Newcrest’s market value slump since last Friday’s tailings dam wall failure at its flagship Cadia gold-copper mine near Orange in NSW has climbed past $1 billion, (writes Barry FitzGerald on MiningNews).
That kind of happens to a company when a mine that accounts for 30% of its gold output, 85% of its copper output, and some 60% of group earnings, gets knocked out of action for an indefinite period, yet again.
Centaurus Metals (ASX: CTM) will remain “firmly held” within his portfolio, says veteran Sydney-based resource analyst Gavin Wendt, following some “highly encouraging” results from initial auger drilling results at its recently acquired Itapitanga cobalt project in northern Brazil.
Australian stockbroker Taylor Collison has placed an eye-catching 62c-a-share price target and Buy recommendation on emerging gold producer Egan Street Resources (ASX: EGA), saying its key asset, the high-grade Rothsay Gold Project 300km north of Perth, could be a +1Moz gold project.
In an initiation note following a recent site visit, Taylor Collison analyst Dr Lachlan Rutherford says he has put “considerable value” on the exploration upside at Rothsay, which he believes could see significant growth in the current 307koz Resource at 10.9g/t.
British billionaire Sanjeev Gupta is poised to buy 35 automotive component factories across India, Japan, Thailand and Spain in a rescue of Amtek Auto, signalling a big push into the automotive sector where he already has aspirations to be a player in the electric car industry (reports The Australian Financial Review).
Egan Street Resources has confirmed A$11.9 million in funding through the exercise of options from existing shareholders and through an oversubscribed underwriting agreement for any shortfall (reports MiningNews).