Investing For Resources Growth
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Simon McGrath presents the core commodities and the effect they are having on the Australian economy. Investors gain an insight into how world population growth is having an effect on australia and ...

Simon McGrath presents the core commodities and the effect they are having on the Australian economy. Investors gain an insight into how world population growth is having an effect on australia and demand for Commodities. This seminar was presented to the Australian Stock Exchange and Australian Shareholders Association in Perth WA, November 2011

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Investing For Resources Growth Investing For Resources Growth Presentation Transcript

  • INVESTING FOR RESOURCESGROWTH - INVESTING IN TODAYSCOMMODITY BASED SHARE MARKETPresented by Simon McGrathNovember 2011M: 0413 566 699E: simon@simonmcgrath.biz
  • DISCLAIMERThe information presented in this seminar is general advice only andis not intended for any particular individual. No consideration hasbeen given to the individual investment objectives, financial situationand particular needs of any person and Investors shouldindependently assess whether the advice is appropriate to their owncircumstances. Although the information in this presentation is takenfrom sources considered to be reliable, Simon McGrath or any relatedentities and their directors, employees and consultants do notrepresent, warrant or guarantee, expressly or impliedly, that theinformation is complete or accurate. Further we do not accept anyresponsibility to inform you of any matter that subsequently comes toour notice, that may affect the information disseminated in thispresentation. INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH
  • ABOUT SIMON MCGRATH•  Simon has been managing investment assets and advising clients since 1987 in the areas of Securities, ASX Listed shares, Self Managed Super Funds, Self Funded Retirees, and Retirement Planning and now focuses his considerable energy on advising “Astute Conservative Investors” and the “Experienced Investors” particularly for Self Managed Super Funds and High Net worth investors with a focus on direct and listed assets.•  Simon is a regular presenter on Skynews Business on Foxtel, a presenter on Boardroom Radio (www.brr.com.au) and contributor to the business are of the Sunday Times via their website service www.perthnow.com.au.•  Simon is also a regular presenter for the Australian Stock Exchange at their education seminars•  Simon can be contacted on 0413 566 699 or by email simon@simonmcgrath.biz INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH
  • AGENDA1.  Overview of macro themes affecting commodity prices2.  Overview of main mineral and energy commodities3.  Effect of Australian/World economy4.  Australian resource companies5.  My watch list6.  Questions and Answers INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH
  • ASX – All Ords over 30 Years – Where were you? This is what I have witnessed over the past 25 yearsXA O .A SX: 4 :11:01: 4722.9 Credit Crunch 6500 US Banking Crisis US Property Market Collapse 6000 5500 Greece Threatens default 5000 4500 Asia Tsunami 4000 I started my investment Second Iraq War 3500 advising 2000 Tech Wreck Global Financial career here Crisis 3000 1987 Stock Market Crash Tiananmen 2500 Square 9/11 Attack Crackdown on USA 2000 Global Interest 1500 rates soar Saddam Hussein 1000 Invades Kuwait 500 Float of $A Fall of Berlin Wall 81 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 1985 1995 2005 2010 INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 5
  • MACRO EVENT DRIVING WORLD DEMANDWORLD POPULATION HITS 7BN LAST WEEK! INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 6
