Global Mining Investing $69.95, 2 Volume e-Book Set. Buy here.
Author, Andrew Sheldon

Global Mining Investing is a reference eBook to teach investors how to think and act as investors with a underlying theme of managing risk. The book touches on a huge amount of content which heavily relies on knowledge that can only be obtained through experience...The text was engaging, as I knew the valuable outcome was to be a better thinker and investor.

While some books (such as Coulson’s An Insider’s Guide to the Mining Sector) focus on one particular commodity this book (Global Mining Investing) attempts (and does well) to cover all types of mining and commodities.

Global Mining Investing - see store

Click here for the Book Review Visit Mining Stocks

Download Table of Contents and Foreword

Tuesday, December 28, 2010

Vital Metals (VML:ASX) - drill testing gold project

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Vital Metals (VML.ASX) is on a roll at the moment. Check out the following chart. Note the up-trend in the moving average. They broke out above their 9c resistance, and are going higher on light Xmas trading. The appeal of the stock is the fact that they have brought forward a 16,000m drilling program on their Burkina Faso gold project. Aside from the exploration appeal of this project, we have:
1. The appealing rise in the gold price - destined to go to $2500/oz
2. The prospect of a stock going from $10/oz to $100/oz of gold inventory.

There is of course the prospect of some existing drilling results coming out in coming months, and this offers potential for even more upside. There is good reason to expect the stock to break 12c resistance, though the market will need some good results in order to justify that excursion. It looks like a promising gold project.

Japan Foreclosed Guide Profiting from the Gold Boom Mining Fundamentals eBook

Monday, December 06, 2010

Union Resources (UCL.ASX) - making a move

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Union Resources has attracted some interest of late. Clearly there are several reasons for this:
1. Resource value: Union Resource's holds a 43% stake in an offshore Namibian phosphate deposit, and a pre-feasibility study has placed a value on the project of $310mil, that's $140mil for UCL, and that's on pretty conservative parameters, particularly with respect to resource thickness and size. A larger resource might justify a larger scale of operations, so we might expect an a $500mil development instead. Depth of mining might give a great deal more upside again. So there is a lot of resource upside as a result of improving the technical merits of the project. Miners start from a conservative position. The greatest risk is actually about 3 months after they have started to mine. i.e. When they announce the first delivery of metal or product; that is the time to sell. There is only downside from there in terms of cost and market risk, and CEO risk, as a great many of them will deceive the market. ASIC doesn't care about shareholders unless more than 20,000 investors or 300 jobs are affected. Phosphate mining though is a pretty safe bet as its bulk mining.
2. Takeover potential: Minemakers Ltd (MAK.ASX) has a 14.9% stake in Union Resources. Expect a consolidation of these interests. I think we are no far off from MAK making a takeover offer for Union Resources. Mind you I think MAK will itself be taken over in future, so hang on to that script as well. I would not be surprised to see MAK use the next issue as an opportunity to acquire a lot of shares. UCL will need to fund a feasibility study. That will cost $10 million I guess, so their share is $5mil.
3. Director buying: You have the newly-appointed CEO of the company buying shares. That is always a good thing. A sign of confidence. Mind you, at this point, his investment is token. Just $25,000 worth of shares. I expect he will add to that, but maybe he will wait for a rights issue.
4. Zinc upside: UCL retains a 25% stake in the Mediahebad Zinc-lead project in Iran. I believe this is the largest undeveloped zinc project in the world, and it might stay that way for another 20 years, or their might be an overthrow of the Iran govt in the next year or 3. Who knows. Obama never said he wouldn't invade Iran. Anyway, war or revolution is good for UCL. That project is probably worth a billion, or $250mil to UCL, and much more when its in operation. Its a very attractive resource...but then I guess the Iranian govt knows that.

You can download the latest presentation by Union Resources here. The rights issue might not be too far off given the need to raise money, and the recent strength in the share price.

Vital Metals (VML:ASX) - Share issue

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There is an announcement spending for Vital Metals (VML.ASX). The bad news is that it might be a rights issue. This actually surprised me because they apparently have $2mil in cash. The development might be considered a positive in two respects:
1. It means the company is fast-tracking resource development. They expect the cost of proving up indicated gold resources to be around $10/oz, and those resources have a market value of $100/oz, so that is a 10x value-add proposition. That is why gold exploration is attractive, and 'Africa is golden', with the same type of greenstone belts which made WA a strong gold province. So the fact that the company is undertaking 6000m of Phase 2 drilling is good news.
2. It might mean the company is developing the Watershed Creek tungsten project in Qld. This project has no great appeal to me. There is however a strategic value to this project now, which did not occur to me previously, and which the market has overlooked. China is starting to curtail development of its raw materials. It is recognising the strategic importance of retaining domestic inventories, just as the USA and Japan has done in the past. In the last few months, we have seen China restrict rare earth supplies, of which China produces 90% of the world's supply. This has prompted the Japanese consumers to enter into agreements with Lynas and support exploration. China also controls 85% of tungsten supply, so we might expect similar moves there. This is of course apparent to the Japanese and other consumer nations. We might therefore expect Vital to be talking to end-users about the development of this project. The Watershed project might turn out to be a very valuable resource. Already we can see the tungsten prices are on the increase. Consumers will be desperate to find non-Chinese sources of ore, feeling that the Chinese govt has too much market power.

For this reason, we can conclude that Vital Metals has two appealing projects. The tungsten project is advanced, whilst the gold project has the capacity to add to resource inventories, which in a strong gold market, will see this stock perform very well.
The implication is that this rights issue - if it is a rights issue - presents a very good opportunity to buy VML stock. If the announcement is solely a question of a strategic tie-up with a Japanese or Chinese partner for the tungsten project, then that is also good news because it means the strategic value of this resource is being recognised. It would likely entail JV financial support, and that would mean less dilution for shareholders, so this would be fantastic news. So if no tie-up, and dilution, better to buy stock after issue announced (i.e. wait for weakness/support), if a tie-up, then you will probably want to jump on-board as soon as possible, or miss out. It depends on the news.

If you want to know more about this company, you can download the latest presentation from the ASX website.

Thursday, November 11, 2010

Vital Metals (VML:ASX) - Africa is golden

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Vital Metals (VML.ASX) is going to make a substantial move today care of traders. VML is one of the more undervalued African gold stocks thanks to its lack of drilling to date, but it has prime acreage....so its one to play close attention to....if not before today.

Wednesday, November 10, 2010

MGK - a flash in the pan?

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MGK rose by 56% yesterday....from 3.3c to 5c, and fell back just as quick on high volume. I am actually surprised by the extent of the sell-off. They are back to 3.4c today. that is what I call a 'flash in the pan'. There are several reasons to question the market sell-off:
1. Appealing gold-copper anomalism is a precursor to trenching-drilling, which will provide a better guide to mineability/commercial potential.
2. The company now has a JV partner willing to invest significant amounts into their projects. Of course this is the hope.
3. Time before we see mining. Clearly this is a long way off...but considerable value can still be realised from the current point. This was the reason for the sell-off. That value will come care of the JV partner.

I was actually expecting some support at 4c....because of the partner. I guess the market needs more confirmation of viability. I look at the size of the mineral field, the ore-rock type association, the geological terrain, and tend to think they they are on a winner. The same can be said for Vital Metals. We tend to think as exploration as risky...but it need not be so. But it is still early days...so lets wait for some trenching & drilling results.

Clearly the market is less convinced than me of the long term potential of this project...that's ok. We can wait a few months for the next rally. We would expect the next rally to be underpinned by trenching results across the various orebodies, and possibly some early drilling results. I would expect that trenching will focus highly, as they will need to construct roads I suspect to access the drilling pads they will need to construct at drill sites. So, there will be plenty of labourers working the hills of the Poi project.

We need to remember that gold prices are destined to reach $2400/oz, so there is no rush to sell this stock. There might also be some work on their other gold projects.

Tuesday, November 09, 2010

MIL Resources (MGK.ASX) - its a beautiful day!

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MIL Resources up 56% today. Exploration people! That is how to make money. MGK and VML, two stocks to watch....well, hopefully more than watch. On the sideline will be a lonely place. :)
What was previous resistance ought to become support - so I expect MIL will build support at 4c. So after selling a third of my stock at 4.5c, I will re-enter at 4c.
Geez! This is like the 1970s. Showing my age. Ok the late 1980s.

By the way - its not too late to buy my 'Mining Fundamentals' book....you understand, so I can buy more stock. Gold is going to $2400/oz. You may as well profit from it.

MIL Resources (MGK.ASX) - new targets

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More soil sampling and trenching has demonstrated the appeal of MIL Resources (MGK.ASX).
See the latest announcement this morning. The company has identified a large 1km x 400m soil anomaly, and also two other anomalies for which results are pending.
MIL also has a world-class titanomagnetite (Fe-Ti) resource, but we think development of this could be a decade off, as they wait for a market for their product, and for developments in metallurgy to offer a compelling process for making high-strength steels.

Vital Metals (VML.ASX) & MIL Resources (MGK.ASX) - better buying

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Vital Metals (VML.ASX) released its latest quarterly report on 1st November 2010. The stock in recent times has drifted back to 9.3c despite some excellent preliminary results from sampling. The company is set to open strongly with buyers at 10.5c, over and above the last price of 9.7c. The report can be viewed at the Vital website. The company has an excellent position in the West African state of Burkina Faso. It offers one of the lowest cost, less advanced exposures to the gold boom...meaning that they are at least 2 years away from mining. This means of course several things:
1. They will be in a position to lock in a gold loan at very high prices
2. They will have the capacity to add a great deal of value through exploration because they are currently not valued with gold in the ground.
3. They might be taken over by more fully-valued gold miners wanting to shore up, or consolidate African gold exploration tensure
4. They offer the spectre of some very exciting drilling results. This is of course the 'speculative' appeal, but also the risk, so its good that we can see a great deal of potential at this stage.

The other stock I like of this nature is MIL Resources (MGK.ASX). In the last 2 weeks, MIL Resources has secured a Chinese partner to advance its Poi copper/gold project, from which encouraging trenching results have been forthcoming. There is also potential with the other early stage gold targets. I believe their world-class titanomagnetite project is at least a decade away from development...though if anyone is going to bring this project forward, it is a Chinese or Indian partner, and they have secured one of those. The appeal of this project is the low-temp route to the production of high-strength steels. I do however think more metallurgical work is needed before this project goes ahead. Check out the deal with the Chinese group. The stock has fallen back to 3c because of the dilution (i.e. Chinese equity raising, vendor shares for Titan Metals), however the result is higher equity in some great projects, and funding by the Chinese partner off-balance sheet moving forward. The worst is over...look forward to some nice copper/gold drilling results! The latest listing will dilute, but it will not see these partners dumping shares on the market, as in the case of a shareholder raising.

Sunday, October 31, 2010

The fundamentals of gold discovery

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Gold discoveries, or the supply and demand for gold, are a less significant driver of gold prices than for most other commodities. The reason for this is that:
1. Gold inventories greatly exceed annual production and consumption
2. The high rates of recycling/recovery - due to high price and the nature of its applications
3. The transient nature of speculative 'gold' demand

Regardless, the following presentation by Goldfields gives a good idea of how underfunded gold exploration has been, and how global gold resources have not been replaced.

Monday, October 18, 2010

A better way to conduct capital raisings

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I am very cynical about the way listed companies raise money. The practice is fairly similar around the world. I have been engaged in capital raisings from different perspectives, i.e. both as an analyst writing research to promote issues, as an analyst under some pressure to sell a lemon, as an investor, and I would say the existing process is inefficient for all concerned, to the point of being unfair.

The problem is greatest for small stocks firing on one cylinder. Maybe its not their place to set standards...maybe there is a need for an entirely new way of conducting equity raisings. I personally favour an incremental path to capital raisings so that companies can dispense totally with brokers and even issues. I would suggest companies are allowed to release new stock based on a model which incorporates the following considerations:
1. Rising share price - it can only raise money when the moving average of the share price is rising, and it can only buy back shares when it is falling
2. Market liquidity - based on turnover, market spread & depth - the company could only issue 10% of the moving average for its share trading for the previous 5 days.
3. Market capitalisation - the company can only issue 1% of its market capitalisation in any one day.

Japan Foreclosed Guide Profiting from the Gold Boom Mining Fundamentals eBook

Gippsland - worth keeping?

