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Gresham "Group 150" - July 2010
 

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    Gresham "Group 150" - July 2010 Gresham "Group 150" - July 2010 Document Transcript

    • JULY 2010 Group 150 July 2010 Darren Martin Gresham Advisory Partners dmartin@gresham.com.au +61 8 9486 7077 +61 412 144 719 ASX RESOURCES - GROUP 150 We are pleased to present the July edition of ‘Group 150’, a ranking of the top 150 ASX listed resources companies (excluding oil and gas), by market capitalisation. If a week is a long time in politics, a year is surely an eternity in the stockmarket. In this edition of the Group 150, we consider developments over what has been a tumultuous year in the history of the ASX, including the “winners and losers” for the past 12 months by both market value and share price performance. The market value of the Group 150 at the end of June was $467 billion, down 0.8% from May. The entry point into the Group 150 for June was $65.6 million versus $69.8 million for May. The ASX/S&P 200 Resources Index fell 1.2% in the month, while the ASX All Ordinaries and ASX/S&P 200 Index both decreased 2.9%. June was another quiet month for M&A, with only two transactions being announced. With so much happening domestically, it is easy to lose sight of some of the bigger picture issues which have the potential to significantly affect world trade and with it, the fortunes of our commodities focussed economy. Significant among these is the announcement during the month of June (just before the G20 Summit in Toronto, which can hardly be a coincidence), that China would return to a form of “managed float” of the Yuan, following a period of nearly two years pegged to the (usually weak) US dollar. Although the Bank of China steadfastly refused to alter the official reference rate, no doubt to muddy the waters slightly for the speculators, the markets clearly interpreted the announcement as a signal that the Yuan would appreciate, albeit slowly, over time. Other things being equal, this could bring benefits for the commodities outlook, by increasing the purchasing power of China’s consumers and industrial sector. The former, in particular, will need to do much of the heavy lifting in terms of global growth, with President Obama unofficially declaring the US consumer to be on a spending strike for the indefinite future, and Europe, after a decade bathing in the cheap money glow of the Euro, now in the grip of new-found austerity. While the return to a managed float of the Yuan is a necessary and positive signal, at least at present, it is competing with a lot of other noise – most of it negative – on the health of the global economy. After a period treading water, markets appear poised for significant movement, although trying the direction of that movement seems fraught with danger. The updated “RSPT-impact” chart from last edition supports a further marked and divergent move between the domestic and international focussed companies and hence continued cost of capital pressures for domestic focussed companies. The average market value