The document is Lincoln Crowne & Company's weekly Australian copper and gold report dated November 25th, 2013. It provides an overview and analysis of precious and base metals prices, currency exchange rates, and stock market indices for the past week. It also discusses mergers and acquisitions in the mining sector, updates from major mining companies, and provides a summary of emerging copper and gold producers and copper producers listed on the Australian Securities Exchange.

1. WEEKLY
Australian Copper Gold Report
25th November 2013
WWW.LCC.ASIA
Gold Bulls Are Surrendering
Global Economy Fundamentals
Last Close
Price
Precious Metals & Energy
Gold
Gold
Silver
Platinum
Palladium
Crude Oil
Gas H.Hub
Uranium
(A$/oz)
(US$/oz)
(US$/oz)
(US$/oz)
(US$/oz)
(US$/barrel)
1,358
1,243
19.9
1,381
711
95
3.68
37
(US$/m btu)
(US$/lb)
YTD
Change
▼
▼
▼
▼
▲
▲
▲
▼
-16%
-26%
-34%
-10%
1%
3%
9%
-16%
Last Close
Price
Currencies & Indices
AUD/USD
RMB/USD
CAD/USD
ZAR/USD
ASX Ordinary Gold
TSX Global Gold
ASX 300 Metals & Mining
TSX Global Mining
0.916
0.164
0.950
0.099
1,974
161
3,309
71
4-Week
Change
▼
▼
▼
▼
▼
▼
▼
▲
YTD
Change
▼
▲
▼
▼
▼
▼
▼
▼
-12%
2%
-6%
-16%
-60%
-47%
-9%
-26%
-4%
-8%
-12%
-5%
-5%
-3%
-5%
5%
Week
Change
▼
▼
▼
▼
▼
▲
▼
▲
-4%
0%
-1%
-3%
-21%
-14%
-1%
-7%
-1.3%
-3.4%
-4.2%
-4.0%
-3.0%
0.4%
-0.8%
0.6%
Copper
Copper
Cobalt
Molybdenum
Nickel
Lead
Zinc
Tin
Week
Change
4-Week
Change
▼
▼
▼
▼
▼
▼
▼
▼
Last Close
Price
Base Metals
Global Markets
▼ -2.1%
▼ 0.0%
▼ -0.6%
▲ 0.7%
▼ -10.6%
▼ -7.0%
▼ -1.3%
▼ -3.7%
(A$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
Volume ('000 t)
Price (A$/lb)
Price (US$/lb)
300
US$/oz
1500
3.60
3.40
Aug
Sep
Oct
YTD
Change
▲
▲
▲
▼
▲
▲
▲
▲
15%
23%
27%
-3%
5%
48%
13%
16%
3%
-2%
-4%
2%
-7%
-7%
-7%
1%
▲
▲
▼
—
▼
▼
▼
—
4-Week
Change
▼
▲
▲
▲
▲
▲
▼
▲
2.5%
0.4%
-5.5%
0.0%
-1.9%
-0.6%
-0.1%
0.0%
Week
Change
-1%
3%
3%
3%
4%
9%
-1%
1%
▼
▲
▲
▲
▲
▲
▼
▲
-1.2%
0.6%
0.4%
2.8%
2.9%
1.4%
-0.3%
0.0%
3.80
3.60
3.20
3.00
3.40
200
0
Aug
Nov
S&P/ASX All Ordinaries Gold Index
(XGO)
▲
▼
▼
▲
▼
▼
▼
▲
Week
Change
400
0
1200
0%
-12%
2%
-18%
-21%
-12%
-9%
-2%
4-Week
Change
LME Copper Price and Stocks
Stocks ('000 t)
Price (A$/lb)
Price (US$/lb)
600
100
1300
Sep
Oct
3.20
3.00
Aug
Nov
COMEX Copper Price and Volume
Sep
Oct
Nov
COMEX Copper Price and Stocks
2500
1500
Aug
Sep
Oct
0
Nov
Aug
Oct
3.40
20
3.20
0
100
80
Volume ('000 lot)
80
1250
Price (US$/lb)
4.30
Q1 11
Q3 11
Q1 12
Q3 12
Q1 13
Q3 13
3.90
20
Total Demand (tonnes)
Total Supply (tonnes)
3.70
0
3.50
Aug
Sep
Oct
Nov
3.90
3.70
3.50
Sep
Oct
$3.23
Nov
China Copper Imports
4.00
Tonnes ('000t)
Copper Price
400
Cash costs
3.80
300
$3.21
3.40
100
Buyer
3.60
200
Seller
$3.22
$250
4.10
500
LME copper forward curve
$500
4.30
40
Aug
$3.24
$750
4.50
Price (US$/lb)
0
$1,250
Total production costs
Nov
20
$3.25
2012 Gold Production Costs
Oct
Stocks ('000 t)
60
4.10
40
750
Sep
SHFE Copper Price and Stocks
60
1000
3.60
3.00
Aug
Nov
3.80
Stocks ('000 t)
Price (US$/lb)
SHFE Copper Price and Volume
World Gold Demand and Supply
1500
Sep
40
4.50
40
60
3.00
80
2000
3.60
Volume ('000 lot)
Price (US$/lb)
80
3.20
120
3.80
3.40
3000
$1,000
5,336
16,065
1,805
2,196
23,696
15,382