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Have investors been fed a lemon. In the short term investors might feel so. In last 2 weeks Gippsland has been posting a lot of encouraging news. It then announces a capital raising which raised $3.2 million. Post-capital raising we learn that there is no firm off-take, and the company has only just appointed a Corporate Advisor to negotiate the details of the agreement. The problem with this is of course that its a bit of 'bait and switch'.
Do shareholders have reason to be confident that they will see a sustained rise in the share price? There is of course selling pressure in the 'high 5's' (i.e. 5 cents), whilst considerable support in the mid 4s. The question is - will that support evaporate when the underwriter (if there was any) has offloaded all the stock? This remains to be seen. It remains to be seen whether Gippsland will be able to commission this protect. I am actually confident it will. Both tantalum and tin have solid demand at the moment. Stark has been a long term supporter of this project.
Shareholders might however be cautious about paying too much for the stock. The announcement can be read here. We might expect that any agreement with Stark will be finalised in the next month...but that is old territory. It has been there before. It might be a few more months before the company is able to secure finance. The company must have known that, so this strikes me as a little unfair in terms of reporting....the timing of this news is disappointing.
This is common practice of course for small stocks firing on one cylinder. Maybe its not their place to set standards...maybe there is a need for an entirely new way of conducting equity raisings. I will outline my suggestion for capital raisings here.

Thursday, October 14, 2010

Rare earth elements (REEs) - another good story

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Korab Resources has discovered rare earths among its phosphate deposit in the Rum Jungle area of the Northern Territory. Its amazing how much rare earths you can find when you are looking for them. Actually rare earths are not really rare at all....though some of them are rarer than others. Its a suite of some 26 elements if memory serves me. There is of course a rare earths boom on at the moment...but I give its longevity little hope. The fundamentals are positive in the short term, but by 2015, it will be extinguished. The problem is that you can't really have a boom until consumers are actually consuming. Companies don't want to invest so much in a recession, and they are not prone to invest in new materials unless there is able supply. The market is however good for a supply shock...but not for a decade I'd say.
The other problem is that its hard to get excited about a boom if you don't know about it. This is the problem with platinum and palladium. Would anyone buy a metal they don't know. This is why gold makes more sense. Are you going to go off and research 26 different metals in order to get exposure to 1 or 2 companies... Not yet I'd say. I think this boom will fizzle out soon...and the focus will come back to gold and silver. Maybe it will be a correction in the market...maybe it will be the fact that the processing infrastructure to recover rare earths is rather expensive. Mind you, these tribulations will not stop people making money in the short term. The other problem is the long development lead time. I remember investing in the Lynas Corp rare earths story 10 years ago now.
So I see people have bid up Korab without much information at all. Good luck with that.

MIL Resources (MGK.ASX) - finds Chinese partner

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One of my favourite stocks has rallied 35% today from 3 to 4c. MIL Resources (MGK.ASX) has obtained support from Sinotech, a Beijing-based company, which has agreed to buy 30% of the company's equity raising $5mil, as well as finance future activity subject to commercial due diligence. This is good news because it provides a large financial partner.
In the short term it is dilution, but the investment will provide support, and they hold some very appealing projects in PNG. More importantly is that they will have deep pockets moving forward.

Wednesday, October 13, 2010

Commodity prices up today

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Good day for commodities - gold rallied $21/oz up to $1374/oz, silver is up $0.70/oz, base metals are also higher...mostly because of weaker USD. This should ensure a good day in the Australian market. The Dow was also higher, up 75pts.

Japan Foreclosed Guide Profiting from the Gold Boom Mining Fundamentals eBook

Monday, October 11, 2010

Book sale - Mining Fundamentals $19.95

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The gold market is hot at the moment. This is a great time to be investing in mining stocks. I am thus wondering why our Mining Fundamentals eBook is not selling well....particularly since its in its second edition and I worked my arse off to provide a tool for those interested in mining stocks. It encapsulates all the knowledge I could think of and researched since I started trading specs since I was 13yo. In those days I was the only teenager at the ASX library in Bond Street. Since then I have studied geology, geophysics, mining, accounting, economics, finance, been a mining analyst, and briefly as geologist...didn't like field work....so went straight into consulting.

I think the problem is a lack of interest in research....as you can get plenty of tips online...but I am wondering how you are picking one good stock review from another. It might also be that no one is buying the book, so there are no testimonials on the eCrater shopping cart. Everyone seems more interested in Japanese and Philippines property reports.
For this reason, I will offer the 2nd (professional) edition to anyone who buys the book up until 17th October 2010. I would appreciate it if buyers could write a review on the book and I will post them as testimonials. The book is over 180 pages. Thanks for your interest.
I trust you are all making money....its been a very good year...particularly the last 2 months. :)
The way to order is to simply buy the old $19.95 edition, and I will upgrade you to the $39.95 (2nd) edition. You can email me any questions.

Thursday, October 07, 2010

Gippsland up 21% so far

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I was a little concerned about Gippsland the other day. I bought when they appeared to have established a technical support. They sell to 4.2c from 4.8c from which point I bought. This raised in me fears that, despite the appeal of tin and tantalum, this project might have problems with illegal mining. Unless there is discipline with respect to tantalum mine supply from the Congo region, this project probably makes less sense. Anyway, all price concerns have been eroded because I did not sell despite technical signals alluding to such. I now see they are up 17% already today. So where are they going? Well, there is some good news going forward:
1. Sales contracts - with the German group again perhaps
2. Financing - maybe by the World Bank - as they originally took a sniff before walking away
3. Strong tin and tantalum prices
4. The spin off of the company's gold-base metals interests in Ethiopia, which have appeal
5. Perhaps even a JV partner? Unlikely as they already have a partner in the form of the govt if my memory serves me.

Japan Foreclosed Guide Profiting from the Gold Boom Mining Fundamentals eBook

Wednesday, October 06, 2010

Empire Resources (ERL.ASX) - drilling imminent

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Unsurprisingly, Empire Resources has come out with a positive statement about its copper-gold project. Less desirable is a capital raising...however... in a rising copper-gold price market, who cares. I'd throw money at it in this type of market. The resource to date is 1Mt at 1.78% copper and 0.78g/t gold. I would have been satisfied if they were running just 1%Cu, so this is high grade, high value material. The prospect of drilling up to 21 conductors offering similar grades is appealing, so I see a lot of potential in this stock, which based on Google Finance's listing of 94mil shares, gives them a market capex of just $7mil. That is very low for a future mine.
I alluded to the prospect in my last post that it might be a heap leach operation...that is not correct I think unless its a bioleach. We'll see. My memory did not serve me well.
In the current market I think this stock is going to capture the imagination of traders, so I would not be surprised to see a move in the stock, despite its capital raising. Of course, it will depend on strong copper prices and the nature of the issue. Technically, they look like breaking the 7.5c resistance, and I suspect they will build support at that level, with the issue around 7c. They might even thrown in an option...let's wait and see.
The prospect of exciting drilling results ought to capture the imagination of the market, so I can see the stock returning to its old highs of 12c. See Google Finance for chart. See also this latest news.

Tuesday, October 05, 2010

Attractive exposure to gold-copper stocks

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I am currently holding a number of speculative gold-copper stocks, which I tend to trade whilst I work. The ones I am currently active in are:
1. Azure Minerals (AZS.ASX) - they are probably going to double their resource base based on current drilling, which will allow them to greatly add to the net present value of their most advanced project (high grade copper, some gold) in Mexico. They also have JV partners like Oz Minerals and JOGMEC earning stakes in other projects, so there is some news coming from this stock in the next few months.
2. Marengo Mining (MGO.ASX) - this is a stock which I have been trading less successfully. I have a bit of paranoia about it because I recognise that whilst it is a large project, its a long way from mining anything. For this reason, I will stay out of this stock until they come back to 15c support.
3. Empire Resources (ERL.ASX): This is a WA based company with a gold-copper project in WA. It has a substantive resource, from memory suitable to heap leach processing. Forget the details now, but it looked like a nice small stock to trade. It has just broken out.
4. Ausquest Ltd (AQD.ASX): This company appears just read to mount a run. The chart looks great for a run up to its previous resistance of 19-20c. They have a substantive $20mil in cash, plus an appealing position in African greenstones, so one can expect some appealing gold drilling in future.
5. Vital Metals (VML.ASX): This stock is consolidating between 10-12c, however at some point it is destined to break out. They are still performing sampling, though I expect some interesting results from this explorer.

There are some other stocks I looked at which did not have much appeal to me. e.g. Platinum Australia (PLA.ASX) is always going to be a worry. Expect those pesky African workers to demand higher wages and to disrupt mining operations with protracted strike action as palladium prices rise, and they expect their cut of the action. Reed Resources (RDR.ASX) has exposure to vanadium, which does not interest me, and whilst they have lithium, its a small resource, and not so appealing commodity long term. These stocks will rise by year-end I do not doubt, but they are not my front-line stocks.

The outlook for the commodity stocks is looking good because the US Fed, Japan and European Central Banks are also looking at quantitative easing, which will debase your currency, unless you are holding 'hard' commodity currencies, and this tends to push up prices as commodities are priced in USDs. Gold, copper, tin are at historic highs, and even the softer metals are being rising despite their significant inventories. The weakness of nickel discouraged my purchase of a much-liked stock Metals X (MLX.ASX), however their run is likely to relate to their tin assets. I think they still have these.

Saturday, September 25, 2010

Rare earth elements (REEs) - what's the excitement

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If you listen to the rhetoric (for example these articles one and two), you could be forgiven for thinking that the world is confronting a shortage of these 'rare' earth elements. You might have thought that any element with 'rare' for a name, must be 'rare'. On the contrary, some of them are not rare at all, and more importantly, they are quite expensive to recover. The reality is that there geochemistry is often unique, and judging from the Mt Weld and Greenland rare earth deposits, they have a long development lead time. I first discovered Lynas Corp 10 years ago. I rushed over to Perth to meet the MD, which was then the current MD of Marengo Mining, Les Emery. I made a lot of money to be sure, but to what end? It will be a project until next year, when it starts production.
The attention has been drawn to rare earths because they were rarely used in industrial applications, but today there is a lot of interest in them. The reality however is that offtake will be limited until there is more supply, and supply is coming. Not simply from Mt Weld, but also from deposits in Africa, Australia, Canada, USA, Greenland and Russia.
There is a huge REE resource in Greenland, which has significant concentrations of zinc and uranium. This project, if it can overcome the obstacle of its 'uranium' content, will supply 40,000 tonnes of REEs a year. Its a $1.5 billion development, dwarfing the Mt Weld project. I suggest the strategic reasons and the importance of the project will justify development for this small, newly self-governed Dannish territory. This project is scheduled to start production in 2015/16. That is some time off, but consider all the other sources. The Dubbo zirconia-rare earth-tantalum-yttria deposit is another huge resource. It has a 100 year supply of material.
Now, the fact that China is restricting supply in the short term is interesting. Might I suggest this has nothing to do with Japan. China loves embarrassing Japan. Its all about money. Some officials in China I suggest see some opportunity to make some money in the West buying up stock in some emerging rare earth producers. My guess they will be looking at Lynas Corp. This is a more common scam than you think. Remember, China controls 95% of the world's current production. Certainly it should take advantage of that opportunity to extort value from industry. The reality is that it will simply defer the increase in consumption of these metals, and probably spark greater research into alternatives. In the meantime of course, some executives around the world are going to make some money. This could be an exit strategy for some investors.
If you want to know more about the rare earth industry, I can suggest several sources of information:
1. Government agencies like US Geological Survey and Minerals UK
2. Corporate presentations and quarterly announcements to stock exchanges - look at Alkane Exploration, Greenland Minerals & Energy, Lynas Corp, Global Metals & Mining.

When you reflect on the long development lead time for these projects, the costly process flow sheet, you tend to get the impression that this industry is not as promising as some others with more proven processes. Who wants to compete with the Chinese anyway, they are fickle, government-sponsored enterprises, with the lowest conversion costs in the world. The fact that there are several projects around with cross-subsidised metal supply capacities makes me think that large inventories in these metals could accumulate. Given the small size of this market, I think I would be more inclined to invest in this sector after production is established and prices are subdued. They will make great counter-cyclical investments.

