B08 Metal Ore Mining

Haoma Mining NL requested trading halt because ASX would not release details on Haoma’s recovering ‘flat – watermelon seed-like’ nuggets from conglomerates at the Comet Mine near Marble Bar

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Original article by
Australian Stock Exchange Announcements – Page: Online : 17-Oct-17

On 11 October 2017, Haoma Mining commenced surface sampling of Fortescue Group type rocks at four locations at Bamboo Creek and three locations at the Comet Mine near Marble Bar. Bulk samples of approximately 50kg were collected from the above seven conglomerate outcrop locations. Those samples are now being processed and analysed at Haoma’s Bamboo Creek laboratory. "Flat" gold nuggets and "fine" gold were collected from the conglomerate outcrop "C2" located to the South West of the Comet Mine near Marble Bar. Other gold nuggets were also collected from "C3", located to the North West of the Comet Mine. At location "C2" a significant number of "flat" gold nuggets were collected over a 150 metre section of the strike zone, which is approximately three kilometres long. The nuggets were collected just below the surface of the conglomerate outcrop (about 30 meters wide) which continues to the South West of the Comet Mine. View Full Haoma ASX Release here.

CORPORATES
HAOMA MINING NL – ASX HAO

Upbeat Evolution flags higher 2018 cash flow

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Original article by Tess Ingram
The Australian Financial Review – Page: 18 : 17-Oct-17

Evolution Mining produced 220,971 ounces of gold in the September 2017 quarter, which is 1.3 per cent higher than in the three months to June. The gold miner has reported an all-in sustaining cost of $US620 ($A786) per ounce for the latest quarter. Evolution’s operating cash flow rose to a record $707m in 2016-17, and finance director Lawrie Conway believes that this can increase by 15-20 per cent in 2017-18. This is despite the recent sale of the Edna May mine to Ramelius Resources.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, RAMELIUS RESOURCES LIMITED – ASX RMS, GLENCORE PLC, BARRICK GOLD CORPORATION, RBC CAPITAL MARKETS

Gold exploration spending needs to double, report finds

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 16-Oct-17

Australia’s gold production totalled 9.7 million ounces in 2016, but a report from Minex Consulting warns that a big rise in exploration expenditure is needed to avert a sharp downturn in production within five years. The Office of the Chief Economist is also bearish about the outlook for the nation’s gold sector, forecasting that the value of gold exports will fall to $A17.1bn in 2017-18 and $A16.9bn in 2018-19. This compares with around $A18bn in 2016-17.

CORPORATES
MINEX CONSULTING PTY LTD, AUSTRALIA. OFFICE OF THE CHIEF ECONOMIST, LIBERAL PARTY OF WESTERN AUSTRALIA

AFIC shuts down BHP activists over ‘agitating change’

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 11-Oct-17

Activist hedge fund Elliott Management is believed to have renewed its push for a restructuring at BHP Billiton. However, Australian Foundation Investment Company MD Ross Barker says investors should give BHP’s new chairman Ken MacKenzie sufficient time to make his mark on the resources group before advocating change. He adds that BHP’s management team seems to be acting in the interests of shareholders and there is no need for change at present.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, ELLIOTT MANAGEMENT CORPORATION, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI, DJERRIWARRH INVESTMENTS LIMITED – ASX DJW, CGI GLASS LEWIS PTY LTD, RIO TINTO LIMITED – ASX RIO

Nahan buries ALP’s $400m gold grab

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Original article by Andrew Burrell
The Australian – Page: 5 : 11-Oct-17

Western Australia’s Opposition Leader Mike Nahan says the State Government’s proposed increased in the gold royalty was aimed at funding its election promises rather than budget repair. The 50 per cent royalty increase faces defeat in the upper house after Liberal Party MP voted to block the bill, which had already been rejected by the National Party and crossbenchers. The mining industry had also opposed the royalty increase, warning that it would result in widespread job losses.

