The document presents a ranking of the top 150 ASX-listed resources companies by market capitalization as of May 2011. It notes that two-thirds of the companies in the Group 150 saw a decrease in market value for the month. The ranking is led by BHP Billiton, Rio Tinto, and Newcrest Mining as the top 3 companies by market capitalization.
Gresham "Group 150" - April 2011Darren Martin
The document is an April 2011 newsletter from Gresham Group providing an overview of the top 150 ASX listed resources companies by market capitalization. Some key points:
- In March, the cumulative market value of the Group 150 decreased slightly while the entry point also fell.
- Notable gainers in March by market cap growth were Alkane, Elemental, Straits, Aspire and Hunnu Coal.
- Uranium companies saw heavy share price falls due to events in Japan.
- The commodity price environment provides challenges for value-adding M&A but may also drive scrip-based deals.
- Adjusting for inflation, copper, silver and gold are currently trading
The document is a monthly report from Gresham Advisory Partners presenting the top 150 ASX listed resources companies by market capitalization. In January 2021, the cumulative market value of the top 150 companies declined 2.8% from the previous month to $589.2 billion. Only one third of the companies saw an increase in market value, with the largest gains for Peninsula (+33.4%), Elemental (+32.1%), and Carabella (+28.9%). The report also includes a case study on how Rio Tinto-Zinc Corporation utilized capital markets to fund growth while retaining control over its businesses.
The document is a monthly report from May 2011 ranking the top 150 ASX listed resource companies by market capitalization. It notes that in the final week of April, resource company values declined 2% overall due to falls in the top 50 companies. Gold Road was the biggest gainer for the month, increasing 78.7% in value. The report also reflects on a previous analysis of the gold sector from 2010, noting gold prices have continued to rise since.
The document is the March 2011 edition of the "Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It notes that in February, the cumulative market value of the Group 150 increased 2.8% to $605.4 billion. Mining companies focused on gold, iron ore, and copper were seen as preferred commodities. The biggest gainers in February were Cobar (+76.4%), Atlas Iron (+72.5%), South Boulder (+72.1%), Papillon (+61.1%) and Carabella (+48.9%). The document also examines gearing levels among the Group 150 companies.
Gresham "Group 150" - August 2011Darren Martin
The document provides an overview of the top 150 ASX listed resource companies in July 2011 by market capitalization. It notes that July was the fifth consecutive month of falling market values for the Group 150 companies. The total market value was $538.5 billion in July, down from $539.9 billion in June. It also contains forward curves and price forecasts for various commodities.
The document provides an overview of the top 150 ASX listed resource companies in August 2010 by market capitalization. The total market value of the group was $485 billion, down 1.7% from July. Sentiment at the Diggers and Dealers conference in Kalgoorlie was positive, with a focus on the gold sectors in Australia and West Africa. The document also examines the economic performance of major Australian mining companies over the previous 20 years to evaluate returns for shareholders.
The document is an October 2010 newsletter from Gresham Advisory Partners providing an analysis of the top 150 ASX listed resources companies by market capitalization, excluding oil and gas. It notes that the total market value of these companies increased 8.1% from August to September 2010. It also discusses trends in commodity prices, gold company consolidation over the past 10 years, and the potential impacts of proposed legislation on mining taxes.
This document provides a summary of the June 2010 edition of 'Group 150', which ranks the top 150 ASX listed resource companies by market capitalization, excluding oil and gas. It finds that the average value of companies with domestic projects fell 12.2% in May, compared to a 0.9% decline for international firms, reflecting the new Resource Super Profits Tax negatively impacting domestic miners by increasing their costs. It also discusses industry concerns around the tax and the potential for capital to be directed elsewhere if the tax damages competitiveness.
Gresham "Group 150" - April 2011Darren Martin
The document is an April 2011 newsletter from Gresham Group providing an overview of the top 150 ASX listed resources companies by market capitalization. Some key points:
- In March, the cumulative market value of the Group 150 decreased slightly while the entry point also fell.
- Notable gainers in March by market cap growth were Alkane, Elemental, Straits, Aspire and Hunnu Coal.
- Uranium companies saw heavy share price falls due to events in Japan.
- The commodity price environment provides challenges for value-adding M&A but may also drive scrip-based deals.
- Adjusting for inflation, copper, silver and gold are currently trading
The document is a monthly report from Gresham Advisory Partners presenting the top 150 ASX listed resources companies by market capitalization. In January 2021, the cumulative market value of the top 150 companies declined 2.8% from the previous month to $589.2 billion. Only one third of the companies saw an increase in market value, with the largest gains for Peninsula (+33.4%), Elemental (+32.1%), and Carabella (+28.9%). The report also includes a case study on how Rio Tinto-Zinc Corporation utilized capital markets to fund growth while retaining control over its businesses.
The document is a monthly report from May 2011 ranking the top 150 ASX listed resource companies by market capitalization. It notes that in the final week of April, resource company values declined 2% overall due to falls in the top 50 companies. Gold Road was the biggest gainer for the month, increasing 78.7% in value. The report also reflects on a previous analysis of the gold sector from 2010, noting gold prices have continued to rise since.
The document is the March 2011 edition of the "Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It notes that in February, the cumulative market value of the Group 150 increased 2.8% to $605.4 billion. Mining companies focused on gold, iron ore, and copper were seen as preferred commodities. The biggest gainers in February were Cobar (+76.4%), Atlas Iron (+72.5%), South Boulder (+72.1%), Papillon (+61.1%) and Carabella (+48.9%). The document also examines gearing levels among the Group 150 companies.
