Good afternoon
as Bloomberg said today: No news on the trade front is good news for equities…bonds slightly weaker..no action in metals
German factory orders slightly weaker, against slightly positive numbers expected..
Vale is thinking about closing/selling Goro, their problematic nickel mine, which never lived up to expectations of 60.000t yearly nickel production, and which is 23.000t of nickel p.a. in the moment. I guess this has helped the nickel price today.
Panoramic - announced the expected capital raising today…1:6 at 30ct, to raise about 31.5 mill A$ after costs. The main shareholder Zeta ( 35% ) will take up it´s rights, and the issue is underwritten by broker Morgan´s. Zeta will not be allowed to underwrite, because of takeover rules. PAN´sboard strongly recommended not to accept the IGO-bid. Outcome of all details of the operational review still to come…The proceeds will be used to pay back Zeta´s short term loan ( 10.5 mill ), for bringing Savannah North into full production, and exploration ( espcially following up on recent, strong results ). The current bid bx IGO expires on the 27th of December. Usually, these bids get extended a few times…but in the case of the highly conditional bid, IGO can always step aside. So at this stage, there is no need at all to do something for shareholders - even if you accept, you might not IG shares, as the most important condition is, that IGO wants a minimum of 50.1%. So far, nobody has accepted!
Breaker - BRB have announced a big explorationpush, drilling with 3 rigs for the next few month, to extend the current resource. It´s crucial for the project to move a step ahead , and this is recognized by management. As you will remember, Breaker did a 8 mill$ placement to a US-fund a few weeks ago and is well cashed up.
Have a nice evening
WS