News

Sydney-based institutional broker Petra Capital has upgraded its price target for gold producer Red 5 (ASX: RED) by 13 per cent to 58c-a-share (more than double the recent trading price of 27-28c) and reaffirmed its BUY recommendation

Sydney-based institutional broker Petra Capital has upgraded its price target for gold producer Red 5 (ASX: RED) by 13 per cent to 58c-a-share (more than double the recent trading price of 27-28c) and reaffirmed its BUY recommendation following its recent September quarterly report. And Morgans Stockbroking has maintained a 50c price target and ADD rating for the stock, with the brokerage picking a number of positives out of Red 5’s September quarterly results.

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In November, explorer Hill End Gold changed its name to reflect its focus on the burgeoning high purity alumina (HPA) sector (reports Stockhead). HPA is used in lithium-ion battery components, LED lights, smart phone screens, and surgical tools. And demand is on the way up. Hill End was now Pure Alumina (ASX:PUA) – the name of the company Hill End bought in July 2017. This deal included its now-flagship Yendon HPA project.

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Plus, the nickel planets look to be lining up for Mincor and its latest find

Junior explorers/developers vacated the WA iron ore space in a hurry back in 2011-12 when the iron ore price began its almighty slide from $US168/t down to $US55/t in 2015. But a couple of dam tragedies in Brazil and an annual global steelmake that has continued to surprise to the upside resulted in the iron ore price steadily rebuilding to an impressive $US102/t in the September quarter. Add in the lower exchange rate and iron ore is again a licence to print money for the big three of the WA industry – Rio Tinto, BHP and Fortescue.

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Gold recovered a little lost ground this week but the more important development was a double-dose of “outage” events in South America

Gold recovered a little lost ground this week but the more important development was a double-dose of “outage” events in South America which reinforced the investment case for copper and iron ore. Industrial and civil unrest in Chile and Peru, two of the world’s major copper producing countries, lifted the copper price by US8 cents a pound to $US2.64/lb, its highest for six weeks – even as underlying demand remained flat thanks to the US v China trade war.

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25th October 2019

Matterhorn Asset Management founder and managing partner Egon von Greyerz says the current “mess in the world” is unsustainable, which is good news for gold (reports MiningNews). Matterhorn owns the world's largest private gold vault in Switzerland. Von Greyerz prefaced his keynote presentation to the Gold and Alternative Investments Conference in Sydney today by saying he wasn't a gold bug. "I'm not a gold bug, I just measure risk," he said. "I think we're looking at the greatest risk ever in history."

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Saracen Minerals says it produced a record 96,324 ounces of gold in the September quarter

Saracen Minerals says it produced a record 96,324 ounces of gold in the September quarter, at a lower cost than forecast (reports The Australian). That put the Perth miner on track to beat its FY20 guidance of 350,000 to 370,000 ounces, while its all-in sustaining cost of $A964 an ounce was below guidance of $A1,025 to $A1,075 an ounce. Managing director Raleigh Finlayson said the production reflected Saracen's investment in exploration and development.

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Sipa Resources (ASX:SRI) has expanded the footprint of the Obelisk discovery at its Paterson North copper-gold project

Sipa Resources (ASX:SRI) has expanded the footprint of the Obelisk discovery at its Paterson North copper-gold project in WA by at least 200m to the northeast (reports Stockhead). The company said this was based on visual observations and portable XRF readings that returned results of up to 0.9 per cent copper along with anomalous tungsten, bismuth and molybdenum. Portable XRF results provide a picture of what has been discovered, but results that differ from the final assay results.

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25th October 2019

Red 5 finally owns its Darlot mine free and clear having just paid the final A$5 million in deferred consideration to seller Gold Fields, two years after it agreed to buy the mine and reposition itself as a Western Australia-focussed gold miner (reports MiningNews). The payment comes as the company continues to generate a healthy cashflow from Darlot and King of the Hills in the Eastern Goldfields, with the company holding $40 million in cash and bullion at the end of September, up from $25 million at mid-year.

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