6,674
3,056
3.80
200
1400
▲
▼
▲
▼
▼
▼
▼
▼
Last Close
Price
ASX 200
Dow Jones
S&P 500 Index
Shang Hai Index
Hang Seng Index
Nikkei 225
FTSE 100 Index
Euro STOXX 50 Index
400
A$/oz
1600
500
3.46
3.17
11.79
9.66
6.09
0.93
0.84
10.42
LME Copper Price and Volume
Gold Price
1700
YTD
Change
3.20
$0
Latin
North
America America
Other
Australia
South
Africa
World
0
$3.20
Cash
3 Months
Dec 1
Dec 2
Dec 3
Apr 12
Oct 12
Apr 13
Oct 13
3.00
Source: Capital IQ, COMEX, LME, SHFE, Thomson Reuters, LCC research. Note: the SHFE copper price is based on the LME 3-month price and includes CIF premium, tax and duty
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability o f any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
.
Page 1 / 4

2. WEEKLY
Australian Copper Gold Report
25th November 2013
WWW.LCC.ASIA
Markets & Majors
Mergers & Acquisitions
Standard and Poor’s has updated its method for determining and
implementing metals price assumptions by removing the
conservative discounts it used to apply to forward curves.
Notwithstanding generally weaker metals prices this year, S&P
predicts favorable prices for copper and iron ore for 2014-2016,
while aluminum, nickel and zinc will continue to suffer from
oversupply over the forecast horizon. COPPER: US$3.10/lb for
2014 and 2015. “Demand is stable, and should continue to
benefit from growth in Asia and the consequent copper-intensive
investments in infrastructure and housing,” they advised. “We
observe continued pressure on operating costs for all major
producers, as lower grades require higher energy and labor costs,
and environmental requirements become increasingly stringent.”
GOLD: “the sharp decline in gold prices during 2013 may
portend further weakness if U.S. monetary stimulus wans,” S&P
noted. Therefore, S&P assumes a US$1,350/oz average gold
price in 2014, US$1,300/oz in 2015 and US$1,200/oz in 2014.
LionGold Corp subsidiary Owere Mines in Ghana has entered
into an agreement with B&C Gold to process gold bearing waste
tailings as part of environmental clean-up arrangements. A
minimum of 1 mt of tailings will be purchased from B&C over a
three year period – assuming an average gold grade of 3 g/t and
recovery of 90%, production of 90,000 oz gold is expected at the
320,000 tpa Konongo plant. LionGold owns a 77% interest in
Signature Metals (ASX: SBL), which in turn has a 70% stake in
Owere Mines.
Chile's Codelco, the world's top copper producer, has raised the
premium for 2014 term shipments to China by 41% according to
trading sources, reflecting strong Chinese demand. The proposal
to clients in private meetings in Shanghai last week is to increase
the premium by US$40 to US$138/t - the highest since 2005.
Ivanhoe Mines (TSX: IVN) has announced the results of an
independent PEA of its Kamoa copper project in the DRC. Preproduction capital requirement is estimated at US$1.4 billion for
the development of a mine and smelter through a two-phased
approach. Steady-state production targets 300,000 tpa of blister
copper at cash costs of US$1.18/lb. After-tax NPV8% is estimated
at US$2.5 billion with an IRR of 15.2%. After-tax NPV12% is
US$0.71 billion.