  • FORECAST WORLD POPULATION GROWTH 2010-2050 2010 2050 1 China 1,338,100,000 China 1,476,000,000 2 India 1,188,800,000 India 1,444,500,000 3 European Union 501,000,000 European Union 514,000,000 4 United States 309,600,000 United States 351,400,000 5 Indonesia 235,500,000 Indonesia 273,200,000 6 Brazil 193,300,000 Pakistan 246,300,000 7 Pakistan 184,800,000 Nigeria 217,400,000 8 Bangladesh 164,400,000 Brazil 212,400,000 9 Nigeria 158,300,000 Bangladesh 195,000,000 10 Russia 141,900,000 Russia 140,800,000 11 Japan 127,400,000 Mexico 123,400,000 12 Mexico 110,700,000 Ethiopia 119,800,000 13 Philippines 94,000,000 Japan 119,300,000 14 Vietnam 88,900,000 Philippines 117,600,000 15 Ethiopia 85,000,000 Egypt 103,600,000 16 Germany 81,600,000 Vietnam 103,200,000 Egypt 80,400,000 Congo, Dem. 101,400,000 17 Rep. of 18 Iran 75,100,000 Iran 87,100,000 19 Turkey 73,600,000 Turkey 85,000,000 20 Thailand 68,100,000 Germany 79,700,000 54 Australia 22,400,000 Australia 26,900,000 Source:UNESCO INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 7
  • REGIONAL DISTRIBUTION OF POPULATION IS CHANGING INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 8
  • URBANISATION OF WORLDS POPULATION INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 9
  • INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 10
  • AUSTRALIA’S RESOURCE EXPORTS BY MAJOR MARKET 1999 % 2009 % Japan 22.6% 1 China 26.3% Korea 10.0% 2 Japan 19.7% Singapore 6.7% 3 India 10.2% Taiwan 6.7% 4 Korea 9.3% China 4.5% 5 U.K. 5.0% Other (including confidential items) 49.4% 6 Other (including confidential items) 29.4% (a) (a)(a) A significant proportion of Resources exports are country confidential in ABS trade statistics ($6.9 billion in 1999 and $14.8 billion in2009). The major items are Natural Gas, Alumina, Mineral sands, and Uranium ores. Nickel alloys unworked are also confidential from2002 onwards. Please note that these confidential resource commodities would have an impact on these market shares.Source: ABS trade data on the DFAT STARS database INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 11
  • TOP 5 RESOURCE EXPORTS FOR AUSTRALIA from 1999 to 2009 1999 2009 A$b %share A$b %shareTotal Resource exports 37.9 Total Resource exports 130.8Coal 8.4 22.1% 1 Coal 39.4 30.1%Gold 5.8 15.4% 2 Iron Ore & Concentrates 30.0 22.9%Iron Ore & Concentrates 3.6 9.4% 3 Gold 15.6 11.9%Aluminum 3.3 8.8% 4 Natural Gas 7.6 5.8%Aluminum ores & 2.8 7.4% 5 Crude Petroleum 7.2 5.5%concentrates Source: ABS trade data on DFAT STARS database, ABS catalogue 5302.0 and DFAT Estimates INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 12
  • AUSTRALIA‘S TOP MINERAL AND FUELS EXPORT 2009Rank Commodity $millions %share1 Coal 39,397 38.4%2 Iron Ore 29,960 29.2%3 Natural Gas 7,760 7.4%4 Crude Petroleum 7,180 7.0%5 Aluminum ores (inc alumina) 4,798 4.7%6 Copper Ores 3,722 3.6%7 Other ores 2,942 2.9%8 Refined Petroleum 2,400 2.3%9 Confidential mineral ores 1,187 1.2%10 Liquefied Propane & butane 1,006 1.0%11 Other (10) 3,448 3.5% Total mineral & fuel exports 102,556 100% Based on ABS trade data on DFAT STARS database and ABS catalogue 5368.0 INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 13
  • WORLD OIL SUPPLY AND DEMAND (MBL/DAY) Source: International Energy Agency INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 14
  • TOP 20 OIL CONSUMPTION COUNTRIES PER COUNTRY COMPARISON (BBL/DAY) as at 2009 Country bbl/day 1 United States 18,690,000 2 European Union 13,630,000 3 China 8,200,000 4 Japan 4,363,000 5 India 2,980,000 6 Russia 2,740,000 7 Brazil 2,460,000 8 Germany 2,437,000 9 Saudi Arabia 2,430,000 10 Korea, South 2,185,000 11 Canada 2,151,000 12 Mexico 2,078,000 Australia’s net deficit of oil 13 France 1,875,000 consumption 450,000 bbl/day 14 Iran 1,809,000 15 United Kingdom 1,669,000 16 Italy 1,537,000 17 Spain 1,482,000 18 Indonesia 1,115,000 19 Australia 946,300 20 Singapore 927,000 Source: CIA INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 15
  • LNG DAILY CONSUMPTION TOP 30 USERS Rank country (cu m) Rank country (cu m) 1 United States 646,600,000,000 16 India 51,270,000,000 2 European Union 487,900,000,000 17 Netherlands 48,600,000,000 3 Russia 439,600,000,000 18 Indonesia 45,200,000,000 4 Iran 140,000,000,000 19 France 44,840,000,000 5 Germany 96,260,000,000 20 Argentina 43,140,000,000 6 Japan 94,670,000,000 21 Egypt 42,500,000,000 7 Canada 94,620,000,000 22 Pakistan 37,500,000,000 8 United Kingdom 87,450,000,000 23 Thailand 37,310,000,000 9 China 87,080,000,000 24 Turkey 35,070,000,000 Korea, 10 Italy 78,120,000,000 25 South 34,090,000,000 11 Saudi Arabia 77,100,000,000 26 Spain 33,880,000,000 12 Mexico 59,800,000,000 27 Kazakhstan 33,680,000,000 13 United Arab Emirates 59,420,000,000 28 Algeria 26,830,000,000 14 Uzbekistan 52,600,000,000 29 Australia 26,590,000,000 15 Ukraine 52,000,000,000 30 Malaysia 26,270,000,000 Source: CIA INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 16
