In a word, bizarre. If you looked only at the main clues you might have suspected that not much happened. The metals index rose 1.2 per cent, all ordinaries rose 1.3 percent, and gold rose 1.5 percent. But when you try to adapt these modest increases in the pictures painted by the removal of individual companies, it just will not go, especially when we exclude mining majors BHP Billiton and Rio Tinto. The big boys crept up one per cent or more. But stocks lower in the area of iron ore sharply up, gold and copper stocks were stronger, improved nickel, zinc and even delivered a few pleasant surprises.
Minew. A difference that could possibly reflect the growing interest in smaller stocks?
Oz. Precisely. The indices are a useful guide, but there is no doubt that they are dominated by large businesses and fail to pick up moves as the week 187 per cent increase between Aurox (AXO), a small player ore iron has received a takeover offer from Atlas Iron (AGO) during the week. They do not reflect the 50 percent rise by the producer of zinc, CBH (CBH), which is back in the collimator takeover of Belgian-based refiner of zinc, Nyrstar.
Minew. That the submission of iron ore is interesting because it seems to have little to do with the ore in the ground and more to do with port capacity.
Oz. Exactly what will the Atlas, with greater emphasis that I was the rabbit for some time. There is no shortage of iron ore in Australia, but there is a shortage of railways and ports. Therefore Magnetic Materials (MAU) and Giralia (GIR) explore along the rail corridors rather than wander too far into the bush, and why a stock Atlas becomes more interesting when it is Aurox and its allocation of the Port Hedland area extends to 33 million tonnes per year, which is more than the company currently plans to produce.
Minew. We could examine more closely the issue of port of another time. Let’s push, but true to the theme of iron ore for the moment.
Oz. Quite right. There was a second factor of iron ore, the last week. The large Brazilian miner Vale, tossed in another bucket of kerosene on the price of iron ore when he said to steel mills in Asia that it expected a 90 per cent increase in contract prices Long term this year. This means that Christmas could come early for everyone in iron ore, including investors.
Minew. Price now please.
Oz. Aurox has been the spotlight with his stellar rise A50.5 one hundred to one closing price of A77.5 cents, slightly below its peak on Friday of A81 cents. Shares in Atlas has also responded positively to the agreement, adding A35 cents to close at $ 2.47 as a fraction off the edge A $ 2.55 Friday. Join the rush up Giralia (GIR) rose A20 cents to close at $ 2.07, a shade below 12 month high of $ 2.10 reached in early trade Friday. Meanwhile Sphere (SPH), which has not been heard since the fall of 2008, won courtesy of its proposed iron ore in Mauritania, adding A40 cents to A $ 1.67, and establishing Also a record 12 months to 1.75 dollars on Friday.
Other movements of iron ore included Gindalbie (GBG), up A10 cents to A $ 1.15, Grange (GRR), up A5 cents to A49 cents, Brockman (BRM), up A23 cents to A $ 3.76, BC Iron (BCI), up A17 cents to A17 A $ 1.39, Iron Ore Holdings (IOH), up 2.57 cents to A $ FerrAus (FRS), an increase cents A10 to A $ 1.07, and Fortescue Metals (FMG), up A16 cents to A $ 4.94. Stocks of iron ore in the fall were only territory (TTY), down a hundred A1 to A17 cents, and magnetic (MAU), down A3.5 cents A42.5 cents.
Minew. Strong moves indeed. Now, for gold, please.
Oz. Not quite as good as iron ore, but not bad either, in a week when the Australian dollar has crept higher and gold prices weakened. Among the most successful has been Azumah (AZM), you reported mid-week. She added A2.5 cents to A23 cents. Allied (ALD) have regained some of its lost ground recently after posting an increase of resources at its beautiful Simberi Island project, A4 cents from A31.5 cents. Castle Minerals (CDT) A6 cents added A34 cents, after a positive report on its exploration assets in Ghana. And St Barbara (SBM) Blasted back the past to announce a new development of gold mines and cleaning its balance sheet in disorder, moves that helped the stock set A2.5 cents A27.5 cents.
