through
a joint venture agreement which is yet to be drafted. Upon execution,
Energizer will own the remaining stakes and have a free carried interest
through the project’s bankable feasibility study stage.
Energizer Resources Inc.ENZR
Malagasy Minerals Ltd.MGY
2PR: Energizer Resources Acquires 100% of Molo Graphite Project
Diamcor sells
1st large gem-quality diamond for US$817,920
by Adrienne Valdez
Diamcor Mining Inc. said Oct. 24 that the company’s previously
announced 91.65 carat gem-quality octahedron diamond,
with a final weight of 91.72 carats, was sold for US$817,920.00, or
US$8,917.58 per carat — the first gem-quality diamond sold in the
+50-carat size category.
The large diamond forms part of the 2,654.63 carats of rough
diamonds recovered from its Krone-Endora at Venetia project in South
Africa that were sold for total proceeds of US$1.1 million, or US$431.55
per carat, exceeding the company’s expected sale from the tender as the
lower-grade upper zone material is expected to produce lower value and
smaller stones.
Majority of the rough diamonds sold were recovered through the
ongoing testing and commissioning exercises on the lower-grade upper
zone material in the +1.2 millimeter to -12.0 millimeter size fractions,
while the remaining diamonds — including the 91.72 carat diamond —
were from limited processing of material in the +12.0 millimeter to -26.0
millimeter size fractions.
Diamcor has tendered and sold 14,110.48 carats to date, generating
total sales of US$2.9 million, or US$207.51 per carat, from the ongoing
commissioning and testing exercises at the South African diamond mine.
Industry News
Report: Indonesia’s mining industry
at risk over ban on raw mineral export
by Yixiang Zeng
Indonesia’s proposed ban on raw mineral export will make it hard
for the country’s mining companies to survive and deal a blow to the
economy, the Financial Times reported Oct. 22.
Citing Garibaldi Thohir, a vice chairman of Indonesia’s chamber of
commerce (Kadin) and CEO of PT Adaro Energy Tbk., the newspaper said
if the government imposes a full ban, the whole industry will collapse
since there are only a few smelters in Indonesia.
The proposal will be feasible only if it is implemented over a long
period of time with government investment in the infrastructure and
promise of no policy changes, Thohir added.
The ban, together with the government’s drive to build up the
refining sector, will also result in fewer job opportunities as well
as huge economic losses because it means the country is going to
prioritize spending on refineries with poor commercial prospects over
investments, the U.S. Agency for International Development was quoted
as saying in the report.
The Indonesian government hopes that by imposing the ban, which
will come into effect Jan. 1, 2014, it will make bigger margins from the
resource industry.
PT Adaro Energy Tbk.ADRO
Nonferrous metals continued
noted that potential buyers — such as mid-tier producers, new industry
entrants, or companies based in emerging economies — have yet to take
advantage of that situation.
The Corporate Exploration Strategies study included stated and estimated
exploration expenditures from more than 3,500 companies related to
precious and base metals, diamonds, uranium and some industrial minerals;
the study excluded iron ore, aluminum, coal and oil and gas.
2Industry Document: SNL Metals Economics Group’s 24th Corporate
Exploration Strategies Estimates Worldwide Exploration Budgets to Fall
29% to $15.2 Billion in 2013
Diamcor Mining Inc.DMI
2PR: Diamcor Tenders 2,654.63 Carats, First Large Gem Quality Diamond
Sells for US $817,920
Page 20
Estimated global nonferrous exploration budgets and indexed metals price*, 1993-2013**
SNLMEG
MEGindexed
indexedmetals
metalsprice
price
SNL
5
4
$16
3
$12
2
$8
1
$4
$0
93
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
13
0
SNL MEG indexed metals price (1993=1)
Nonferrous exploration (US$B)
Nonferrous exploration (US$B)
$20
SNL MEG indexed metals price (1993=1)
Nonferrous
NonferrousExploration
explorationTotal
Total
$24
* The SNL MEG indexed metals price represents a blend of the relative changes in a basket of metals prices weighted by the percentage of
exploration expenditures dedicated to each metal by the industry as reported in SNL MEG’s CES studies. This weighting acts as a proxy for
the relative importance of each metal within the mining and exploration industry at a given time.
** Relative prices for 2013 are based on the average through September.
Source: SNL Metals Economics Group
Potash Corp. continued
CEO Bill Doyle said in a statement. “This was the case during the third
quarter, particularly in offshore potash markets, where significant
purchases were delayed as Russian producer pronouncements left
buyers waiting in anticipation of weaker prices.”
Potash Corp. placed much of the blame for the weaker potash market
on that Russian producer, Uralkali, which during the third quarter pulled
out of its potash exporting joint venture with Belaruskali.
“The need for proper crop nutrition fueled strong demand for potash
through the first half of 2013, but an announced change in strategy by
Uralkali in late July created considerable market uncertainty and stalled
global demand,” the company said in its earnings release. “Key offshore
markets, particularly large contract buyers in China and India, delayed
purchases or were reluctant to accept major tonnage against existing
contracts. Although Brazil continued to be a region of relative strength,
with buyers procuring tonnes in preparation for their upcoming planting
season, offshore shipments from North American producers fell to one
of the lowest third-quarter totals in recent history.”
In expectation of an improvement in the market, Potash Corp. revised
its 2013 potash gross margin to between US$1.5 billion and US$1.7
billion, and its combined gross margin for nitrogen and phosphate to
between US$1.2 billion and US$1.3 billion.
For the third quarter, EBITDA came in at US$654 million, down from
US$1.07 billion in the third quarter of 2012.
Capital-related cash expenditures totaled US$360 million, down
significantly from previous year’s expenditures of US$546 million, as the
company’s major potash expansion program is almost complete.
Potash Corp.’s offshore investments in Arab Potash Co. in Jordan,
Sociedad Quimica y Minera de Chile SA in Chile and Israel Chemical Ltd.
in Israel contributed US$85 million to earnings for the quarter.
“As we have in the past, we manage our assets to minimize the impact
of short-term market volatility and position ourselves to respond as
demand grows. By focusing on our competitive advantages in potash
and our unique positions in nitrogen and phosphate, we will continue to
maximize long-term value for our stakeholders,” Doyle said.
During the third quarter, the company repurchased 6.3 million
common shares at an average cost of US$30.95 per share.
The company also declared a dividend of 35 cents per share
for the quarter.
Potash Corp. of SaskatchewanPOT
2PR: PotashCorp Reports Third-Quarter Earnings of $0.41 per Share
Page 21
Areva continued
All its other businesses reported a quarterly year-over-year decline
with reactors and services falling 8.6% to €735 million, back-end business
shrinking 12.5% to €368 million, renewable energies plunging 46.3% to
€78 million and corporate and other sliding 12.6% to €39 million.
The company said its third-quarter revenue was affected by foreign
exchange losses of €42 million as well as a €23 million negative impact
from the change in consolidation scope.
However, for the January to September period, its consolidated
revenue rose 4.7% to €6.85 billion from €6.54 billion a year earlier.
Areva recorded a consolidation backlog of €42.02 billion as at Sept. 30.
This was down 10.6% from the previous year, when backlog on nuclear
and renewable energies was at its highest level.
“This performance demonstrates the strength of our commercial
positions in the installed base market, where we continue to innovate
while improving our competitiveness,” said CEO Luc Oursel.
“Based on our performance over the past nine months, we confirm our
revenue outlook for our business as a whole in 2013,” the CEO added.
Areva SAAREVA
Earnings Releases and Conference Calls
For the period Oct 25, 13 to Oct 28, 13
Company (Ticker)
Release
Date
Call Date/Time
Phone
Oct 25, 13
Oct 25, 13
-
Oct 25, 13 10:00 AM ET
-
(877) 407-8033 -
SunCoke Energy Inc. (SXC)
BC
Click here for conference call Web site
Oct 25, 13
Oct 25, 13 11:30 AM ET
-
Industrias Peñoles SAB (PE&OLES)
BM
Alliance Holdings GP LP (AHGP)
BC
Oct 28, 13
Oct 28, 13
-
Oct 28, 13 10:00 AM ET
-
(866) 318-8615 91181891
Alliance Resource Partners LP (ARLP)
BC
Oct 28, 13
Oct 28, 13 10:00 AM ET
(866) 318-8615 91181891
Compass Minerals International (CMP)
BC
Oct 28, 13
Oct 29, 13 09:00 AM ET
(877) 614-0009 1212892
Type
CONFIRMED
BC Iron Ltd (BCI)
BC
Westmoreland Coal Co. (WLB)
BC
Type Codes:
BC Bulk Commodities
Call Code
Webcast Code
-
BM Base Metals
To report your earnings release or conference call information, please email our Content team at ConferenceGroup@snl.com
Company Meetings
For the period Oct 25, 13 to Oct 28, 13
Company (Ticker)
Type
SPECIAL
Zijin Mining Group Company Limited (2899)
Click here for meeting details
PM
Date
Time
Location
Venue
Oct 25, 13
09:00 AM CT
Shanghang, CN
Company Headquarters
Type Codes:
BC Bulk Commodities
BM Base Metals
SC Speciality Commodities
DC Diversified Commodities
PM Precious Metals
Dividend Announcements
Company
INCREASED DIVIDENDS
Hindustan Zinc Ltd.
Ticker
(Type)
Country
500188(BM) India
REGULAR DIVIDENDS
Natural Resource Partners LP NRP(BC)
USA
Decl’d
Ex-Date
Payable
Dividend Amount
Current
Last
Period
Current
Yield (%)
Oct 14, 13 Oct 28, 13 Nov 22, 13
Semiannual Rs.