Emerging Copper Producers
Code
Company Name
Open
Price
Close
Price
AVI
AVB
AZS
BTR
CDU
HAV
HCH
HIG
IRN
KGL
MMC
MNC
RXM
VRX
VXR
FND
TGS
YTC
Avalon Minerals
Avanco Resources
Azure Minerals
Blackthorn Resources
Cudeco
Havilah Resources
Hot Chili
Highlands Pacific
Indophil Resources
KGL Resources
Marengo Mining
Metminco
Rex Minerals
Ventnor Resources
Venturex Resources
Finders Resources
Tiger Resources
YTC Resources
0.013
0.065
0.031
0.22
1.90
0.26
0.45
0.071
0.14
0.074
0.019
0.042
0.48
0.007
0.20
0.33
0.24
0.022
0.064
0.029
0.20
1.89
0.26
0.44
0.068
0.13
0.088
0.018
0.041
0.45
0.16
0.006
0.21
0.32
0.23
Weekly
Market 52 Week
Change Cap (A$m)
Range
▲ 69%
26
▼ -2%
87
▼ -6%
21
▼ -9%
33
▼ -1%
386
—
0%
31
▼ -2%
153
▼ -4%
58
▼ -7%
156
▲ 19%
12
▼ -5%
20
▼ -2%
72
▼ -6%
85
—
suspended
▼ -14%
9
▲
8%
107
▼ -3%
244
▼ -4%
60
Cash
(A$m)
2.6
2.2
1.1
20.6
34.0
5.8
12.8
6.5
217.8
10.6
7.7
9.4
19.9
0.1
3.7
10.6
10.0
14.7
EV
(A$m)
24
85
19
12
353
25
140
52
(61)
2
34
62
65
N/A
6
97
257
91
Stonewall Resources (ASX: SWJ) and the minority shareholders
of Stonewall Mining Pty Ltd have entered into an agreement with
Shandong Qixing Iron Tower Co. (SQIT) for the sale of 100% of
Stonewall Mining. SWJ and the minority shareholders are to
receive US$142 million. SWJ share represents A$0.27 per share.
SQIT is a listed entity on Shenzhen Stock Exchange and is part
of the Qixing Group, a privately owned large-scale diversified
industrial company with group revenue exceeding RMB 15 billion
(US$2.3 billion) in 2012.
Viking Ashanti (ASX: VKA) has agreed to merge with emerging
coal developer Auminco Mines Ltd (private). Viking will offer to
acquire 100% of Auminco by the issue of VKA shares and
options. Auminco shareholders will own 59% and Viking
shareholders will own 41% of the combined entity. Auminco
owns a number of coal and base metals assets in Mongolia.
Copper Producers
Code
Company Name
ABY
AOH
DML
HGO
IVA
OZL
PEM
PNA
SFR
SRQ
TGS
Aditya Birla Minerals
Altona Mining
Discovery Metals
Hillgrove Resources
Inova Resources
OZ Minerals
Perilya
PanAust
Sandfire Resources
Straits Resources
Tiger Resources
Open
Price
Close
Price
0.34
0.14
0.068
0.088
0.22
3.36
0.35
1.77
5.85
0.009
0.33
0.34
0.15
0.068
0.086
0.22
3.28
0.34
1.56
6.05
0.008
0.32
Weekly
Market 52 Week
Change Cap (A$m)
Range
▼
▲
—
▼
▼
▼
▼
▼
▲
▼
▼
-1%
7%
0%
-2%
-2%
-2%
-1%
-12%
3%
-11%
-5%
105
80
38
101
158
994
261
930
942
9
244
Cash
EV
EV/
(A$m) (A$m) EBITDA
102
26
21
17
24
433
92
91
101
29
10
4
76
179
133
134
561
367
1,012
1,111
102
257
0.1x
5.2x
NM
3.8x
NM
4.3x
6.0x
3.3x
5.7x
NM
4.2x
Source: Capital IQ, ASX announcements, LCC research. Assumption: A$/US$ of 0.95.
Source: Capital IQ, ASX announcements, LCC research. A$/US$ exchange rate of 0.95
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability o f any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
.