Gresham "Group 150" - August 2011Darren Martin
The document provides an overview of the top 150 ASX listed resource companies in July 2011 by market capitalization. It notes that July was the fifth consecutive month of falling market values for the Group 150 companies. The total market value was $538.5 billion in July, down from $539.9 billion in June. It also contains forward curves and price forecasts for various commodities.
The document provides an overview of the top 150 ASX listed resource companies in August 2010 by market capitalization. The total market value of the group was $485 billion, down 1.7% from July. Sentiment at the Diggers and Dealers conference in Kalgoorlie was positive, with a focus on the gold sectors in Australia and West Africa. The document also examines the economic performance of major Australian mining companies over the previous 20 years to evaluate returns for shareholders.
The document is an October 2010 newsletter from Gresham Advisory Partners providing an analysis of the top 150 ASX listed resources companies by market capitalization, excluding oil and gas. It notes that the total market value of these companies increased 8.1% from August to September 2010. It also discusses trends in commodity prices, gold company consolidation over the past 10 years, and the potential impacts of proposed legislation on mining taxes.
This document provides a summary of the June 2010 edition of 'Group 150', which ranks the top 150 ASX listed resource companies by market capitalization, excluding oil and gas. It finds that the average value of companies with domestic projects fell 12.2% in May, compared to a 0.9% decline for international firms, reflecting the new Resource Super Profits Tax negatively impacting domestic miners by increasing their costs. It also discusses industry concerns around the tax and the potential for capital to be directed elsewhere if the tax damages competitiveness.
Gresham "Group 150" - October 2011Darren Martin
This document is the October 2011 edition of the "Gresham Group 150", which ranks the top 150 ASX-listed resources companies by market capitalization, excluding oil and gas. It notes that in September, the total market value of these 150 companies fell by 14.2% or $72.5 billion. The cumulative market value dropped to its lowest level since they started compiling the ranking. It also reviewed companies' debt levels and found that around 80% remained in a net cash position, with average gearing slightly lower.
The document is a monthly report from December 2010 on the top 150 ASX listed resource companies by market capitalization, excluding oil and gas. It provides an overview of the uranium market and performance of uranium companies. Uranium prices had fallen in recent years but have started to improve, though volatility is expected as supply and demand fundamentals adjust. The report also lists the top 150 resource companies and their market capitalizations and changes from the previous month.
Gresham "Group 150" - July 2011Darren Martin
This document is the July 2011 edition of the Gresham Group 150 report, which ranks the top 150 ASX-listed resource companies by market capitalization. In June 2011, the total market value of the Group 150 companies was $567 billion, an increase of 21.4% from the previous year. Many resource stocks struggled in June due to challenging market conditions, but rebounded slightly by month's end. The top performers for the year in terms of market cap growth were Cokal, African Iron, and Northern Minerals.
Gresham "Group 150" - December 2011 (Print Pdf)Darren Martin
The document is the December 2011 edition of the "Gresham Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It notes that the resource sector continued to experience declines in November, with the Group 150 losing $32.2 billion or 6.8% over the month. Individual company market caps and rankings within the Group 150 are provided.
Gresham "Group 150" - August 2010Darren Martin
This document is an August 2010 newsletter from Gresham Advisory Partners titled "ASX Resources - Group 150" that:
1) Ranks the top 150 ASX listed resource companies by market capitalization, led by BHP Billiton and Rio Tinto.
2) Updates charts showing the impact of the proposed RSPT and MRRT taxes on market values of domestic vs international resource companies.
3) Notes the market value of the Group 150 increased 5.8% in July and highlights commodity price movers like rare earth and uranium companies.
Gresham "Group 150" - July 2010Darren Martin
This document is the July 2010 edition of "Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It provides an overview of developments in the past year in the stock market and for these companies. The total market value of the Group 150 was down slightly from the previous month. The document also discusses some broader economic issues that could impact commodities markets, such as China's move to a managed float of its currency.
Gresham "Group 150" - February 2012Darren Martin
The document presents rankings of the top 150 ASX-listed resource companies by market capitalization as of January 2012. It shows that the total market value of these companies increased by 11.7% during the month. Tables are included that list the top companies and their market caps, as well as rankings of share price and market cap appreciation for 2011.
Gresham "Group 150" - September 2011Darren Martin
The document provides a ranking of the top 150 ASX-listed resource companies in September 2011 by market capitalization, excluding oil and gas companies. It notes that in August 2011, the total market value of these companies decreased 5.3% from the previous month to $510 billion. The average premium offered in takeover transactions in the resources sector for 2011 has been 33%, down from 37-40% in 2009-2010.
This document is the January 2011 edition of "Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It provides the rankings and market caps of the top 150 companies. The total market value of the Group 150 in December 2010 was $606 billion, up 16.1% from the previous year. There was high turnover among Group 150 members in December with 11 changes. The document also lists the top performing companies by market cap and share price growth over the past year, as well as summarizing the performance of 66 resource IPOs in 2010 that raised over $1 billion.
The document provides an overview and analysis of the top 150 ASX listed resources companies by market capitalization in October 2010. Some key points:
- The total market value of the Group 150 was $545 billion in October, up 7.6% from September and 56.9% from June 2009.
- During October, M&A activity in the resources sector increased, particularly involving copper companies.
