Good afternoon
equity markets trade a little stronger today, as are base metals. The US$ is weaker, ttrading at 1.1107 US$/Eur in the moment.
German Industrial Produktion very weak. Later this afternoon, US payroll numbers coming out
Legend Mining - the company has been suspended for a week or so, waiting for what are rumoured to be stunning exploration results for nickel in the Fraser Range, where IGO´s Nova project is located. The rumors have been responsible for some strong moves of neighbouring companies. One of the stocks affected is my little Carawine, about which I briefly reported the other day. Legend´s suspension is expected to be lifted on Monday - there could be some excitement!
Venturex - Northern Star is lending them 2 mill A$ to get through the enviromental approval process, as unsecured loan - they are showing their continued support for this small copepr/zinc developer in Western Australia. The project is a bit stale - has been around for many years - but ahs also progressed over time. The departure of the MD a few weeks ago did not help! But I think it´s worth keeping a foot in the door here.
St Barbara - the long standing Bob Vassie is retiring from his MD + CEO role in February, to be succeded by Craig Jetson, who has held a very senior position at Newcrest recently. Bob Vassie has been responsible for one of the most remarkable turnarounds in Australian gold mining - from near bancrupcy and trading at 10ct 5 years ago, SBM hit a high of 5$ in 2018 - all based on the greatly enhanced operation at Gwalia, which is Australia´s deepest gold mine , I think. The history of this mine is remarkable as well - when I started working in 1985 , the then-owner Sons of Gwalia was the first “modern” gold mine in Australia, getting into production with a 5 year mine life…today, 34 years later, it has a mine life of probably 10years +….Lesson from this? Excellent gold mines are ( nearly ) never stopping, as we have seen in many instances - look at the Golden Mile, for example…Granny Smith…Jundee, Cadia, Lihir, Ernest Henry, Fosterville, .etc etc, just to mention a few Australian names.
Strike - some new research out from small broker State One…you can access it via the ASX.com.au page…I disagree with many aspects of the report - I think it´s way too conservative on the Western Australian assets, valuing them at only 27ct - and also way too bullish on the Cooper Basin assets, valuing them at an additional 17ct/share. Anyway - it´s another positive assessment on the company.
Have a nice weekend!
WS
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