1.6000
1.5000
2.39
Oct 22, 13 Nov 01, 13 Nov 14, 13
Quarterly
0.5500
0.5500
10.65
Type Codes:
BC Bulk Commodities
BM Base Metals
$
PM Precious Metals
Page 22
FactSet Mean Estimate Changes
Company
òAdaro Energy
òAdaro Energy
òAfrican Barrick
òAfrican Barrick
ñAgnico Eagle Mines
ñAltona Mining
òAltona Mining
ñAnglo American
òAnglo American
òAngloGold Ashanti
ñAngloGold Ashanti
ñArrium
ñArrium
òAtlas Iron
òAtlas Iron
òBanpu
òBanpu
ñBaosteel Group
òBC Iron Ltd
òBC Iron Ltd
òBerkeley Resources
òBHP Billiton
òBHP Billiton
ÝBoliden AB
òBoliden AB
ÞBUMI Resources
ñBUMI Resources
ñCentamin
ñCentamin
òChina Coal Energy
òChina Coal Energy
ñCoal India
ñCoal India
òCompañía de Minas
òCompañía de Minas
ÝDiscovery Metals
ÝDiscovery Metals
ÞDRDGold Ltd
ÞDRDGold Ltd
ñEMED Mining
ÞEMED Mining
òEndomines AB
ñEndomines AB
ÝFreeport-McMoRan
ñFreeport-McMoRan
ÞGindalbie Metals
ÝGindalbie Metals
ñGoldcorp
ñGoldcorp
òGrupo Mexico
òGrupo Mexico
ÞHaranga Resources
Ticker
(Type)
CurrencyPeriod
ADRO (BC)
IDR
2013Y
ADRO (BC)
IDR
2014Y
ABG (PM)
GBP
2013Y
ABG (PM)
GBP
2014Y
AEM (PM)
USD
2013Y
AEM (PM)
USD
2014Y
AOH (BM)
AUD
2014Y
AOH (BM)
AUD
2015Y
AAL (DC)
GBP
2013Y
AAL (DC)
GBP
2014Y
ANG (PM)
ZAR
2013Y
ANG (PM)
ZAR
2014Y
ARI (BC)
AUD
2014Y
ARI (BC)
AUD
2015Y
AGO (BC)
AUD
2014Y
AGO (BC)
AUD
2015Y
BANPU (BC) THB
2013Y
BANPU (BC) THB
2014Y
600019 (BC) CNY
2013Y
BCI (BC)
AUD
2014Y
BCI (BC)
AUD
2015Y
BKY (SC)
AUD
2014Y
BKY (SC)
AUD
2015Y
BHP (DC)
AUD
2014Y
BHP (DC)
AUD
2015Y
BOL (BM)
SEK
2013Y
BOL (BM)
SEK
2014Y
BUMI (BC)
IDR
2013Y
BUMI (BC)
IDR
2014Y
CEY (PM)
GBP
2013Y
CEY (PM)
GBP
2014Y
1898 (BC)
HKD
2013Y
1898 (BC)
HKD
2014Y
533278 (BC) INR
2014Y
533278 (BC) INR
2015Y
BUENAVC1 (PM) PEN
2013Y
BUENAVC1 (PM) PEN
2014Y
DML (BM)
AUD
2014Y
DML (BM)
AUD
2015Y
DRD (PM)
ZAR
2014Y
DRD (PM)
ZAR
2015Y
EMED (BM)
GBP
2013Y
EMED (BM)
GBP
2014Y
ENDO (PM)
SEK
2013Y
ENDO (PM)
SEK
2014Y
FCX (BM)
USD
2013Y
FCX (BM)
USD
2014Y
GBG (BC)
AUD
2014Y
GBG (BC)
AUD
2015Y
GG (PM)
USD
2013Y
GG (PM)
USD
2014Y
GMEXICO.B (BM) MXN
2013Y
GMEXICO.B (BM) MXN
2014Y
HAR (BC)
AUD
2014Y
FactSet Mean EPS Est.
From
To %r
87.56
85.19
-2.71
92.45
90.34
-2.27
0.06
0.06
-1.56
0.07
0.07
-0.40
0.45
0.46
2.51
0.73
0.73
0.17
0.03
0.03
1.59
0.02
0.02
-0.66
1.13
1.13
0.04
1.32
1.31
-0.93
8.44
8.14
-3.60
9.60
9.60
0.02
0.22
0.22
1.36
0.20
0.20
0.05
0.13
0.13
-0.01
0.10
0.10
-0.01
1.78
1.76
-0.69
2.14
2.14
-0.01
0.41
0.41
2.35
1.02
1.02
-0.08
0.78
0.78
-0.11
-0.05
-0.05
-0.02
-0.03
-0.03
-1.47
2.69
2.68
-0.28
2.88
2.87
-0.35
4.55
4.83
6.03
7.31
7.28
-0.41
-134.43 -148.25
-10.28
-72.36
-72.06
0.42
0.10
0.10
0.63
0.06
0.06
0.91
0.51
0.51
-0.59
0.48
0.48
-0.57
27.59
27.61
0.08
29.64
29.66
0.07
3.07
2.98
-2.95
3.32
3.21
-3.06
0.08
0.10
15.83
0.10
0.12
12.79
0.35
0.27
-23.91
0.40
0.38
-5.02
-0.01
-0.01
2.69
-0.01
-0.01
-8.30
-0.39
-0.39
-0.04
0.65
0.65
0.19
2.41
2.60
8.01
3.08
3.21
4.14
0.01
0.01
-25.30
0.07
0.08
10.29
0.95
0.96
0.90
1.26
1.27
0.18
3.00
2.96
-1.48
3.09
3.03
-1.77
-0.01
-0.02 -185.71
# of
Ests.
17
17
20
22
24
24
1
1
23
24
9
14
13
13
17
22
26
26
22
12
12
1
1
17
16
17
16
8
8
16
16
28
27
35
35
10
9
2
2
6
6
3
3
2
2
21
21
7
4
20
22
10
10
1
Price/Est.
EPS (x)
12.44
11.73
28.00
23.56
56.38
35.55
5.17
6.52
13.26
11.45
19.39
16.43
6.13
6.72
8.59
10.44
16.87
13.89
10.03
4.91
6.43
NA
NA
14.00
13.05
19.85
13.16
NA
NA
5.01
8.18
9.50
10.18
10.47
9.74
13.35
12.38
0.85
0.71
19.05
13.30
NA
NA
NA
7.56
14.07
11.42
26.90
1.93
26.78
20.22
14.10
13.75
NA
Page 23
FactSet Mean Estimate Changes continued
Company
ñHarum Energy
ñHarum Energy
ÞHighland Gold
òHighland Gold
òHindustan Zinc
ñHindustan Zinc
ÞHochschild Mining
ÞHochschild Mining
ñIndo Tambanggraya
ñIndo Tambanggraya
ÞKenmare Resources
òKenmare Resources
òLondon Mining
òLondon Mining
òMedusa
òMedusa
ÝMillennium Min.
ÝMillennium Min.
ñMitsui Mining
òMitsui Mining
òMosaic Co.
ñMosaic Co.
ñMount Gibson Iron
ñMount Gibson Iron
ñPaladin Energy
òPaladin Energy
òPanAust
òPanAust
ñPeabody Energy
ñPeabody Energy
ÞPetropavlovsk
ÝPetropavlovsk
òPOSCO
òPOSCO
òRegis Resources
ñRegis Resources
ñRoyal Gold Inc.
ñRoyal Gold Inc.
ÝShanta Gold
ÝShanta Gold
òSibanye Gold
òSibanye Gold
òSouthern Copper
òSouthern Copper
ñTeck Resources
òU.S. Steel
òVale
òVale
ñWhitehaven Coal
òWhitehaven Coal
òYanzhou Coal
ÝZanaga Iron Ore
ÝZanaga Iron Ore
Revision Key
Ticker
FactSet Mean EPS Est.
(Type)
CurrencyPeriod
From
To %r
HRUM (BC)
IDR
2013Y
231.51
232.41
0.39
HRUM (BC)
IDR
2014Y
293.40
294.85
0.50
HGM (PM)
GBP
2013Y
0.10
0.09
-6.06
HGM (PM)
GBP
2014Y
0.10
0.10
-0.61
500188 (BM) INR
2014Y
16.11
16.10
-0.05
500188 (BM) INR
2015Y
16.79
16.79
0.02
HOC (PM)
GBP
2013Y
-0.05
-0.05
-5.17
HOC (PM)
GBP
2014Y
0.02
0.01
-25.40
ITMG (BC)
IDR
2013Y
2,465.32 2,467.18
0.08
ITMG (BC)
IDR
2014Y
2,629.45 2,631.85
0.09
KMR (BC)
GBP
2013Y
-0.01
-0.01
-7.29
KMR (BC)
GBP
2014Y
0.03
0.02
-2.67
LOND (BC)
GBP
2013Y
0.14
0.14
-0.09
LOND (BC)
GBP
2014Y
0.32
0.32
-0.08
MML (PM)
AUD
2014Y
0.44
0.43
-3.51
MML (PM)
AUD
2015Y
0.64
0.63
-1.32
MOY (PM)
AUD
2013Y
0.08
0.11
43.38
MOY (PM)
AUD
2014Y
0.05
0.08
58.52
5706 (BM)
JPY
2014Y
21.81
22.04
1.03
5706 (BM)
JPY
2015Y
26.99
26.76
-0.83
MOS (BC)
USD
2013Y
3.23
3.17
-1.91
MOS (BC)
USD
2014Y
3.10
3.14
1.27
MGX (BC)
AUD
2014Y
0.15
0.15
0.77
MGX (BC)
AUD
2015Y
0.08
0.08
2.61
PDN (SC)
AUD
2014Y
-0.04
-0.04
0.01
PDN (SC)
AUD
2015Y
0.02
0.02
-0.05
PNA (BM)
AUD
2013Y
0.16
0.16
-1.06
PNA (BM)
AUD
2014Y
0.17
0.16
-1.89
BTU (BC)
USD
2013Y
0.30
0.31
1.72
BTU (BC)
USD
2014Y
0.62
0.64
3.86
POG (PM)
GBP
2013Y
-0.12
-0.14
-15.82
POG (PM)
GBP
2014Y
-0.04
-0.03
8.19
005490 (BC) KRW
2013Y 22,814.24 22,664.59
-0.66
005490 (BC) KRW
2014Y 31,160.17 31,084.79
-0.24
RRL (PM)
AUD
2014Y
0.29
0.29
-0.01
RRL (PM)
AUD
2015Y
0.38
0.38
0.00
RGLD (PM)
USD
2014Y
1.43
1.44
0.51
RGLD (PM)
USD
2015Y
2.00
2.08
4.28
SHG (PM)
GBP
2013Y
0.01
0.01
22.35
SHG (PM)
GBP
2014Y
0.03
0.04
13.55
SGL (PM)
ZAR
2013Y
2.21
2.13
-3.38
SGL (PM)
ZAR
2014Y
1.81
1.80
-0.37
SCCO (BM)
USD
2013Y
1.88
1.87
-0.38
SCCO (BM)
USD
2014Y
1.87
1.86
-0.42
TCK.B (DC)
CAD
2013Y
1.64
1.65
0.26
X (BC)
USD
2013Y
-1.47
-1.48
-0.37
VALE3 (DC)
BRL
2013Y
4.64
4.64
-0.03
VALE3 (DC)
BRL
2014Y
4.50
4.49
-0.24
WHC (BC)
AUD
2014Y
0.00
0.00
0.12
WHC (BC)
AUD
2015Y
0.08
0.08
-0.04
1171 (BC)
HKD
2014Y
0.41
0.41
-0.34
ZIOC (BC)
GBP
2013Y
-0.01
-0.01
10.51
ZIOC (BC)
GBP
2014Y
-0.01
-0.01
16.94
ñBelow 5% increase
FactSet consensus data as of Oct 23, 13.
