News & Comment
Persistent mining hopeful Angus & Ross has received an ‘encouraging’ response from the potential backers of its Black Angel project in Greenland.
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Zinc, lead and gold prospector Angus & Ross reports hefty resource increases around its Black Angel mine in Greenland.
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Angus & Ross could have ‘well in excess of one million oz’ of gold at Santa Debora in Brazil.
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Angus & Ross is negotiating a $25 million (£12.5 million) convertible bond for Greenland’s Black Angel zinc and lead mine.
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A pre-feasibility study gives Angus & Ross's Black Angel zinc/lead project a £30 million net present value.
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Mineral explorer Angus & Ross, which lost a reduced £803,000 last year, is talking to two 'very large companies' about a possible corporate deal, says chairman Robin Andrews.
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Gold and zinc explorer Angus & Ross has raised another £400,000 at 5p for its Black Angel zinc play, ahead of a projected AIM float.
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AIM-quoted Angus & Ross, the diversified former Scandinavian tantalum prospector, plans to raise between £20 million and £30 million in an AIM float for its Black Angel zinc operation in Greenland, preceded by a £1.25 million pre-float placing at 5p. Robert Tyerman reports.
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US mineral group Cabot Corporation has invested £170,000 into beleaguered tantalum prospector Angus & Ross at 20p a share, a move which sent its depressed shares up nearly 37 per cent to 10.25p, writes Robert Tyerman.
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Proposals for a merger of all the junior London-quoted exploration companies looking for tantalum are believed to be receiving serious attention, after the collapse in the tantalum price from $200 a lb to $25 a lb over the past 18 months, writes Robert Tyerman.
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Mining market watchers believe Phil Edmonds is contemplating taking his tantalum vehicle Central African Mining and Exploration (Camec) from Ofex to Aim following Monday's successful £450,000 Aim launch of his gold and platinum play Southern African Resources – unless possibly more attractive corporate deals materialise. Robert Tyerman reports.
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Tantalum mining hopeful Angus & Ross, which has been talking to Ofex-traded Camec about a joint venture in Namibia, saw its losses nearly treble from £168,000 to £496,000 in the year to February, writes Robert Tyerman.
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Aim-listed tantalum prospector Angus & Ross is in negotiations with Phil Edmonds' Ofex-traded Central African Mining & Exploration (Camec) about a potential low-cost production joint venture in Namibia, writes Robert Tyerman.
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Tantalum prospector Angus & Ross has raised £300,000 at 20p a share and hints at encouraging drilling news on the way from its Greenland prospects, writes Robert Tyerman.
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Recommendations
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Angus & Ross
SPECULATIVE BUY 20/10/2003
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Angus & Ross
NO RECOMMENDATION 16/08/2002
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NO RECOMMENDATION 07/06/2002
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Angus & Ross
NO RECOMMENDATION 29/10/2001
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Sector Articles
Demand for steel from China and India continues to fuel strong increases in iron ore production. Rio Tinto increased output at its Hamersley iron operation in Western Australia’s Pilbara region 24 per cent year-on-year to a record 22.8 million tonnes in the second quarter of the year and production increases at Robe River, also in Australia, and in Canada, took the group’s total to 32 million tonnes.
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Shares have mostly held up well, with gold still in favour at around $310 an ounce. Platinum counters Lonmin and Aquarius have both gained marginally to £12.07 and 382.5p respectively.
Antofagasta has eased slightly to 587.5p on copper concern and some say it could be sold now and bought again later in the year. Rio Tinto at £13.54p is being downgraded by several analysts, though Canaccord still likes it, while titanium hopeful Kenmare Resources has managed a 24 per cent gain to 17.75p since our mention last month. Hold on.
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Prospects of US government deficits swollen by defence spending hikes and the re-emergence of gold fans have helped push the yellow metal up $10 in a week to $289 an ounce, and fed a surge in gold shares in Johannesburg to record levels in rand terms. Anglo American at around £11.50, Anglogold at £29.25, and Goldfields at 100.75p, are close to or at 12-month highs in sterling terms too, and Harmony has hit a new high of 585.75p since our last mention.
Some profit taking might be prudent, although there is a sense of momentum building. Meanwhile, there are other fish in the sea.
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While brokers muse on market rumours of problems at South Africa's Reserve Bank and any possible implications for the rand and gold, most of the limelight has been stolen for now by Aim-listed Tertiary Minerals and its enhanced tantalum prospects. Platinum counter Lonmin at £10.42 is ahead on the week, but on a downswing, though it remains promising longer term, as does Antofagasta at 532p.
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Palladium prices have soared recently from below $300 an ounce to $415, on indications that Russian producers will hold back supplies until the market firms. That, coupled with strong US car sales last month, has brought cheer to some platinum group metals producers, such as Lonmin, up 31.5p at 1004.5p since our mention last week.
The implications might be better for South Africa's Impala, at 3100.5p, since a collapsing rand must be swelling its coffers. Aquarius at 301.5p and Cluff Mining at 220p could be beneficiaries, if the palladium surge holds and spreads to platinum.
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Gold has failed to break back up through $280 an ounce and hold it, but some of the gloom has lightened elsewhere. Rio, advocated here last week, has edged higher to £11.58 and copper play Antofagasta has inched 24p to 450p.
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Mining shares remain in a state of flux, as economic uncertainty persists and many metal prices continue to weaken. Gold has slipped below $280 an ounce, despite City talk of $340 by February. Rio Tinto is ignoring six year aluminium price lows and spending £535 million on the first stage of an alumina refinery Down Under and will be rewarded long term, despite an immediate 28p price fall to £11.02. Copper's gloomy outlook has sent Antofagasta back down to 426.5p.
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Gold has wobbled away from its post-11 September levels, but, so far, has contrived to stay above $280 an ounce, an important 'technical' level. Meanwhile, some mining majors, such as Rio Tinto at £11.93, have been firm, with BHP Billiton at 317p more than 40 per cent up from its 12 month's low. Hold on. Bulgarian players Navan and Hereward are 9 and 13 per cent up respectively since our mention last week. But Angus & Ross and Tertiary Minerals have eased on profit taking.
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Metal prices are now so depressed, adjusted for inflation, that they should already be discounting a future slump and soon be ready to anticipate an eventual cyclical upturn. That is the bullish view of copper at a 90 year low, zinc and lead at 40 year lows and gold and silver at 30 year lows, in real terms – though stocks of some continue high. Mining shares are mostly fluctuating on a sideways trend, but special situations, real and rumoured, abound.
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Gold has continued to hold up well – so far – at around $292 an ounce in the current atmosphere of crisis, in the face of heavy selling by some central banks, but the same cannot be said for shares. Angus & Ross has spurted 40 per cent to 20.5p after last week's mention, but majors, such as Rio and Lonmin, are down. Individual deals are what the market wants just now.
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The Bank Holiday brought a brighter shine to many mining shares as advisers plan a series of moves. Aim-listed Brancote has gained 5p since our mention to 152.5p and Gold Mines of Sardinia has edged forward to 17.25p, both worth holding.
Among the major mining groups, Rio Tinto has bounced up to £12.33 and retains its long-term merits. So does copper play Antofagasta, on the upswing again at 515p, ahead of interim results.
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