- Copper prices finished the month at US$8,225/t, up 26% from June 2010, supporting prices at current or higher levels.
- The average market value of domestic focused companies has increased 55.5% since the proposed MRRT was announced, compared to 74.
PCF Capital Group - Resources Thermometer - April 2017Sam Main
This document is the April 2017 edition of the PCF Resources Thermometer report published by PCF Capital Group. It includes the PCF Group 150 ranking of the top 150 ASX-listed resources companies by market capitalization, excluding oil and gas. It provides snapshots of commodity price performance, the PCF Group 150 valuation changes, liquidity and short positions, and notable transaction activity in March 2017. Major transactions included Barrick Gold and Goldcorp entering a joint venture in Chile and several company acquisitions.
This document is a newsletter from Oz Metals providing an overview of base and precious metal markets and mining company news. It includes commentary on copper, gold, zinc and other commodity prices and inventories. Several mining companies are mentioned with updates on production figures, acquisitions and funding deals in the metals and mining sector. Tables provide details on share prices and company profiles.
This document is a report from Terra Studio providing an analysis of commodity prices and market conditions for various base metals and precious metals. It includes charts showing price trends for bauxite, copper, gold, nickel, silver, and zinc. It also provides summaries of recent news and developments for major mining companies involved in copper, gold, bauxite, nickel, and other metals. The report disclaims liability for any actions taken based on its analysis and advises readers to consult financial advisors.
LCC Asia Pacific edition 306 of our long running weekly update to the Australian Engineering & Contracting Sector - with comment on the Offshore Oil & Gas Services Sector
The report covers mergers & acquisitions activity, corporate activity and updates to australian public companies listed on the ASX. LCC Asia Pacific has been in operation for 15 years as an independent firm and has a long standing track record of providing strategic advice to leaders within the Engineering, Mining & Oil Field Services Sectors.
The document discusses recent developments in the uranium industry, including:
1) Despite positive news from Japan regarding nuclear power, uranium spot prices continue to fall below $36.50 per pound, possibly due to unreported secondary market sales from Japan.
2) Exploration interest is growing in Canada's Athabasca basin, particularly in the southeast area where recent high-grade discoveries have been made. Several companies are exploring properties in this region.
3) The document provides updates on uranium spot and term prices, various uranium company share prices and market caps, and uranium resources.
Lincoln Crowne & Company weekly update on deal and valuation activity in the Australian Engineering & Mining Services Sector for the week ended 24th October 2014
- Almaden Minerals produced a positive preliminary economic assessment for its Ixtaca gold-silver project in Mexico, outlining it as a sizable producer with attractive economics.
- The PEA shows strong economics even at lower metal price forecasts, with an after-tax IRR of 17% at $1,200/oz gold and $20/oz silver.
- Higher capital costs were outlined due to choosing to produce doré bars rather than concentrate, but this eliminates smelting charges and provides financing flexibility through royalty sales.
- The analyst maintains a "Buy" rating and increases the target price to C$2.80 per share based on the reduced risk from the completed PEA.
Brunswick (BC) Pitch - Jonathan Chang - FINAL COPYJonathan Chang
This document provides financial projections and valuation metrics for Brunswick Corporation and several peers. It includes estimates of revenue and EBITDA growth for Brunswick from 2014 to 2018 under analyst, conservative, base, and optimistic scenarios. It also shows discounted cash flow analyses for Brunswick using a range of terminal growth and EBITDA multiple assumptions. The document indicates Brunswick currently trades at a premium or discount to peer median valuation metrics.
The Toronto Stock Exchange and TSX Venture Exchange are two of the largest stock exchanges in the world. In 2009, over $1.4 trillion in value was traded on the exchanges. The exchanges provide listings for over 3,000 public companies and are the dominant resource exchanges, hosting over 55% of the world's mining issuers and 35% of oil and gas issuers. The document discusses the global reach and sector performance of the two exchanges and provides case studies on some companies that achieved strong growth while listed.
LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Engineering, Services and Mining Services Sectors.
Each week the LCC Asia Pacific weekly report covers off on changes to stock trading prices, activity on those stocks and indicative valuations
The report also details both key announcements that are made in relation to contractual wins or key developments as well as outlining Merger & Acquisition activity that has taken place in the Sector
LCC Asia Pacific has specific expertise in these Sectors built up over many years, and the weekly Engineering, Services & Mining Services report uploaded here is edition 207
PCF Capital's Resources Thermometer - October 2015Darren Martin
This document provides an analysis of 150 Australian resources companies by market capitalization as of September 30, 2015. It includes summaries of commodity price forecasts, executive remuneration analysis, and highlights recent transactions and company performance in the gold, copper, nickel, and iron ore sectors. The total value of the 150 companies decreased 8% from the previous month to $257 billion, with declines seen across most sectors except for gold.
LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Resources & Energy Sectors.