òBelow 5% decrease
Type Codes:
BC Bulk Commodities
BM Base Metals
# of
Ests.
15
15
7
6
28
28
12
12
18
16
10
10
12
12
9
9
1
1
8
8
14
19
14
14
18
17
18
18
21
23
13
18
36
36
21
21
11
11
2
2
9
9
15
14
30
20
22
22
17
17
27
2
2
Ý5% or more increase
Þ5% or more decrease
PM Precious Metals
Price/Est.
EPS (x)
13.23
10.43
8.15
7.18
8.35
8.01
NA
132.42
13.19
12.37
NA
9.13
9.50
4.17
5.37
3.64
2.50
3.31
11.44
9.42
14.72
14.87
5.60
10.30
NA
20.78
13.35
12.62
61.72
29.68
NA
NA
14.12
10.29
13.22
10.15
35.32
24.35
15.54
4.06
6.65
7.86
15.53
15.62
17.88
NA
7.55
7.80
NA
20.47
19.52
NA
NA
Page 24
FactSet Mean Price Target Changes
Company
ÝAlexander Mining
òArcelorMittal
ñArrium
ñBaosteel Group
ñBC Iron Ltd
òBHP Billiton
ñBoliden AB
òCentamin
ñChina Coal Energy
ñCoal India
ÞCompagnie Miniere
ÝDiscovery Metals
òDRDGold Ltd
ÝFreeport-McMoRan
ñGindalbie Metals
ñGrupo Mexico
ÞHaranga Resources
òHighland Gold
ñHindustan Zinc
ñIluka
ñJSC Acron
òKenmare Resources
òKoza Altin
ñManagem
òMedusa
ÝNickel Asia
ñPanAust
ñPeabody Energy
ñPetropavlovsk
òRandgold Resources
ñSouthern Copper
òUralkali
òVale
òWestern Desert
ñWolf Minerals
Revision Key
Ticker
(Type)
Currency
AEM (PM)
USD
AXM (BM)
GBP
MT (BC)
EUR
ARI (BC)
AUD
600019 (BC) CNY
BCI (BC)
AUD
BKY (SC)
AUD
BHP (DC)
AUD
BOL (BM)
SEK
CEY (PM)
GBP
1898 (BC)
HKD
533278 (BC) INR
CMT (BM)
MAD
DML (BM)
AUD
DRD (PM)
ZAR
FCX (BM)
USD
GBG (BC)
AUD
GMEXICO.B (BM) MXN
HAR (BC)
AUD
HGM (PM)
GBP
500188 (BM) INR
ILU (BC)
AUD
AKRN (BC)
RUB
KMR (BC)
GBP
KOZAL (PM) TRY
MNG (BM)
MAD
MML (PM)
AUD
NIKL (BM)
PHP
PNA (BM)
AUD
BTU (BC)
USD
POG (PM)
GBP
RRS (PM)
GBP
SCCO (BM)
USD
URKA (BC)
RUB
VALE3 (DC)
BRL
WDR (BC)
AUD
WLF (BM)
AUD
ñBelow 5% increase
òBelow 5% decrease
Type Codes:
BC Bulk Commodities
BM Base Metals
FactSet Mean Price Target
# of
From
To %rEsts.
32.42
32.42
0.00
23
0.06
0.08
35.00
1
11.76
11.76
-0.02
37
1.20
1.22
1.42
13
5.05
5.08
0.67
15
4.73
4.76
0.70
12
0.73
0.73
-0.14
3
40.71
40.70
-0.04
17
91.83
92.83
1.09
18
0.52
0.51
-1.35
17
5.14
5.22
1.66
26
337.92
338.50
0.17
38
2,392.20 2,111.00
-11.75
1
0.78
0.92
17.75
2
6.16
5.92
-3.90
5
36.90
39.37
6.70
19
0.13
0.13
2.38
8
46.51
47.10
1.27
11
0.33
0.12
-63.64
1
0.99
0.97
-1.42
7
146.52
147.35
0.57
28
11.26
11.26
0.06
16
1,395.17 1,409.40
1.02
11
0.36
0.36
-0.56
10
37.10
36.53
-1.54
11
1,346.89 1,347.00
0.01
1
3.02
2.98
-1.13
9
16.35
17.18
5.05
2
2.45
2.47
0.74
18
23.26
23.61
1.50
23
1.01
1.03
1.68
19
55.30
55.20
-0.16
22
32.44
32.61
0.54
14
133.08
133.00
-0.06
19
42.97
42.80
-0.38
21
0.99
0.97
-1.52
2
0.48
0.49
1.66
1
Ý5% or more increase
Þ5% or more decrease
PM Precious Metals
FactSet consensus data as of Oct 23, 13.
Industry Conferences
For the period Oct 25, 13 to Nov 24, 13
Name
Dates LocationPhone
Macquarie China Commodities Conference
Oct 21, 13-Oct 25, 13
Beijing, China
-
Together China Coal & Mining Expo
Oct 22, 13-Oct 25, 13
Beijing, China
+86 10 8451 0267
American Institute of Professional Geologists 50th Annual Conf
Oct 23, 13-Oct 26, 13
Broomfield, CO
(303) 412-6205
NCCI 2013 Fall Meeting
Oct 23, 13-Oct 25, 13
Southern Pines, NC
-
Page 25
Industry Conferences continued
Name
Dates LocationPhone
Vertical Events Mining 2013 Resources Convention
Oct 23, 13-Oct 25, 13
Brisbane, Australia
+61 8 9388 2222
Cambridge House Silver Summit 2013
Oct 24, 13-Oct 25, 13
Spokane, WA
(604) 687-4151
EBY International Arab Steel Summit 2013
Oct 26, 13-Oct 28, 13
Dubai, United Arab Emirates +96311-6131981x112
Metal Bulletin Fluorspar 2013
Oct 28, 13-Oct 30, 13
London, United Kingdom 44 20 7779 8989
OPIS 15th Annual National Supply Summit
Oct 28, 13-Oct 30, 13
Las Vegas, NV
Terrapinn MENA Mining Show
Oct 28, 13-Oct 29, 13
Dubai, United Arab Emirates +971 4 440 2520
Citigroup 5th Annual Australian & New Zealand Investment Conf
Oct 29, 13-Oct 30, 13
Sydney, Australia
Fennoscandian Exploration and Mining 2013
Oct 29, 13-Oct 31, 13
-
Mines and Money Australia 2013
Oct 29, 13-Nov 01, 13
Melbourne, Australia
+852 2531 6130
EGL European Energy Summit
Oct 30, 13-Oct 31, 13
Istanbul, Turkey
+41 22 5662 476
International Quality & Productivity Center Mongolian Mining
Oct 30, 13-Oct 31, 13
Perth, Australia
612 9229 1000
Metal Bulletin 3rd Asian Bauxite and Alumina Conference
Oct 30, 13-Oct 31, 13
Singapore, Singapore
44 20 7779 8989
CDMC 6th Unconventional Hydrocarbons Summit Indonesia 2013
Oct 31, 13-Nov 01, 13
Jakarta, Indonesia
-
Govt of Newfoundland & Labrador Prem Minrl Exp & Mining Conf
Oct 31, 13-Nov 02, 13
St. John’s, Canada
(866) 754-9334
Advantix China Mining Conference and Exhibition 2013
Nov 02, 13-Nov 05, 13
Tianjin, China
44 207 520 9341
China Mining Congress & Expo 2013
Nov 02, 13-Nov 05, 13
Tianjin, China
86-22-2312 0920
Bank of America Merrill Lynch China Conference 2013
Nov 04, 13-Nov 08, 13
Beijing, China
852 2161 7640
Precious Metals Summit Zurich 2013
Nov 04, 13-Nov 06, 13
Zurich, Switzerland
(303) 861-2221
Citigroup North American Credit Conference
Nov 05, 13-Nov 06, 13
New York, NY
(212) 657-4628
Coaltrans 2nd Emerging Asian Coal Markets
Nov 05, 13-Nov 06, 13
Bangkok, Thailand
44 20 7779 8954
Deutsche Bank Access Metals and Mining Conference
Nov 05, 13-Nov 06, 13
London, United Kingdom +44 20 754 11572
Fleming Gulf Global Mining IT & Communication Summit 2013
Nov 05, 13-Nov 06, 13
Toronto, Canada
Metal Bulletin 2nd African Iron Ore Conference
Nov 05, 13-Nov 06, 13
Johannesburg, South Africa 44 20 7779 8989
Objective Capital Industrial Minerals & Metals Rsrcs Invt Smt
Nov 05, 13
London, United Kingdom 44 (0)20 7754 5994
SNL Seminar: Principles of Valuation in the Power Sector
Nov 05, 13-Nov 06, 13
Houston, TX
-
Academy & Finance Global Resource Investing Conference
Nov 06, 13
Geneva, Switzerland
-
Euromoney 6th Annual Brazilian Energy & Inf Fin Conf
Nov 06, 13-Nov 07, 13
São Paulo, Brazil
+44 7779 8697
Goldman Sachs Natural Resources Conference
Nov 06, 13-Nov 08, 13
London, United Kingdom (212) 902 1000
Academy & Finance Global Resource Investing Conference
Nov 07, 13
