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Proactive Investors Australia
17:38 11 Dec 2014
All Ords falls, but which gold play gleamed with a
25% jump?
1 Year Share Price Graph
Australian stocks were down for a third straight session today with the All Ords
falling 29.7 points, or 0.6%, to 5,207.4 as oil prices continued to weigh on the
market.
While the Energy Index fell 2.7% to 10,359.8 points, this gold pay with
Philippines projects drew investor interest.
Shares in Red Mountain Mining (ASX:RMX) rose 25% to $0.005 with more
than 3.4 million shares traded.
Earlier this month, it announced that was in advanced discussions with a
strategic financing partner to fast track completion of the Definitive Feasibility
Study and provide project financing for its Batangas Gold Project in the
Philippines.
The company has also locked in cost reductions through tenement
rationalisation and workforce reductions in the Philippines.
Initial results from the DFS had projected an attractive Internal Rate of Return
of 46% and importantly, modest capital expenditure of $18-$22 million.
Securing a strategic, project level, funding partnership will remove the
requirement to draw funds from the company's cash reserves for the DFS and
final permitting for development.
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In November, Red Mountain had reduced its non-executive director's fees by
20%.
Apollo Minerals (ASX:AON) is up 12.5% to $0.009 after drilling at the
NoBrainer prospect within the Titan Project intersected IOCG alteration.
This has returned copper grades of up 2,400ppm from handheld XRF
instrument readings.
Downhole EM survey has also discovered a strong conductor believed to
represent a significant, massive sulphide body at the Bundi prospect.
Shares in Greenland Minerals and Energy (ASX:GGG) rose 4.8% to $0.088.
The company has completed engineering design work for the Kvanefjeld
Project, a key step towards completing the feasibility study, which is expected
in the first quarter of 2015.
Recently, Greenland's Siumut Party, which supports resource extraction,
formed the country's new coalition government.
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Legend Mining (ASX:LEG) rose 12.5% to $0.009 and White Cliff Minerals
(ASX:WCN) is up 28.6% to $0.009.
And now for the Blue Chips.
Oil and Gas
Oil Search (ASX:OSH) down 2.9% to $7.03
Santos (ASX:STO) down 8.3% to $7.00
Woodside Petroleum (ASX:WPL) down 2.0% to $34.19
Major miners
BHP Billiton (ASX:BHP) down 1.2% to $29.05
Fortescue Metals Group (ASX:FMG) down 3.1% to $2.48
Newcrest (ASX:NCM) up 3.1% to $10.82
Rio Tinto (ASX:RIO) down 2.4% to $55.04
Big 4 banks
ANZ Bank (ASX:ANZ) down 0.9% to $31.21
Commonwealth Bank (ASX:CBA) down 0.2% to $82.19
National Australia Bank (ASX:NAB) down 0.7% to $32.09
Westpac (ASX:WBC) down 0.9% to $32.24
Other banks, financials and industrials
AMP (ASX:AMP) down 1.8% to $5.31
Bank of Queensland (ASX:BOQ) down 1.0% to $11.91
Bendigo and Adelaide Bank (ASX:BEN) down 0.6% to $12.55
Macquarie Group (ASX:MQG) down 1.6% to $58.76
Suncorp (ASX:SUN) down 0.4% to $13.80
Telstra (ASX:TLS) up 1.2% to $5.69
Retailers
JB Hi-FI (ASX:JBH) down 1.36% to $15.23
Wesfarmers (ASX:WES) down 0.3% to $41.60
Woolworths (ASX:WOW) up 0.4% to $29.99
Proactive Investors Australia is the market leader in producing news,
articles and research reports on ASX "Small and Mid-cap" stocks with
distribution in Australia, UK, North America and Hong Kong / China.
Proactive Investors facilitate the largest global investor network across 4 continents in 4 languages. With a team of analysts
journalists & professional investors Proactive produce independent coverage on 1000's of companies across every sector for private
investors,
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client
brokers,
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managers
and
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investor
communities.
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