Monday, September 20, 2010

Canadian rare earths explorer in the former Soviet Union

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For some time Canadians have been emailing me to undertake some research on Canadian specs which are worth investing in. I'm simply too overwhelmed to do so, however Kidela Capital Group approached me, asking if I would take a submission from them. Having looked at their story, I can see potential, so I freely offer a presentation they have prepared.
The following company, Stans Energy (CVE.RUU) is developing a rare earth deposit in the former Soviet Union. The company intends to use drilling and geophysics to identify extensions and satellite deposits to the existing mine, which hosts 5% lead and an association of light and heavy rare earth elements (REEs). These elements vary considerably in their value from cheap to very high value. They have a combination of both. Prior metallurgical recoveries were only 65%, so perhaps there is some scope for reprocessing old dumps.
See Google Finance for the latest stock price. Looking at the company's stock chart, it has broken technical resistance, so its probably going to consolidate on that previous resistance before moving higher. If you are interested in rare earths, you might want to read up on my previous postings about Lynas Corp (ASX.LYC) and rare earths, as these rare metals will eventually be very valuable. Why? Because in case of a shortage, prices will shoot because they are used in minute quantities in a diverse range of specialised high value applications.
I think its an interesting opportunity, however more research is required. One would need to assess how much ore is left. I think they have a 35Mt non-JORC compliant Russian estimate, but they will need to assess the validity of this resource estimate by reconciling with their own sampling. They will also need to perform a lot of metallurgical testwork to improve recoveries as 65% recovery strikes me as low, if the ore is only worth $50/tonne. I have not looked into this, and I will have a dialogue with the company.

50% Heavy Rare Earth Elements at Stans Energy’s Kutessay II from Stans Energy on Vimeo.

Thursday, September 16, 2010

Marengo Mining (ASX:MGO) - provides a 2nd entry

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Marengo Mining (MGO.ASX) technically provides another entry point. The price action has now moved ahead of the Moving Average, and we are seeing more support in the stock as a result. The latest price action is at 13.5c. We actually bought back in at 12.5c based on the technical resistance on 29th April 2010. As we know, resistance on the upside often becomes support on the downside.
For this reason, we are looking for another uptrend, knowing that there is a lot of value to be recognised in this stock. See Google Finance chart.
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Andrew Sheldon www.sheldonthinks.com

Be wary of carbon tax proposals

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It appears that the CEO of BHP-Billiton Marius Kloppers is supporting the carbon tax. This ought to be reason enough to avoid certain stocks in Australia, or even foreign resources owned by Australian companies for the foreseeable future. The stocks I am talking about are:
1. Coal
2. Cement
3. Aluminium smelting
4. Coal seam methane
5. Power generation
6. Other energy intensive industries
See the following articles - one and two.
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Andrew Sheldon www.sheldonthinks.com

Wednesday, September 15, 2010

My trading summary - Sept 2010

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I have been actively trading today whilst simultaneously writing a critique about religion. You'd think that under those circumstances I'd be losing money, but actually things are working out surprisingly well, despite the market weakness. Some of the stocks in play at the moment:
1. Union Resources (UCL.ASX): We first bought this stock about a month ago at 0.5c, sold between 1-1.2c, only to buy back at 0.8c. The simple moving average has just turned and technical support is returning at 0.8c today, with a 2mil unit buyer. I expect this stock to move up further. This company will ultimately be taken over by Minemakers I believe, and perhaps at the same time, or later, Minemakers (MAK.ASX) will be taken over itself by one of the larger industry players like BHP, if they decide to pursue Potash Corp. UCL & MAK have a JV to develop the Sandpiper(?) phosphate deposit in offshore Namibia. Its 1-2 billion tonne resource.
2. Vital Metals (VML.ASX) has recently made an announcement about its sampling program, which will end in Nov'2010. This ought to be a precursor to drilling, which will also test some geophysical targets. Obviously this offers the prospect of a huge discovery, however we will have to wait to see the size of the anomalies. The company might turn out a dud, or possess a company-making mine. This company is one of the cheapest entries into Africa at the moment, so we will retain our stake and buy more on weakness.
3. MIL Resources (MGK.ASX) is under selling pressure. We so no upside in this stock because of the lack of infrastructure in PNG. This might be resolved in 5-7 years time, as I see Origin is preparing a feasibility study for the development of a 1200MW power station. In the meantime they have some exciting gold projects, but they are not very advanced, and exploring in PNG is considerably more expensive, so we opted to pursue more immediate targets.
4. Azure Minerals (ASZ.ASX): I originally bought this stock at 4.4c, and I sold prematurely at 5.3c, as I was trying to trade, knowing they would go higher. They reached 6.5c, but I eventually got in again at 6.7c, and today sold at 7c, before buying back in again at 6.7c. Now 7c. Again, the moving average is crossing over, and I expect this stock to move higher. They are one of the highest grade copper stocks around, with this quarter expected to greatly expand their resource.
5. Marengo Mining (MGO.ASX): They are developing a very large copper-gold resource in PNG. Having just raised $Can20mil, the company is in the process of advancing its feasibility study. This stock has a lot of appeal for major fund managers, and the reason is, it will be targeted by a number of medium sized-large companies looking for a new target. Indophil Resources and Lihir Gold come to find, but maybe also Xstrata-size companies. I sold some stock this morning for 13.5c, and just bought back more at 12.5c this afternoon. Now 13c.
6. Gippsland Minerals (GIP.ASX): I have not traded this stock because of the low liquidity, its been very hard to get stock. Anyway, its hard to see their Egyptian project going ahead when there is no certainty of Rwandan-Congo tantalum-tin flooding the market. Anyway, there are better offerings. It does have gold-copper exposure, which needs a 2nd look by me.
7. There are some other base metal stocks around which I like, but with growing nventories for these metals, I will simply watch them.
8. For those of you with stakes in the stocks I recommended some time ago - like Perseus Mining (PRU.ASX) - recommended at 60c, now $3.01; Ampella Mining (AMX.ASX), then 60c, now $2.51; Gryphon Minerals (GRY.ASX) at 12c, now $1.30. Of course its not all good news. I stuffed up on AAM, though part of that was trying to trade my way out of quicksand. And of course I reversed out of MIL Resources (MGK.ASX) after spending 3 weeks researching the titanomagnetite market....and thought better of my early excitement.
If you go back far enough...you will find I stuffed up on AAM before, Gleneagle Gold and Matrix Metals. The problem with some of these companies is that they are too good to be true, which is why I end up buying them. I sadly have no industry contacts, so I get stung by these cheap stocks which people in the industry know about. Oh well. Despite ineffective regulation by ASIC, I can still make money. Their regulation of small stocks comprises asking CEOs why their stocks have increased 50% in the last 5 days and reporting their explanations. Pretty poor! Useless government. Yep, both factions of that government monopoly. don't kid yourself..there is no competition. Tyranny of democracy.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, September 14, 2010

Marengo Mining (ASX:MGO) - target 20c

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Marengo Mining (ASX:MGO) is up still more today to 14.5c. We bought this stock just a week ago for 9.4c. The target price is 20c - since that is significant resistance. This stock has a major long life copper-gold project. Looking at the sections in the presentation shows that certain parts are amenable to cheap mining, i.e. low overburden removal costs. This is the case because one area hosts the mineralisation in a mountain. Easy mining and adequate grades means this project will be a great target for a major miner. The project will offer huge cashflows for the first 20 years of its life. Its hard to see the economics of the project beyond that point until I see more sections of the orebody, but there is no reason to think it would be less profitable, even if overburden rates increase.
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Andrew Sheldon www.sheldonthinks.com

Sunday, September 12, 2010

Marengo Mining (ASX:MGO) - major copper project

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Marengo Mining (ASX:MGO) is another stock which might find some upside in the current market. This is a copper-gold project in PNG. They have a resource of 1.5 billion tonnes of 0.5% Copper equivalent. They have the opportunity to mine the side of a mountain for early cashflow, and tailings can be pumped as a slurry to the sea. This is going to be a monumental mine. See Google Finance. The company recently raised $C20mil to deliver a Canadian listing, and the company is expecting to complete the Final Feasibility Study by the year end. I would not be surprised to see some delays due to a need for more drilling.
At a time that copper prices are very high, this is a very attractive entry for a major mining house like Xstrata. This is a large, long life mining project, and the presence of a number of investment funds on the register highlights the strategic investment interest in this company. Among the investors are Sentinel Fund and George Soros Investment Fund.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, September 07, 2010

Azure Minerals (AZS.ASX) - break out!

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Hi all, Azure Minerals (AZS.ASX) has broken out of its 'channel', breaking 4.5c, and is now trading at 4.6c. This stock is set to release a feasibility study and more drill results this half-year. We also expect a much expanded resource which will greatly add to the Net Present Value of the stock. We can also expect that drilling from a number of its other projects, where OZ minerals and JOGMEC, a Japanese state enterprise are earning interests.
The company is a good exposure to copper, silver and gold....all of which have handsome prices at the moment. The other alluring feature of this company is the high grade of the copper. I think its 5%Cu, compared to the usual grades of 1-1.5%Cu, and the resource is open, so great upside in NPV.
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Andrew Sheldon www.sheldonthinks.com

Sunday, September 05, 2010

Vital Metals (VML:ASX) - last remaining gold in Africa

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If you happen to be watching my blog at the moment...I was going to buy these this morning at 8.8c, but missed out, so ended up buying some at 9.2c. See Google Finance.

1. Vital Metals (VML:ASX): The company is exploring a tungsten skarn in Qld (Watershed) and Burkina Faso (gold) in Africa. Scope for 50% increase.

a. Capital: The company has 186mil shares at 8.8c worth $16mil. Cash $1.5mil. They don’t have enough cash, though they look like they are about to recover.

b. Reports: see presentations and Google Finance.

c. Burkina Faso: Apparently there is an underutilised plant 45km to east. Their areas lie at the juncture of two crustal faults. See report. One of the cheapest remaining exposures to African gold. They have a good tenement position.

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Andrew Sheldon www.sheldonthinks.com

Thursday, September 02, 2010

MIL Resources (MGK.ASX) - downgraded

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Over the last few weeks I have been studying the iron ore and steel markets in order to develop a better understanding of the value of MIL Resources. When I first bought this stock I was fired up because of the strategic value of their iron ore resource, and the long term potential of their gold projects. Drilling results from the Poi prospect are encouraging, however they do not motivate me to buy now. More likely they will be better buying in a few months. In the short term however, all I can see is the spectre of:
1. Amazon Bay going nowhere. A great resource but I question whether Chinese enterprises will be interested in developing it because of labour issues and infrastructure challenges in PNG. Most particularly lack of roads, power, and maybe coal/gas, but coal could come from Australia (Gladstone). I have metallurgical concerns. I hope they look for a better process, because I think there is no mature technology to compete with HIsmelt, and I think there is so far inadequate demand for high-alloy, high strength steel. That will come, but it might be 10-15 years. I think in the short term, a lot of money could be lost developing that project. It was my reason for buying now, so that reason has evaporated. Chinese steelmakers are going to be focusing on converting their blast furnaces to HIsmelt route, as well as developing competing coal resources in China, Mongolia, Russia and Canada. Both options are cheaper options in the short term. Interest in Amazon Bay might however come from the Japanese or India, as they have more interest in specialty steels. Is there the market incentives? Hmmm?
2. Gold projects: MIL has a number of gold projects which look really good. The Poi project is revealing its potential. The problem I have is the amount of money which will need to be sunk into these projects. I've seen it all before with PNG projects. All the road, drilling pad, line clearing, helicopter support, etc. Its an expensive exploration exercise which has driven many companies into administration or a similar fate. City Resources in the 1980s comes to mind. They might be able to farm-out some of these costs, but I will wait and see.
3. Dilution: MIL Resources is planning to consolidate its ownership over the projects it holds through Titan Metals. This is unfortunately dilutionary, and it will not be long before they will need more cash given the expensive exploration budget.
Really like the potential upside in this stock, but without a self-funded Amazon Bay project, I am easily scared off this stock. I will retain some stock because if a HK billionaire can make a bid for NZ Steel and get rejected by NZ Investment Review Board, there just might be some Chinese 'long term' capital for Amazon Bay. I just don't see the strategic sense. Also there may be some excitement from Poi and the other gold deposits. i.e. Some fantastic drilling results.
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Andrew Sheldon www.sheldonthinks.com

Azure Minerals (AZS.ASX) - good entry

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I have over the last year drawn your attention to Azure Minerals as an emerging stock worthy of consideration. I now believe it is the time to buy this stock, so I have bought a number over the last few days. There are a number of appealing features:
1. A number of good projects - one proven commercial project with upside and several other projects with partners earning in, saving the company money
2. Cashed up - The company had a capital raising in May, so it has $5.6mil in cash
3. Drilling - The company is about to drill a number of projects, with the Promentorio offering the prospect of a substantial increase in resources, which would greatly expand the in-situ wealth of the company.
4. Share price - The company is languishing at a record low, it has consolidated, so I believe its likely to attract a re-rating soon because of its advanced project, cash and drilling activity.
5. Commodity mix - The company is chasing the right commodities....mostly copper, but also silver and gold, and the prices for these are high, and likely to remain so. Copper stockpiles are falling, and gold/silver are even better looking.