Zurich, Switzerland
(732) 901-8800
(212) 559-1000
-
-
Page 26
Name
Dates LocationPhone
Informa Exploration, Mining & Processing Fundamentals
Nov 07, 13-Nov 08, 13
Brisbane, Australia
61 2 9080 4050
GoldSeiten Intl Precious Metals Commodities Show
Nov 08, 13-Nov 09, 13
Munich, Germany
-
EEI 48th Financial Conference
Nov 10, 13-Nov 13, 13
Orlando, FL
(202) 508-5496
Jefferson New Orleans Investment Conference 2013
Nov 10, 13-Nov 13, 13
New Orleans, LA
(800) 648-8411
Metal Bulletin 29th International Ferro-alloys Conference
Nov 10, 13-Nov 12, 13
Barcelona, Spain
44 (0) 20 7779 8989
AEMQ Quebec Mineral Exploration Convention
Nov 11, 13-Nov 14, 13
Quebec City, Canada
819-762-1599
Informa Americas Iron Ore Conference
Nov 11, 13-Nov 12, 13
Rio de Janeiro, Brazil
61 2 9080 4313
TZMI 7th Annual Congress 2013
Nov 11, 13-Nov 14, 13
Hong Kong, Hong Kong
+852 2911 7917
Cowen 4th Annual Global Metals, Mining and Materials Conf
Nov 12, 13-Nov 13, 13
New York, NY
(646) 562-1000
Jefferies Global Energy Conference
Nov 12, 13-Nov 13, 13
Houston, TX
(212) 284-2300
Metal Events Limited 9th International Rare Earths Conf
Nov 12, 13-Nov 14, 13
Kowloon, Hong Kong
-
Platts Coal Forum
Nov 12, 13
Jakarta, Indonesia
-
EMI Energy Introduction to Energy Trading & Hedging
Nov 13, 13-Nov 14, 13
New York, NY
(410) 442-5757
Goldman Sachs Industrials Conference 2013
Nov 14, 13
Boston, MA
(212) 902-1000
RBC Capital Markets Gold Conference
Nov 14, 13
London, United Kingdom -
Capital Event Management Scottsdale Capital Conf
Nov 15, 13-Nov 17, 13
Scottsdale, AZ
(604) 569-2209
Yukon Chamber of Mines Yukon Geoscience Forum & Trade Show
Nov 17, 13-Nov 20, 13
Whitehorse, Canada
-
EMI Energy Futures Options & Derivatives
Nov 18, 13-Nov 19, 13
Houston, TX
(410) 442-5757
Fleming Gulf 2nd Annual Latam HSE Oil Gas Petro and Ene
Nov 18, 13-Nov 19, 13
Rio de Janeiro, Brazil
-
EMI Energy Trading Fundamentals
Nov 19, 13-Nov 20, 13
Chicago, IL
(410) 442-5757
FirstEnergy Capital EnergyGrowth Conference
Nov 19, 13-Nov 20, 13
Toronto, Canada
(403) 262-0615
Informa Iron Ore Industry & Market Fundamentals
Nov 19, 13-Nov 20, 13
Perth, Australia
61 2 9080 4050
Informa Iron Ore Industry & Market Fundamentals
Nov 19, 13-Nov 20, 13
Perth, Australia
61 2 9080 4050
Metal Bulletin Molybdenum Market Forum
Nov 19, 13
Shanghai, China
+86 21 5877 0857
Metal Bulletin Recycled Copper Market Forum
Nov 19, 13
Shanghai, China
+86 21 5877 0857
Bank of America Merrill Lynch 2013 Global Energy Conference
Nov 20, 13-Nov 22, 13
Miami, FL
(646) 556-1599
EMI Energy Introduction to Energy Trading & Hedging
Nov 20, 13-Nov 21, 13
Houston, TX
(410) 442-5757
EMI Upstream Oil and Gas Fundamentals
Nov 20, 13-Nov 21, 13
Houston, TX
(888) 871-1207
GMP Mining Conference
Nov 20, 13-Nov 22, 13
Montreal, Canada
-
Page 27
Name
Dates LocationPhone
Goldman Sachs Group Global Metals Mining Steel Conf
Nov 20, 13-Nov 21, 13
New York, NY
(212) 902 1000
Metal Bulletin Asia Copper Conference
Nov 20, 13-Nov 21, 13
Shanghai, China
+613 5221 0715
CDMC 11th Coal Deep Processing Forum 2013
Nov 21, 13-Nov 22, 13
Beijing, China
+86 532 6840 7631
CDMC 2nd India Petrochemical Focus 2013
Nov 21, 13-Nov 22, 13
Mumbai, India
-
Informa Australian Tunnelling Conference
Nov 21, 13-Nov 22, 13
Melbourne, Australia
+61 2 9080 4307
Investec Securities 12th Annual South African CEO Conf
Nov 21, 13-Nov 22, 13
London, United Kingdom -
RBC Capital Markets MLP Conference
Nov 21, 13-Nov 22, 13
Dallas, TX
-
To submit additions or corrections regarding industry conferences, please email our Content team at ConferenceGroup@snl.com
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Page 28
Stock Highlights
Thursday (Oct 24)
Total
Company
Ticker Curr
Close VolumeReturn
Past Week (Oct 17 - Oct 24)
Total
Company
Ticker Curr
Close VolumeReturn
BEST PERFORMERS BY PRICE
PRECIOUS METALS
Genesis Resources
Star Gold Corp.
Hawthorn Resources
Unigold Inc.
Aura Minerals Inc
Crocodile Gold
Bowmore
Pretium Resources
Pacfc Rim Mining
Agnico Eagle Mines
GES
AUD
SRGZ
USD
HAW
AUD
UGD
CAD
ORA
CAD
CRK
CAD
BOW CAD
PVG
CAD
PMU
CAD
AEM
USD
PRECIOUS METALS
LionGold
El Capt. Precious
West Wits Mining
Barkerville Gold
African Gold Grp
Alexandria Min.
Bauba Platinum
Crocodile Gold
Mungana Goldmines
Lydian Intl Ltd
A78
ECPN
WWI
BGM
AGG
AZX
BAU
CRK
MUX
LYD
SGD
USD
AUD
CAD
CAD
CAD
ZAR
CAD
AUD
CAD
0.295382,398,000 104.9
0.200
2,763,169
102.0
0.029
5,068,962
93.3
0.880
4,270,843
76.0
0.100
395,089
66.7
0.050
6,532,001
66.7
0.800
325,063
56.9
0.145 11,249,537
52.6
0.045
33,433
50.0
0.930
1,325,599
45.3
BASE METALS
MacDonald Mines
Argonaut Resources
Red Tiger Mining
Castle Rsrc Inc
Talvivaara
Venturex Rsrc Ltd
Colorado Resources
CaNickel Mining
Indico Resources
Sama Resources
BMK
ARE
RMN
CRI
TALV
VXR
CXO
CML
IDI
SME
BASE METALS
Equus Mining
Indico Resources
Sthrn Hemisphere
Castle Rsrc Inc
CaNickel Mining
Alphamin Resource
Talvivaara
Chrysalis Rsrc Ltd
Mindoro Resources
Horseshoe Metals
EQE
IDI
SH
CRI
CML
AFM
TALV
CYS
MIO
HOR
AUD
CAD
CAD
CAD
CAD
CAD
GBP
AUD
CAD
AUD
0.030
2,588,064
0.130
866,794
0.055
3,321,000
0.065
812,245
0.170
48,754
0.150
235,500
0.07434,406,264
0.060
810,000
0.025 10,280,778
0.052
117,517
100.0
85.7
83.3
62.5
54.5
50.0
31.7
27.7
25.0
23.8
BULK COMMODITIES
Pacific Coal
PAK
Reward Minerals
RWD
Tawana Resources
TAW
Legacy Iron Ore
LCY
KazaX Minerals
KZX
Regent Pacfc Grp
575
RMA Energy
RMT
Sterling Grp
SGGV
Cazaly Resources
CAZ
Atlantic Coal
ATC
CAD
AUD
AUD
AUD
CAD
HKD
AUD
USD
AUD
GBP
0.510
853,396
0.285
290,005
0.028 65,171,508
0.040
2,578,208
0.185
2,000
0.126 214,222,929
0.004
1,774,360
0.129
102,950
0.140
568,895
0.003 566,036,515
117.0
54.1
47.4
42.9
42.3
35.5
33.3
29.0
27.3
26.8
SPECIALTY COMMODITIES
Greenland Minerals
GGG
AUD
0.320
1,993,462
14.3
Forte Energy
FTEAUD0.00870,000
14.3
Khan Resources
KRI
CAD
0.250
114,000
13.6
Uranex
UNX AUD 0.0531,435,066 12.8
Strateco Resources
RSC
CAD
0.090
58,680
12.5
Commerce Resources CCE
CAD
0.090
92,569
12.5
Deep Yellow Ltd.