Each week the LCC Asia Pacific market update covers off on Merger & Acquisition Activity, changes to stock trading prices, general corporate activity and indicative valuations
The report also details both key Australian Stock Exchange announcements that are made in relation to contractual wins or key developments as well as outlining strategic activity that has taken place in the Sector
In addition to public domain, this report is uploaded weekly to a variety of international investment banking platforms, including Bloomberg, Thomson Reuters Eikon, S & P and FACTSET
LCC Asia Pacific also provides a number of other public resources, including the Twitter Feed @MergerNews (www.twitter.com/MergerNews) which tracks all Merger & Acquisition announcements made on the Australian Stock Exchange and the Twitter Feed @ChinaBeltRoad (www.twitter.com/ChinaBeltRoad) which tracks relevant news stories and research reports relating to China’s “One Belt, One Road” initiative where LCC Asia Pacific is building out a strategic advisory practice to assist companies in becoming involved with BRI
Gresham "Group 150" - October 2011Darren Martin
This document is the October 2011 edition of the "Gresham Group 150", which ranks the top 150 ASX-listed resources companies by market capitalization, excluding oil and gas. It notes that in September, the total market value of these 150 companies fell by 14.2% or $72.5 billion. The cumulative market value dropped to its lowest level since they started compiling the ranking. It also reviewed companies' debt levels and found that around 80% remained in a net cash position, with average gearing slightly lower.
The document is a monthly report from December 2010 on the top 150 ASX listed resource companies by market capitalization, excluding oil and gas. It provides an overview of the uranium market and performance of uranium companies. Uranium prices had fallen in recent years but have started to improve, though volatility is expected as supply and demand fundamentals adjust. The report also lists the top 150 resource companies and their market capitalizations and changes from the previous month.
Gresham "Group 150" - July 2011Darren Martin
This document is the July 2011 edition of the Gresham Group 150 report, which ranks the top 150 ASX-listed resource companies by market capitalization. In June 2011, the total market value of the Group 150 companies was $567 billion, an increase of 21.4% from the previous year. Many resource stocks struggled in June due to challenging market conditions, but rebounded slightly by month's end. The top performers for the year in terms of market cap growth were Cokal, African Iron, and Northern Minerals.
Gresham "Group 150" - December 2011 (Print Pdf)Darren Martin
The document is the December 2011 edition of the "Gresham Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It notes that the resource sector continued to experience declines in November, with the Group 150 losing $32.2 billion or 6.8% over the month. Individual company market caps and rankings within the Group 150 are provided.
Gresham "Group 150" - August 2010Darren Martin
This document is an August 2010 newsletter from Gresham Advisory Partners titled "ASX Resources - Group 150" that:
1) Ranks the top 150 ASX listed resource companies by market capitalization, led by BHP Billiton and Rio Tinto.
2) Updates charts showing the impact of the proposed RSPT and MRRT taxes on market values of domestic vs international resource companies.
3) Notes the market value of the Group 150 increased 5.8% in July and highlights commodity price movers like rare earth and uranium companies.
Gresham "Group 150" - July 2010Darren Martin
This document is the July 2010 edition of "Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It provides an overview of developments in the past year in the stock market and for these companies. The total market value of the Group 150 was down slightly from the previous month. The document also discusses some broader economic issues that could impact commodities markets, such as China's move to a managed float of its currency.
Gresham "Group 150" - February 2012Darren Martin
The document presents rankings of the top 150 ASX-listed resource companies by market capitalization as of January 2012. It shows that the total market value of these companies increased by 11.7% during the month. Tables are included that list the top companies and their market caps, as well as rankings of share price and market cap appreciation for 2011.
Gresham "Group 150" - September 2011Darren Martin
The document provides a ranking of the top 150 ASX-listed resource companies in September 2011 by market capitalization, excluding oil and gas companies. It notes that in August 2011, the total market value of these companies decreased 5.3% from the previous month to $510 billion. The average premium offered in takeover transactions in the resources sector for 2011 has been 33%, down from 37-40% in 2009-2010.
This document is the January 2011 edition of "Group 150", which ranks the top 150 ASX-listed resource companies by market capitalization, excluding oil and gas companies. It provides the rankings and market caps of the top 150 companies. The total market value of the Group 150 in December 2010 was $606 billion, up 16.1% from the previous year. There was high turnover among Group 150 members in December with 11 changes. The document also lists the top performing companies by market cap and share price growth over the past year, as well as summarizing the performance of 66 resource IPOs in 2010 that raised over $1 billion.
The document provides an overview and analysis of the top 150 ASX listed resources companies by market capitalization in October 2010. Some key points:
- The total market value of the Group 150 was $545 billion in October, up 7.6% from September and 56.9% from June 2009.
- During October, M&A activity in the resources sector increased, particularly involving copper companies.
- Copper prices finished the month at US$8,225/t, up 26% from June 2010, supporting prices at current or higher levels.
- The average market value of domestic focused companies has increased 55.5% since the proposed MRRT was announced, compared to 74.
PCF Capital Group - Resources Thermometer - April 2017Sam Main
This document is the April 2017 edition of the PCF Resources Thermometer report published by PCF Capital Group. It includes the PCF Group 150 ranking of the top 150 ASX-listed resources companies by market capitalization, excluding oil and gas. It provides snapshots of commodity price performance, the PCF Group 150 valuation changes, liquidity and short positions, and notable transaction activity in March 2017. Major transactions included Barrick Gold and Goldcorp entering a joint venture in Chile and several company acquisitions.
This document is a newsletter from Oz Metals providing an overview of base and precious metal markets and mining company news. It includes commentary on copper, gold, zinc and other commodity prices and inventories. Several mining companies are mentioned with updates on production figures, acquisitions and funding deals in the metals and mining sector. Tables provide details on share prices and company profiles.