CORPORATES
LIBERAL PARTY OF WESTERN AUSTRALIA, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, ONE NATION PARTY, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, NEWCREST MINING LIMITED – ASX NCM, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE

Short sellers set sights on Rio Tinto despite price spike

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 28 : 10-Oct-17

Rio Tinto ranks among the 20 Australian-listed stocks that are most frequently targeted by short sellers. Short positions now account for about nine per cent of Rio Tinto’s shares, compared with less than one per cent three years ago. The resources group’s shares have posted double-digit gains over the last seven weeks, which has coincided with a sharp fall in the iron ore price, and some analysts expect further weakness in the price of the steel input. Peter O’Connor of Shaw & Partners says arbitrage trading may have contributed to the rise in short selling activity, given the price gap between Rio’s Australian and UK shares.

CORPORATES
RIO TINTO LIMITED – ASX RIO, SHAW AND PARTNERS LIMITED, DEUTSCHE BANK AG, FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP

Forrest ruling wipes out mining lease applications

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Original article by Brad Thompson
The Australian Financial Review – Page: 9 : 10-Oct-17

A High Court ruling in August 2017 concerning mining lease applications lodged over pastoral land owned by Andrew Forrest in Western Australia has led to new mining legislation in that state. However, the legislation will not cover mining lease applications that are currently in progress, and Tony Bullen from the Department of Mines, Industry Regulation & Safety says fresh applications will have to be submitted.

CORPORATES
HIGH COURT OF AUSTRALIA, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY, ROY HILL HOLDINGS PTY LTD, FORREST AND FORREST PTY LTD, YARRI MINING PTY LTD, ONSLOW RESOURCES LIMITED

Newcrest looks to solar power for Cadia mine

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Original article by Tess Ingram
The Australian Financial Review – Page: 15 : 9-Oct-17

Soaring power prices have prompted Newcrest Mining to consider installing a solar farm at its Cadia mine in New South Wales. CEO Sandeep Biswas says it has been to both California and Israel to see what technology is available at the moment. He says that given Cadia is expected to be operational for some years, installing a solar farm is a viable option. He notes that there are currently solar farms capable of generating 600 megawatts, whereas Cadia would only require one that produces 150 megawatts.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, EVOLUTION MINING LIMITED – ASX EVN

Twiggy’s court ruling has Roy Hill concerned over leases

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Original article by Tess Ingram, Brad Thompson
The Australian Financial Review – Page: 15 & 20 : 6-Oct-17

Andrew Forrest obtained a ruling from the High Court in August to prevent two firms from lodging mining applications over his Minderoo cattle station in Western Australia. The ruling caused concern that other mining applications previously made in WA may not be valid, including those made by Fortescue Metals Group. Records from the relevant department in WA show that Roy Hill Holdings has lodged new applications covering its namesake iron ore project, with a company spokesperson noting that the new applications were a "precautionary step".

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, ROY HILL HOLDINGS PTY LTD, HIGH COURT OF AUSTRALIA, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY, ONSLOW RESOURCES LIMITED, YARRI MINING PTY LTD, HANCOCK PROSPECTING PTY LTD

Gold royalty hike would ‘wipe profits’

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Original article by Tess Ingram
The Australian Financial Review – Page: 17 & 22 : 5-Oct-17

Newcrest Mining CEO Sandeep Biwas says the Western Australian Government’s proposed increase in the gold royalty has already affected the state’s reputation as an investment destination. He says companies such as Newcrest may opt to redirect investment elsewhere if the royalty hike makes their WA operations uneconomic. Northern Star Resources chairman Bill Beament, Gold Fields CEO Nick Holland and AngloGold Ashanti Australia executive Mike Erickson have expressed similar concerns.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, NORTHERN STAR RESOURCES LIMITED – ASX NST, GOLD FIELDS LIMITED, ANGLOGOLD ASHANTI LIMITED – ASX AGG, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF WESTERN AUSTRALIA