DYL
AUD
0.021
570,000
10.5
Ur-Energy
URE CAD 1.190 348,25810.2
Sanatana Resources
STA
CAD
0.065
37,600
8.3
ZenyattaVentures ZEN CAD 2.600293,583 7.4
TX Rare Earth Rsrc
TRER
Woulfe Mining
WOF
Canada Carbon
CCB
Greenland Minerals
GGG
Uranex
UNX
Globe Metals
GBE
Areva SA
AREVA
Sanatana Resources
STA
Peregrine Diamonds PGD
Lucapa Diamond
LOM
USD
0.490
227,223
CAD
0.170
860,383
CAD
0.220
2,609,267
AUD
0.320
4,758,664
AUD 0.0534,574,595
AUD
0.045
442,000
EUR
16.700
1,678,824
CAD
0.065
86,000
CAD
0.435
987,292
AUD
0.007 38,298,853
32.4
25.9
25.7
25.5
23.3
21.6
21.5
18.2
17.6
16.7
DIVERSIFIED COMMODITIES
Teck Resources
TCK.B
CAD
30.540
3,041,896
Afr. Rainbow Min.
ARI
ZAR
197.050
458,853
Anglo American
AAL
GBP
15.060
2,704,637
Rio Tinto
RIO
GBP
32.350
2,250,533
ENRC
ENRCGBP 2.210 287,273
Teck Resources
TCK.B
Antam (Persero)
ANTM
BHP Billiton
BHP
Glencore Xstrata
GLEN
Rio Tinto
RIO
Vale
VALE3
ENRC
ENRC
CAD
30.540 11,773,839
IDR
1,590.000 78,425,500
AUD
37.350 39,317,729
GBP
3.402 89,647,796
GBP
32.350 14,631,031
BRL
35.05027,294,300
GBP 2.2102,233,874
8.6
6.0
4.3
2.9
1.4
0.4
0.1
BULK COMMODITIES
RMA Energy
RMT
AgriMInco
ANO
Potash Ridge
PRK
Regent Pacfc Grp
575
NuCoal Resources
NCR
Legacy Iron Ore
LCY
Cap-Ex Iron Ore
CEV
Advanced Explo Inc
AXI
Reward Minerals
RWD
EPM Mining
EPK
0.090
50,000
60.7
0.500
16,142
38.9
0.045
51,600
32.4
0.080
4,916,030
23.1
0.110
587,450
22.2
0.145
2,571,791
20.8
0.175 2,00020.7
3.990
2,866,006
20.5
0.060
86,506
20.0
30.520
6,971,364
18.0
CAD
AUD
CAD
CAD
GBP
AUD
CAD
CAD
CAD
CAD
0.025
42,000
0.027
231,706
0.180
1,500
0.065
89,200
0.0746,033,119
0.008 10,532,500
0.325
767,700
0.170
5,364
0.130
35,000
0.280
60,000
25.0
22.7
20.0
18.2
16.0
14.3
14.0
13.3
13.0
12.0
AUD
CAD
CAD
HKD
AUD
AUD
CAD
CAD
AUD
CAD
0.004
1,705,100
33.3
0.025 50,10025.0
0.190
303,900
22.6
0.126 148,120,000
18.9
0.077
107,915
18.5
0.040
954,258
17.6
0.070
236,700
16.7
0.040
10,000
14.3
0.285
46,576
14.0
0.185
700
12.1
3.8
2.0
0.7
0.5
0.2
Note: Institutions ranked in the above tables must be traded on an exchange SNL covers, have a
daily volume greater than 100 shares, and a market capitalization over 5 million USD.
Page 29
Stock Highlights continued
Thursday (Oct 24)
Total
Company
Ticker Curr
Close VolumeReturn
Total
Company
Ticker Curr
Close VolumeReturn
WORST PERFORMERS BY PRICE
PRECIOUS METALS
NWM Mining
Signature Metals
Huakan Intl Mining
Tara Minerals
Condoto Platinum
Apogee Silver
Noble Mineral
Amarillo Gold
Teras Resources
Gold Bullion Dev
NWM
SBL
HK
TARM
CPD
APE
NOB
AGC
TRA
GBB
BASE METALS
Equinox Copper
Intl Enexco
Duran Ventures
Strategic Energy
Monto Minerals
Adex Mining
Regulus Resources
Baja Mining
TriAusMin
Volcan Compañía
ARY
CAD
IEC
CAD
DRV
CAD
SER
AUD
MOO
AUD
ADE
CAD
REG
CAD
BAJ
CAD
TRO AUD
VOLCAAC1PEN
CAD
AUD
CAD
USD
AUD
CAD
CAD
CAD
CAD
CAD
PRECIOUS METALS
Galantas Gold
Birimian Gold
Soltera Mining
Signature Metals
Gold Bullion Dev
Sovereign Mines
Mintails
Huakan Intl Mining
Eastern Resources
Searchlight Min.
GAL
BGS
SLTA
SBL
GBB
SMA
MLI
HK
ESRI
SRCH
CAD
AUD
USD
AUD
CAD
GBP
AUD
CAD
USD
USD
0.025
520,000
-50.0
0.013 60,093,526
-38.1
0.110
10,000
-35.2
0.002
761,442
-33.3
0.030
2,257,011
-33.3
0.025
8,120,507
-33.3
0.050 77,883-33.3
0.100
2,061
-33.3
0.140
21,000
-30.0
0.310
546,793
-27.9
0.220
2,401
-25.4
0.275
7,000
-20.3
0.020
183,301
-20.0
0.025
66,200
-19.4
0.005
1,248,070
-16.7
0.035
80,300
-12.5
0.085
59,240
-10.5
0.027
56,000
-10.0
0.040228,228-9.1
2.400
2,417
-7.7
BASE METALS
Zincore Metals
Karmin Exploration
Duran Ventures
Strategic Energy
Minco Plc
Victory Nickel
Tirex Resources
THEMAC Resources
MGT Resources
Avanco Rsrc Ltd
ZNC
KAR
DRV
SER
MIO
NI
TXX
MAC
MGS
AVB
CAD
CAD
CAD
AUD
GBP
CAD
CAD
CAD
AUD
AUD
0.130
0.160
0.020
0.025
0.039
0.025
0.205
0.130
0.060
0.069
180,627
281,584
333,701
737,773
4,837,705
1,852,033
451,759
6,000
385,000
25,175,493
-23.5
-20.0
-20.0
-19.4
-18.4
-16.7
-14.6
-13.3
-13.0
-12.7
0.005
0.002
0.100
0.180
0.080
0.020
0.045
0.120
0.640
0.030
93,000
381,442
1,991
3,650
25,000
286,000
221,633
50,000
114,500
987,648
-50.0
-33.3
-33.3
-20.0
-20.0
-20.0
-18.2
-17.2
-14.7
-14.3
BULK COMMODITIES
Ikwezi Mining
IKW
Augyva Mining Rsrc
AUV
Padbury Mining
PDY
Sentula Mining
SNU
Lemur Resources
LMR
Zenith Minerals
ZNC
Miranda Mineral
MMH
FeOre
FEO
Pluton Resources
PLV
Coalspur Mines
CPL
AUD
CAD
AUD
ZAR
AUD
AUD
ZAR
AUD
AUD
AUD
0.020
1,400,000
-33.3
0.095
28,500
-32.1
0.003
400,000
-25.0
0.320
916,299
-17.9
0.040
200,000
-16.7
0.145
11,010
-14.7
0.154
1,793,567
-14.7
0.030 136,578-14.3
0.067
79,231
-13.0
0.185
1,820,068
-11.9
BULK COMMODITIES
Ikwezi Mining
IKW
Sentula Mining
SNU
Guildford Coal
GUF
Miranda Mineral
MMH
MMX Mineração
MMXM3
African Potash
AFPO
L&L Energy Inc
LLEN
Australian Pacific
AQC
Lemur Resources
LMR
South Amer Iron
SAY
AUD
ZAR
AUD
ZAR
BRL
GBP
USD
AUD
AUD
AUD
0.020
0.320
0.094
0.154
0.880
0.024
1.380
0.010
0.040
0.032
1,400,000
2,984,320
7,985,393
5,537,959
64,492,000
373,871
9,258,287
14,059,532
200,000
32,151
-33.3
-27.3
-24.8
-19.2
-17.8
-17.4
-16.9
-16.7
-16.7
-15.8
LI3 Energy
LIEG
GeoMega Resources GMA
Northern Superior
SUP
Nemaska Lithium
NMX
Cradle Resources
CXX
Black Range Min.
BLR
Alligator Energy
AGE
IGE Resources
IGE
Stornoway Diamond SWY
Tertiary Mineral
TYM
USD
CAD
CAD
CAD
AUD
AUD
AUD
NOK
CAD
GBP
0.015
0.130
0.040
0.095
0.200
0.011
0.066
0.350
0.850
0.063
40,450
1,797
209,057
440,300
208,703
4,343,107
102,546
4,798,463
635,134
173,110
-25.0
-16.1
-11.1
-9.5
-9.1
-8.3
-8.3
-7.9
-7.6
-7.4
LI3 Energy
LIEG
Strateco Resources
RSC
Powertech Uranium
PWE
Nemaska Lithium
NMX
Metalex Ventures
MTX
GeoMega Resources GMA
Uranium Energy
UEC
Encounter Rsrc Ltd
ENR
Laramide Resources
LAM
Olivut Resources
OLV
USD
CAD
CAD
CAD
CAD
CAD
USD
AUD
CAD
CAD
0.015
0.090
0.070
0.095
0.100
0.130
1.850
0.220
0.350
0.175
1,173,556
646,708
529,588
1,833,343
45,985
1,797
5,735,343
75,129
1,225,656
83,400
-48.3
-18.2
-17.6
-17.4
-16.7
-16.1
-15.5
-15.4
-14.6
-14.6
Antam (Persero)
ANTM
BHP Billiton
BHP
IDR
AUD
1,590.000
37.350
8,624,500
7,421,747
-0.6
-0.4
Anglo American
AAL
Afr. Rainbow Min.