The company is developing a number of projects:
1. Promentorio is 100% owned, its a high grade copper, gold & silver deposit. They are preparing a feasibility study on this project. Reserves of 502,000 tonnes @ 4.7%Cu (23,400tCu), 2.1g/t Au (34,000oz Au) and 99g/t Ag (1,600,000oz Ag). All these metals are very appealing because they are high. NPV of $60mil, but could be increased by 2-4x by further drilling in 2010/11. Low capex. They have tested only 250m strike (of 1km+ structure) and 150m depth. So strike & depth potential. They will also test a nearby ‘blind’ porphyry copper target.
2. La Tortuga JV with JOGMEC, a Japanese govt agency. They are spending $3mil for 50% stake, already spent $1.2mil. This is a porphyry copper target. Drilling this Sept quarter. Previous drilling intersected 159.6m@0.2%Cu,0.2%Zn from surface, with the bottom 26.9m returning 0.5% copper, 0.4% zinc & 12g/t silver.
3. San Eduardo JV with OZ Minerals, spending $US13mil for 70% interest on a porphyry copper deposit. IP surveys and drilling in the 2nd half of 2010.
4. Estacion Llano project is along strike from the Timmins Gold San Francisco mine (1.3Moz). Mineralisation may extend into its area, so potential for a sale of its project area to the 100,000oz/yr miner if they strike attractive mineralisation.
5. Other project interests as well.
The company has 355mil shares on issue at 4.1c worth $14.6mil. They have cash reserves of $5.4mil after an 100mil issue at 5c in May 2010. They are considering a Toronto listing which promises further upside, but they don't need the cash for now.
See presentation at their website (May 2010). View the company's stock chart at Google Finance.
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Andrew Sheldon www.sheldonthinks.com

Wednesday, September 01, 2010

Union Resources (UCL.ASX) - finding some support

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I was able to sell 50% of my UCL two weeks ago at 1-1.2c, and topped back up at 0.8c. I was hoping to buy some more actually, but I found another great stock, so I will tell you about that one after I get some. I think UCL has a great deal of upside. There are several things which could happen:
1. Minemakers makes a takeover for Union Resources
2. Simultaneously someone makes a takeover for Minemakers to secure 90% of the Namibian phosphate project

BHP's tilt at Potash Corp and Vale S.A.'s acquisition of potash assets in Brazil highlights some interest by the majors in fertilisers. Understandably, they see an opportunity to consolidate their market power in this industry. Look at the dynamics:
1. Morocco currently produces 80% of global seaborne phosphate trade.
2. Union/Minemakers project has the potential to be the 2nd lowest cost producers after the Moroccans.

Personally, I agree with Mathew Kidd at Wilson Asset Management (WAM), that BHP should just buy-back shares. These companies have reached a size where there is simply no upside, or no capacity to get ahead of the market. Don't you buy stocks to out-perform the market? So where is the ability to do that if you have acquired the market. Even the ability to extort some market price advantage is lost on the fact that you are so big that any market you buy into fails to deliver much upside. You are better off just buying back your own stock...at least for the sake of the market. I think these CEOs are in such a 'pattern of behaviour' they fail to realise this.
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Andrew Sheldon www.sheldonthinks.com

Platinum Australia (PLA.ASX) - wait and see

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Platinum Australia was up 4% yesterday. Despite the fact that the company is ramping up production, I think the stock is overpriced, as it has a considerable amount of capital expenditure to absorb as it develops other projects. There is also the spectre of labour/union conflicts, and I suspect we will see some softening in platinoid metal prices in the second half of this year. I anticipate a weaker stock price for this quarter, which will probably see the stock price fall to the 42c support. This will give the stock the upside I need to see before I enter this one, given the operational, labour and platinum price risks. Another problem might be the exchange rate, but I did not look into that. The feasibility study was based on a rate of 10rand = USD. The rate is now R7.4. This is the problem with South Africa particularly. Its such a strong commodity producer that commercial feasibility can be undermined by a strong Rand. Its a currency play more than anything else. Platinum resource definition looks simple....the problem is dodging the labour disputes and forex implications. Better to become a forex trader! The good news is that the currency has stabilised around R7.4.
For more details on PLA - see this presentation. Interestingly the presentation does not even show the currency...but then I guess no mining company does, despite its significant impact on earnings.
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Andrew Sheldon www.sheldonthinks.com

MIL Resources (MGK.ASX) - gold project looking good

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This is an update on some previous ongoing research I have been doing on MIL Resources (MGK.ASX). I hope to get to the shareholders meeting this month, but its probably not going to happen because of the preliminary work. The company is based in my hometown. A number of points to make. Firstly, I over-estimated the potential of the Amazon Bay titanomagnetite deposit. The deposit is a world-class strategic asset. The problem as I see it is that the 'mooted' 17Mtpa market for titanomagnetite is a mirage. It will not be developed unless someone is prepared to look at downstream steel production. It took me two weeks of researching steel to research that conclusion. i.e. Pig iron, titanium slag and vanadium metal. There is a similar operation in NZ which made a profit of $15mil last year. Bluescope is trying to sell the operation. This project is better located, has higher titanium, but it cannot compete with:
1. Titanomagnetite from China - there are actually some iron ore producers which supply titanomagnetite ore to steel makers in China, but they are mining the stuff for $12/tonne, so PNG cannot compete with that.
2. Titanomagnetite from Russia's Far East is mined for $5/tonne, and can be cheaply exported to NE China, so that is an appealing source for that part of China.
For these reasons I ignore the 17Mtpa of 'potential market' as ludicrous. Just because a steelmaker consumes titanomagnetite does not mean they are going to buy your product, least of all when the steelmaker owns the titanomagnetite mines. See a company called China VTM. For this reason, I have no confidence in the CRU 'strategic' report.
China is mostly based on blast furnace technology, which cannot accept high-Ti ores. Until that changes or demand for high-strength steels increases, this project does not have a market. If you want evidence of that, look at prices for vanadium. The market is over-supplied because of Chinese titanomagnetite production. So unless some Chinese or Indian company is willing to
enter this market, or even a technologically sophisticated Japanese or Korean company wanting to develop an offshore market in high-strength, specialty steels, then I think this project will retain that status for some time. I therefore think they are looking at the wrong market for partners. It is not China, who are
really a competitor, but Japan or maybe POSCO (Korea). Personally, if I was CEO, I'd be brushing up on my Japanese..
CEO: Sumimasen..Anata wa PNG ni ita kota ga arimasuka?
Japanese CEO: Eii
CEO: Hunto ni. Sagoi ei na! (Incredible!)
Japanese CEO: Biru onagaishimasu! (More beer please!)

It so happens that maybe the MIL Resources know all this because in recent times they have shifted focus to gold. And preliminary results from the Poi gold project, very close to Amazon Bay, are very good. The sampling has only just started, but the results are living up to my expectations. A single channel/trench in this interim report suggests the deposit is offering commercial grades. One section however does not make a mine; particularly not a trench sample, which provides only a single cutting of the mineralisation, and provides no indication of what is at depth, nor what is along the 11km strike.

I still think the company looks like good value, but the development lead time has been severely stretched for Amazon Bay, whether for product market potential, or because of the downstream investment required to create marketable product. Will a company want to do that in PNG? Well maybe not, but there is the potential to make the downstream elements near Gladestone, Qld for coal supplies. I would not be surprised to see an Electric Arc Furnace in Gladstone in future, both for the coal, coal seam gas, and port facilities.
The company has excellent potential with the gold projects, $2.8mil in cash, and a proven world class resource. In the short term, expect some more exciting trenching & drilling results. I am particularly pleased with the results from the first trench - yielding 12m @ 9.6g/t Au and 0.65% Cu - because of:
1. The high grade of the gold
2. The association with good copper grades
3. The fact that they have anomalous gold over 11km in streams, and they have only just started testing this structure.
There is also the potential for them to secure JV partners to explore some of their other gold projects. This deposit reminds me a little of the Highlands Pacific gold mine. I seem to remember Pat Elliott (chairman of MIL) from somewhere. I think he was chairman of Highlands, so its interesting that he ended up driving this project. I hope he does not enter into another stupid hedging arrangement, which drove HIG into the ditch. I would need to check that. Anyway, he can't do much damage as chairman or whilst they are explorers. That is what I love about exploration. They are so cheap. You simply can't destroy what you know is a great project until you start building a mine. By them I've usually sold and moved on. Not going to make the mistake of investing in real mines again. They are accidents waiting to happen.
The best investment is a company with $2-5mil in cash, a world class asset and a market capitalisation of $5-10mil. You would be surprised how many stocks are around like that. Gippsland Ltd is another one that comes to mind, Union Resources another. They make great takeover targets, they have no problem raising cash....ok...GIP is having some difficulty....but probably not for much longer.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, August 17, 2010

Fertilisers are looking very exciting

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The fertiliser market is getting hot. I awoke to the expectation that Union Resources was going to break above 1c today, and that looks sure to happen after BHP announced in today's paper that it was taking over potash miner POTASH CORP in a $39 billion takeover. That of course is going to sporn a grab for fertiliser assets around the world, and in this respect Minemakers Ltd (ASX:MAK) and Union Resources (ASX:UCL) are both minnows holding a world-class asset - a low cost phosphate resource in offshore Namibia. They will both be swept up in no time at all. We might even expect a bidding war.
See the latest news here:
Let's not forget that Union Resources also controls the latest undeveloped lead-zinc resource in its prtfolio, even though that resource is in Iran. Of course lead-zinc does not really fit with the group anymore, but they have some compatible interests like Cannington silver mine in Qld. I think they still have that. At the end of the day, they are about world-class, dry bulk materials.

A word of caution though. Rio Tinto and BHP are going to attract the attention of China, and the EU is often sympathetic to China's, if not its own farmers complaints about Anglo-world domination. The EU is not going to be happy with BHP taking over another industry. Expect some opposition to this development. Geez, its great times to be a mining analyst/investor.

We must remember that BHP is making a bid for a potash company, and UCL is phosphate. They are nevertheless compatible and complementary interests.
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Andrew Sheldon www.sheldonthinks.com

Do the Chinese have to worry?

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We support the Australian mining industry in its campaign to abolish the Resource Rent Tax.
See this election statement from Fortescue Metals. Fortescue Metals is of course leading the campaign against Labor and its Resource Rent Tax.
I personally think the issue is even more serious that Fortescue realises. The Chinese need commodities and Australia government, which professes to be a 'free trader' is kind of using tax to extort wealth from not just Australians, but really from the Chinese as well. Its not just Australia either. India has raises its tax on iron ore exports, which are destined for China. They are now consumed domestically, which means Australia has year had to buy even more iron ore from Australia and Brazil.
Such 'hard ball' tactics believe is destined to lead to an escalation in trade conflicts. This is a big issue for China. It reminds me of the trade embargoes placed on Japan which resulted in Japan joining the Germans in World War II. Ok, I don't expect a war, but one might question yet again the fairness of such 'non-market' extortion.
Notwithstanding the fact that China has its ideological conflicts, don't we want to lead them to market. Here, Labor seems to be telling them 'Screw you, we have the power now'. Its not market power, its market extortion. In this case some investors are able to pass on the costs.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, August 10, 2010

Union Resources (UCL.ASX) - making a move

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A few weeks ago we bought Union Resources (UCL.ASX) at 0.5c and today they have not disappointed, up 60% this morning. They peaked at 0.8c this morning, and appear certain to test 0.9c by the close of the day. I actually expect this stock to break resistance at 0.9c, and move higher later in the week. Here is why.
We mentioned in our last post on Union Resources that the company has a JV with Minemakers in an offshore Namibian phosphate project. We would not be surprised to see Minemakers make a move on their JV partner because:
1. They have $34mil in cash, Union Resources have little
2. They have a dog phosphate project in Qld, and really need this Namibian project
3. Minemakers has just listed in Canada, so they seem to be attracting a lot of interest because of that.

Personally, I think there is a bit of manipulation going on prior to a takeover of Union Resources.
Of course, you don't need to listen to me, look at the stock. I'm not buying any....I got mine at 0.5c. This JV is going to be consolidated. I wouldn't be surprised if we see a move on Minemakers as well. Perhaps a likely candidate is Incitec Pivot. The fertiliser business is ripe for consolidation, as its already tightly controlled....but night tight enough to gain market power. Those pesky Moroccans have no idea about how to extort high prices from the market. Someone is going to come in and 'do a Rio-tro'. You can watch the price action at Google Finance.
Minemakers australian project is 1200km from the coast by rail, the Namibian project (MAK/UCL partnership) is on the coast. Its unconsolidated sands, using the same dredging technology to extract the phosphates that diamond mining uses. You can even lease the equipment. The large resource will justify a large plant on the coast. A major investor is likely. Where is the World Bank when you need them? Well last time I looked they were in the Far East of Russia.....helping Aricom raise $700mil.

