News - Prospector's Diary

Production cuts have revitalised Australian iron ore stocks, delivering bumper profits and attracting new players, including London’s super-rich property magnates, the Reuben Brothers

Production cuts have revitalised Australian iron ore stocks, delivering bumper profits and attracting new players, including London’s super-rich property magnates, the Reuben Brothers. But how long the good times can last is a critical question for investors. Few analysts are prepared to stand in the way of the surging iron ore price, which this week hit a five-year high of $US95 a tonne, driving share prices up sharply, with most hitting fresh highs.

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A capital-raising rush over the past week by small mining companies is a clear signal that the downturn of the past few years is coming to an end.

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Rare earths made headlines this week thanks to a controversial takeover bid for Lynas Corporation

Rare earths made headlines this week thanks to a controversial takeover bid for Lynas Corporation, but whether the offer from Wesfarmers succeeds or not, the important message is that one of Australia’s biggest industrial companies has decided it’s time to invest in mining. More specifically, the move on Lynas is fresh evidence that the electric car revolution is more than a passing fad, reinforcing the case for the broad family of metals needed in electric motors, either as fuel (lithium) or in other applications such as high-strength magnets (rare earths).

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Nickel regained its share of the investment spotlight this week

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Currency values, rather than commodity and share prices, have emerged as the key force in shaping financial markets over the rest of 2019

Currency values, rather than commodity and share prices, have emerged as the key force in shaping financial markets over the rest of 2019, with the likelihood of a continued decline in the Australian dollar ensuring increased interest in gold. Westpac Bank this week joined the “dollar down” club with a forecast of a slide in the Aussie currency to US68 cents over the remainder of the year, and while that might not be a big fall from its current US70.8c it would lift gold above $A1900 an ounce.

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Gold played second fiddle to industrial metals this week with copper, nickel and iron ore doing best despite the rolling uncertainty of the China v US trade war. But in the background was an event which could see gold perk up next week.

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Corporate deals in the gold sector and copper discovery announcements dominated the news cycle in mining this week, though the more interesting share-price moves where in a part of the industry that some politicians wish would go away: coal.

Corporate deals in the gold sector and copper discovery announcements dominated the news cycle in mining this week, though the more interesting share-price moves where in a part of the industry that some politicians wish would go away: coal. Gina Rinehart, Australia’s richest person, demonstrated decisively her belief that coal is here for the long term, especially metallurgical coal, by plopping down $740 million to buy the shares she doesn’t already own in Riversdale Coal which is developing a mine in Canada.

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Two forgotten sectors of the Australian market made a return this week

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3rd Dec 2019

RRS Summer Series 2019 - Sydney Conference

One-day investor conference in Sydney on Tuesday 3 December 2019.

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RRS Summer Series 2019 - Brisbane Conference

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26th - 27th May 2020

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The 2020 Resources Rising Stars Conference will be held in May 2020 at the scenic RACV Royal Pines Resort on the Gold Coast. 

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