ARI
GBP
ZAR
15.060
197.050
17,667,384
1,833,792
-3.0
-0.5
Page 30
Thursday (Oct 24)
Company
Ticker
Curr
Total Volume as
Return
Volume % of Avg
VOLUME HIGHLIGHTS
Company
Ticker
Curr
Total Volume as
Return
Volume % of Avg
VOLUME HIGHLIGHTS
PRECIOUS METALS
Mwana Africa
Cordoba Minerals
Legend Gold Corp.
Spanish Mtn Gold
NuLegacy Gold
Asanko Gold Inc
Austral Gold
Barkerville Gold
Unigold Inc.
MAG Silver
MWA
CDB
LGN
SPA
NUG
AKG
AGD
BGM
UGD
MAG
GBP
CAD
CAD
CAD
CAD
CAD
AUD
CAD
CAD
CAD
BASE METALS
Mindoro Resources
Altona Mining
Venturex Rsrc Ltd
Katanga Mining Ltd
Straits
Equus Mining
Royal Nickel
TriAusMin
Capstone Mining
Compagnie Miniere
MIO
AOH
VXR
KAT
SRQ
EQE
RNX
TRO
CS
CMT
CAD
0.00
8,488,478
5,121.9
AUD
-3.33 15,087,770
2,453.4
AUD
14.29 10,532,500
2,129.1
CAD
1.72
3,225,479
1,831.1
AUD
0.0019,335,350 1,652.4
AUD
11.11
1,952,193
599.3
CAD
-1.67
484,450
594.8
AUD -9.09228,228 513.9
CAD
-1.74
6,040,335
428.1
MAD
2.40
4,311
418.1
1.58
16.00
1.89
0.00
5.26
4.84
0.00
1.15
23.08
5.99
38,775,943
295,000
102,344
2,573,580
926,132
1,881,385
48,000
309,926
4,916,030
973,450
2,132.8
1,543.1
1,283.5
1,280.6
1,263.0
919.2
846.7
836.8
823.6
784.7
PRECIOUS METALS
Samco Gold
Barkerville Gold
Goldrich Mining
Aureus Mining
Sovereign Mines
Galane Gold
Alexandria Min.
Cordoba Minerals
Globex Mining
Crocodile Gold
SGA
BGM
GRMC
AUE
SMA
GG
AZX
CDB
GMX
CRK
CAD
CAD
USD
CAD
GBP
CAD
CAD
CAD
CAD
CAD
BASE METALS
Straits
Mindoro Resources
Sthrn Hemisphere
Discovery Metals
Altona Mining
Talvivaara
Venturex Rsrc Ltd
TriAusMin
Solid Rsrc Ltd
Selwyn Resources
SRQ
MIO
SH
DML
AOH
TALV
VXR
TRO
SRW
SWN
AUD
0.00102,906,085
1,758.9
CAD
25.00 10,280,778
1,240.7
CAD
83.33
3,321,000
1,088.8
AUD
10.67 160,114,055
630.2
AUD
-3.33 19,161,705
623.2
GBP 31.6734,406,264
434.6
AUD
0.00 10,745,000
434.4
AUD-11.11 895,728 403.4
CAD
-2.78
2,431,654
400.0
CAD
0.00
8,115,177
380.9
33.33
76.00
8.70
22.45
-33.33
6.67
66.67
5.45
-15.56
52.63
2,105,300
4,270,843
1,885,500
1,716,815
8,120,507
1,976,750
6,532,001
691,450
542,967
11,249,537
3,740.8
2,306.2
942.1
935.4
851.0
812.5
740.5
723.4
697.6
663.4
BULK COMMODITIES
Regent Pacfc Grp
575
HKD
18.87 148,120,000
1,651.9
Celamin Holdings
CNL
AUD
0.00
750,000
1,258.2
Ikwezi Mining
IKW
AUD
-33.33
1,400,000
956.7
Tasmania Mines
TMM
AUD
5.00
5,109
789.6
RMA Energy
RMT
AUD
33.33
1,705,100
759.3
Palladon Ventures
PLL
CAD
-0.85
122,000
650.2
Legacy Iron Ore
LCY
AUD
17.65
954,258
549.0
Tawana Resources
TAW
AUD
7.69
5,534,344
535.0
HighfieldRsrcLtdHFR AUD 0.00296,500 522.6
Magna Resources
MNACAD 0.00212,896 481.5
BULK COMMODITIES
Tawana Resources
TAW
North Asia Rsrc
61
Atlantic Coal
ATC
Bushveld Minerals
BMN
Altura Mining
AJM
Celamin Holdings
CNL
Regent Pacfc Grp
575
Coalban
CBQ
Sundance Resources SDL
Rum Jungle Rsrc
RUM
AUD
HKD
GBP
GBP
AUD
AUD
HKD
AUD
AUD
AUD
47.37 65,171,508
1,260.1
4.35 102,027,210
794.2
26.83 566,036,515
667.8
0.00 53,383,247
628.5
4.55
3,787,790
492.7
0.00
1,457,987
489.2
35.48 214,222,929
477.8
14.294,993,357 409.7
25.00 355,633,750
401.2
11.54
3,738,637
349.9
Archon Minerals
ACS
Botswana Diamonds BOD
Diamcor Mining
DMI
Paragon Diamonds PRG
Rare Element Rsrc
RES
IGE Resources
IGE
Ur-Energy
URE
Manhattan Corp.
MHC
Greenland Minerals GGG
Galileo Resources
GLR
Areva SA
AREVA
Firestone Diamond FDI
Galaxy Resources
GXY
Archon Minerals
ACS
CNNC International 2302
Laramide Resources LAM
Tri-Star Resources
TSTR
GBP
EUR
GBP
AUD
CAD
HKD
CAD
GBP
CAD
GBP
-14.29
21.45
6.67
0.00
6.67
-4.74
8.97
-1.19
-14.63
14.71
Vale
VALE3
Teck Resources
TCK.B
Antam (Persero)
ANTM
Anglo American
AAL
BHP Billiton
BHP
Glencore Xstrata
GLEN
Afr. Rainbow Min.
ARI
Rio Tinto
RIO
ENRC
ENRC
BRL
CAD
IDR
GBP
AUD
GBP
ZAR
GBP
GBP
CAD
6.67
25,000
1,838.2
GBP
0.00
1,086,988
615.6
CAD
3.36
65,326
555.9
GBP
-4.22
3,630,140
519.1
CAD
-7.61
635,134
412.9
CAD
2.80
126,800
405.7
NOK
-7.89
4,798,463
356.7
CAD10.19348,258 327.4
AUD
0.00
45,000
313.9
AUD
14.29
1,993,462
307.5
Teck Resources
TCK.B
CAD
Afr. Rainbow Min.
ARI
ZAR
Glencore Xstrata
GLEN
GBP
BHP Billiton
BHP
AUD
Vale
VALE3 BRL
Anglo American
AAL
GBP
Antam (Persero)
ANTM
IDR
Rio Tinto
RIO
GBP
ENRC
ENRCGBP
3.84
3,041,896
146.4
1.99
458,853
101.9
0.00 18,185,360
92.8
-0.40
7,421,747
91.4
0.003,496,800
76.4
0.74
2,704,637
76.1
-0.62
8,624,500
57.3
0.47
2,250,533
54.0
0.23 287,273
7.4
628,582
1,678,824
17,877,133
27,646,621
25,000
5,781,000
2,698,483
12,237,345
1,225,656
55,659,722
0.3827,294,300
8.64 11,773,839
6.00 78,425,500
-3.03 17,667,384
4.33 39,317,729
2.93 89,647,796
-0.48
1,833,792
1.36 14,631,031
0.142,233,874
741.2
464.0
442.8
378.7
367.7
355.9
350.9
350.0
316.7
304.2
119.3
113.4
104.2
99.4
96.9
91.5
81.4
70.3
11.4
Page 31
Stock Highlights
Wednesday (Oct 23)
Total
Company
Ticker Curr
Close VolumeReturn
Total
Company
Ticker Curr
Close VolumeReturn
PRECIOUS METALS
Gold Mtn Mining
Bauba Platinum
Apogee Silver
Double Crown Rsrc
Crater Gold Mining
West Wits Mining
Excalibur Mining
Helio Resource
Cobar Consolidated
Canstar Resources
GUM
BAU
APE
DDCC
CGN
WWI
EXM
HRC
CCU
ROX
CAD
ZAR
CAD
USD
AUD
AUD
AUD
CAD
AUD
CAD
BASE METALS
Straits
Avanti Mining
Sthrn Hemisphere
Panoramic Rsrc Ltd
Consolidated Tin
Highland Resources
Sirius Resources
Aeon Metals
Hindustan Copper
Northern Sun
SRQ
AVT
SH
PAN
CSD
HI
SIR
AQR
513599
LBE
AUD
CAD
CAD
AUD
AUD
CAD
AUD
AUD
INR
CAD
0.130
0.750
0.025
0.020
0.115
0.029
0.018
0.060
0.155
0.100
1,000
22,875
188,500
752,960
481
399,625
10,500
452,000
1,447,198
13,100
0.01056,085,830
0.050
47,000
0.055
48,500
0.330
2,647,399
0.074
1,698,243
0.170
32,500
2.540
2,340,360
0.180
41,000
73.600
2,444,423
0.730
2,098
44.4
38.9
25.0
22.0
21.1
20.8
20.0
20.0
19.2
17.6
PRECIOUS METALS
El Capt. Precious
LionGold
Barkerville Gold
Carpathian Gold
Mungana Goldmines
Belo Sun Mining
Calibre Mining
High Desert Gold
Aureus Mining
African Gold Grp
ECPN
A78
BGM
CPN
MUX
BSX
CXB
HDG
AUE
AGG
USD
SGD
CAD
CAD
AUD
CAD
CAD
CAD
CAD
CAD
0.180
2,865,452
116.9
0.290359,648,000 94.6
0.870
4,271,021
75.8
0.085 10,615,688
54.5
0.045
33,433
50.0
0.500
2,027,205
47.1
0.080
772,766
45.5
0.065
2,234,772
44.4
0.670
2,234,315
42.6
0.085
161,234
41.7
66.7
25.0
22.2
17.9
13.8
13.3
12.9
12.5
10.9
10.6
BASE METALS
Sthrn Hemisphere
Indico Resources
Discovery Metals
Talvivaara
Salazar Resources
Castle Rsrc Inc
Equinox Copper
Alphamin Resource
Alexander Mining
Tintina Rsrc Inc
SH
IDI
DML
TALV
SRL
CRI
ARY
AFM
AXM
TAU
CAD
CAD
AUD
GBP
CAD
CAD
CAD
CAD
GBP
CAD
0.055
3,521,000
0.115
944,794
0.083 173,148,610
0.06442,190,973
0.175
64,170
0.055
723,045
0.295
16,626
0.150
244,500
0.068
5,524,225
0.165
10,500
83.3
76.9
48.2
46.7
40.0
37.5
31.1
30.4
28.6
26.9
BULK COMMODITIES
KazaX Minerals
KZX
Augyva Mining Rsrc
AUV
Padbury Mining
PDY
Walkabout Rsrc Ltd
WKT
SouthAmerFerro SFZ
Reward Minerals
RWD
Legacy Iron Ore
LCY
Regent Pacfc Grp
575
Pacific Coal
PAK
Coalspur Mines
CPL
CAD
CAD
AUD
AUD
AUD
AUD
AUD
HKD
CAD
AUD
0.185
2,000
0.140
35,000
0.004
125,000
0.013
530,000
0.0802,140,000
0.250
12,889
0.034
1,458,193
0.106 57,882,000
0.500
18,838
0.210
1,472,175
42.3
40.0
33.3
30.0
14.3
13.6
13.3
12.8
11.1
10.5
BULK COMMODITIES
Pacific Coal
PAK
CAD
Atlantic Coal
ATC
GBP
Tawana Resources
TAW
AUD
Aspire Mining
AKM
AUD
KazaX Minerals
KZX
CAD
Augyva Mining Rsrc
AUV
CAD
Reward Minerals
RWD
AUD
Cazaly Resources
CAZ
AUD
GNCCL
GNM AUD
Magnetic Resources
MAU
AUD
Woulfe Mining
WOF
Lucapa Diamond
LOM
Northern Superior
SUP
CVM Minerals
705
Black Range Min.
