The big miners may be the new superstars of the dividend scene, but this has failed to translate through to any big appetite for their shares over recent months (reports The Australian Financial Review).
The sell-off in local gold equities in the last two months
The sell-off in local gold equities in the last two months – with the exception of Northern Star which has pogoed higher – has been remarkable stuff.
Market leader Newcrest is down 14%, which is bad enough in itself. Then there is the 22% hit on Evolution, St Barbara’s 24% slide, and Regis’ 20% fall.
It is remarkable stuff because while the US dollar gold price is off by about $US60 or 5% to just under $US1,200/oz, the Aussie price at more than $A1,660/oz is “only” off by $A20, or 1.2%, due to the slide in the US exchange rate.
Northern Star has become a brand – one that reflects its status as the go to underground miner with a track record of revitalising gold mines where the will or interest in doing so has been lost by previous owners (writes Barry FitzGerald on MiningNews).
Last week’s Northern Star-Pogo M&A involving a major operating gold asset being acquired by an Australian company in North America’s backyard is a big reversal of sorts in the status quo (reports MiningNews).
Liontown Resources boss David Richards says early-stage interest in the company’s Kathleen Valley lithium project, 60km north of Leinster, provides confidence, despite recent mixed commentary about the battery mineral (reports The West Australian).
Sydney-based institutional broker Blue Ocean Equities has reiterated its upbeat view of emerging copper-zinc developer Venturex Resources (ASX: VXR) on the back of a project update issued this week.
Venturex reported “strong progress” with mine design and scheduling, plant optimisation and capital cost reductions at its Sulphur Springs project in the Pilbara, saying its Definitive Feasibility Study was now in its final stages and on track to be delivered by the end of this quarter.
Todd River Resources is gearing up for the next round of diamond drilling at its high-grade Mt Hardy base metals discovery in the Northern Territory later this month – and it’s confident it will find more mineralisation (reports Stockhead).