Other risers or Silver Lake (SLR), up A4 cents to A $ 1.16, Resolute (RSG), up A4 cents to A $ 1.04, OceanaGold (OGC), up A21 cents to A 2 , $ 77, and catalpa (HAC), up A2 cents to A $ 1.49. Stock retreat included Excalibur (EXM), down half a cent to A1.2 cents, Chalice (CHN), down A2.5 cents to A37.5 cents, Kingsgate (KCN), down to A7 cents At $ 9.08, Troy (TRY), down A9 cents to A $ 2.11. One of the most notable fallers was Norseman Gold (NGX), down A19 cents few strong A69 cents, after experiencing problems similar to those tenacious minors earlier in the ore mines nuggetty Norseman south of Kalgoorlie.
Minew. Base metals now.
Oz. Mixed, but mostly up. Base metals lately seem to have lagged behind their “bulk” cousins coal and iron ore, which are enjoying higher demand in China. The best performer was HBC with its one hundred mounted A6 to A18 cents, an increase that came after the company confirmed that Nyrstar came back with a proposal to buy second. Ironbark (IPC), which has an interesting project of zinc in northern Greenland, closed the week unchanged at A44 cents, but it was only because he has requested a suspension of trading ahead of an announcement that could affect control of the company. The other zinc stocks have been less exciting. Perilya (PEM) A1 added A60 cents a hundred. Terramin (TZN) has slipped half a cent lower to A73 cents. However, MT Burgess (ATV) has gained new support and managed an increase of one cent A0.4 to A1.5 cents.
Copper stocks were led by CuDeco (CDU), thank you preferred a speculator statements sometimes ultra-optimistic by its CEO, Wayne McRae. Last week, the stock has hit the headlines after reports of an agreement with a Chinese investor. That caused shares in CuDeco running by A56 cents to A $ 4.74. Equinox (EQN) has attracted more support debt after raising their costs and profits of said girl, news that lifted the stock by A16 cents to A $ 3.96. Other copper stocks to rise included OZ Minerals (OZL), up A6 cents to A $ 1.18 Sandfire (SFR), up A11 cents to A $ 3.72, and Hillgrove (HGO), an increase cents A1. 5 cents A38.5. Also moving AussieQ Resources (RDI) has reported rich in copper and molybdenum events from his project south whitewash of news that drove the stock up by A16.5 cents to A70.5 cents. Stocks losing ground included Talisman (TLM) down A6 cents to A94 cents, Rex (RXM), down A9 cents to A $ 1.59, Syndicated (SMD) at the bottom of A1 hundred A15 cents, and Saber (SBR) down A1.5 cents to A46 cents.
Nickel stocks were slightly higher. Mincore (MCR) set A10 cents to A77 cents. Poseidon (POS) A2 cents added A31 cents, and increased Minara A2 cents cents A81. Pick of the pack was a stranger called on South Boulder (STB). South Boulder is a joint venture with the independence Nickel Project Exploration Duketon, where tests have been encouraging reports, including 4.55 meters at 4.05% nickel. South Boulder jumped A6 cents higher at A32 cents. Independence was stable at $ 4.19.
Minew. The twin energy coal and uranium, with specialties in the end.
Oz. Uranium stocks were mixed. Manhattan (MHC) dominated the elections, setting up A14 cents to A $ 1.30. Paladin (PDN) has also added A14 cents to close at $ 3.70. Extract (EXT) has slipped less than A22 cents to A $ 7.18, while Bannerman (BMN) hit a low of A46.5 cents 12 months, down A3 cents on the week. Best of coal stocks has been freshly listed Hunnu (HUN), which has assets in Mongolia. He grew A9 cents to A54 cents. Elsewhere, Gloucester (SCM) added A3 cents to A $ 9.78, while the Coal of Africa (CZA) has slipped less than A4 cents to A $ 2.36.
Inventories of lithium have been the best promotions, with Orocobre (BRO) continuing to strengthen support to the rear with its joint venture partner of Toyota in Argentina. He put on another A40 cents last week to close at $ 2.35. Galaxy (GXY) A5 added to A1.21 cents, and Reed Resources (RDR) has increased A1.5 cents cents A73.
source:minesite
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