BLR
Rockgate Capital
RGT
Cradle Resources
CXX
Canada Carbon
CCB
Graphite One Rsrc
GPH
Glen Eagle Rsrc
GER
CAD
AUD
CAD
HKD
AUD
CAD
AUD
CAD
CAD
CAD
0.180
0.007
0.045
0.233
0.012
0.210
0.220
0.225
0.165
0.180
374,250
4,804,164
35,345
14,784,000
283,330
480,500
192,545
180,930
637,800
1,000
33.3
16.7
12.5
9.4
9.1
7.7
7.3
7.1
6.5
5.9
Forte Energy
FTEAUD0.007
634,816
40.0
Woulfe Mining
WOF
CAD
0.180
768,774
38.5
TX Rare Earth Rsrc
TRER
USD
0.480
282,448
33.0
Canada Carbon
CCB
CAD
0.225
3,336,017
25.0
CAD
0.920
2,210,549
22.7
Peregrine Diamonds PGD
CAD
0.465
967,592
22.4
Pacfc Wildcat Rsrc
PAW
CAD
0.030
933,582
20.0
IGE Resources
IGE
NOK
0.380
9,504,421
18.8
PanGlblRsrcInc
PGZ CAD 0.245 20,20016.7
Lucapa Diamond
LOM
AUD
0.007 41,351,181
16.7
Antam (Persero)
ANTM
BHP Billiton
BHP
IDR
AUD
1,600.000
37.500
22,497,000
9,359,359
1.9
1.2
Antam (Persero)
ANTM
Teck Resources
TCK.B
BHP Billiton
BHP
Glencore Xstrata
GLEN
Vale
VALE3
Rio Tinto
RIO
0.500
1,259,271
150.0
0.003 550,764,352
51.4
0.026 66,972,137
44.4
0.079
3,964,288
43.6
0.185
2,000
42.3
0.140
35,000
40.0
0.250
245,569
35.1
0.140
546,395
33.3
0.092 750,00631.4
0.130
50,777
30.0
IDR
1,600.000 77,470,500
CAD
29.410 10,036,150
AUD
37.500 37,868,621
GBP
3.402 85,550,573
BRL
35.05037,472,200
GBP
32.200 14,672,187
7.4
5.4
4.8
2.7
1.6
0.2
Page 32
Wednesday (Oct 23)
Total
Company
Ticker Curr
Close VolumeReturn
Total
Company
Ticker Curr
Close VolumeReturn
PRECIOUS METALS
Genesis Resources
Mintails
Centerra Gold
Glory Resources
Waymar Resources
Amer Bonanza Gold
Helix Resources
Bowmore
Rusoro Mining
Thor Explorations
GES
MLI
CG
GLY
WYM
BZA
HLX
BOW
RML
THX
AUD
AUD
CAD
AUD
CAD
CAD
AUD
CAD
CAD
CAD
0.056
0.050
4.100
0.100
0.095
0.020
0.035
0.145
0.025
0.075
15,000
-34.9
922-33.3
985,993
-23.2
33,000
-23.1
154,000
-20.8
400,000
-20.0
61,000
-18.6
38,500-17.1
3,400
-16.7
13,000
-16.7
PRECIOUS METALS
Soltera Mining
Genesis Resources
Mintails
Echo Resources
Bellhaven Copper
Pretium Resources
Eastern Resources
Birimian Gold
Sovereign Mines
W Kirkland Mining
SLTA
GES
MLI
EAR
BHV
PVG
ESRI
BGS
SMA
WKM
USD
AUD
AUD
AUD
CAD
CAD
USD
AUD
GBP
CAD
0.110
59,551
-35.2
0.056
15,000
-34.9
0.050
922-33.3
0.065
487,565
-33.0
0.055
1,022,766
-31.3
3.310
8,582,335
-30.6
0.140
21,000
-30.0
0.015 51,925,969
-28.6
0.028
8,050,070
-26.7
0.100
69,400
-25.9
BASE METALS
BitterrootRsrcLtd
Red Tiger Mining
Mustang Minerals
Avalon Minerals
Zincore Metals
Venturex Rsrc Ltd
AQM Copper
Discovery Metals
Adelaide Resources
Indico Resources
BTT
RMN
MUM
AVI
ZNC
VXR
AQM
DML
ADN
IDI
CAD
CAD
CAD
AUD
CAD
AUD
CAD
AUD
AUD
CAD
0.0354,567,800 -56.3
0.150
700
-21.1
0.020
41,700
-20.0
0.008
50,000
-20.0
0.130
49,666
-13.3
0.007
212,500
-12.5
0.110
13,600
-12.0
0.083 24,983,130
-11.7
0.061
119,000
-11.6
0.115
201,294
-11.5
BASE METALS
BitterrootRsrcLtd
Avalon Minerals
Zincore Metals
Red Tiger Mining
Karmin Exploration
Frst Nickel Inc
MacDonald Mines
Mustang Minerals
Argonaut Resources
N AmerNickelInc
BTT
AVI
ZNC
RMN
KAR
FNI
BMK
MUM
ARE
NAN
CAD
AUD
CAD
CAD
CAD
CAD
CAD
CAD
AUD
CAD
0.0355,098,450 -61.1
0.008
83,500
-33.3
0.130
158,890
-27.8
0.150
13,893
-25.0
0.160
281,584
-20.0
0.020
1,851,984
-20.0
0.020
262,450
-20.0
0.020
214,700
-20.0
0.022
581,906
-18.5
0.320
967,677
-16.9
BULK COMMODITIES
Cullen Resources
CUL
Cockatoo Coal Ltd.
COK
Passport Potash
PPI
Forbes & Manhattan
FMC
South Amer Iron
SAY
Guildford Coal
GUF
Celsius Coal
CLA
Verde Potash
NPK
Oracle Coalfields
ORCP
CanAm Coal Corp
COE
AUD
AUD
CAD
CAD
AUD
AUD
AUD
CAD
GBP
CAD
0.009
0.049
0.075
0.200
0.032
0.098
0.018
0.345
0.017
0.050
BULK COMMODITIES
AgriMInco
ANO
Advanced Explo Inc
AXI
Guildford Coal
GUF
MetroCoal
MTE
African Potash
AFPO
Cockatoo Coal Ltd.
COK
Kumba Iron Ore
KIO
South Amer Iron
SAY
Celamin Holdings
CNL
L&L Energy Inc
LLEN
CAD 0.020 128,987-33.3
CAD
0.035
99,566
-22.2
AUD
0.098
6,977,266
-21.6
AUD 0.0282,162,532 -17.6
GBP
0.024
428,871
-17.4
AUD
0.049 14,431,050
-16.9
ZAR
403.970
6,955,930
-16.2
AUD
0.032
32,151
-15.8
AUD
0.038
907,987
-15.6
USD
1.410 10,156,112
-15.1
Powertech Uranium
PWE
Firestone Diamond
FDI
Strateco Resources
RSC
Nemaska Lithium
NMX
Mega Uranium
MGA
ZenyattaVentures ZEN
Hudson Resources
HUD
PeakRsrcLtd.
