News - Market Insights

Hartleys has maintained its accumulate recommendation for Sandfire Resources

Hartleys has maintained its accumulate recommendation for Sandfire Resources but cut its 12-month price target to $7.36 from $8.17 after another good quarter by the copper miner (reports The West Australian). Sandfire’s biggest challenge is the depletion of its flagship DeGrussa mine, near Meekatharra, which needs a new discovery to extend its life past 2022. Hartleys noted the recent release of a draft environmental impact statement for Sandfire’s 86 per cent-owned Black Butte copper project in Montana.

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Owning one of the biggest virgin gold discoveries in the last 15 years in Western Australia does not necessarily deliver a premium market rating. Not immediately anyway

Owning one of the biggest virgin gold discoveries in the last 15 years in Western Australia does not necessarily deliver a premium market rating. Not immediately anyway (reports Barry FitzGerald on Stockhead). Just ask Breaker Resources which last traded at 35.5c for a market value of $64 million. It has the lowest market value per oz of gold resource in-the-ground amongst its peer group. Yet its Bombora discovery at its Lake Roe project, 100km east of Kalgoorlie, comfortably sits amongst the biggest virgin gold discoveries of the last 15 years.

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Iron ore could cross the symbolic US$100 a tonne threshold in a matter of days after yet another supply disruption added to turmoil in the global market (reports London’s Daily Telegraph). The commodity, used in steelmaking, initially jumped by as much as 4.4pc on futures markets in China before closing at 652 yuan (US$96) on Tuesday, after mining giant Vale revealed that courts in Brazil had reversed a decision to allow operations to restart at its Brucutu complex.

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Despite an increasing amount spent on exploration copper discoveries have fallen away, according S&P Global Market Intelligence (reports MiningNews). Exploration spend over the past 10 years totalled US$25.8 billion, well above the $15.4 billion allocated from 1990 to 2008. Yet, that spend yielded 102.4 million tonnes of copper in 21 major discoveries, compared with 992.5Mt in 199 discoveries in the preceding 19 years.

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China’s debt-fuelled plans to prop up economic growth could push its already high debts up to dangerous levels, raising the chance of a painful crunch for the global economy, the Bank of England fears (reports London’s Daily Telegraph). A further fall in China's economic growth risks making its debts “significantly less sustainable” with serious implications for markets, Deputy Governor Sir Jon Cunliffe has warned.

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North American broker Canaccord Genuity has slightly pared back its valuation of WA gold producer Dacian Gold (ASX: DCN)

North American broker Canaccord Genuity has slightly pared back its valuation of WA gold producer Dacian Gold (ASX: DCN) following its March quarterly report, but still has a healthy 12-month price target of $3.35-a-share and buy recommendation for the stock. This is well north of Dacian Gold’s current price of ~$1.95 a share.

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Brokers Hartleys and Patersons are urging investors to buy shares in Strandline Resources

Brokers Hartleys and Patersons are urging investors to buy shares in Strandline Resources, saying they stand to make handsome profits as the company advances it pipeline of mineral sands projects in Australia and Tanzania. In a fresh research report, Hartley tips Strandline shares to hit 22c compared with their current price of 12c, saying the company has “the potential to build a substantial mineral sands business”. Hartleys examines in detail the recently released Feasibility Study on Strandline’s large Coburn mineral sands project in WA.

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Despite the continued sell-off of global lithium stocks, Pilbara Minerals boss Ken Brinsden says there’s no issue with demand (reports MiningNews).

Despite the continued sell-off of global lithium stocks, Pilbara Minerals boss Ken Brinsden says there’s no issue with demand (reports MiningNews). Cannacord Genuity noted today that the Global X Lithium ETF was down by 4.3% last week alone, and Pilbara fell 3.5% this morning (Monday) to a 2019 low of A63.2c off the back of its March quarterly. Brinsden told investors this morning that demand for lithium remained strong.

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4th - 5th Jun 2019

Gold Coast Conference

The 2019 Resources Rising Stars Conference was held on Tuesday 4 and Wednesday 5 June 2019 at the scenic RACV Royal Pines Resort on the Gold Coast. 

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