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2016
15 January |
Mining asset price hopes linger
There are reasons to hope and despair in equal measure as we enter
2016 |
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29 January |
Hello, anyone home?
Explorers are failing to find investors
interested in potential discoveries |
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5 February |
Orocobre needs to be clear on remedial plan
Lithium producer's handling of investors will determine its market
value |
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12 February |
Don’t blame
oil
The reasoning for market behaviour
goes beyond moves in one commodity |
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19 February |
MZI sending mixed
messages
Market valuation reflects
confusion over Keysbrook mineral sands mine life |
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26 February |
Kasbah optimism was
foolhardy
Junior shows industry is
still refusing to face up to real world risk factors |
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4 March |
Uncertainty blamed for predictable
outcomes
Why are miners confused by
cellar-dwelling near-term commodity pricing? |
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11 March |
Mining could tempt back pension funds
Miners must bear responsibility to present an investible
long-term proposition to institutions |
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18 March |
Bank shows
explorers no respect
National Australia Bank should be
ashamed and Impact Minerals fuming |
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25 March |
Central
banks doubt growth rebound
Credible feasibility studies
should consider the effects of macro economics |
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1 April |
Is
the gloom lifting from Aussie mining?
Unfortunately, the answer on reflection is undoubtedly negative |
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8 April |
Nowhere to run from
regulatory risk
The gulf between traditional safe-havens and
basket cases is narrower than you think |
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15 April |
Vendors, buyers
still poles apart
The discount rates used by miners should
reflect mining project risk |
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22 April |
Private
equity must pay its way
PE must come to terms with the
reality of resource investment |
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29 April |
Do as I say,
not as I do
Australian companies have a long history of
asking governments to save them from the consequences of their poor
industrial relations practices. BHP Billiton is upholding the
tradition. |
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6 May |
Investor
expectations test OZ Minerals
Miner needs help from the
copper price to maintain its current valuation |
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13 May |
Lithium. Say No
More
A presentation from the chief executive of European
Metals Holdings reawakened my latent anxieties about a lithium
market investment bubble. |
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20 May |
It's all
relative
Being less ugly than others should be enough for
mining equities |
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27 May |
The shady corners
of the ASX
Openness in dealing with complaints would
increase confidence |
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3 June |
Too many gaps
in gold data
Not helpful in resolving a mystery critical
to an understanding of the state of the gold market |
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10 June |
Why bet on
the impossible?
More lithium cannot be used than actually
exists |
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17 June |
South32 no 'sausage
factory'
CEO wants to chart new course for BHP spin-off,
but how? |
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24 June |
Juniors sway
with cyclical breeze
Equity-dependent resource stocks will always
follow investment dollars
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1 July |
Brexit the icing on undercooked cake
Even before the Brexit vote, miners had reason to worry about the
prospect of a lengthening cyclical trough. |
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8 July |
Gold good, but still risky
Red
Mountain Mining has distinguished itself from other ASX-listed gold
miners by acknowledging how sensitive its project value is to
changes in the gold price. |
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15 July |
Bar set by Western Areas too low
A
succession of impressive drill results places St George Mining among
Australia’s most exciting mineral explorers. |
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22 July |
Inconsistency hits miners, dish lickers
A greyhound racing ban
in the Australian state of New South Wales signals a disturbing
breakdown in government respect for policy continuity toward
invested capital. |
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29 July |
Lithium brain fade
Lithium is causing confused thinking, delusions,
memory loss and hallucinations among miners in an ironic reversal of
its role as a psychiatric medication. |
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5 August |
What about the rest of us?
Share
purchase plans aren't good for everyone |
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12 August |
Step back in time
Australian mining investment markets are on the verge of being
dragged back to a 1970s disclosure model |
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19 August |
Deal or no deal
An anticipated bid for Kasbah Resources triggered a share
price collapse but also ushered in a way forward for the company’s
much delayed Achmmach tin project. |
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26 August |
Monetary policy directing investment outcomes
Central
banks are poised to retain powerful roles in mining returns |
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2 September |
Trading on a name
BHP’s rich history has concealed some
mediocre returns |
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9 September |
Fortescue hits back at sceptics
Fortescue Metals Group, having
confounded the sceptics, is now being re-priced |
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16 September |
Short-termism makes more sense
Without a transformational shift
in cyclical conditions to lift investment returns, mining portfolio
investors need more subtle money making strategies |
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23 September |
The full
monty
BDO, one of Australia’s leading audit and mining
industry advisory firms, has advocated an overhaul in industry
disclosure practices to help investor decision-making. |
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30 September |
‘Mining
conjunctive-itis’
Daniel Kahneman should be cited in
every investment pitch by mining industry executives to show they
understand their project risks. |
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7 October |
The case for exploration investment
Exploration gets a bad rap. Explorers are carelessly labelled as
more risky than companies with a discovery under their belt looking
to build a mine. |
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14 October |
Why work?
Sir James Foots must have
been an abysmally poor chief executive. He had no STI, LTI, options,
performance rights or publicly-disclosed KPIs. It’s a wonder he
bothered coming to work. |
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21 October |
How sure are you, really?
Questioning
the most emphatically expounded investment propositions might create
resentment but is rarely unjustified. |
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28 October |
No pay-off for performance
Mining industry remuneration packages are more likely to reward good
luck than skill or achievement. |
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4 November |
What could possibly go wrong?
Forward looking statements will
remain a regulatory bugbear as long as neither regulators nor
companies are willing to give investors the information they need.
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11 November |
Discounting the future
In giving the Kasbah Resources takeover
the green light, the independent expert gently chided the mining
industry over its valuation methods. |
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18 November |
The gender mind
bender
There is no business case for gender diversity in
the mining industry. That’s the unavoidable conclusion from the
discussion at the International Mining and Resources Conference
(IMARC) in Melbourne last week. |
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25 November |
Choice
hides poor quality
Syndicated Metals chief executive
Andrew Munckton told an audience of investors recently that only two
projects out of 30 he had reviewed were worth a second look. |
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2 December |
Missing
ingredients retard mining cycle
Absence of a global
growth acceleration remains the principal retarding factor in the
cyclical make-up of the mining industry. |
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9 December |
Picking the right commodity
Setting
mine development priorities based on expectations of future
commodity prices is little more than wishful thinking feebly
disguised as strategy. |
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16 December |
More ASX disclosure changes needed
Mod Resources has given us a fresh model for acceptable ASX
disclosure practice with the first scoping study report since ASIC
revamped its disclosure guidance in October. |
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23 December |
Are miners really different?
A
special Christmas greeting to all those readers who have criticised,
defamed, attempted to censor, threatened legal action and blustered
accusations of criminal conspiracy as a consequence of my weekly
‘From the Capital’ jottings during 2016. |
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