This document is a report from Terra Studio providing an analysis of commodity prices and market conditions for various base metals and precious metals. It includes charts showing price trends for bauxite, copper, gold, nickel, silver, and zinc. It also provides summaries of recent news and developments for major mining companies involved in copper, gold, bauxite, nickel, and other metals. The report disclaims liability for any actions taken based on its analysis and advises readers to consult financial advisors.
LCC Asia Pacific edition 306 of our long running weekly update to the Australian Engineering & Contracting Sector - with comment on the Offshore Oil & Gas Services Sector
The report covers mergers & acquisitions activity, corporate activity and updates to australian public companies listed on the ASX. LCC Asia Pacific has been in operation for 15 years as an independent firm and has a long standing track record of providing strategic advice to leaders within the Engineering, Mining & Oil Field Services Sectors.
The document discusses recent developments in the uranium industry, including:
1) Despite positive news from Japan regarding nuclear power, uranium spot prices continue to fall below $36.50 per pound, possibly due to unreported secondary market sales from Japan.
2) Exploration interest is growing in Canada's Athabasca basin, particularly in the southeast area where recent high-grade discoveries have been made. Several companies are exploring properties in this region.
3) The document provides updates on uranium spot and term prices, various uranium company share prices and market caps, and uranium resources.
Lincoln Crowne & Company weekly update on deal and valuation activity in the Australian Engineering & Mining Services Sector for the week ended 24th October 2014
- Almaden Minerals produced a positive preliminary economic assessment for its Ixtaca gold-silver project in Mexico, outlining it as a sizable producer with attractive economics.
- The PEA shows strong economics even at lower metal price forecasts, with an after-tax IRR of 17% at $1,200/oz gold and $20/oz silver.
- Higher capital costs were outlined due to choosing to produce doré bars rather than concentrate, but this eliminates smelting charges and provides financing flexibility through royalty sales.
- The analyst maintains a "Buy" rating and increases the target price to C$2.80 per share based on the reduced risk from the completed PEA.
Brunswick (BC) Pitch - Jonathan Chang - FINAL COPYJonathan Chang
This document provides financial projections and valuation metrics for Brunswick Corporation and several peers. It includes estimates of revenue and EBITDA growth for Brunswick from 2014 to 2018 under analyst, conservative, base, and optimistic scenarios. It also shows discounted cash flow analyses for Brunswick using a range of terminal growth and EBITDA multiple assumptions. The document indicates Brunswick currently trades at a premium or discount to peer median valuation metrics.
The Toronto Stock Exchange and TSX Venture Exchange are two of the largest stock exchanges in the world. In 2009, over $1.4 trillion in value was traded on the exchanges. The exchanges provide listings for over 3,000 public companies and are the dominant resource exchanges, hosting over 55% of the world's mining issuers and 35% of oil and gas issuers. The document discusses the global reach and sector performance of the two exchanges and provides case studies on some companies that achieved strong growth while listed.
LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Engineering, Services and Mining Services Sectors.
Each week the LCC Asia Pacific weekly report covers off on changes to stock trading prices, activity on those stocks and indicative valuations
The report also details both key announcements that are made in relation to contractual wins or key developments as well as outlining Merger & Acquisition activity that has taken place in the Sector
LCC Asia Pacific has specific expertise in these Sectors built up over many years, and the weekly Engineering, Services & Mining Services report uploaded here is edition 207
PCF Capital's Resources Thermometer - October 2015Darren Martin
This document provides an analysis of 150 Australian resources companies by market capitalization as of September 30, 2015. It includes summaries of commodity price forecasts, executive remuneration analysis, and highlights recent transactions and company performance in the gold, copper, nickel, and iron ore sectors. The total value of the 150 companies decreased 8% from the previous month to $257 billion, with declines seen across most sectors except for gold.
LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Resources & Energy Sectors.
Each week the LCC Asia Pacific market update covers off on Merger & Acquisition Activity, changes to stock trading prices, general corporate activity and indicative valuations
The report also details both key Australian Stock Exchange announcements that are made in relation to contractual wins or key developments as well as outlining strategic activity that has taken place in the Sector
In addition to public domain, this report is uploaded weekly to a variety of international investment banking platforms, including Bloomberg, Thomson Reuters Eikon, S & P and FACTSET
LCC Asia Pacific also provides a number of other public resources, including the Twitter Feed @MergerNews (www.twitter.com/MergerNews) which tracks all Merger & Acquisition announcements made on the Australian Stock Exchange and the Twitter Feed @ChinaBeltRoad (www.twitter.com/ChinaBeltRoad) which tracks relevant news stories and research reports relating to China’s “One Belt, One Road” initiative where LCC Asia Pacific is building out a strategic advisory practice to assist companies in becoming involved with BRI
Lincoln Crowne weekly report covering the Australian copper & Gold Sectors. Dominant theme this week the performance of the AUD vs USD and its impact on the Australian sector producers.
LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Engineering, Services and Mining Services Sectors.
Each week the LCC Asia Pacific weekly report covers off on changes to stock trading prices, activity on those stocks and indicative valuations
The report also details both key announcements that are made in relation to contractual wins or key developments as well as outlining Merger & Acquisition activity that has taken place in the Sector
LCC Asia Pacific has specific expertise in these Sectors built up over many years, and the weekly Engineering, Services & Mining Services report uploaded here is edition 209
The document is a presentation by Augur Resources Ltd about their Gold Symposium 2011. It provides an overview of Augur Resources including their strategy of exploring and developing advanced gold and copper projects in Indonesia. It summarizes their two key projects, Wonogiri and Jampang, including deal terms for Wonogiri where Augur can earn up to 80% interest through expenditures. The presentation also includes information on Augur's management, capital structure and compares it to peer companies.