of domestic focussed companies since the proposed RSPT was announced has declined 13.6% (vs 12.2% at end of May). International focused companies increased 1.1% (vs a decline of 0.9% at end of May). Globally diversified companies (including BHP Billiton down 7.6% and Rio Tinto down 7.5%) have declined on average 15.5% (vs a decline of 10.0% at end of May). Gresham Advisory Partners Limited Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory Edition 4 business and one of Australia’s largest and highest ranking independent corporate advisors. 1
    • Group 150 Top 150 ASX LiSTed reSource compAnieS - June By Market Capitalisation Mkt Cap (A$m) % Mkt Cap (A$m) % Jun May Company 30-Jun-10 31-May-10 Change Jun May Company 30-Jun-10 31-May-10 Change 1 1 BHP Billiton Ltd. (ASX:BHP) $209,534.4 $212,817.9 (1.5%) 51 51 Brockman Resources Limited (ASX:BRM) $421.6 $440.2 (4.2%) 2 2 Rio Tinto Ltd. (ASX:RIO) $130,766.4 $131,704.7 (0.7%) 52 54 Sandfire Resources (ASX:SFR) $418.6 $426.0 (1.7%) 3 3 Newcrest Mining Ltd. (ASX:NCM) $16,970.6 $15,529.8 9.3% 53 55 Resolute Mining Ltd. (ASX:RSG) $408.8 $410.8 (0.5%) 4 4 Fortescue Metals Group Ltd. (ASX:FMG) $12,801.0 $12,551.8 2.0% 54 53 Northern Iron Limited (ASX:NFE) $400.3 $426.6 (6.2%) 5 5 Lihir Gold Limited (ASX:LGL) $10,209.2 $9,427.5 8.3% 55 49 Citadel Resource Group Limited (ASX:CGG) $387.8 $490.2 (20.9%) 6 6 Coal & Allied Industries Ltd. (ASX:CNA) $8,052.4 $7,793.5 3.3% 56 56 Allied Gold Ltd. (ASX:ALD) $374.4 $404.8 (7.5%) 7 7 Alumina Ltd. (ASX:AWC) $3,721.3 $4,099.5 (9.2%) 57 62 Mincor Resources NL (ASX:MCR) $363.3 $331.3 9.7% 8 8 New Hope Corp. Ltd. (ASX:NHC) $3,658.6 $3,691.7 (0.9%) 58 59 NKWE Platinum Ltd. (ASX:NKP) $353.2 $365.6 (3.4%) 9 10 MacArthur Coal Ltd. (ASX:MCC) $3,082.5 $3,024.0 1.9% 59 61 Sundance Resources Ltd. (ASX:SDL) $352.3 $352.3 0.0% 10 12 Equinox Minerals Ltd. (ASX:EQN) $3,014.5 $2,929.2 2.9% 60 60 Regis Resources Limited (ASX:RRL) $348.3 $356.1 (2.2%) 11 9 OZ Minerals Limited (ASX:OZL) $2,996.2 $3,339.5 (10.3%) 61 63 Straits Resources Ltd. (ASX:SRL) $333.0 $327.9 1.6% 12 11 Aquarius Platinum Ltd. (ASX:AQP) $2,736.8 $3,014.6 (9.2%) 62 58 Giralia Resources NL (ASX:GIR) $329.9 $379.8 (13.1%) 13 14 Paladin Energy, Ltd. (ASX:PDN) $2,574.5 $2,832.7 (9.1%) 63 57 Kagara Ltd (ASX:KZL) $327.1 $387.8 (15.7%) 14 15 Energy Resources of Australia Ltd. (ASX:ERA) $2,536.8 $2,660.8 (4.7%) 64 70 Silver Lake Resources Limited (ASX:SLR) $313.8 $256.6 22.3% 15 13 Aquila Resources Ltd. (ASX:AQA) $2,533.1 $2,848.9 (11.1%) 65 73 Coalspur Mines Limited (ASX:CPL) $303.9 $237.1 28.2% 16 16 Whitehaven Coal Limited (ASX:WHC) $2,369.4 $2,418.4 (2.0%) 66 64 Dominion Mining Limited (ASX:DOM) $282.1 $282.1 0.0% 17 18 Riversdale Mining Ltd. (ASX:RIV) $2,111.3 $1,887.0 11.9% 67 65 Bougainville Copper Ltd. (ASX:BOC) $274.7 $276.7 (0.7%) 18 17 Iluka Resources Ltd. (ASX:ILU) $1,938.1 $1,996.5 (2.9%) 68 78 Catalpa Resources Limited (ASX:CAH) $263.1 $233.1 12.9% 19 21 Centennial Coal Co. Ltd. (ASX:CEY) $1,765.3 $1,607.2 9.8% 69 69 CBH Resources Ltd. (ASX:CBH) $257.7 $257.5 0.1% 20 20 Mount Gibson Iron Ltd. (ASX:MGX) $1,672.7 $1,637.3 2.2% 70 77 Ampella Mining