Page 2 / 4

3. WEEKLY
Australian Copper Gold Report
25th November 2013
WWW.LCC.ASIA
Emerging Gold Producers
Gold Producers
Code
Company Name
Open
Price
Close
Price
Weekly
Change
Market Cap
(A$m)
52 Week
Range
Cash
EV
(A$m) (A$m)
ABU
ALK
AZM
BAB
CHZ
CVG
CAS
GCY
GRY
IGO
IDC
IAU
KGD
MSR
MLX
MYG
OBS
PAN
ABM Resources
Alkane Resources
Azumah Resources
Bullabulling Gold
Chesser Resources
Convergent Minerals
Crusader Resources
Gascoyne Resources
Gryphon Minerals
Independence Group
Indochine Mining
Intrepid Mines
Kula Gold
Manas Resources
Metals X
Mutiny Gold
Orbis Gold
Panoramic Resources
0.024
0.38
0.026
0.043
0.10
0.010
0.32
0.18
0.14
3.42
0.065
0.27
0.10
0.031
0.16
0.036
0.33
0.27
0.024
0.37
0.024
0.044
0.13
0.015
0.33
0.16
0.13
3.24
0.059
0.28
0.10
0.031
0.17
0.034
0.32
0.24
0%
-3%
-8%
2%
30%
50%
3%
-9%
-7%
-5%
-9%
4%
-5%
0%
6%
-6%
-3%
-11%
79
138
8
15
29
5
42
25
52
756
62
156
12
9
273
18
70
69
2.8
73
3.1
5.3
2.2
0.5
3.0
2.1
46.8
43.8
0.4
92
1.7
3.0
59.7
2.0
8.2
45
76
65
5
10
26
5
44
23
5
777
61
64
10
6
213
22
68
24
PIR
PVM
PXG
RNI
ROL
SIH
SXG
SUM
Papillon Resources
PMI Gold
Phoenix Gold
Resource and Investment
Robust Resources
Sihayo Gold
Southern Cross Goldfields
Sumatra Copper & Gold
1.12
0.29
0.17
0.060
0.44
0.028
0.015
0.11
1.10
0.27
0.16
0.054
0.37
0.025
0.014
0.10
-2%
-9%
-6%
-10%
-16%
-11%
-7%
-11%
372
110
38
16
38
22
12
41
46.1
100.5
10.7
3.9
7.1
0.1
5.1
9.4
326
9
28
12
36
23
14
31
Source: Capital IQ, LCC research. Assumption: A$/US$ of 0.95 and A$/C$ of 1.00
ASX-listed Company News
Finders Resources (ASX: FND) has revised the BFS for its 95%
owned Wetar copper project. At a US$7,000/t copper price,
project EBITDA for the first full year of production should exceed
US$132m, resulting in a 1-year capital costs payback. LOM
copper production amounts to 155,000 tonnes over a 10.5 year
mine life. Capital costs are estimated at US$132.4 million and
operating costs at US$0.88/lb once operating full capacity or
US$1.05/lb LOM.
Code
Company Name
Open
Price
Close
Price
AQG
AGD
BDR
BEZ
CTO
CRK
DRM
DRA
EVN
EVR
FML
GDO
KCN
KRM
LSA
MML
MLX
MOY
MLI
NCM
NGF
NST
OGC
PNA
PGI
PRU
PPM
RMS
RRL
RSG
SAR
SBM
SLR
TBR
TGZ
TRY
UML
VGO
Alacer Gold
Austral Gold
Beadell Resources
Besra Gold
Citigold Corporation
Crocodile Gold Corp
Doray Minerals
Dragon Mining
Evolution Mining
Endeavour Mining Corp
Focus Minerals
Gold One International
Kingsgate Consolidated
Kingsrose Mining
Lachlan Star
Medusa Mining
Metals X
Millennium Minerals
Mintails
Newcrest Mining
Norton Gold Fields
Northern Star Resources
OceanaGold Corporation
PanAust
PanTerra Gold
Perseus Mining
Primero Mining Corp
Ramelius Resources
Regis Resources
Resolute Mining
Saracen Mineral Holdings
St Barbara
Silver Lake Resources
Tribune Resources
Teranga Gold Corp
Troy Resources
Unity Mining
Vantage Goldfields
2.36
0.17
0.90
0.030
0.046
0.14
0.67
0.19
0.76
0.62
0.013
0.21
1.39
0.40
0.27
1.88
0.16
0.24
0.07
9.61
0.13
0.78
1.94
1.77
0.052
0.39
5.90
0.11
3.32
0.59
0.23
0.37
0.68
3.10
0.59
1.28
0.059
0.045
2.13
0.12
0.83
0.027
0.042
0.12
0.64
0.18
0.64
0.60
0.012
0.17
1.20
0.37
0.20
1.69
0.17
0.20