PEK
CAD
GBP
CAD
GBP
CAD
CAD
CAD
CAD
CAD
AUD
0.070
131,000
-12.5
0.039
1,729,590
-11.4
0.080
50,431
-11.1
0.026
341,930
-8.7
0.105
119,200
-8.7
0.060
113,600
-7.7
0.920
486,434
-7.1
2.420463,007-6.9
0.345
11,500
-6.8
0.098163,982-6.7
Nemaska Lithium
NMX
Strateco Resources
RSC
Bacanora Minerals
BCN
Energy Metals
EME
Gippsland Ltd.
GIP
Uranium Energy
UEC
Olivut Resources
OLV
Mega Uranium
MGA
Galileo Resources
GLR
CAD
CAD
CAD
AUD
AUD
USD
CAD
CAD
GBP
GBP
193,200
14,431,050
564,204
2,490
32,151
3,170,412
2,332,450
55,700
776,208
120,000
-18.2
-16.9
-16.7
-16.7
-15.8
-10.9
-10.0
-9.2
-9.2
-9.1
Anglo American
AAL
GBP
14.950
4,190,675
-3.9
Vale
VALE3 BRL 35.0503,717,800 -2.3
Rio Tinto
RIO
GBP
32.200
3,728,366
-1.3
Teck Resources
TCK.B
CAD
29.410
2,421,993
-1.0
Glencore Xstrata
GLEN
GBP
3.402 20,017,964
-0.4
Afr. Rainbow Min.
ARI
ZAR
193.200
274,855
-0.2
ENRC
ENRCGBP 2.205 364,042 -0.1
0.105
0.080
0.430
0.150
0.005
1.890
0.175
0.060
0.113
0.026
3,227,656
1,021,209
100,120
2,150
6,284,123
5,015,465
132,295
737,803
647,301
1,429,992
-27.6
-27.3
-21.8
-16.7
-16.7
-15.6
-14.6
-14.3
-14.3
-12.5
Anglo American
AAL
GBP
14.950 17,120,669
-4.1
Afr. Rainbow Min.
ARI
ZAR
193.200
1,808,280
-1.8
ENRC
ENRC GBP 2.2052,173,419 -1.4
Page 33
Wednesday (Oct 23)
Company
Ticker
Curr
Total Volume as
Return
Volume % of Avg
VOLUME HIGHLIGHTS
Company
Ticker
Curr
Total Volume as
Return
Volume % of Avg
VOLUME HIGHLIGHTS
PRECIOUS METALS
Barkerville Gold
Galane Gold
Nortec Minerals
Aureus Mining
Orion Gold
Dalradian Rsrc Inc
Magellan Minerals
Globex Mining
Serabi Gold
Nordic Mines
BGM
GG
NVT
AUE
ORN
DNA
MNM
GMX
SRB
NOMI
CAD
CAD
CAD
CAD
AUD
CAD
CAD
CAD
GBP
SEK
10.13
0.00
0.00
0.00
-1.02
5.33
-5.00
0.00
0.00
13.33
2,215.9
2,059.8
1,397.0
1,010.3
733.7
689.2
636.5
628.4
608.5
588.2
PRECIOUS METALS
Barkerville Gold
Galane Gold
Aureus Mining
Alexandria Min.
Goldrich Mining
Sovereign Mines
Intl Minerals Corp
Globex Mining
Spanish Mtn Gold
Declan Resources
BASE METALS
Straits
BitterrootRsrcLtd
Evrim Resources
Selwyn Resources
Alphamin Resource
Karmin Exploration
Hindustan Copper
Consolidated Tin
Mindoro Resources
Fox Resources
SRQ
BTT
EVM
SWN
AFM
KAR
513599
CSD
MIO
FXR
AUD
CAD
CAD
CAD
CAD
CAD
INR
AUD
CAD
AUD
66.6756,085,830
-56.254,567,800
2.00
200,000
0.00
7,358,100
3.45
220,000
-5.88
201,100
10.93
2,444,423
13.85
1,698,243
0.00
975,200
0.00
1,000,263
5,055.8
3,116.5
1,736.3
1,723.5
1,364.3
1,220.6
847.6
801.1
737.3
716.8
BASE METALS
Straits
SRQ
Sthrn Hemisphere
SH
BitterrootRsrcLtd BTT
Discovery Metals
DML
Talvivaara
TALV
Solid Rsrc Ltd
SRW
Selwyn Resources
SWN
EumerallaRsrcLtdEUM
Evrim Resources
EVM
Karmin Exploration KAR
AUD -9.0986,651,059 1,562.2
CAD
83.33
3,521,000
1,154.2
CAD -61.115,098,450 695.7
AUD
48.21 173,148,610
681.6
GBP 46.6742,190,973
540.9
CAD
5.71
2,353,544
388.3
CAD
0.00
8,107,677
379.8
AUD 0.00 272,645 353.5
CAD
2.00
200,000
347.3
CAD
-20.00
281,584
341.8
BULK COMMODITIES
Celamin Holdings
CNL
AUD
0.00
707,987
1,243.5
Atlantic Coal
ATC
GBP
-3.64 192,003,244
1,144.7
SouthAmerFerro SFZ AUD 14.292,140,000 935.1
Legacy Iron Ore
LCY
AUD
13.33
1,458,193
856.3
Coalban
CBQ AUD 0.002,040,000 839.2
Tawana Resources
TAW
AUD
-7.14
7,889,224
770.2
Regent Pacfc Grp
575
HKD
12.77 57,882,000
691.9
Hallador Energy
HNRG
USD
3.19
231,409
611.2
Afferro Mining AFFCAD-0.7181,615 603.5
Palladon Ventures
PLL
CAD
1.72
106,537
577.4
BULK COMMODITIES
Tawana Resources
TAW
North Asia Rsrc
61
Bushveld Minerals
BMN
Atlantic Coal
ATC
Altura Mining
AJM
Sundance Resources SDL
Tigers Realm Coal
TIG
Coalban
CBQ
Mesa Minerals
MAS
CN Hanking Hldgs
3788
AUD
HKD
GBP
GBP
AUD
AUD
AUD
AUD
AUD
HKD
44.44 66,972,137
1,307.6
3.47 100,522,210
790.2
-3.33 58,118,664
691.5
51.43 550,764,352
656.7
0.00
4,153,659
540.1
20.88 445,093,370
503.4
-5.41
1,804,445
398.7
14.294,823,100 396.8
0.00
3,333,333
393.2
10.34
1,582,000
325.2
Galileo Resources
GLR
CVM Minerals
705
Impact Minerals
IPT
KWG Rsrc Inc
KWG
Rockwell Diamonds RDI
IGE Resources
IGE
Uranium Resources URA
Energizer Rsrc Inc
ENZR
Anatolia Energy
AEK
Galileo Resources
GLR
Areva SA
AREVA
Nemaska Lithium
NMX
CNNC International 2302
Firestone Diamond FDI
Galaxy Resources
GXY
Tri-Star Resources
TSTR
Gippsland Ltd.
GIP
Laramide Resources LAM
GBP
EUR
CAD
HKD
GBP
AUD
GBP
AUD
CAD
GBP
-14.29
11.63
-27.59
8.28
3.33
3.51
14.71
-16.67
-8.54
0.19
Vale
VALE3
Antam (Persero)
ANTM
Teck Resources
TCK.B
Anglo American
AAL
BHP Billiton
BHP
Glencore Xstrata
GLEN
Afr. Rainbow Min.
ARI
Rio Tinto
RIO
ENRC
ENRC
BRL
IDR
CAD
GBP
AUD
GBP
ZAR
GBP
GBP
GBP
HKD
AUD
CAD
CAD
NOK
GBP
USD
AUD
CAD
Antam (Persero)
ANTM
IDR
Anglo American
AAL
GBP
Teck Resources
TCK.B
CAD
BHP Billiton
BHP
AUD
Glencore Xstrata
GLEN
GBP
Rio Tinto
RIO
GBP
Vale
VALE3 BRL
Afr. Rainbow Min.
ARI
ZAR
ENRC
ENRCGBP
-6.25
9.39
0.00
0.00
-5.71
5.56
0.00
-6.07
0.00
-7.07
793,370
1,003,750
232,500
372,515
830,114
1,025,740
640,100
95,600
1,650,000
19,668,321
517,305
14,784,000
823,700
2,127,750
113,735
5,428,888
1,840,205
340,985
200,020
486,434
1.91 22,497,000
-3.92
4,190,675
-1.04
2,421,993
1.21
9,359,359
-0.40 20,017,964
-1.27
3,728,366
-2.343,717,800
-0.21
274,855
-0.09 364,042
3,031.2
702.5
688.1
551.6
465.3
408.9
379.1
332.7
321.7
319.9
149.6
117.9
116.5
115.1
102.4
89.3
81.3
61.2
9.3
BGM
GG
AUE
AZX
GRMC
SMA
IMZ
GMX
SPA
LAN
CAD
CAD
CAD
CAD
USD
GBP
CAD
CAD
CAD
CAD
75.76
7.14
42.55
25.00
8.70
-26.67
-1.06
0.00
20.00
-4.55
4,271,021
5,577,550
2,234,315
8,381,521
1,830,700
8,050,070
1,498,004
475,267
5,751,670
4,156,000
647,301
1,660,507
3,227,656
7,213,000
17,681,564
28,325,053
60,387,104
6,284,123
1,265,756
10,558,718
1.5737,472,200
7.38 77,470,500
5.37 10,036,150
-4.14 17,120,669
4.81 37,868,621
2.72 85,550,573
-1.77
1,808,280
0.16 14,672,187
-1.432,173,419
2,385.8
2,289.2
1,211.9
950.1
918.2
849.6
629.8
624.8
601.9
591.4
758.6
462.7
446.8
442.4
431.6
388.1
330.2
328.8
326.2
308.2
163.8
103.0
96.5
96.4
93.2
87.5
80.5
70.3
11.1
Page 34

Global exploration budgets for nonferrous metals drop 29%, SNL

Transcription

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