Limited (ASX:AMX) $252.5 $234.9 7.5% 21 22 Andean Resources Ltd. (ASX:AND) $1,587.5 $1,521.6 4.3% 71 85 Kingsrose Mining Limited (ASX:KRM) $249.9 $195.6 27.8% 22 19 Extract Resources Ltd. (ASX:EXT) $1,580.3 $1,712.2 (7.7%) 72 67 Cockatoo Coal Limited (ASX:COK) $235.0 $271.0 (13.3%) 23 23 PanAust Limited (ASX:PNA) $1,462.2 $1,417.9 3.1% 73 83 Gold One International Limited (ASX:GDO) $229.7 $221.6 3.7% 24 24 Zimplats Holdings Ltd. (ASX:ZIM) $1,130.2 $1,076.4 5.0% 74 86 Integra Mining Ltd. (ASX:IGR) $226.8 $181.4 25.0% 25 26 Gloucester Coal Ltd. (ASX:GCL) $1,018.0 $983.5 3.5% 75 76 Intrepid Mines Limited (ASX:IAU) $216.9 $235.8 (8.0%) 26 27 Atlas Iron Limited (ASX:AGO) $999.4 $975.4 2.5% 76 75 Platinum Australia Limited (ASX:PLA) $216.6 $235.9 (8.2%) 27 39 Perseus Mining Ltd. (ASX:PRU) $960.1 $749.3 28.1% 77 82 Troy Resources NL (ASX:TRY) $214.4 $223.1 (3.9%) 28 34 Kingsgate Consolidated Limited (ASX:KCN) $927.8 $820.0 13.1% 78 66 Sphere Minerals Limited (ASX:SPH) $207.3 $274.2 (24.4%) 29 32 Lynas Corp. Ltd. (ASX:LYC) $902.0 $836.0 7.9% 79 80 Discovery Metals Ltd. (ASX:DML) $204.7 $230.5 (11.2%) 30 25 Ivanhoe Australia Limited (ASX:IVA) $901.9 $1,052.7 (14.3%) 80 74 Aditya Birla Minerals Limited (ASX:ABY) $203.7 $236.6 (13.9%) 31 31 Murchison Metals Limited (ASX:MMX) $875.1 $851.2 2.8% 81 71 Cape Lambert Resources Limited (ASX:CFE) $203.4 $253.4 (19.7%) 32 43 Avoca Resources Ltd. (ASX:AVO) $794.8 $597.4 33.0% 82 79 Perilya Ltd. (ASX:PEM) $199.3 $230.8 (13.6%) 33 35 OceanaGold Corporation (ASX:OGC) $793.9 $798.0 (0.5%) 83 87 Adamus Resources Ltd. (ASX:ADU) $198.9 $177.5 12.1% 34 33 Minara Resources Ltd. (ASX:MRE) $770.7 $835.0 (7.7%) 84 72 Moly Mines Ltd. (ASX:MOL) $192.9 $242.0 (20.3%) 35 37 Mirabela Nickel Ltd. (ASX:MBN) $749.0 $782.1 (4.2%) 85 68 Iron Ore Holdings Limited (ASX:IOH) $192.4 $262.4 (26.7%) 36 29 CGA Mining Limited (ASX:CGX) $738.8 $861.1 (14.2%) 86 81 Sylvania Resources Ltd. (ASX:SLV) $187.2 $226.1 (17.2%) 37 36 White Energy Company Limited (ASX:WEC) $738.7 $789.9 (6.5%) 87 84 Galaxy Resources (ASX:GXY) $178.2 $202.0 (11.8%) 38 38 Gindalbie Metals Ltd. (ASX:GBG) $732.6 $757.3 (3.3%) 88 96 Gryphon Minerals Ltd. (ASX:GRY) $176.2 $155.6 13.2% 39 28 Medusa Mining Limited (ASX:MML) $731.4 $862.1 (15.2%) 89 89 Jabiru Metals Limited (ASX:JML) $168.4 $176.8 (4.8%) 40 30 OM Holdings Limited (ASX:OMH) $730.3 $854.9 (14.6%) 90 92 Saracen Mineral Holdings Ltd. (ASX:SAR) $161.6 $169.6 (4.7%) 41 44 ST Barbara Ltd. (ASX:SBM) $683.4 $595.4 14.8% 91 100 FerrAus Ltd. (ASX:FRS) $158.1 $143.9 9.9% 42 40 Western Areas NL (ASX:WSA) $679.4 $721.8 (5.9%) 92 94 Flinders Mines Limited. (ASX:FMS) $156.5 $161.9 (3.3%) 43 47 CuDeco Ltd. (ASX:CDU) $640.4 $532.3 20.3% 93 90 Orocobre Limited (ASX:ORE) $154.8 $175.4 (11.7%) 44 45 Gujarat NRE Coking Coal Limited (ASX:GNM) $578.3 $578.3 0.0% 94 93 Berkeley Resources Ltd. (ASX:BKY) $153.8 $162.0 (5.1%) 45 41 Grange Resources Limited (ASX:GRR) $575.9 $604.7 (4.8%) 95 105 BC Iron Limited (ASX:BCI) $147.7 $137.6 7.3% 46 46 Mineral Deposits Ltd. (ASX:MDL) $541.5 $559.3 (3.2%) 96 91 Deep Yellow Ltd. (ASX:DYL) $146.4 $174.5 (16.1%) 47 48 Independence Gold