When one thinks of Russia one is inclined to think of bad infrastructure, isolation and cold climates. The reality however is that parts of Russia are surprisingly close to China. What has caught my attention is the development of iron ore resources in the Far East of Russia by AIM-listed Aricom or ‘Anglo-Russian Industrial COMmodities’ [AIM:TIO]. It was spun off a Russian gold producer and explorer Peter Hambro Mining [AIM:POG] in Dec-2003. At the time it had one major asset, a 74% share in the Kuranakh ilmenite and titanomagnetite deposit, and a remit to acquire, develop and operate non-precious metal assets in Russia. Today however it controls 4 major deposits:[i]

Being an analyst/researcher, one is inclined to explore...go off on tangents if you like. In the process of researching about another one of my favourite stocks, I came across this company, Aricom. Relax, the stock is probably fully priced now...let's move onto bigger and better things. My point is that such projects really can take off. You just need to identify them.
Interestingly, Aricom is developing a titanomagnetite resource in the Far East of Russia to supply the northern Chinese steel mills. The Rio trio has got the Chinese throwing money at everything....but we cannot forget that there are other countries in the world which need steel. Everyone is so 'China' focused.
This is why I like MGK....because it is a company with another world-class resource just waiting for an integrated strategy to take it forward. The Chinese know now they cannot trust the Australian government to change the rules, so they will be looking outside Australia to diversify. Thanks Gillard/Rudd! Anyway, it suits me. I just hate to see a good country keep down. More importantly there is nothing more dangerous than politicians with no money sense throwing your money around. Just think - politicians with no financial literacy throwing 28% of GDP around with bogus accountability. They wouldn't allow it to happen in the funds management industry....well ok, I guess they do....but they do pretend to regulate....but they don't even accept that they should be held to a higher standard.

[i] Aricom’s iron ore projects, International Finance Corp, website, 27th May 2008.

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Andrew Sheldon www.sheldonthinks.com

Market regulation sux - ASIC top of the list

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It comes as no surprise that the Managing Director of A1 Minerals has resigned. This company is going backwards at the moment. It has broken its 15c support, and is now down to 12c support. There will be questions about why. I think it is the same reason as usual - the same problem which befalls many small gold stocks....nuggetty gold and the mining executives who trade these projects knowing full well their issues. Its amazing how a bad project can be turned into a 'diamond' with a bit of creative accounting. All this goes unregulated by ASIC because it has no skills. Mindless, rule-ridden bureaucrats who think they have an education because they went to university...and studied arts no less.
The problem of course is specifically with vein and shear-zone style gold deposits. Perhaps others as well, but I think you can have a lot of confidence in porphyry-copper/gold/Mo style gold deposits because the mineralisation is so pervasively spread throughout micro-veinlets in the rock.
This problem is huge in the mining industry. Of course is does not help that many mining executive have a dubious ethic, that the government does not regulate, that we are in a mining boom, and that people are regulated by so many silly rules, they might repute all rules as nonsense. Shareholders have a right to effective disclosure....they are not getting it, particularly at the small-end of the market, which is like the wild west.
For those who bought at 15c support, there is the prospect that AAM will go out of business. It is hard to believe that there is no gold, but the grade might be 1.5g/t rather than 4g/t. Who can say whether its a 'nuggetty' effect, or whether its manipulation of data with geostatistical modelling. Maybe it was just financial mismanagement. There are people in the industry who say nothing. It is all a 'game of friends' in WA.
I'm been to conferences where people will tell you that 'so and so' company's project has no credibility. The reason being they know people who have taken a look at it, and rebuffed it, whilst the opportunists 'mine the market' for money.
The industry is full of rationalisation and there is no critical insights coming to the market from people who know to stop this practice. As an analyst who can only go on reports (because I don't perform site visits or hang out in WA pubs), what can you do but draw attention to the issue. ASIC has to change the way it regulates. People will lose confidence in smaller stocks, which means there will be no new companies being formed in Australia, and investment will go offshore. Gillard's tax is just one issue.
I am recommending stocks which are undervalued...not because they are good...but because disclosure is so bad you cannot know the difference. I think there needs to be a role for analysts in managing the disclosure of these countries. I suggest the way to manage this issue is for the ASIC to pay a market analyst $5000 a year to prepare quarterly analytical reports on specific stocks. Based on critiquing of his work, responsibility might pass to another analyst. This approach would see some analysts dominate certain industries, it would force others to critique them to improve the reputation of their brokerage, and investors would have informed debate and analysis from brokers and the companies.
At the moment we have brokers collecting fees from shareholders/companies. The worse the company the higher the fee. I am reminded of Australian Magnesium Corp. I was working for a broker at the time. My analysis showed it was a dog, and the major brokers supported it because they wanted the 'very attractive' 7% commission offered by the company. It went broke.
Brokers are often corrupt too I think. There was suspicious activities at the broker I worked for. The MD of the company employed a hooker from the 'men's club' across the road as a secretary. I think it was because you can trust a hooker to keep secrets. Daily he would need to explain to her how to use excel and word, yet she was paid as much as me (an analyst). Go figure! Her boyfriend was also a broker.
Brokers are salesmen, they are not people with integrity. So long as this country, any country, is regulated by government agencies, you will get no justice, no accountability, which means people being rewarded for deceit. Compulsory super? Don't give up control of your money.
Sorry to those who lost money from my information. I'm in the same boat. Get angry. I think you are wasting your time complaining to your local MP. I would be inclined to vote for smaller government, i.e. LIbertarian based Liberal Democratic Party....not because they are people of integrity, but because there would some competition in the short term. I would also talk to your friends, and get them mad. Organise like business and unions have done before you. Make ideas count for something. There are too many self-serving dikks in the world.
The JORC code was supposed to restore credibility to the international mining industry. It has failed to do that with respect to gold reserves. It is probably adequate for other metals.
-------------------------------------------
Andrew Sheldon www.sheldonthinks.com

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List of ASX Listed Mining Stocks