  • WORLD DEMAND FOR ENERGY INCREASING INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 17
  • GOLD Gold is used for Bullion, Coinage Currency Backing, Electronics, Computers, Dentistry, Medicine, Aerospace, Glass Making, Awards, Gilding and Gold Leaf INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 18
  • WORLD GOLD DEMAND (tonnes) Q111 vs Q110 % 2009 2010 change Jewellery 1813.6 2016.7 7 Technology 409.8 466.4 0 Electronics 274.9 326.8 1 Other Industrial 82.2 90.9 0 Dentistry 52.7 48.7 -10 Investment 1394.8 1487.4 26 Total bar and coin demand 777.7 1149.4 52 Physical bar demand 490 853.9 62 Official coin 228.8 207.1 39 Medals/imitation coin 58.9 88.3 3 ETFs and similar products 617 338 Gold Demand 3618.1 3970.5 11 London PM fix (US$/oz) 972.3 1224.5 25 Source: World Gold Council INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 19
  • CONSUMER DEMAND IN SELECTED COUNTRIES – 2010(JEWELLERY and TOTAL BAR AND COIN INVESTMENT) Country Total India 859.2 Greater China 541.3 China 522 Hong Kong 18.5 Taiwan 0.9 Japan -21.1 Indonesia 41.4 South Korea 15.9 Thailand 33.1 Veitnam 77.8 Middle East 260.4 Saudi Arabia 92.7 Egypt 61.5 UAE 80.1 Other Gulf 26.1 Turkey 113.8 Russia 62.8 USA 245 Italy 40.6 UK 31.5 Europe (ex CIS 210.4 France 0.2 Germany 93.5 Switzland 71.1 Other Eurpoe 45.6 Total Above 2512 Other 338 World Total 2850 Source: World Gold Council INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 20
  • GOLD ($USD OZ) OVER 10 YRS Source: IRESS INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 21
  • COAL Australia main export and large domestic industry, used in •  70% Worlds Steel Production •  37% Worlds Electricity production •  Alumina refineries in Queensland and Western Australia, •  Paper maunufacturers, •  Breweries and the •  Chemical and pharmaceutical industries •  Coal to liquids (Oil) •  Coal Seam Gas •  Traded Commodity INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 22
  • LOCATION OF THE WORLDS MAIN FOSSIL FUEL RESERVES(GIGATONS OF COAL EQUIVALENT) Source: Optima, Vol.1 No.1, Feb. 2005; as published in ECOAL Newsletter July 2005, World Coal Institute Page 23 INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH
  • THERMAL COAL PRICE – 5 YEARS INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 24
  • COAL COMPANIES LISTED ON ASX • Over 50 Coal companies listed on ASX • Exploration and Producers • Coal to Liquids • Coal Seam Gas • Domestic and Overseas Resources INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 25
  • COPPERCopper is used in; • Building construction, • Power generation and transmission, • Electronic product manufacturing, • The production of industrial machinery and transportation vehicles. •  Wiring and plumbing integral to appliances, •  Heating and cooling systems, • Telecommunications links used every day in homes and businesses. • Essential component in the motors, wiring, • Radiators, connectors, brakes, and bearings used in cars and trucks. INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 26
  • relax, the Super Cycle’s not dead …it’s maturing. 700 - US economic growth Cu 2011 US¢/lb Cu nominal spot - electrification 600 - rail/factory construction - oil shocks - inflation, recessions - producer pricing fails 500 Great Depression - post-war boom - Japans economic renaissance - collapse of USSR - producer pricing dominates - China booms 400 - US economy expandsUS¢/lb - technological era 300 WWII 200 - expansion of Africas Copper Belt - growth in US copper mining - Flash smelting - large scale mining (open-pit, - expansion in Chile/Peru 100 mechanization, flotation) - SX-EW fires up 0 1885 1890 1895 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 Source: UBS Research, Bloomberg INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 27