NL (ASX:IGO) $537.2 $508.3 5.7% 97 108 Focus Minerals Limited (ASX:FML) $146.0 $131.7 10.9% 48 42 Mantra Resources Limited (ASX:MRU) $524.6 $602.1 (12.9%) 98 99 Tanami Gold NL (ASX:TAM) $145.1 $148.6 (2.4%) 49 50 Summit Resources Ltd. (ASX:SMM) $450.9 $461.7 (2.3%) 99 101 Hunnu Coal Limited (ASX:HUN) $145.0 $142.8 1.5% 50 52 Panoramic Resources Ltd. (ASX:PAN) $447.5 $435.2 2.8% 100 97 Rex Minerals Limited. (ASX:RXM) $143.0 $153.9 (7.1%) Includes ASX Resource companies excluding oil and gas 2
    • JULY 2010 Mkt Cap (A$m) % Mkt Cap (A$m) % Jun May Company 30-Jun-10 31-May-10 Change Jun May Company 30-Jun-10 31-May-10 Change 101 0 Mungana Goldmines Ltd (ASX:MUX) $141.3 - - 126 119 Australasian Resources Ltd (ASX:ARH) $92.8 $106.1 (12.5%) 102 95 Highlands Pacific Limited (ASX:HIG) $140.3 $157.0 (10.6%) 127 121 Terramin Australia Ltd. (ASX:TZN) $92.2 $102.9 (10.4%) 103 106 Aurox Resources Ltd. (ASX:AXO) $136.3 $135.3 0.7% 128 128 Greenland Minerals and Energy Ltd (ASX:GGG) $88.3 $95.2 (7.2%) 104 98 Northern Energy Corporation Ltd (ASX:NEC) $133.6 $149.6 (10.7%) 129 133 Azumah Resources Ltd (ASX:AZM) $87.9 $82.1 7.1% 105 103 Centrex Metals Limited (ASX:CXM) $131.8 $139.5 (5.5%) 130 116 Kangaroo Resources Limited (ASX:KRL) $85.5 $116.5 (26.6%) 106 88 Metals X Limited (ASX:MLX) $131.1 $177.5 (26.1%) 131 150 Noble Mineral Resources Ltd. (ASX:NMG) $83.7 $68.4 22.4% 107 107 Ramelius Resources Ltd. (ASX:RMS) $129.5 $132.6 (2.3%) 132 126 Robust Resources Limited (ASX:ROL) $82.6 $98.0 (15.7%) 108 102 Hillgrove Resources Ltd. (ASX:HGO) $125.2 $141.9 (11.8%) 133 120 Magma Metals Ltd. (ASX:MMW) $82.2 $104.6 (21.4%) 109 113 Metminco Limited. (ASX:MNC) $124.1 $124.1 0.0% 134 122 Citigold Corporation Limited (ASX:CTO) $81.8 $99.9 (18.1%) 110 118 Red Hill Iron Ltd (ASX:RHI) $123.0 $114.2 7.7% 135 123 Jupiter Mines Ltd. (ASX:JMS) $79.5 $99.8 (20.3%) 111 109 Arafura Resources Limited (ASX:ARU) $122.1 $129.3 (5.6%) 136 137 Exco Resources Ltd. (ASX:EXS) $78.9 $78.9 0.0% 112 114 Astron Ltd. (ASX:ATR) $118.8 $122.1 (2.7%) 137 141 Crescent Gold Limited (ASX:CRE) $77.1 $74.4 3.6% 113 111 Red 5 Ltd. (ASX:RED) $117.3 $127.0 (7.6%) 138 142 Resource Generation Limited (ASX:RES) $75.6 $74.1 2.0% 114 110 Conquest Mining Limited (ASX:CQT) $116.5 $127.2 (8.4%) 139 156 Western Plains Resources Limited (ASX:WPG) $74.2 $65.1 14.0% 115 104 Nucoal Resources NL (ASX:NCR) $115.7 $138.3 (16.3%) 140 152 Navigator Resources Ltd. (ASX:NAV) $73.8 $67.8 8.8% 116 115 Norton Gold Fields Limited (ASX:NGF) $106.4 $122.0 (12.8%) 141 147 Vantage Goldfields Limited (ASX:VGO) $72.8 $70.8 2.8% 117 124 Beadell Resources Ltd (ASX:BDR) $105.7 $99.5 6.2% 142 139 Chalice Gold Mines Ltd. (ASX:CHN) $70.6 $75.6 (6.6%) 118 130 Reed Resources Ltd. (ASX:RDR) $105.6 $91.3 15.7% 143 158 Forte Energy NL (ASX:FTE) $69.9 $64.1 9.0% 119 129 Golden West Resources Limited (ASX:GWR) $103.0 $93.7 9.9% 144 161 Apex Minerals NL (ASX:AXM) $69.7 $63.0 10.6% 120 131 Morning Star Gold NL (ASX:MCO) $98.4 $90.8 8.4% 145 134 Westgold Resources Limited (ASX:WGR) $68.4 $82.0 (16.6%) 121 127 Tiger Resources Ltd. (ASX:TGS) $97.7 $97.5 0.2% 146 166 Dragon Mining Limited (ASX:DRA) $67.8 $59.0 14.9% 122 112 Alliance Resources Ltd. (ASX:AGS) $97.2 $124.5 (21.9%) 147 138 Thundelarra Exploration Ltd. (ASX:THX) $67.6 $77.8 (13.1%) 123 117 Bendigo Mining Ltd. (ASX:BDG) $96.5 $114.3 (15.6%) 148 179 Sihayo Gold Limited (ASX:SIH) $66.3 $49.4 34.2% 124 125 IMX Resources Ltd. (ASX:IXR) $93.4 $99.2 (5.8%) 149 132 Carrick Gold Ltd. (ASX:CRK) $66.0 $83.4 (20.9%) 125 146 Nyota Minerals Limited (ASX:NYO) $93.4 $72.0 29.7% 150 136 Toro Energy Ltd (ASX:TOE) $65.6 $81.1 (19.1%) Source: Capital IQ new enTrAnTS - June eXiTS - June 101 Mungana Goldmines Ltd (ASX:MUX) - IPO Rocklands Richfield Limited (ASX:RCI) 139 Western Plains Resources Limited (ASX:WPG) Blackthorn Resources Limited (ASX:BTR) 140 Navigator Resources Ltd. (ASX:NAV) Strike Resources Limited (ASX:SRK) 143 Forte Energy NL (ASX:FTE) North Australian Diamonds Limited (ASX:NAD) 144 Apex Minerals NL (ASX:AXM) Energy Metals Limited (ASX:EME) 146 Dragon Mining Limited (ASX:DRA) Alkane Resources Limited (ASX:ALK) 148 Sihayo Gold Limited (ASX:SIH) Energy and Minerals Australia Limited (ASX:EMA) Based on market capitalisation as at 30 June 2010 vs 31 May 2010 Group 150 LeAderS And LAGGerS - mArkeT cApiTALiSATion performAnce - June Leaders Laggers * Included placement, acquisition and/or material option conversion during month 3
    • Group 150 Group 150 mArkeT cApiTALiSATion ASX indeX performAnce - June Group 150 SecTor mArkeT cApiTALiSATion - June Market Capitalisation (A$b) merGer & AcquiSiTionS - Announced in June Percent Premium - Premium - Date Value Consideration Target Acquirer Sought 1 Day Prior 1 Month Prior Announced (A$m) Offered (%) (%) (%) 3-Jun-10 North Queensland Metals Limited Conquest Mining Limited 57.9 100 28.9 34.9 Combination 30-Jun-10 Shield Mining Limited Gryphon Minerals Ltd 24.5 100 35.8 29.4 Equity Source: Capital IQ Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m 4
    • JULY 2010 Group 150 - “rSpT impAcT” - BASed on proJecT/S LocATion The “RSPT-Impact” chart in Edition 3, received wide coverage and supported the clear conclusion of the adverse impact of the proposed RSPT on the domestic focused resource companies. The assessment has since been updated for a further month of trading and the conclusions have not changed and if anything, support a more marked and divergent gap between the domestic and international miners. Hence the cost of capital implications remain as companies compete globally for funding – the quantum of the impairment on Australia’s competitiveness is not a settled matter and will depend on not only the final tax regime agreed, but also on how the new regime is communicated and implemented. The average market value of domestic focussed companies since the proposed RSPT was announced has declined 13.6% (vs 12.2% at end of May). International focused companies increased 1.1% (vs a decline of 0.9% at end of May). Globally diversified companies (including BHP Billiton down 7.6% and Rio Tinto down 7.5%) have declined on average 15.5% (vs a decline of 10.0% at end of May). Market Capitalisation - Performance Since Proposed RSPT Announced Overseas/ Monthly Performance Overseas Domestic Total Domestic End of May Spread of "Group 150" by Project/s Location 49 85 15 149 - Simple Average Return (0.9%) (12.2%) (10.0%) End of June Spread of "Group 150" by Project/s Location 50 83 15 148 - Simple Average Return 1.1% (13.6%) (15.5%) Only 149 companies in May data set as Vantage Goldfields was a new IPO during period Only 148 companies in June data set as Vantage Goldfields and Mungana were new IPO’s during period 5