This document provides a weekly report on copper and gold markets from Lincoln Crowne & Company. It includes summaries of commodity prices, exchange rates, and stock market indexes. It also summarizes news from several Australian copper and gold mining companies, including production results from Sandfire Resources and cost reductions at Discovery Metals' Botswana project. Key mining sector challenges mentioned are falling gold ETF holdings and expected impairments and cuts at AngloGold Ashanti.
Codelco, the Chilean state-owned copper producer, is seeking $30 billion for investment and is considering tapping into Chile's sovereign wealth funds for funding as alternatives are limited. The London Metal Exchange plans to appeal a court ruling that halted reforms aimed at reducing warehouse backlogs. The US SEC will implement portions of a rule requiring companies to disclose if conflict minerals from Africa are used in their products. Indian gold imports fell in the last fiscal year due to import duties and other measures, though unofficial imports are estimated to have doubled. Newmont in Indonesia may need to cut copper production if it cannot export a build-up of concentrate due to a dispute.
This report provides a summary of commodity prices and exchange rates as of 24 June 2013. It also discusses recent market movements in base and precious metals prices following comments from the US Federal Reserve about tapering monetary policy. The report analyzes several Australian copper producers, providing details on production costs, reserves, and recent guidance. It notes Tiger Resources has increased 2013 production guidance for its Kipoi copper project in the Democratic Republic of Congo.
The S&P/TSX Composite Index pared early losses in Canada, as gains in gold and base metals miners offset energy sector losses from weak U.S. retail data and concerns about Europe's debt crisis ahead of the Greek elections. In the U.S., stocks were lower as investors awaited news from Europe, while retail sales declined for the second straight month in May. Air Canada is shifting its strategy to launch a discount airline by locating it in Vancouver to tap into Asian destinations.
Kasbah Resources received approval to transfer two mining permits for its Achmmach Tin Project in Morocco, securing 100% ownership. It is increasing drilling at the project from 1 to 5 rigs to accelerate exploration. Ord Minnett maintains its "Buy" recommendation on Kasbah based on its fully funded development timeline and low enterprise value relative to its tin asset.
This weekly report from Lincoln Crowne & Company provides an overview of the copper and gold markets and notable company announcements:
- Copper and gold prices rebounded on signals the US Fed may maintain economic stimulus. Freeport resumed shipments from Grasberg and Rio Tinto shipped first copper from Oyu Tolgoi.
- China's copper imports in June rose nearly 6% from May to the highest level since September 2012. However, H1 2013 imports are down 15% year-on-year.
- The DRC delayed a ban on copper and cobalt concentrate exports until year-end to allow miners to clear stockpiles. Codelco needs more funding to achieve its production targets.
This weekly report from Lincoln Crowne & Company provides a summary of commodity prices, currency exchange rates, and stock market indices for the past week. It also includes brief summaries of company news and analyst commentary related to copper, gold, and mining companies. The report contains a disclaimer stating that Lincoln Crowne does not guarantee the accuracy of the information and makes no recommendations.
Only a few weeks ago, the A$ zinc price reached a 5-year high. As at Friday close, it jumped to a 7-year high. The copper price jumped also, while official inventories are decreasing again.
1. JUNE 2011
Gresham Group 150
June 2011
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 June edition of ‘Group 150’, a ranking of the top 150 ASX listed resources companies
(excluding oil and gas), by market capitalisation.
May was a scrappy month for equities as renewed concerns around European debt and the Federal Reserve’s lack of
solutions for the structural deficit received global attention. A majority of commodity prices fell during the month, with
the exception of gold. The cumulative market value of Group 150 decreased 1.8% from $591.5 billion to 580.7 billion at
the end of May. Like April, two-thirds of the Group 150 recorded a fall in market value. For the first time in a while, the
entry point into the Group 150 fell to $122.6 million, down from $130.6 million for the previous month. The ASX/S&P
200 Resources Index decreased 1.5% for the month, while both the ASX All Ordinaries and ASX/S&P 200 Index decreased
2.2% and 2.4% respectively.
May recorded a steady month in M&A with only a handful of transactions announced, with the largest being the offer for
South African gold miner, Gold One.
Papillon lead the “Winners” for May (in terms of growth in market capitalisation), entering the Group 150 in position 147,
after recording a 94.2% increase in value. Others included: Indo Mines (+71.8%), Minemakers (+50.4%), Iluka (+25.0% -
adding a further $1.3b to the market cap), and Catalpa (+23.8%) after the approach from St Barbara.
This month includes an article on the virtual mining company - “Generating Returns while Protecting the Downside - The
Franco Nevada Story”
Founded in 1982, Franco-Nevada had grown to a US$3 billion company by the time it was acquired by Newmont in 2002.
The concept was to build a company from the cash flow stream of gold royalties which provide yield and more upside
than a gold Exchange Traded Fund “ETF” but with less risk than a mine operator - a virtual mining company with no
operating risk or capital expenditure commitments.
In late 2007, a team including some Old Franco employees formed Franco-Nevada Corporation and on 20 December
2007, acquired a portfolio of Newmont royalties and other interests, completed a US$1.2 billion initial public offering,
completed a bank debt facility and listed on the Toronto Stock Exchange.
