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28 November |
TSX-ASX choice
becoming moot
Australia and Canada-listed miners are
searching for greener capital market pastures as disillusion about
their investment prospects grows and alternative destinations for
risk capital proliferate. |
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5 December |
Dual-listing gains hard to find
Dual ASX-TSX listings by
Australian miners are more likely to create two
liquidity-constrained trading pools than open new doors to capital.
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13 December |
Companies blinded
to DRC risks
What happens when some of the world’s best
geology is in one of the world’s most risky mining jurisdictions?
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19 December |
Miners need an ESG
alternative
ESG investing is a sham not because
environmental, social or governance behaviours are unimportant but
because it is a façade for yet another investment management
marketing fad. |
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16 January 2020 |
Betting on winners won't work
Don’t
expect the best performing stocks in 2019 to be at the upper end of
returns in 2020. |
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23 January |
Business pessimism retards cycle gains
Improved global growth in 2020 will give mining-sector
investment sentiment a much needed fillip but the forces restraining
a strong cyclical upswing remain firm. |
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30 January |
Newmont courts new investor base
Newmont Corporation chief executive Tom Palmer has given himself an
improbable challenge: to convert a long-standing gold market proxy
into a competitive S&P 500 investment. |
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6 February |
Gold miners miss the point
Gold
miners need a more finely honed message if they are to become
mainstream equity investments |
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13 February |
Markets confused by gold-price narratives
Gold miners would benefit from clearer explanations for
why gold prices move. |
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20 February |
China’s growth recovery
The novel
coronavirus (COVID-19) is set to alter the pattern of economic
growth over the coming two years, possibly for the better. |
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27 February |
Value steps get market recognition
Every day, dozens of mineral exploration and development stocks are
posting double-digit share-price gains, even as the sector wallows
around historically low valuations. |
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5 March |
BHP tries again
New BHP chief
executive Mike Henry aims to do what none of his predecessors have
achieved. |
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12 March |
Bad timing for metal supply resurgence
Backed by tight inventory control, industrial metal prices have
proven more steadfast amidst the widespread fear and panic presently
infecting financial markets. |
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19 March |
Miners face funding cost rises
The
cost of capital for mine development is skyrocketing despite
unprecedentedly low government bond yields, as signs of financial
market dysfunction emerge. |
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26 March |
Miners face altered obligations
Might the COVID-19 pandemic force entirely different commercial
models onto the mining industry? |
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2 April |
Growth dictates investment returns
A global acceleration in economic activity will be necessary for any
sustained mining industry investment recovery. |
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9 April |
Kasbah's doubtful destiny
Amazingly, Kasbah Resources was the top performing ASX-listed mining
stock in March and one of the top three in the first quarter of
2020. |
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16 April |
Bad, bleak or catastrophic?
With so
many uncertainties over public health outcomes, scenario building
might be as far as an investment strategist can prudently venture.
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23 April |
Miners positioned for recovery
A
V-shaped recovery from the damaging economic effects of the COVID-19
pandemic does not translate automatically into strong mining
industry investment returns. |
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30 April |
Nasty choices to dictate industry fate
The toughest public policy challenges since the second world war
will confront governments in the next few months, as they strive to
save lives while simultaneously restarting shuttered economies. |
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7 May |
COVID-19 threatens feasibility study validity
The promise of hefty net present values and ostensibly
attractive rates of return should guarantee project development
unless, of course, investors don’t believe the numbers. |
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14 May |
Search for cycle-proof miner continues
A miner claiming to have a ‘cycle proof’ project, in an industry
notoriously blighted by cycles, stands out as warranting a closer
look. |
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21 May |
Moore film blasts mining, too
The
new Michael Moore film, ‘Planet of the Humans’, is an attack on the
human race not just the renewable energy industry. |
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28 May |
Metal price forecasters bet on reversion to
mean
The pattern of investment bank metal price forecasts
is biased to mean reversion with less emphasis on likely movements
in market balances. |
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4 June |
Three routes to mining value
Sandfire Resources, Asiamet Resources and Emmerson Resources offer
three contrasting approaches in the search for value in an industry
unsure about the best model for delivering investment returns. |
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11 June |
Falsehood and self-deception as investment
tools
A tight capital structure, skin in the game, an
experienced board, a low enterprise value compared with peers,
plenty of news flow and a tier one location sound like the makings
of an ideal investment, if company presentations are any guide. |
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18 June |
Yamana Gold gets predictability premium
Yamana Gold is being generously rewarded by investors for its
consistent production outcomes and discovery potential. |
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25 June |
Stronger growth
needs innovation
A forecasting consensus about the
weakness of 2020s economic growth is retarding new mine capacity.
