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2018
12 January |
AIM to
be measured against ASX
The bosses at
Crusader Resources are defiantly waving a middle finger
at Australian investors as they look to London’s AIM for
shareholders with looser purse strings and more
malleable memories. |
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19 January |
Betting
against winners
The best-performing mining stocks in 2017
are unlikely to be among the best in 2018. |
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26 January |
Zinc fails investment test
Equity
market reactions to recent zinc prices rises are at odds with one of
the most widely promoted investment propositions in resources sector
investing. |
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2 February |
Industry ducks strategy choices
‘Returns or size?’ is a question commonly brushed aside when
companies take strategic decisions about exploration and mine
development. Rarely is it put to a vote. |
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9 February |
Reward's Disappointment
Newly-appointed Reward Minerals chief executive Greg Cochran
confronts a familiar trap as he switches his development efforts
from uranium to agricultural minerals. |
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16 February |
Rising macro complexity hits miners
Weak
global growth with deflation threatening? Sell mining equities.
Robust global growth and rising inflation? Sell mining equities.
Hmmm. |
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23 February |
Danakali tests corruption claims
Danakali
directors are at odds with third party rankings of jurisdictional
risk, which characterise Eritrea as being among the worst places in
the world to do business. |
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2 March |
Australia slides in global corruption ranking
Nucoal Resources turned up the heat against
anti-corruption zealotry just as Transparency International (TI)
called for more protections against corrupt Australian officials.
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9 March |
New model for risk
reporting
Market regulators will have to get involved if
miners are to explicitly address jurisdictional risk in presenting
their investment prospects. |
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16 March |
Boardroom neglect
damages disclosure
Hardey Resources has given us another
example of how companies neglect their continuous disclosure
obligations. |
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23 March |
New Century faces
last century history
For several years, because the
Century zinc mine was on the verge of closing, investors were urged
to buy zinc related equities. Now, investors are being encouraged to
back the mine’s re-opening. |
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30 March |
Blackham survives funding trauma
Blackham Resources – once one of
Australia’s most overpriced gold stocks – has been given another
chance to prove its worth. |
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7 April |
Exploration tax incentives miss target
The Australian government’s
new tax incentive to stimulate exploration spending shores up a
political base without impacting the real constraints on higher
mining output. |
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14 April |
Miners, survival and cockroaches
Black Mountain Resources is adding
to an already uniquely colourful past. As it scampers to newer
ground, think ‘cockroaches’. |
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21 April |
IMF warns of growth decline
International Monetary Fund (IMF)
forecasts this week flashed warning signs that global economic
growth might have already peaked. |
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28 April |
This gold miner is different
Southern Gold chief executive Simon
Mitchell says investors deserve a better deal as he points to his
own shareholder-friendly approach to boosting returns. |
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4 May |
Neither independent nor expert
Independent expert reports may
contain fundamental flaws that render them ineffective as
decision-making tools for investors. |
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11 May |
Understanding the commodities cycles
More than two years after a
cyclical trough in metal prices, the current cycle has matured and
may already be in the earliest stages of decline. |
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18 May |
Growth beats supply as price driver
Metal price cycles are
fortuitous events over which the mining industry exerts minimal
control. Unanticipated changes in global demand are usually at the
heart of cyclical swings in prices. |
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25 May |
Cycles
dominate investment decisions
Investors need to take only
one substantial decision every two or three years to maximise their
returns from the cyclical shifts in metal prices that dominate
sector equity returns. |
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1 June |
Three
cyclical scenarios
The metal price cycle over the coming
year has three feasible trajectories, each with important
repercussions for how investors should approach the sector. |
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8 June |
WGC turns its back
on mining
The gold industry is offering investors a horse
and buggy in an age of autonomous electric cars forcing even its
principal lobbyist to change direction. |
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15 June |
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22 June |
Policy errors
loom larger for miners
Policy misjudgement once again
threatens as a source of cyclical instability for the mining
industry as central bankers approach increasingly complex choices.