The current portfolio includes over 340 assets covering properties at various stages from operations to early stage
exploration. Royalties are mostly revenue-based but the portfolio also includes profit-based and stream-based royalties.
Gresham Advisory Partners Limited
Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory
Edition 15 business and one of Australia’s largest and highest ranking independent corporate advisors.
1
4. Group 150
Group 150 markeT capiTaLisaTion
700.0 +61.4%
359.8 580.7
606.3 605.4 603.8 591.5
589.2 580.7
600.0 564.7 572.4 9.9 10.2 9.4
23.4 9.9 21.9 21.7 9.5 8.9
528.8 524.8 7.6 8.3 21.6 21.0 20.3
522.3
Market Valuation (A$b) - Group 150
19.4 20.5
5.7 503.5 494.1
5.4
12.8 486.0 13.7 470.8 485.5 6.6
17.8
500.0 5.9
14.5 467.0 5.5 153.7 151.1 150.0 148.2
5.2
12.1 13.8 5.8
14.8 144.5 147.2 149.9
5.1
13.1 4.8
12.3 142.2
111.6 113.1
114.9 133.2
101.7 113.0 121.2
400.0 108.1 109.5
3.1
8.4
167.7 164.9 166.6 165.3 159.9
152.5 153.8 162.2 161.3 157.8
300.0 88.0 138.2 141.4 138.5 150.6
131.7 130.8 137.5
67.1
200.0
240.0 228.7 242.6 233.3 237.8 251.6 245.6 255.6 257.3 252.9 243.8
100.0 226.8 212.8 209.5 223.3 206.2 216.6
193.2
0
Jun-09 Dec-09 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11
BHPBilliton Rio Tinto Company 3 - 50 Company 51 - 100 Company 101 - 150
asX indeX performance - may Group 150 mkT cap - By commodiTy
merGer & acquisiTions - announced in may
Percent Premium - Premium -
Date Value Consideration
Target Acquirer Sought 1 Day Prior 1 Month Prior
Announced (A$m) Offered
(%) (%) (%)
25-May-2011 Goldminco Corp. (TSXV:GCP) Straits Resources Limited (ASX:SRQ) 13.5 29 81.8 100.0 Cash
23-May-2011 Territory Resources Limited (ASX:TTY) Exxaro Resources Limited (JSE:EXX) 148.2 100 64.3 67.3 Cash
23-May-2011 70% of RioAD LLC and Rio Gobi LLC Hunnu Coal Limited (ASX:HUN) 40.0 100 - - Cash
19-May-2011 New Hope Corp. Ltd., Lenton Project Mai-Liao Power Corporation 58.0 10 - - Cash
16-May-2011 Donaldson Coal Pty Ltd. Gloucester Coal Ltd. (ASX:GCL) 590.5 100 - - Cash; Equity
China Development Bank Corporation;
Baiyin Nonferrous Metal (Group) Co., Ltd.;
16-May-2011 Gold One International Limited (ASX:GDO) 510.5 100 27.9 26.4 Cash
China-Africa Development Fund; Long March
Capital Group
Source: Capital IQ
Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m
4
5. JUNE 2011
GeneraTinG reTurns whiLe proTecTinG The downside - The franco-nevada sTory
Founded in 1982, Franco-Nevada had grown to a US$3 billion company by the time it was acquired by Newmont in 2002.
Franco-Nevada (“Franco”) and Euro-Nevada were founded in 1982 by two Canadian entrepreneurs, Pierre Lassonde and
Seymour Schulich. In 1986, Old Franco made its first royalty acquisition, and acquired or created additional royalties and
resource investments from 1986 to 2002.
The concept was to build a company from the cash flow stream of gold royalties which provide yield and more upside than
a gold ETF but with less risk than a mine operator - a virtual mining company with no operating risk or capital expenditure
commitments.
While Franco focussed on North American gold royalties (with some interests in oil and gas and platinum), sister company
Euro-Nevada focussed on building a portfolio of international gold royalties. The royalty portfolio was substantially made
up of interests in significant assets, operated by industry leaders in regions of low political risk and is balanced across a
number of commodities and stages of development.
Historically, Franco and Euro-Nevada were kept separate for tax efficiency. In September 1999, however, the two companies
took the inevitable step and merged under the name Franco-Nevada (“Old Franco-Nevada”).
Old Franco-Nevada was one of Canada’s most successful companies, building a quality portfolio of royalties and delivering
superior returns to shareholders in the process.
In 2000, an attempt to merge Old Franco-Nevada with Gold Fields Limited failed when the deal did not receive South
African regulatory approval.
Old Franco-Nevada discovered, developed and brought into production the Midas mine in Nevada and sold its interest in
this mine together with certain other assets to Normandy in the first half of 2001, in exchange for a 19.9% equity interest in
Normandy and a continuing 5-10% NSR royalty interest on the Midas mine. At the same time Old Franco-Nevada’s royalties
over Henty and New Celebration were transferred to Normandy.
Franco-Nevada's Asset Portfolio (March 2001) Recognising the value of the company, Newmont Mining
Operator Interest Corporation successfully acquired Old Franco-Nevada in February
US Operations 2002 as part of its three-way merger with Normandy and Franco.
Midas Franco-Nevada 5-10% NSR
Betze-Post Barrick Gold 0-4% NSW, 5-6% NPI Franco’s key strategy was to use the investment flexibility that
Meikle-Rodeo Barrick Gold 4% NSR, 5% NPI
Getchell Placer Dome 2% NSR
royalties offer to acquire direct interests in major ore bodies
Rosebud Newmont/Hecla 4% NSR operated by the best companies in the business.