0.075
8.50
0.13
0.69
1.65
1.56
0.046
0.29
5.60
0.11
3.07
0.51
0.21
0.29
0.56
2.80
0.56
1.13
0.050
0.045
Weekly
Change
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▲
▼
▲
▼
—
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
▼
—
-10%
-29%
-8%
-10%
-9%
-14%
-4%
-5%
-15%
-4%
-8%
-21%
-13%
-6%
-28%
-10%
6%
-17%
7%
-12%
0%
-11%
-15%
-12%
-12%
-26%
-5%
-5%
-8%
-13%
-7%
-22%
-17%
-10%
-4%
-12%
-15%
0%
Market
Cap
(A$m)
597
20
656
11
57
49
91
16
454
244
110
235
183
124
29
335
273
44
12
6,508
116
296
493
930
35
133
634
38
1,529
327
125
139
245
141
181
189
35
11
52 Week
Range
Cash
(A$m)
EV
EV/
(A$m) EBITDA
234
363
13
65
35
723
2
67
1
56
28
27
18
128
4
12
4
577
119
425
90
36
30
434
44
325
8
116
3
52
6
336
60
213
10
76
0
13
69 10,649
42
189
48
259
15
724
91 1,012
6
77
27
106
126
543
33
9
93 1,436
59
362
25
122
106
364
26
239
8
153
36
225
27
168
20
15
1
10
1.6x
8.1x
66.7x
19.8x
NM
0.5x
NM
54.5x
3.0x
NM
NM
6.5x
3.2x
NM
NM
4.7x
22.2x
2.7x
NM
9.5x
7.2x
3.4x
3.1x
3.3x
NM
2.4x
NM
0.4x
5.9x
1.9x
2.2x
NM
NM
2.4x
NM
2.6x
1.2x
3.5x
Source: Capital IQ, LCC research. Assumption: A$/US$ exchange rate of 0.95. June quarter
data in italics, September quarter data in regular font
Hillgrove Resources (ASX: HGO) has produced 4,306 tonnes of
copper in concentrate for the quarter ending 31 October 2013.
C1 costs were US$2.80/lb and C3 costs were US$3.40/lb.
Troy Resources (ASX, TSX: TRY) has entered into an
agreement to acquire a 3.2 MW grinding mill, electrics and
ancillary equipment for the West Omai gold project in Guyana.
The mill acquisition enables TRY to finalise the detailed
engineering of the remainder of the processing facility. The
design concept is based on a staged development of the project
to minimise risk and capital requirements, whilst retaining
flexibility to increase processing rates over time. This initial stage
would (subject to favourable study results) see throughput in
excess of 600,000tpa. TRY expects to complete the project
Scoping Study in December and Pre-Feasibility Study in the first
half of calendar 2014.
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability o f any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
.
Page 3 / 4

4. WEEKLY
WWW.LCC.ASIA
Australian Gold Producers Cost Curve
as at 30 September 2013
600
2000
Production
Price Average
AISC / C3 costs
C1 costs
500
Third Quartile
C1 < US$1041/oz
1750
Second Quartile
C1 < US$848/oz
1500
1250
First Quartile
C1 < US$612/oz
Mines closed
300
1000
750
200
500
100
FML
KRM
MLI
PGI
MLX
NCM - Bonikro
PRU
RMS
LSA
NCM - Hidden
SLR
TBR
SBM
GDO
712
KCN
VGO
NEM - Boddington
BEZ
DRA
UML
NGF
CRK
RSG
ABX - Plutonic
MOY
NCM - Telfer
779
EVR
NCM - Lihir
TGZ
GFI - St Ives
TRY
EVN
RRL
NCM - Gosowong
696
PNA
Kalgoorlie
SAR
ABX - Kanowna
NST
ABX - Yilgarn S
CTO
GFI - Agnew
AGD
BDR
DRM
AQG
ABX - Cowal
MML
NCM - Cadia
0
PPM
617
250
OGC
Annualised Gold Production (koz)
400
C1 Cost US$/oz
Australian Copper Gold Report
25th November 2013
0
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability o f any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
.
Page 4 / 4