3D RESOURCES LTDDDDMetalswww.3dresources.com.au/
A-CAP RESOURCES LTDACBMetalswww.acap.com.au
A1 MINERALS LTDAAMMetalsAuEmergingWAwww.a1minerals.com.au/
ABM RESOURCES NLABUMetalswww.abmresources.com.au
ABRA MINING LTDAIIMetalsAuEmergingAfricawww.abramining.com.au/
ACCENT RESOURCES NLACSMetalswww.accentresources.com.au/
ACCLAIM EXPLORATION NLAEXMetalsNiEmergingWAwww.acclaimexploration.com.au/
ACONCAGUA RESOURCES LTDANUMetalswww.aconcagua.com.au/
ACTIVEX LIMITEDAIV??www.activex.com.au/
ADAMUS RESOURCES LTDADUMetalsAuProducerAfricawww.adamusresources.com.au/
ADELAIDE BRIGHTON LIMITEDABCBuildingCementProducerSAwww.adbri.com.au/
ADELAIDE RESOURCES LTDADNMetalsSAwww.adelaideresources.com.au/
ADITYA BIRLA MINERALS LIMITEDABYEnergyCoalExplorerAustraliawww.adityabirlaminerals.com.au/
ADMIRALTY RESOURCES NL.ADYMetalsAlkalisEmergingChilewww.ady.com.au/
ADVANCED MAGNESIUM LTDANMMetalsMgwww.am-technologies.com.au
AIM RESOURCES LTDAIMMetalsCuEmergingAfricawww.aimresources.com.au/
ALBIDON LTDALBMetalsNiEmergingZambiawww.albidon.com
ALKANE RESOURCES LTDALKMetalsAu, Zr, rare earthsEmergingNSWwww.alkane.com.au/
ALLEGIANCE MINING NLAGMMetalsNiEmergingTAS???
ALLIANCE RESOURCES LTDAGSMetalsAuwww.allianceresources.com.au/
ALLIED GOLD LTDALDMetalsAuwww.alliedgold.com.au/
ALLOY RESOURCES LTDAYRMetalsAu, CuExplorerLaoswww.alloyres.com/
ALLSTATE EXPLORATIONS NLALXMetalswww.beaconsfieldgold.com.au
ALTERA RESOURCES LTDAEAMetalsCu, Pb, ZnExplorerWAwww.alteraresources.com.au/
ALUMINA LTDAWCMetalsAlProducerWorldwidewww.aluminaltd.com/
AMCOR LIMITEDAMCPackagingPlastic. PaperProducerWorldwidewww.amcor.com
AMEX RESOURCES LIMITEDAXZwww.amex.net.au/
AMMTEC LIMITEDAECServicesLabOperatingAustraliawww.ammtec.com.au
AMPELLA MINING LTDAMXMetalsZn, AuEmergingGhanawww.ampella.com.au/
ANCHOR RESOURCES LIMITEDAHRwww.anchorresources.com/
ANDEAN RESOURCES LTDANDMetalsAuEmergingArgentinawww.andean.com.au/
ANEKA TAMBANG (PERSERO) PTATMMetalsAuProducerIndonesia
ANGLO AUSTRALIAN RESOURCES NLAARwww.anglo.com.au/
ANGLOGOLD ASHANTI LTDAGGMetalsAuProducerWorldwidewww.anglogold.com/
ANVIL MINING LTDAVMMetalsCu, AgProducerAfricawww.anvilmining.com
APEX MINERALS NLAXMMetalsAuEmergingChinawww.apexminerals.com/
APOLLO MINERALS LTDAONMetalsU, Fe, Cu, Pb, ZnExplorerAustraliawww.apollominerals.com.au/
AQUARIUS PLATINUM LTDAQPMetalsPt, PdProducerAfricawww.aquariusplatinum.com
ARAGON RESOURCESAAGMetalsAu, U, NiExplorerWAaragonresources.com.au/
ARAFURA RESOURCES LTDARUMetalsU, REEs, PExplorerWAwww.arafuraresources.com.au/
ARCHER EXPLORATION LTDAXEMetalsU, Au, CuExplorerSAwww.archerexploration.com.au
ARGENT MINERALS LTDARDMetalsAg, Pb, ZnExplorerNSWwww.argentminerals.com.au/
ARGO EXPLORATION LTDAXTMetalsAu, Cu, UExplorerSAwww.argoexploration.com.au/
ARGONAUT RESOURCES NLAREMetalsAu, Cu, Ag, ZnExplorerLaos, SAwww.argonautresources.com/
ARGOSY MINERALS INCAGYMetalsNi, Pb, Cu, Zn, PtEmergingBurundi, Canadawww.argosyminerals.com
ARTEMIS RESOURCES LTDARVMetalsAuExplorerWAwww.artemisresources.com.au/
ASHBURTON MINERALS LTDATNMetalsAuEmergingBrazilwww.ashburton-minerals.com.au/
ASTRO DIAMOND MINES N.L.AROGemstonesDiamondsExplorerWAwww.aro.com.au/
ASTRON LTDATRMetalsZrProcessingChinaNA
ATHENA RESOURCES LTDAHNMetalsAuExplorerWAwww.athenaresources.com.au
ATLANTIC GOLD NLATVMetalsAu, diamondsExplorerCanadawww.atlanticgold.com.au/
ATLAS IRON LTDAGOMetalsFeEmergingAustraliawww.atlasiron.com.au/
ATTICUS RESOURCES LTDACZMetalsAuExplorerWAwww.atticusres.com.au
AUDAX RESOURCES LTDADXMetalsAu, Zn, Cu, PbExplorerWAwww.audax.com.au/
AUGUR RESOURCES LTDAUKMetalsCu, Au, Ni, CoExplorerNSWwww.augur.com.au
AUGUSTUS MINERALS LTDAUJMetalsAuExplorerWA, East Europewww.augustusminerals.com.au
AURIUM RESOURCES LTDAGUMetalsU, AuExplorerWAwww.aurium.com.au/
AURORA MINERALS LTDARMMetalsAuProducerAustraliawww.auroraminerals.com/
AUROX RESOURCES LTDAXOMetalsFe, VEmergingWAwww.aurox.com.au
AUSDRILL LIMITEDASLServicesDrillingOperatingWorldwidewww.ausdrill.com.au/
AUSQUEST LTDAQDMetalsFe, NiExplorerWAwww.ausquest.com.au/
AUSSIE Q RESOURCES LTDAQRMetalsMo, CuExplorerQldwww.aussieqresources.com/
AUSTINDO RESOURCES CORP. NLARXMetalsAuProducerIndonesiawww.austindoresources.com.au/
AUSTPAC RESOURCES NLAPGMetalsTechnology, TiExplorerAustraliawww.austpacresources.com
AUSTRAL AFRICA RESOURCES LTDAAFMetalsUExplorerNTwww.newworldalloys.com
AUSTRAL GOLD LTDAGDMetalsAu, Pb, Zn, diamondsExplorerChile, WAwww.australgold.com.au/
AUSTRALASIA GOLD LTDAAOMetalsAuExplorerSA, NSW, NZwww.australasiagold.com.au/
AUSTRALASIAN RESOURCES LTDARHMetalsFeEmergingAustraliawww.austresources.com.au/
AUSTRALIA ORIENTAL MINERALS NLAOMMetalsAu, Sn, Pb, ZnExplorerNSWwww.aominerals.com.au/
AUSTRALIAN GOLD INVESTMENTS LTDAGVMetalsAuExplorerWAwww.agil.com.au
AUSTRALIAN MINES LTDAUZMetalsNi, AuMothballedWAwww.australianmines.com.au
AUSTRALIAN MOTOR FINANCE GROUP LTDAGQMetalsPt, Ni, PdExplorerRSAwww.bushveld-platinum.com/
AUSTRALIAN ZIRCON NLAZCMetalsZrProducerVictoriawww.auzircon.com.au
AUSTRALIS MINING CORPORATION LIMITEDAUV??
AUZEX RESOURCES LTDAZXMetalsMo, W, SnExplorerNSW, NZ, Qldwww.auzex.com
AVALON MINERALS LTDAVIMetalsCu, Pb, ZnExplorerWAwww.avalonminerals.com.au
AVANCO RESOURCES LTDAVBMetalsCu, AuExplorerBrazilwww.avancoresources.com/
AVIVA CORPORATION LIMITEDAVAEnergyCoalEmergingBotswanawww.avivacorp.com.au
AVOCA RESOURCES LTDAVOMetalsAuProducerWAwww.avocaresources.com.au/
AVONLEA MINERALS LTDAVZMetalsAu, Pb, Cu, ZnExplorerQldwww.avonleaminerals.com/
AXG MINING LTDAXCMetalsUExplorerWAwww.axgmining.com.au/
AXIOM MINING LTDAVQMetalsAu, Cu, Zn, PbExplorerLaos, Vietnam, Qldwww.axiom-mining.com/
AZUMAH RESOURCES LTDAZMMetalsAuEmergingAfricawww.azumahresources.com.au/
AZURE MINERALS LTDAZSMetalsAu, Mo, CuEmergingMexicowww.azureminerals.com.au/
BALKANS GOLD LTDBNLMetalsAuEmergingEast Europewww.balkansgold.com.au/
BANNERMAN RESOURCES LIMITEDBMNEnergyUEmergingNamibia, Botswanawww.bannermanresources.com.au
BARRA RESOURCES LTDBARMetalsCuEmergingSAwww.barraresources.com.au/
BASS METALS LTDBSMMetalsAu, Pb, ZnExplorerTAS, Qldwww.bassmetals.com.au/
BASSARI RESOURCES LTDBSRMetalsAuExplorerSenegalwww.bassari.com.au
BATAVIA MINING LTDBTVMetalsAuEmergingNTwww.bataviamining.com.au/
BATHURST RESOURCES LTDBTUMetalsNi, Au, Pb, Cu, ZnExplorerWAwww.bathurstresources.com.au
BAUXITE RESOURCES LTDBAUMetalsAlExplorerWAwww.bauxiteresources.com.au
BC IRON LTDBCIMetalsFeEmergingWAwww.bciron.com.au/
BEACON MINERALS LTDBCNMetalsAu, Cu, Mo, NiExplorerWA, Qldwww.beaconminerals.com/
BEACONSFIELD GOLD NLBCDMetalsAuProducerTASwww.beaconsfieldgold.com.au/
BEADELL RESOURCES LTDBDRMetalsAuExplorerAustralia, Brazilwww.beadellresources.com.au/
BELLAMEL MINING LTDBMMMetalsAuEmergingWAwww.bellamelmining.com/
BELLEVUE RESOURCES LIMITEDBVEDiversifiedETFOperatingAustraliawww.bellevueresources.com.au
BEMAX RESOURCES LTDBMXMetalsSandsProducerVictoriawww.bemax.com.au/
BENDIGO MINING LTDBDGMetalsAuEmergingVictoriawww.bmnl.com.au/
BHP BILLITON LTDBHPMetalsDiversifiedProducerWorldwidewww.bhpbilliton.com
BLACK RANGE MINERALS LTDBLRMetalsU, Cu, ExplorerUSA, Australiawww.blackrangeminerals.com/
BLACKHAM RESOURCES LTDBLKMetalsAuExplorerWAwww.blackhamresources.com.au
BLINA DIAMONDS NLBDIGemstonesDiamondsEmergingWAwww.blinadiamonds.com.au
BLUESCOPE STEEL LIMITEDBSLBuildingSteelProducerWorldwidewww.bluescopesteel.com/
BMA GOLD LTDBMOMetalsAuEmergingQldwww.bmagold.com.au/
BOLNISI GOLDBSGMetalswww.bolnisigold.com.au/
BONAPARTE DIAMOND MINES NLBONGemstonesDiamondsEmergingAfricawww.bonaparte.com.au/
BONDI MINING LTDBOMMetalsCu, Au, NiExplorerNSWwww.bondimining.com.au/
BORAL LIMITED.BLDBuildingCementProducerAustraliawww.boral.com.au/
BOTSWANA METALS LTDBMLMetalsNi, AuExplorerBotswanawww.botswanametals.com.au/
BOUGAINVILLE COPPER LTDBOCMetalsCu, AuMothballedPNGwww.bougainvillecopper.com.pg/
BOULDER STEEL LTDBGDMetalsCr, steelOperatingWorldwidewww.bouldersteel.com.au
BREAKAWAY RESOURCES LTDBRWMetalsAu, Ni, CuExplorer??www.breakawayresources.com.au/
BRICKWORKS LIMITEDBKWBuildingBricksProducerAustraliawww.brickworks.com.au/
BROCKMAN RESOURCES LTDBRMMetalsNi, CuExplorerWAwww.brockman.com.au
BRUMBY RESOURCES LTDBMYMetalsAu, Pb, Zn, CuExplorerWAwww.brumbyresources.com.au/
BUKA GOLD LTDBKGMetalsAuEmergingGympiewww.bukagold.com.au/
BUREY GOLD LTDBYRMetalsAu, UExplorerFiji, Africawww.bureygold.com/
BUXTON RESOURCES LTDBUXMetalsAuExplorerWAwww.buxtonresources.com.au
CAPE LAMBERT IRON ORE LTDCFEMetalsFeEmergingAustraliawww.capelam.com.au
CAPITAL MINING LTDCMYMetalsDiversifiedExplorerAustraliawww.capitalmining.com.au/
CAPRAL LTDCAAMetalsAlProducerVictoriawww.capral.com.au
CARBINE RESOURCES LTDCRBMetalsAuRe-emergentWAwww.carbineresources.com.au/
CARNAVALE RESOURCES LTDCAVMetalsCu, AuExplorerBrazilwww.carnavaleresources.de/
CARPENTARIA EXPLORATION LTDCAPMetalsCu, AuExplorerQld, NSWwww.carpentariaex.com.au
CARRICK GOLD LTDCRKMetalsAuEmergingwww.carrickgold.com/
CASTLE MINERALS LTDCDTMetalsAu, CuExplorerAfricawww.castleminerals.com.au/
CASTLEMAINE GOLDFIELDS LTDCGTMetalsAuExplorerVictoriawww.axd.com.au
CATALYST METALS LTDCYLMetalsCu, Au, UExplorerWAwww.catalystmetals.com.au/
CAZALY RESOURCES LTDCAZMetalsFe, AuExplorerWAwww.cazalyresources.com.au/
CBH RESOURCES LTDCBHMetalsCu, Pb, Zn, AuProducerAustraliawww.cbhresources.com.au/
CENTAMIN EGYPT LTDCNTMetalsAuProducerEgyptwww.centamin.com/
CENTAURUS RESOURCES LTDCURMetalsAu, Cu, Pb, ZnExplorerNSWwww.centaurus.com.au/
CENTRAL ASIA RESOURCES LTD.CVRMetalsAu, CuEmergingCentral Asiawww.centralasia.com.au/