  • IRON ORE•  Iron (Fe) ranked fourth in abundance in the earths crust and is the major constituent of Earths core.•  Iron accounts for approximately 95% of all metals used by modern industrial society.•  Metallic iron is most commonly produced from the smelting of iron ore to produce pig iron.•  Steel is a processed form of pig iron with removed and with a reduction in the carbon content INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 28
  • IRON ORE PRICE CHART – 10 YEARS Average Estimated Cost of Production INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 29
  • IRON ORE – A.K.A. “THE RED GOLD”•  Western Australia (WA) dominates the Australian iron ore industry with nearly 97% of the total production.•  The Pilbara region is particularly significant with 79.5% of Australias total identified resources and 92.4% of the production.•  Locally significant iron ore mines also operate in the Northern Territory (NT), South Australia (SA), Tasmania (Tas), Queensland (Qld) and New South Wales (NSW). INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 30
  • CURRENT MAJOR IRON ORE PROJECTS State WA SA TAS NT QLD Number of Projects 26 5 2 1 2 INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 31
  • LNGUsed for Energy ProductionMajor Australian Customers• China• Japan• Korea• Spot Cargo• USA• Europe INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 32
  • THE GOLDEN AGE OF GAS• Natural Gas to play greater role in global energy mix• Natural Gas has lower emissions of greenhouse gases than other fossil fuels• From 2010 Gas use to rise by more than 50% from 21% of worlds energyuse to 25% of world energy demand by 2035.• Production of 1.8 tcm required to meet demand by 2035 (3x current Russianproduction)• LNG exports from Australia increase from 25bcm in 2010 to 100bcm in 2035.• Shale Gas a game changer, US to become the Saudi Arabia of Shale, 4export terminal being built 2016 to 2020. Source: Bell Potter Australian Oil Weekly Jun 2011 Page 33
  • CHINA GAS PRODUCTION OUTLOOK 2008 - 2035 Chinese Gas Outlook (bcm) Chinese Gas Outlook 2008 2015 2020 2025 2030 2035 Demand 85 247 335 430 535 634 Production 80 137 185 222 264 303 Gas Imports 5 110 150 208 271 331 The strongest increase is in the first half of the outlook period with 50 bcm coming on line by 2016 China to account for almost 30% world gas demandOnly 10% China’s population has access to gas (world average is 40%) Note: Source IEA (1bcm = 0.735 M tonne of LNG Source: Bell Potter Australian Oil Weekly Jun 2011 INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 34
  • RARE EARTHS Reduce Greenhouse gas emissions Enabling Digital Technology Improving Energy Efficiency INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 35
  • WHAT ARE RARE EARTHS USED FOR INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 36
  • SMARTPHONES – 54% of all mobile phone sales in the USA INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 37
  • WHAT ARE RARE EARTH ELEMENTSRare Metals – Rare Earths• China produces 90% of worlddownstream zirconium chemicals• China currently produces 95% of worldREE output (13 years known supply)• China is limiting the export of raw rareearths materials• Brazil produces 90% of world niobiumGreen technology is dependent onrare metals and rare earthsIncreased also changes in legislationimpact fluoro light demand drivenChina has dominant positionTotal market only 150,000 t/pa INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 38
  • EXCHANGE TRADEDFUNDS•  Exchange Traded Funds (ETFs) have been set up for commodities.•  Buy and own physical commodity•  Pay storage rental fees•  Used as a proxy to buy physical commodity•  Exchange Traded Commodities (ETCs) are not Exchange Traded Funds (ETFs). ETCs can be bought and sold like ETFs. Both instruments are open-ended and have transparency. The difference is (and this is important); ETCs use a secured, undated, zero coupon note structure, whereas ETFs typically use a fund structure.•  What are ETCs? ETCs are simple and transparent open-ended securities which trade on regulated exchanges. ETCs enable investors to gain exposure to commodities without trading futures or taking physical delivery. These products track the underlying commodity index or individual commodity. INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 39