Castle Mtn. Viceroy 1-5% NSR
Briggs Canyon 2% NSR A key driver of Franco’s growth was its investment in early stage
Maggie Creek Newmont/Hecla 2-8% NSR
developments, gaining the right to participate in any future
Stillwater Stillwater Mining 5% NSR
Canadian Operations growth of properties without being responsible for development
Eskay Creek Homestake 1% NSR costs or environmental liabilities.
Mouska Cambior 2% NSR
Holt-McDermott Barrick Gold 0-4% NSR For example, when Franco bought the Goldstrike royalty, the
Australian & International Operations
Henty Goldfields 1-10% NSR
project was operated by a relatively small company. A year later
New Celebration Newcrest 1-4% NSR Barrick took it over, and had invested over US$1 billion to boost
Browns Creek Hargraves 2.25% NSR reserves from 600,000oz Au when the acquisition was made in
Mt. Muro Aurora 3-7% NSR
Projects
1986, to around 20Moz Au at the time of Old Franco-Nevada
Carlin Trend Franco-Nevada 100% WI being acquired by Newmont. In 2010, the Goldstrike royalty
Nevada Exploration Franco-Nevada 100% WI
contributed US$50m in revenue to Franco-Nevada.
Canada Exploration Franco-Nevada 50-100% WI
Australia Exploration Franco-Nevada 100% WI
The table illustrates the calibre of Franco’s portfolio in 2001 and
Pandora, South Africa Angloplat 5% NSR
Cerro San Pedro, Mexico Metallica/Cambior 2% NSR the large number of Net Smelter Return (“NSR”) royalties. The
Mara Rosa, Brazil Metallica 1% NSR strategy of acquiring NSR royalties provided Franco with a cash
Mara Rosa, Brazil Metallica 1% NSR
Divisions
flow independent of the margin of the project, thereby providing
Oil & Gas Franco-Nevada 100% WI some protection from adverse commodity price movements.
Metals Franco-Nevada 100% WI
Investments
Voisey's Bay Inco Limited 9.2% NPI
Diavik Rio Tinto 3.5% NPI
WI - Working interest (projects operated by Franco-Nevada)
NSR - Net smleter returns, NPI - Net profit interest
Source: Webisite, Bloomberg, Capital IQ
5
6. Group 150
GeneraTinG reTurns whiLe proTecTinG The downside - The franco-nevada sTory
Franco-Nevada Corporation - a new beginning
In late 2007, a team including some Old Franco employees formed Franco-Nevada Corporation and on 20 December 2007,
acquired a portfolio of Newmont royalties and other interests, completed a US$1.2 billion initial public offering, completed
a bank debt facility and listed on the Toronto Stock Exchange.
In 2008 and 2009, the company raised additional equity in order to grow the royalty and stream portfolio. In March 2011,
Franco-Nevada acquired Gold Wheaton Corporation which added additional gold and PGM streams.
The current portfolio includes over 340 assets covering properties at various stages from operations to early stage
exploration. Royalties are mostly revenue-based but the portfolio also includes profit-based and stream-based royalties.
Franco-Nevada Asset Portfolio - May 2011
Gold PGM Other Minerals Total Mineral Oil & Gas Total
Producing 28 3 6 37 135 172
Advanced 19 0 4 23 0 23
Exploration 124 2 19 145 * 145
Total 171 5 29 205 135 340
* 157 undeveloped oil & gas interests not included in asset counts
Details of the current portfolio can be found at www.franco-nevada.com/files/Asset%20Listing%202010AR.pdf
Currently, Franco-Nevada’s market capitalisation is in excess of C$4.5 billion, and analyst consensus estimates indicate the
company will generate NPAT of C$120m on revenues of C$340m in 2011, implying a margin of ~35% and a price to earnings
ratio of ~39x.
Franco-Nevada Share Price Since IPO
40 16
35 14
30 12
25 10
Share Price (C$)
Volume (m)
20 8
15 6
10 4
5 2
0 0
Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10
Volume (m) Franco Nevada Share Price (C$) Gold Price (Rebased)
6
7. JUNE 2011
Base meTaLs - secTor performance
Share Price Performance - May 2011
Copper Nickel Zinc
Share Price Performance
Share Price Performance - Since 31 December 2010
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
7
8. Group 150
coaL - secTor performance
Share Price Performance - May 2011
Share Price Performance
Share Price Performance - Since 31 December 2010
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
8
9. JUNE 2011
diversified - secTor performance indusTriaL mineraLs - secTor performance
Share Price Performance - May 2011
Share Price Performance
Share Price Performance
Share Price Performance - Since 31 December 2010
Share Price Performance
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
Share Price Performance
9
10. Group 150
GoLd - secTor performance
Share Price Performance - May 2011
Share Price Performance
Share Price Performance - Since 31 December 2010
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
10
11. JUNE 2011
iron ore - secTor performance
Share Price Performance - May 2011
Share Price Performance
Share Price Performance - Since 31 December 2010
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
11
12. Group 150
pLaTinum - secTor performance uranium - secTor performance
Share Price Performance - May 2011
Share Price Performance
Share Price Performance
Share Price Performance - Since 31 December 2010
Share Price Performance
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
Share Price Performance
12
14. 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
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