CENTRAL WEST GOLD NLCWGMetalsAu, Ag, Cu, Pb, ZnExplorerNSW??
CENTREX METALS LTDCXMMetalsFeExplorerSAwww.centrexmetals.com.au/
CGA MINING LTDCGXMetalsAu, CuEmergingPhilippineswww.cgamining.com/
CHALICE GOLD MINES LTDCHNMetalsAuExplorerWAwww.chalicegold.com/
CHAMELEON MINING NLCHMMetals????Australia??
CHESSER RESOURCES LTDCHZMetalsU, Cu, Au, NiExplorerAustraliawww.chesserresources.com.au/
CHINA STEEL AUSTRALIA LIMITEDCNHBuildingSteelOperatingChinawww.cnsteel.com.au
CHINA WEST INTERNATIONAL HOLDINGS LIMITEDCWHBuildingVariousOperatingAsiawww.cwestinternational.com/
CHINA YUNNAN COPPER AUSTRALIA LTDCYUMetalsCu, Au, UExplorerQldwww.cycal.com.au
CHONGHERR INVESTMENTS LTDCDHBuildingStoneProducerQldwww.chongherr.com.au/
CHROME CORPORATION LTDCCIMetalsCr, steelProducerRSAwww.chromecorp.com
CITIGOLD CORPORATION LTDCTOMetalsAuProducerQldwww.citigold.com/
CITROFRESH INTERNATIONAL LIMITEDCTFTechnologyFoodOperatingWorldwidewww.citrofresh.com
CLANCY EXPLORATION LTDCLYMetalsCu, AuExplorerNSWwww.clancyexploration.com
CLONCURRY METALS LTDCLUMetalsAu, Pb, Cu, ZnExplorerQldwww.cloncurrymetals.com.au/
CLUFF RESOURCES PACIFIC NLCFRGemstonesSn, diamond, sapphiresProducingQld, NSWwww.cluff.com.au/
COAL OF AFRICA LIMITEDCZAEnergy, alloysCoal, Ni-alloysEmergingRSAwww.coalofafrica.com/
COBAR CONSOLIDATED RESOURCES LTDCCUMetalsAu, Zn, Pb, Ag, CuExplorerCobar, NSWwww.ccrltd.com.au/
COEUR D'ALENE MINES CORPORATION.CXC??www.coeur.com/
COLONIAL RESOURCES LTDCLNMetalsAuExplorerWAwww.colonialresources.com.au/
COLORPAK LIMITEDCKLPackagingVariousOperatingAustraliawww.colorpak.com.au
COMET RESOURCES LTDCRLMetalsCu, Au, FeExplorerNSW, WAwww.cometres.com.au
COMPASS RESOURCES NLCMRMetalsU, Pb, Zn, Ag, AuEmergingNTwww.compassnl.com.au
CONQUEST MINING LTDCQTMetalsCu, Au, AgExplorerQldwww.conquestmining.com.au/
CONSOLIDATED GLOBAL INVESTMENTS LTDCGIMetalsAuExplorerWA???
CONSOLIDATED RUTILE LTDCRTMetalsSandsProducerAustraliawww.consrutile.com.au
CONSOLIDATED TIN MINES LTDCSDMetalsTinExplorerQldwww.consolidatedtinmines.com.au/
CONTACT URANIUM LIMITEDCTSEnergyUraniumEmergingPeru, Kyrgyzstanwww.contactresources.com.au
CONTINENTAL CAPITAL LTDCNFMetalsDiversifiedHolding CoWA, Philippineswww.continentalgoldfields.com.au/
CONVERGENT MINERALS LTDCVGMetalsAuExplorerQldwww.convergentminerals.com.au/
COPPER RANGE LTDCRJMetalsAu, Cu, Pb, ZnExplorerSAwww.copperrange.com.au/
COPPER STRIKE LTDCSEMetalsCuEmergingQldwww.copperstrike.com.au/
COPPERCO LTDCUOMetalsCuEmergingQldwww.copperco.com.au/
COPPERMOLY LTDCOYMetalsAu, Mo, CuEmergingPNGwww.coppermoly.com.au/
CORTONA RESOURCES LTDCRCMetalsAuExplorerWAwww.cortonaresources.com.au/
COUGAR METALS NLCGMMetalsAu, NiExplorerBrazil, WAwww.cougarmetals.com.au/
COZIRON RESOURCES LTDCZRMetalsCoal, Pb, Zn, FeExplorerIndonesiawww.coziron.com/
CPI GROUP LIMITEDCPIPackagingPaperOperatingAustraliawww.cpigroup.com.au
CRESCENT GOLD LTDCREMetalsAuProducerWAwww.crescentgold.com/
CUDECO LTDCDUMetalsCuEmergingQldwww.cudeco.com.au/
CULLEN RESOURCES LTDCULMetalsAu, Cu, NiExplorerWAwww.cullenresources.com.au/
D'AGUILAR GOLD LTDDGRMetalsAuEmergingAustraliawww.daguilar.com.au/
DART MINING NLDTMMetalsAu, Pb, ZnExplorerVictoriawww.dartmining.com.au/
DE GREY MINING LTDDEGMetalsPb, Zn, CuExplorerWAwww.degreymining.com.au/
DIAMONEX LIMITEDDONGemstonesDiamondsEmergingBotswanawww.diamonex.com.au
DIATREME RESOURCES LIMITEDDRXMineral SandsBase Metals, AuExplorerAustraliawww.diatreme.com.au/
DIORO EXPLORATION NLDIOMetalsAuProducerWAwww.dioro.com.au/
DISCOVERY METALS LTDDMLMetalsAu, NiEmergingBotswana, WAwww.discoverymetals.com.au
DMC MINING LTDDMMMetalsPb, Zn, CuExplorerNSWwww.dmcmining.com.au
DOMINION MINING LTDDOMMetalsAu, CuProducerWorldwidewww.dml.com.au/
DRAGON MINING LTDDRAMetalsAuProducerSwedenwww.dragon-mining.com.au/
DRAGON MOUNTAIN GOLD LTDDMGMetalsAuwww.dragonmountain.com.au/
DRAKE RESOURCES LTDDRKMetalsAu, Ag, CuExplorerNSWwww.drakeresources.com.au/
DRUMMOND GOLD LTDDGOMetalsAuExplorerQldwww.drummondgold.com.au/
DWYKA RESOURCES LIMITEDDWYGemstonesDiamondsProducerSwazilandwww.dwykadiamonds.com
DYNASTY METALS AUSTRALIA LIMITEDDMAEnergyCSM, UExplorerBotswana, WAwww.dynastymetals.com.au/
DYNO NOBEL LIMITEDDXLBuildingExplosivesProducerWorldwidewww.dynonobel.com
EAGLE EYE METALS LTDEYEMetalsNi, Au, Pb, ZnExplorerWAwww.eagleeyemetals.com/
EAGLE NICKEL LTDENLMetals, EnergyNi, Mo, UExplorerWAwww.empiregoldcorp.com/
EAST COAST MINERALS NLECMMetalsNiExplorerWA??
EASTERN CORPORATION LIMITEDECUEnergyCoal, CSMExplorerQldwww.easterncorp.com.au
ECHO RESOURCES LTDEARMetalsAu, Ni, CuExplorerQld, WAwww.echoresources.com.au/
ELDORE MINING CORPORATION LTDEDMMetalsAuExplorerFijiwww.eldore.com/
ELECKRA MINES LTDEKMMetalsAu, UExplorerWAwww.electramines.com.au/
ELEMENTAL MINERALS LTDELMMetalsAu, Pb, Zn, CuExplorerWAwww.elementalminerals.com.au/
ELLENDALE RESOURCES NLELLEnergy, GemstonesU, DiamondsExplorerWAwww.ellendaleresources.com/
EMERGENT RESOURCES LTDEMGMetals, EnergyU, Au, Cu, Zn, PtExplorerSA, NSWwww.emergentresources.com.au
EMMERSON RESOURCES LTDERMMetalsCu, AuExplorerNTwww.emmersonresources.com.au
EMPIRE RESOURCES LTDERLMetalsU, Cu, AuExplorerSA, WAwww.resourcesempire.com.au/
EMU NICKEL NLEMUMetalsNiExplorerWAwww.emunickel.com.au
ENVIROGOLD LTDEVGMetalsAu, Pb, Cu, ZnProducerDominican Rep, Peru, Chinawww.envirogold.com
EQUIGOLD NLEQIMetalsAuProducerAusr, West Africawww.equigold.com.au/
EQUINOX MINERALS LTDEQNMetalsAu, CuEmergingZambiawww.equinoxminerals.com
EROMANGA HYDROCARBONS NLERHEnergyOil & GasProducerQldwww.erohydro.com
EUREKA ENERGY LIMITEDEKAEnergyOil & GasExplorerTexaswww.eurekaenergy.com.au
EUROGOLD LTDEUGMetalsAuEmergingUkrainewww.eurogold.com.au/
EXCALIBUR MINING CORPORATION LTDEXMMetalsAu, CuEmergingQldwww.excaliburmining.com.au
EXCO RESOURCES LTDEXSMetalsCuEmergingQldwww.excoresources.com.au/
EXTRACT RESOURCESEXTMetalsUEmergingNamibiawww.extractresources.com
FAIRSTAR RESOURCES LTDFASMetalsAu, U, Ni, Pb, ZnExplorerWAwww.fairstarresources.com/
FALCON MINERALS LTDFCNMetalsAu, U, Ni, Pb, ZnExplorerWAwww.falconminerals.com.au/
FERRAUS LTDFRSMetalsFe, Ni, MgExplorerWAwww.ferraus.com
FERROWEST LTDFWLMetalsFeExplorerWAwww.ferrowest.com.au/
FINDERS RESOURCES LTDFNDMetalsAu, Ag??Indonesiawww.findersresources.com
FIRESTONE ENERGY LTDFSEMetals??ExplorerAfrica??
FLETCHER BUILDING LIMITEDFBUBuildingSteelOperatingNZwww.fletcherbuilding.com
FLINDERS DIAMONDS LIMITEDFDLGemstonesDiamondsExplorerSAwww.flindersdiamonds.com
FOCUS MINERALS LTDFMLMetalsAuExplorerWAwww.focusminerals.com.au/
FOREST ENTERPRISES AUSTRALIA LIMITEDFEAAgricultureTimberOperatingTASwww.forestenterprise.com
FORTESCUE METALS GROUP LTDFMGMetalsFeEmergingWAwww.fmgl.com.au
FOX RESOURCES LTDFXRMetalsNi, CuProducerWAwww.foxresources.com.au/
FRONTIER RESOURCES LTDFNTMetalsVariousExplorerPNGwww.frontierresources.com.au/
FUSION RESOURCES LIMITEDFSNEnergyUEmergingQldwww.fusionresources.com.au
GALAXY RESOURCES LTDGXYMetalsAuExplorerWAwww.galaxyresources.com.au/
GATEWAY MINING LTDGMLMetalsAuExplorerWAwww.gatewaymining.com.au/
GBM RESOURCES LTDGBZMetalsAuExplorerQldwww.gbmr.com.au
GENESIS MINERALS LTDGMDMetalsNi, Au, U, Pb, ZnExplorerWAwww.genesisminerals.com.au/
GEOPACIFIC RESOURCES NLGPRMetalsAuExplorerFijiwww.geopacific.com.au/
GINDALBIE METALS LTDGBGMetalsFeEmergingWAwww.gindalbie.com.au
GIPPSLAND LTDGIPMetalsTaEmergingEgyptwww.gippslandltd.com.au
GIRALIA RESOURCES NLGIRMetalsAuExplorerAustraliawww.giraliaresources.com.au/
GLADIATOR RESOURCES LIMITEDGLAEnergyUExplorerWAwww.gladiatorresources.com.au/
GLENEAGLE GOLD LTDGLNMetalsAuMothballedAustraliawww.gleneaglegold.com.au
GLENGARRY RESOURCES LTDGGYMetalsCuEmergingQldwww.glengarrynl.com.au/
GLOBAL GEOSCIENCE LTDGSCMetalsAu, CuExplorerPeruwww.globalgeo.com.au
GLOBAL GOLD HOLDINGS LTDGGHMetalsAuTraderMalaysiawww.globalgold.com.au
GLOBAL IRON LTDGFEMetalsFeExplorerWAwww.globaliron.com.au
GLOBAL NICKEL INVESTMENTS LTDGNIMetalsNiExplorerWAwww.globalnickel.com.au/
GME RESOURCES LTDGMEMetalsNiEmergingWAwww.gmeresources.com.au
GOLD AURA LTDGOAMetalsAu, Cu, Zn, PbExplorerQld, PNGwww.goldaura.com.au/
GOLD BULLION SECURITIES LTDGOLMetalsAuETFAustraliawww.goldbullion.com.au/
GOLDEN CROSS RESOURCES LTDGCRMetalsCu, AuEmergingNSWwww.goldencross.com.au/
GOLDEN DEEPS LTD.GEDMetalsAuExplorerMadagascarwww.goldendeeps.com
GOLDEN RIM RESOURCES LTDGMRMetalsAu, Cu, UExplorerFijiwww.goldenrim.com.au
GOLDEN STATE RESOURCES LTDGDNMetalsNiEmergingWAwww.goldenstate.com.au/
GOLDEN TIGER MINING NLGTXMetalsAuExplorerChinawww.goldentiger.com.au/
GOLDEN WEST RESOURCES LTDGWRMetalsFeExplorerWAwww.goldenwestresources.com/
GOLDMINEX RESOURCES LTDGMXMetalsNi, Au, CuExplorerPNG, WAwww.goldminex.com.au
GOLDSEARCH LTDGSEMetalsAu, CuExplorerNSW, Qldwww.goldsearch.com.au/
GOLDSTAR RESOURCES NLGDRMetalsAuExplorerVictoria, WAwww.goldstarnl.com.au/
GOLDSTREAM MINING LTDGDMwww.goldstreammining.com.au/
GONDWANA RESOURCES LIMITEDGDAMetalsAuExplorerWA
GOSFORD QUARRY HOLDINGS LIMITEDGQHBuildingQuarryProducerNSW
GRAND GULF ENERGY LIMITEDGGE
GRANGE RESOURCES LTD.GRRMetalsFeEmergingWAwww.grangeresources.com.au
GRAYNIC METALS LTDGYNMetalsPb, Zn, CuExplorerWA, NSWwww.graynicmetals.com.au
GREAT AUSTRALIAN RESOURCES LTDGAUMetalsPt, Pd, Ni, CrExplorerRSAwww.greataustralian.com.au/
GREAT GOLD MINESGNLwww.greatgoldmines.com.au/
GREAT SOUTHERN LIMITEDGTPAgricultureTimberOperatingAustraliawww.great-southern.com.au
GREAT WESTERN EXPLORATION LIMITED.GTE
GREATER BENDIGO GOLD MINES LTDGBMMetalsAuExplorerVictoriawww.gbgm.com.au/
GREATER PACIFIC GOLD LTDGPNMetalsV, Ti, U, AuExplorerNT, WAwww.gpgold.com.au/