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2 July |
Miners should
embrace ESG
If ‘ESG’ is the heading on the last slide in
a corporate presentation, company directors have misunderstood what
is expected of them. |
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9 July |
Flawed
valuations send wrong signals
Gold mine valuations can
vary greatly depending on the chosen method. |
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16 July |
Kasbah's last stand
The protracted demise of Kasbah Resources continues as
the company’s directors abandon their ASX listing, dealing another
blow to their most loyal shareholders. |
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23 July |
Strategy
swings end in tears
Corporate agility and adaptability,
attributes much prized by management researchers, can easily look
like strategic confusion and prematurely throwing in the towel. |
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30 July |
No gains from
strategy switches
Major strategy changes among junior
miners have a poor record of producing a positive investment return
and have offered little chance of recapturing historical lost
ground. |
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6 August |
Higher metal
prices from US dollar fall
A potential decline in the US
dollar provides price support for industrial metals and gold. |
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13 August |
Credibility
shortage counts against Margaux
Margaux Resources chief
executive Marco Roque refreshingly admits that history matters as he
strives to convince investors that corporate credibility can be
restored. |
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20 August |
Alta Zinc faces
burden of history, disclosure
Prior disappointments, a
misguided market regulator and awkward strategic positioning are
conspiring to hobble the investment performance of Alta Zinc. |
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27 August |
Legend Mining
returns to slow
Legend Mining boss Mark Wilson has
foreshadowed a sixfold rise in the market value of the Fraser Range
nickel explorer. |
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3 September |
Gold boom
needs mining rethink
A future of unprecedentedly higher
gold prices should mean a rethink about gold mining production
strategies. |
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10 September |
Danakali fights
Eritrean history
Danakali remains disappointingly short
of the funding needed for its Colluli potash deposit in Eritrea. |
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17 September |
Australia's
new look mining industry
Australia’s mining industry
offers an increasingly diverse opportunity set for investors and
unprecedented portfolio building flexibility. |
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24 September |
BHP Gold could
be among next radical mining moves
A future reshaping of
Australia’s mining industry could involve the likes of BHP, Rio
Tinto and the largest ASX listed gold miners as well as newly
emerging producers. |
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1 October |
Falling
inflation risks benefit miners
Buying mining equities to
take advantage of an inflation surge is an idea anchored in the
1970s with dwindling relevance to 2020s investment outcomes. |
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8 October |
No room for
gold big guys
The largest gold companies fulfil a
liquidity role for the biggest investors but may not contribute
anything to improved portfolio performance. |
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15 October |
Presenting
in a coronavirus world
The COVID-19 experience should
precipitate a rejig in how companies present themselves to
investors. |
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22 October |
More false
narratives to trick investors
An “experienced board”
and “skin in the game” are further examples of widely cited
corporate attributes whose standing as value drivers depends on
blind repetition. |
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29 October |
Investment
trends to dictate copper outlook
Future metal consumption
gains remain tied to the impact of pandemic control measures on
investment decisions just as better than expected global health
outcomes have buttressed short term metal demand. |
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5 November |
Altura's lessons
for everyone
The collapse of lithium concentrate producer
Altura Mining pulls the rug from under still more widely accepted
fallacies about investment success in the mining industry. |
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12 November |
Scoping study blues well founded
Overly optimistic industry consultants have the same effect on the
investment standing of the mining industry as lying promoters. |
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19 November |
Investment
conferences fail to deliver
Mining and exploration
conferences comprising dozens of back-to-back corporate
presentations do nothing to improve investment returns. |
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26 November |
Seven
strategic objectives spell confusion
Legend Mining versus
Maximus Resources is a choice between “expensive but highly focused”
and “cheap but strategically fuzzy”. |
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3 December |
PwC wants more ESG
Professional services group PwC has self-servingly
exaggerated the role of ESG principles in releasing its fifteenth
annual review of Australia’s mid-tier mining sector. |
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10 December |
Miners deny country risks
Miners
remain at odds with professional risk analysts over the impact of
country risk on project evaluation. |
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17 December |
Take nothing
for granted
Amid the massive loss of life attributable to
COVID-19 in 2020, feasible economic and business boundaries have
been irreparably redrawn. |
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