Good afternoon
I think we will have to re-think our views of the A$...It´s pretty stable in the moment, trading between 75-and 76ct to the US$....but I think the hopes of Australian commodity producers for a weaker currency will not be met! Given the way these bulk commodities are going ( iron ore stable at a level, which surpises many / coking coal through the roof / oil ok, probably limiting any downside in LNG / thermal coal very strong // and on top, tourism numbers still strong ) , I see rather 5ct upside than downside...and for as longer as coal etc are holding up, as stronger the A$ will become...
Kingsgate - will finally come out of suspension on the 18th of Oct!! As you know, some Thai company....is bidding for 50% of the company, at a ridicilous price. Any valuation of Kingsgate depends on 1. can they ringfence the debt within their subsidiary, Akara Mining and 2. what do you value their Chilean silver project at??? On the 17th, the formal answer to the takeover bid will be published, which should give us a much clearer picture of the underlying value of Kingsgate.
I will be on my way to this wonderful country downunder in a few minutes - so you will hear very little from me for 2 weeks. In the meantime, stick to your positions...we are jst at the beginning of a great bull market!
WS
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