One company cannot truly reflect the near-boom conditions in Australian mining today, but if you had to choose one it would be Ausdrill, a drilling rig contractor, which added 18c to $2.76 over the past week -- taking its rise over the past two years to $2.55, or 1214%.
Ignorance is not bliss, it’s actually quite expensive, as some investors in lithium stocks discovered this week as the shock of last Friday’s sell-off gave way to fresh details of what’s happening in Chile’s lithium industry.
Battery metals reclaimed centre-stage on the Australian stock market this week as pressure grew on industry leaders from a rising dollar and falling base metal prices, while gold stocks were weighed down by a currency-induced slip in the local gold price.
Battery metals have continued in the first few weeks of 2018 where they left off in 2017, as the stars of the mining sector. But in the background, there are rumblings that old-faithful of the mining world, gold, could be getting ready to take centre stage.
Battery metals returned as the favourite sector for investors in resource stocks this week, but the more interesting feature of the market was the rise of several prominent mining company managers from booms past, including Mark Ashley, Michael Carrick and Yosse Goldberg.
Cricket wasn’t the only game being played between Australia and England this week, with a small army of Australian mining companies making the trek to London as part of a concerted attempt to re-kindle British investor interest in Aussie stocks – with limited success.
Good, in parts, is the best way to describe the resources sector over the past week, but for much of the market there were unmistakable signs of fatigue setting in after a stellar year which has just 20 trading days remaining until the Christmas shut-down.