  • RESOURCES GROWTH “SWOT” ANALYSIS Strengths Weakness Demand for commodities Infrastructure needs upgrading continually High price (over costs) Costs Rising Australia Politically stable Higher $AUD Opportunities Threats Australia got talent! Weather Well Positioned- Australia has the Carbon Tax & MRRT resources to exploit Labour Constraints Proximity to markets Funding (Post GFC) Supply constraint bottlenecks Political Upheaval in client markets Demand weakening Increased supply in some markets INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 40
  • MIDTIER MINING COMPANY TAKEOVERS 2010-2011 Target Buyer Price Equinox Barrick Gold $7.3bn Riversdale Mining Rio Tinto $3.9bn Andean Resources Goldcorp $3.6bn Centennial Coal Banpu $2.5bn Citedal Resources Equninox Minerals $1.25bn Avoca Resources Alacer $1bn Mantra Resources Rosatom $1bn Giralia Resources Atlas Iron $828m Brockman Resources Wah Nam $590m International Coal Holdings PTT $450m Spere Minerals Xstrata $500m Jabiru Independence Group $500m Dominion Mining Kingsgate Consolidated $370m Catalpa Resources Conquest Mining $320m Globestar Mining Perilya $190m FerrAus Wah Nam $180m* Northern Energy New Hope $238m Territory Resouces Noble $130m* Rocklands Richfield Jindal Steel $90m* * Pending INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 41
  • KEY THEMES FOR GLOBAL COMMODITIES For RESOURCES GROWTH FOR 2012Short termEU Financial crisis – Banks require recapitalizingChina Seasonal Restocking eventsEnd of US stimulus (QE2), No QE3 (yet!)Thermal Coal, Coking Coal, Gold, Copper, Silver, Shale Gas, Iron OreLong TermWell supported markets for all resourcesBuy ‘Long’ in commodities in which China is short (Iron Ore, copper zinc)Merger & Acquisitions is a key equity investing theme Companies have cash, buying is better than buildingFood Security** INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 42
  • WHY HAVE RESOUCES IN YOUR PORTFOLIO•  Resources are used by everyone is all aspects of modern living•  Demand will continue and rise in the long term due to growing population and limited supply•  Resources provide Diversification to a portfolio•  Ability to easily trade•  Have alternative investment choices –  Share –  Option –  Exchange Traded Fund –  Exchange Traded Commodity –  Physical commodity (eg gold) –  Options•  Easy to participate in all investments INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 43
  • ON MY WATCHLIST!COPPER IRON OREEncounter Resources (ENR) Rio Tinto (RIO)Discovery Metals (DML) BHP (BHP)MOD Resources (MOD) Fortescue (FMG)Metminco (MNC) Atlas Iron (AGO)Silver Lake Resources (SLR) Iron Ore Holdings (IOH)Altona Mining (AOH) Hannas Reward (HNR)Sandfire Resources (SFR) Winmar Resources (WFE) Molly Mines (MOL) Sundance Resources (SDL) Gindalbie Resources (GBG) Magnetic Resources (MAU) Cazaly Resources (CAZ) INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 44
  • ON MY WATCHLIST!GOLD COALNewcrest (NCM) Aspire Mining (AKI)Remelius Resources (RMS) African Energy (AKI)Catalpa Resources (CAH) Auspac Coal (AQC)Southern Cross Resources (SXG) Jatenergy (JAT)Northern Star (NST) Continental Coal (CCC)Doray Mines (DRM) ZYL Ltd (ZYL)Resolute Resources (RSG) Carabella Resources (CLR)Regis Resources (RRL) Macarthur Coal (MCC) INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 45
  • ON MY WATCHLIST!LNG/PETROLEUM OTHERSWoodside (WPL) East Coast Minerals (ECM)Origin Energy (ORG) Fortis (FMJ)Santos (STO) Northern Minerals (NTU)Buru Energy (BRU) Transit Holdings (TRH)Antares Energy (AZZ) Iluka (ILU)Emerald Oil & Gas (EMR) Image Resources (IMA)New Standard Energy (NSE) A11 S & P/ASX 200 RESOURCES ETF (RSR) A11 S & P/ASX200 Energy (ENY) INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 46
  • ON MY WATCHLISTMINING SERVICESMonodelphus (MND)WestracA.K.A Seven West Holdings(SVM)Forge (FGE)Mineral Resources (MIN)Fleetwood (FWD) INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH Page 47
  • QUESTIONS?Contact details: SIMON MCGRATH P.O Box 986, Subiaco, WA 6904 Mobile: 0413 566 699 Email: simon@simonmcgrath.biz Linked in http://au.linkedin.com/pub/simon-mcgrath/1b/51b/65 INVESTING FOR RESOURCES GROWTH PRESENTED BY SIMON MCGRATH