    • Group 150 Group 150 winnerS And LoSerS - fY2010 ShAre price performAnce Winners Losers Group 150 winnerS And LoSerS - fY2010 mArkeT cApiTALiSATion Winners Losers Source: Capital IQ Winners and Losers based on companies in the Group 150 as at 30 June 2010 6
    • JULY 2010 BASe meTALS - SecTor performAnce Share Price Performance - June 2010 Copper Nickel Zinc Share Price Performance Share Price Performance - Since 1 Jan 2010 Share Price Performance Share Price Performance - Since 1 July 2009 Share Price Performance 7
    • Group 150 coAL - SecTor performAnce Share Price Performance - June 2010 Share Price Performance Share Price Performance - Since 1 Jan 2010 Share Price Performance Share Price Performance - Since 1 July 2009 Share Price Performance 8
    • JULY 2010 diverSified - SecTor performAnce induSTriAL minerALS - SecTor performAnce Share Price Performance - June 2010 Share Price Performance Share Price Performance Share Price Performance - Since 1 Jan 2010 Share Price Performance Share Price Performance Share Price Performance - Since 1 July 2009 Share Price Performance Share Price Performance 9
    • Group 150 GoLd - SecTor performAnce Share Price Performance - June 2010 Share Price Performance Share Price Performance - Since 1 Jan 2010 Share Price Performance Share Price Performance - Since 1 July 2009 Share Price Performance 10
    • JULY 2010 iron ore - SecTor performAnce Share Price Performance - June 2010 Share Price Performance Share Price Performance - Since 1 Jan 2010 Share Price Performance Share Price Performance - Since 1 July 2009 Share Price Performance 11
    • Group 150 urAnium - SecTor performAnce Share Price Performance - June 2010 Share Price Performance Share Price Performance - Since 1 Jan 2010 Share Price Performance Share Price Performance - Since 1 July 2009 Share Price Performance 12
    • JULY 2010 conSenSuS commodiTY price forecASTS - June Gold (US$/oz) Silver (US$/OZ) $2,500 $30 $2,000 $25 $18.58 $18.00 $19.00 $1,242 $16.45 $15.40 $1,150 $1,224 $20 $1,500 $1,035 $989 $15 $1,000 $10 $500 $5 $0 $0 Spot 2010 2011 2012 2013 Spot 2010 2011 2012 2013 Copper (US$/lb) Nickel (US$/lb) $5.00 $16.00 $3.45 $3.51 $10.45 $4.00 $2.95 $3.19 $3.02 $9.51 $12.00 $8.65 $8.61 $8.50 $3.00 $8.00 $2.00 $1.00 $4.00 $0.00 $0.00 Spot 2010 2011 2012 2013 Spot 2010 2011 2012 2013 Zinc (US$/lb) Lead (US$/lb) $2.00 $2.00 $1.50 $1.16 $1.10 $1.50 $1.07 $1.07 $1.02 $1.01 $1.00 $0.92 $0.79 $0.78 $1.00 $1.00 $0.50 $0.50 $0.00 $0.00 Spot 2010 2011 2012 2013 Spot 2010 2011 2012 2013 Tin (US$/lb) Uranium (US$/lb) $10.00 $7.98 $100 $7.50 $7.56 $6.98 $6.80 $62.00 $63.25 $7.50 $75 $55.00 $57.10 $40.75 $5.00 $50 $2.50 $25 $0.00 $0 Spot 2010 2011 2012 2013 Spot 2010 2011 2012 2013 AUD:USD NYMEX (US$/bbl) $1.25 $200 $0.85 $0.89 $0.87 $0.90 $1.00 $0.81 $150 $87.50 $95.50 $93.82 $0.75 $76.08 $80.50 $100 $0.50 $0.25 $50 $0.00 $0 Spot 2010 2011 2012 2013 Spot 2010 2011 2012 2013 Source: Bloomberg Consensus Estimates - Median / High / Low 13