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29 June |
South32 looks to
the future
South32 management ducked the most important
question about its acquisition of Arizona Mining: “Why now?” |
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6 July |
Canada vs
Australia: Investment outcomes
A Canadian listing is
cheaper and more likely to attract institutional money but, in the
absence of differences in investment returns, the choice between TSX
and ASX is mostly driven by residential convenience. |
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13 July |
Kasbah
raises disclosure questions
Kasbah Resources has missed a
deadline for a definitive feasibility study without any
acknowledgement or comment. Does it matter? |
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20 July |
Battery
thematic energises Australian stocks
Past performance, it
turns out, is a guide to future performance; just not in the way you
might think. |
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27 July |
'Buy and Hold'
strategy likely to fail
Share-price performance over the
past year has shown once again why investors do not gain from a buy
and hold approach to Australian miners. |
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3 August |
Investors
caught in quicksand
A new generation of heavy mineral
sands projects must overcome blemished track records, opaque markets
and unusual cyclical patterns to consolidate investment support. |
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10 August |
Fourth time
lucky for Kasbah
Kasbah Resources is running out of
options as it releases its fourth definitive feasibility study since
2014 for its 75%-owned Achmmach tin deposit in Morocco. |
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17 August |
No watertight
agreements
Fiscal risk is on the rise, not just for
miners, as tax policy becomes the battleground for a broadening
array of political objectives. |
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24 August |
Growth
slump raises future market doubts
Distinctions between
size, growth and momentum – equivalent to well understood concepts
in day-to-day life of location, speed and acceleration – can become
badly muddled when commentators talk about markets. |
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31 August |
Too few panicky
investors
Fear of missing out – always an important
driver of markets – is conspicuously absent, leaving the bulk of
mining investments struggling to impress investors. |
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7 September |
More choices in
Western Australia resurgence
Image Resources is among a
new generation of miners reshaping the industry in Western Australia
as it creates a widening array of investment options. |
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14 September |
Sandfire's Simich
slams market view
Sandfire Resources chief executive Karl
Simich has posed an important analytical question – albeit
inadvertently. If you do not know what you are buying, how much
should you pay? |
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21 September |
Investor
presentations 101
Po Valley Energy chief executive
Michael Masterman did something unusual in presenting to investors
in Melbourne recently. Others should follow his lead. |
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28 September |
How to win
investors
Is a list of 14 investment highlights a
compelling case for buying a mining stock or a sign of confusion and
mistaken beliefs about what drives investment returns? |
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5 October |
Altech leads
presentation rankings
Altech Chemicals chief executive
Iggy Tan is among the Australian mining industry’s most skilled
presenters. |
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12 October |
Metals
outlook spans two extremes
A decade of unparalleled good
times or credibility sapping disappointment is shaping up as the
stark choice for mining industry investors. Either outcome is
plausible. |
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19 October |
HPA start-ups fight
for leadership
Altech Chemicals, FYI Resources and Hill
End Gold are jostling for recognition as producers of high purity
alumina (HPA) from kaolin amid competing claims of technical
superiority and veiled threats over patent infringements. |
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26 October |
Goncalves abuse
counter-productive
Cleveland-Cliffs chief executive
Lourenco Goncalves’ UFC-style trash talk and neo-Trumpian character
aspersions gave his quarterly earnings call the prominence he
craved. But could his style prove counterproductive? |
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2 November |
Valuation
explanations need work
Ramelius Resources claims to be
one of the most undervalued Australia-focused gold producers. It
could be right, but for the wrong reasons. |
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9 November |
Jacques guilty
of navel gazing
Rio Tinto chief executive Jean-Sébastien
Jacques relied on dimmed memories of the industry’s past to
dramatise the challenges facing miners today at a recent mining
conference in Australia. |
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16 November |
'Sustainability' … who are we kidding?
‘Sustainability’
is a contrived rhetorical facade adopted by the mining industry to
feign pursuit of an unattainable goal, in a misconceived attempt to
stave off public criticism. |
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23 November |
What's behind
falling stock prices?
Quickening economic growth and
sliding interest rates are ideal conditions for stock prices.
Decelerating growth and tightening monetary settings – where we are
now – are among the worst. |
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30 November |
Central
banks to move markets
Central banks kill the metal price
cycles on which project funding for new mines and sectoral equity
performance depend. |
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7 December |
Challenging
2019 ahead for mining equities
Mining stocks will have to
demonstrate their own value attributes rather than rely on
favourable macro forces over the coming year. |
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14 December |
Expert queries
tin-miner risk
Kasbah Resources directors want us to
believe that an investment in the Moroccan tin mine developer
carries no more risk than a holding in an S&P 500 company. |
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21 December |
'New' ventures
rarely successful
The company formerly known as Mustang
Resources threw in the towel during 2018, jettisoning multiple
promises to investors in a credibility sapping and industry damaging
strategic about-face. |
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