Sunday, 7 June 2015

PWC - Mine 2015 - The Gloves are off

PWC's annual review of the Global Mining Industry through analysis of the Top 40 Global miners.
Summary            Full PDF 54pp

OT - UK Marginal Tax Rates

UK headline tax rates are not all they seem at certain earnings threshold levels, with various traps reviewed at the FT this weekend

John Kaiser & Others - Vancouver Canvest 2015

A roundup of all Coverage by Resource Investing News, including two interviews with John Kaiser discussing several of his regular picks.

Gold miners increasingly making bite-sized developments that carry less risk

Article at Business Insider
The cautious approach will likely persist even if conditions improve, with miners increasingly teaming up on big, complex projects to share costs, expertise and risk, senior mining executives and industry watchers said.......To be sure, not all mines can be built in phases and bigger projects will find fresh appeal when gold rebounds from the current $1,175 an ounce. "The market is short-term focused," said Jeannes at Goldcorp. "If the gold price were $1,800 an ounce and the equity markets were wide open . . . our investors would be questioning us if we weren't going for the full, large, build-out." But miners have learned from the past five years, said Joseph Foster, portfolio manager at Van Eck, Barrick's biggest shareholder. "I don't think we'll see the capital cost blowouts and the margin squeezes going forward that we have in the past," Foster said. "They've learned a very hard lesson and I don't think they'll forget it."

Saturday, 6 June 2015

Brent Cook at Vancouver Canvest 2015

Reporting HERE

Another who likes Dalradian and Kaminak.
Ross Beaty invested significantly in both.

Also Brent Cook Interview on Al Korelin Show - segment 6
  • "Getting a bit more positive on the sector"
  • Lack of discoveries, looking blind, under cover, more drilling, more complex metallurgy at depth, more strip, therefore own the few economic deposits that work or those capable of finding them
  • Accumulating over summer
  • Industry wastes too much money on projects that never stand a chance.
Another recent Interview at Kitco

Discusses, and owns
  • Premier Gold, cash and 2 big projects in Nevada and JV with Centerra in Ontario.
  • Focus ventures - high margin potential phosphate project in Peru
  • B2 Gold following buyout of Papillon. Namibia and Mali high margin developments
  • Companies with cash to last over 1.5 years, and high margin legitimate projects with good people..
Avoiding 100's of juniors with market caps under $15m with no project, no cash, can go to zero. So little money out there to finance high capex low margin deposits, leads to continual dilution.

Another Interview HERE
 Really, if you own 10 solid companies that are doing solid work and have the money to stay alive and have a deposit or discovery that looks like it’s going to work, that’s all you need. You don’t need 50 companies.
Discusses and Owns

  • Pilot Gold
  • Mirasol (JV with Yamana)
  • Mariana Resources "I was just there looking at it. It’s pretty darn interesting. It’s certainly a discovery. It’s got high-grade potential" (See Interview at PDAC)
  • Likes / Owns - Fission Uranium, Denison Mines, Energy Fuels. "because they’ve got a lot of resources drilled out, permitted, ready to go. I would not spend a dime looking for uranium. There is so much uranium out there. It’s just waiting on higher prices."

Peter Spina Stock Picks at Vancouver Canvest 2015

Reporting HERE