    • recenT reSourceS TrAnSAcTionS Group 150 Mergers and Acquisitions Mergers and Acquisitions 2010 2009 GRAM 2009 2009 2008 2008 2006 Advised BHP Advised BG Advised Guandong Advised Allied Gold Advised Kalahari Advised Gem Advised IAMGOLD Billiton on its Group on its $1bn Rising on its $216m on its $54m Minerals on its Diamonds on its Corporation on its $204m offer for takeover offer for cornerstone acquisition of $140m proposed $300m acquisition $265m acquisition United Minerals Pure Energy investment in Pan Australian merger with of Kimberley of Gallery Gold. Corporation. Resources Aust. Solomons Gold. Extract Resources. Diamonds. Limited. TakeoverDefence Takeover Defence 2010 2010 2010 2009 2009 2007 2007 Advised Polaris Advised Indophil Advised Advised Energy Advised Brandrill Advised Summit Advised Tethyan on Metals NL on on $545m Centaurus Metals on its $86m Limited on its Resources on its its $220m $178m takeover recommended Resources on its proportional takeover $45m takeover A$1.2bn takeover competing takeover offer by Mineral offer from Zijin $20m merger offer by China offer by Ausdrill by Paladin Energy. offer by Crosby and Resources with Glengarry Guangdong Nuclear Limited. Antogafasta/Barrick. Limited. Resources. Power Group. Strategic Advisory, JointJoint Ventures and Capital Markets Strategic Advisory, Ventures and Capital Markets 2010 2010 2009 2008 2009/08 2008 2008 Advised BHP Introduced Advised BHP Advised Advised Iluka on its Advised Advised Iluka Billiton on its Denham Capital to Billiton on the Bannerman $114m Murchison Metals Resources on its US$116bn iron Trans Tasman disposal of the Resources on its institutional on its joint venture $54m Narama coal ore production Resources resulting Yabulu Nickel financing with placement and with Mitsubishi. divestment to joint venture with in NZ iron sands refinery. Resource Capital $353m accelerated Xstrata. Rio Tinto. investment. Funds. right issue. Gresham Advisory Partners Limited A.B.N. 97 003 344 269 Level 17, 167 Macquarie Street, Level 10, 1 Collins Street, Level 3, 28 The Esplanade, Sydney NSW 2000 Melbourne VIC 3000 Perth WA 6000 Telephone: 61 2 9221 5133 Telephone: 61 3 9664 0300 Telephone: 61 8 9486 7077 Facsimile: 61 2 9221 6814 Facsimile: 61 3 9650 7722 Facsimile: 61 8 9486 7024 Website: www.gresham.com.au Terms and Conditions Information contained in this publication The opinions, advice, recommendations and other information contained in this publication, whether express or implied, are published or made by Gresham Advisory Partners Limited (ABN 88 093 611 413), Australian financial services license (247113), and by its officers and employees (collectively “Gresham Advisory Partners”) in good faith in relation to the facts known to it at the time of preparation. 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