GREEN ROCK ENERGY LIMITEDGRKEnergyGeothermalEmergingSAwww.greenrock.com.au
GREENLAND MINERALS AND ENERGY LTDGGGMetalsAuEmergingGreenlandwww.ggg.gl
GRYPHON MINERALS LTDGRYMetalsAu, NiEmergingAfrica, WAwww.gryphonminerals.com.au/
GTI RESOURCES LIMITEDGTRwww.gtiresources.com.au/
GULF MINES LIMITEDGLMwww.gulfmines.com.au/
GULF RESOURCES LIMITEDGLFwww.gulfresources.com.au/
GULLEWA LTDGULMetalsETFAustraliawww.gullewa.com
GUNNS LIMITEDGNSAgricultureTimberProducerTASwww.gunns.com.au
GUNSON RESOURCES LTDGUNMetalsCu, AuProducerAustraliawww.gunson.com.au/
HADDINGTON RESOURCES LTDHDNMetals, EnergyTa, U, Sands, coalProducerWAwww.haddington.com.au/
HAMPTON HILL MINING NLHHMMetalsAu, U, Pb, Zn, CuExplorerWAwww.hamptonhill.com.au/
HANNANS REWARD LTDHNRMetals, EnergyAu, Ni, Fe, UExplorerWAwww.hannansreward.com/
HAOMA MINING NLHAOMetalsAuEmergingWA, Qldwww.haoma.com.au/
HAVILAH RESOURCES NLHAVMetals. EnergyAu, GeothermalExplorerSAwww.havilah-resources.com.au/
HAWK RESOURCES LTDHFCMetalsWExplorerVictoriawww.hawkresources.com.au
HAWTHORN RESOURCES LTDHAWMetalsAuExplorerWAwww.greatgoldmines.com.au
HAZELWOOD RESOURCES LTDHAZMetalsNi, WExplorerWAwww.hazelwood.com.au/
HEEMSKIRK CONSOLIDATED LTDHSKMetals??ProducerCanada, Spainwww.heemskirk.com/
HELIX RESOURCES LTDHLXMetalsAu, Fe, U, Zn, PbExplorerWA, SAwww.helix.net.au/
HEMISPHERE RESOURCES LTDHEMMetalsAu, Ni, UExplorerWAwww.hemisphereresources.com.au/
HERALD RESOURCES LTDHERMetalsAu, Pb, ZnProducerSA, Indonesiawww.herald.net.au
HERITAGE GOLD NZ LTDHTMMetalsAuExplorerNZwww.heritagegold.co.nz/
HERON RESOURCES LTDHRRMetalsNiEmergingWAwww.heronresources.com.au/
HIGHLANDS PACIFIC LTDHIGMetalsNi, AuProducerPNGwww.highlandspacific.com/
HILL END GOLD LTDHEGMetalsAuEmergingNSWwww.hillendgold.com.au/
HILLGROVE RESOURCES LTDHGOMetalsAu, Cu, Zn, PbProducerSAwww.hillgroveresources.com.au/
HITEC ENERGY LTDHTEMetalsMgOxideEmergingIndiawww.hitec-energy.com.au/
HODGES RESOURCES LTDHDGMetalsMoExplorerVictoriawww.hodgesresources.com.au
HUDSON RESOURCES LIMITEDHRSGemstonesDiamondsExplorerGreenlandwww.hudsonresources.ca/
ICON RESOURCES LTDIIIMetalsAu, Zn, Ni, FeExplorerNSWwww.iconresources.com.au/
IGDX HOLDINGS LTDIGXMetalsAuTraderMalaysia, HKwww.igdx.com.au/
ILUKA RESOURCES LTDILUMetalsSandsProducerWA, Victoriawww.iluka.com
IMAGE RESOURCES NLIMAMetalsAu, Sands, Ni, UWAwww.imageres.com.au/
IMDEX LTDIMDMetals, EnergyCSM, metalsServicesAustraliawww.imdex.com.au
IMPACT MINERALS LTDIPTMetals, EnergyU, Au, Pb, Zn, Ni, Pt, PdExplorerAustralia, Botswanawww.impactminerals.com.au/
IMPERIAL CORPORATION LIMITEDIMPEnergyGasProducerUSAwww.imperialone.com.au
IMX RESOURCES NLIXRMetalsNi, Pt, AuEmergingAustralia, Tanzaniawww.goldstreammining.com.au
INCITEC PIVOT LIMITEDIPLAgricultureFertiliserProducerAustraliawww.incitecpivot.com.au
INDEPENDENCE GROUP NLIGOMetalsNi, AuProducerWAwww.independencegroup.com.au/
INDIA RESOURCES LTDIRLMetalsCu, Zn, PbEmergingIndiawww.indiaresources.com.au
INDO MINES LTDIDOMetalsAuExplorerIndonesia, Peru, Australiawww.indomines.com.au/
INDOPHIL RESOURCES NLIRNMetalsAu, Cu, Zn, PbEmergingPhilippineswww.indophil.com/
INDUSTRIAL MINERALS CORPORATION LTDIDMMetalsSandsEmergingUSAwww.industrialmineralscorp.com.au/
INTEC LTDINLMetalsCu, Zn, PbProducerTASwww.intec.com.au/
INTEGRA MINING LTDIGRMetalsAuProducerWAwww.integramining.com.au/
INTERMET RESOURCES LTDITTMetalsAu. Cu, U, Pb, ZnExplorerSAwww.intermetresources.com.au
INTERMIN RESOURCES LTDIRCMetalsAuOperatingWA
INTERNATIONAL GOLDFIELDS LTD..IGCMetalsPd, PtExplorerRSAwww.internationalgoldfields.com/
INTREPID MINES LTDIAUMetalsAuProducerAustralia, Canada, Mexico, Argentinawww.intrepidmines.com
INVESTIKA LTDIVKMetalsNi, Cu, Pb, ZnExplorerIndonesia, Chilewww.investika.com
IRON MOUNTAIN MINING LTDIRMMetalsFeExplorerWAwww.ironmountainmining.com.au/
IRON ORE HOLDINGS LTDIOHMetalsFeExplorerWAwww.ironoreholdings.com/
IRONBARK GOLD LTDIBGMetalsZn, Pb, AuExplorerGreenlandwww.ironbarkgold.com.au/
IRONCLAD MINING LTDIFEMetalsFeExplorerSAwww.ironcladmining.com/
JABIRU METALS LTDJMLMetalsCu, Pb, ZnProducerWA
JACKSON MINERALS LTDJAKMetalsU, Cu, Ni, Ag, AuEmergingArgentina, Australiawww.jacksongold.com.au/
JAGUAR MINERALS LTDJAGMetals??????www.jaguarminerals.com.au/
JAMES HARDIE INDUSTRIES N.V.JHXBuildingFibre CementProducerWorldwidewww.jameshardie.com
JAMESON RESOURCES LTDJALMetals??Explorer??www.jamesonresources.com.au
JERVOIS MINING LTDJRVMetalsAu, Ni, CoExplorerWA, NSWwww.jervois.com.au/
JINDALEE RESOURCES LTDJRLMetalsNi, UExplorerWA, NTwww.jindalee.net/
JUBILEE MINES NLJBMMetalsNiProducerWAwww.jubileemines.com.au
JUPITER ENERGY LIMITEDJPREnergyBiodiesel, Oil & GasEmergingMalaysia, Australiawww.jupiterenergy.com.au
JUPITER MINES LTDJMSMetalsFe, Zn, Ni, Pb, AuExplorerWAwww.jupitermines.com/
JUTT HOLDINGS LTDJUTMetalsAu, Zn, Pb, NiExplorerWAwww.juttholdings.com
KAGARA LTDKZLMetalsZn, PbProducerQldwww.kagara.com.au
KAIRIKI ENERGY LIMITEDKIKEnergyOil & GasExplorerPhilippineswww.kairikienergy.com/
KALGOORLIE-BOULDER RESOURCES LTDKALMetalsAu, Ni, Pb, ZnExplorerAustraliawww.kalgoorlieboulderres.com.au/
KANGAROO METALS LTDKMLMetalsCu, Ag, AuExplorerQldwww.kangaroometals.com.au
KASBAH RESOURCES LTDKASMetalsTinExplorerMoroccowww.kasbahresources.com
KENTOR GOLD LTDKGLMetalsAu????www.kentorgold.com/
KING ISLAND SCHEELITE LTDKISMetalsWMothballedTASwww.kingislandscheelite.com.au/
KING SOLOMON MINES LTDKSOMetalsAu, Pb, Cu, ZnExplorerChinawww.kingsolomonmines.com
KINGS MINERALS NLKMNMetalsAu, Cu, Zn, Pb, MoExplorerAustralia, Mexicowww.kingsminerals.com/
KINGSGATE CONSOLIDATED LTD.KCNMetalsAuProducerThailandwww.kingsgate.com.au/
KINGSROSE MINING LTDKRMMetalsAuExplorerWAkingsrosemining.com.au
KORAB RESOURCES LIMITEDKOREnergyUExplorerNTwww.korabresources.com.au/
KRUCIBLE METALS LTDKRBMetalsCu, Pb, Zn, Au, Ag, UExplorerQldwww.kruciblemetals.com.au/
LACHLAN STAR LIMITEDLSA????????
LAFAYETTE MINING LTDLAFMetalsAu, Cu, Zn, AgProducerPhilippineswww.lafayettemining.com/
LAKE RESOURCES N.L.LKEMetalsAu, CuExplorerPakistan, Argentinawww.lakeresources.com.au/
LATIN GOLD LTDLATMetalsAuExplorerPeru, Chilewww.latingold.com.au/
LATROBE MAGNESIUM LTDLMGMetalsMgEmergingVictoriawww.latrobemagnesium.com/
LEFROY RESOURCES LTDLEFMetalsLi, KExplorerChile, Peruwww.lefroyresources.com.au/
LEGEND MINING LTDLEGMetalsAu, Zn, Pb, Ni, CuExplorerWAwww.legmin.com.au/
LEYSHON RESOURCES LTDLRLMetalsAu, CuEmergingChinawww.leyshonresources.com/
LIBERTY RESOURCES LTDLBYMetalsAuExplorerWAwww.libertygold.com.au/
LIHIR GOLD LTD.LGLMetalsAuProducerPNGwww.lihir.com.pg/
LINCOLN MINERALS LTDLMLMetalsU, Pb, Zn, Cu, Ni, FeExplorerSAwww.lincolnminerals.com.au/
LINDIAN RESOURCES LTDLINMetalsFe, Au, PtExplorerAustraliawww.lindianresources.de/
LINQ RESOURCES FUNDLRFMetalsSmall stockETFWorldwidewww.linqresources.com/
LION SELECTION LTDLSTMetalsAu, CuETFAustralia, Africawww.lionselection.com.au/
LIONTOWN RESOURCES LTDLTRMetalsAu, NiExplorerWA, Qldwww.ltresources.com.au/
LODESTAR MINERALS LTDLSRMetalsAu, NiExplorerWAwww.lodestarminerals.com.au/
LODESTONE EXPLORATION LTDLODMetalsAuExplorerQldwww.lodestonex.com/
LONRHO MINING LIMITEDLOMGemstonesDiamondsExplorerRSAwww.narediamonds.com/
LYNAS CORPORATION LTDLYCMetalsREEsEmergingChina, WAwww.lynascorp.com
MACARTHUR COAL LIMITEDMCCEnergyCoalProducerQldwww.macarthurcoal.com.au/
MACMIN SILVER LTDMMNMetalsAgProducerQldwww.macmin.com.au/
MACQUARIE HARBOUR MINING LTDMHMMetalsAu, Sn, Cu, Pb, ZnExplorerTASwww.mhml.com.au/
MAGMA METALS LTDMMBMetalsNi, CuExplorerCanada, Australiawww.magmametals.com.au/
MAGNA MINING NLMANMetalsDiversifiedExplorerNamibiawww.magnamining.com.au/
MAGNETIC RESOURCES NLMAUMetals, EnergyAu, Ni, UExplorerWAwww.magres.com.au/
MAGNUM MINING AND EXPLORATION LTDMGUMetalsTiExplorerPhilippines, Namibiawww.mmel.com.au/
MALACHITE RESOURCES NLMARMetalsAu, Cu, Ag, Pb, ZnExplorerNSWwww.malachite.com.au/
MAMBA MINERALS LIMITEDMAB????????www.mamba.com.au/
MANTLE MINING CORPORATION LTDMNMMetalsAu, Cu, UExplorerQld, Victoriawww.mantlemining.com/
MARATHON RESOURCES LTDMTNMetalsAu, Cu, Pb, Zn, UExplorerSAwww.marathonresources.com.au/
MARENGO MINING LTDMGOMetalsCu, MoEmergingPNGwww.marengomining.com/
MATILDA MINERALS LTDMALMetalsSandsProducerNT, Qldwww.matildaminerals.com/
MATRIX METALS LTDMRXMetalsCuProducerQldwww.matrixmetals.com.au/
MAVUZI RESOURCESMAVMetalswww.mavuziresources.com.au/
MAWSON WEST LTDMWEMetalsCu, AuExplorerWA, Zambia, Congowww.mawsonwest.com.au/
MAXIMUS RESOURCES LTDMXRMetalsU, Au, Pt, Ni, FeExplorerSA, WAwww.maximusresources.com/
MEDUSA MINING LTDMMLMetalsAuEmergingPhilippineswww.medusamining.com.au/
METALLICA MINERALS LTDMLMMetalsNiProducerQldwww.metallicaminerals.com.au/
METALS AUSTRALIA LTDMLSMetalsZn, UExplorerNamibiawww.metalsaustralia.com.au/
METALS FINANCE CORPMFCMetalsVariousFinancierWorldwidewww.metalsfinance.com/
METALS X LTDMLXMetalsSn, NiProducerTAS, WAwww.metalsx.com.au/
METEORIC RESOURCES NLMEIwww.meteoric.com.au/
METEX RESOURCES LTDMEEMetalsAuWAwww.metex.com.au/
METMINCO LTDMNCMetals, EnergyAu, UExplorerWAwww.metminco.com.au/
MIDAS RESOURCES LTDMDSMetalsAu, CuEmergingChinawww.midasresources.com.au/
MIDWEST CORPORATION LTDMISMetalsFe finesProducerWAwww.midwestcorp.com.au/
MIDWINTER RESOURCES NLMWNMetalsAuExplorerWAwww.midwinterresources.com.au/
MIL RESOURCES LTDMGKMetalsFeExplorerPNGwww.mgil.com.au/
MILLENNIUM MINERALS LTDMOYMetalsMo, AuExplorerWAwww.wedgetail.net.au/
MILLEPEDE INTERNATIONAL LIMITEDMPD
MINARA RESOURCES LTDMREMetalsNi, CoProducerWAwww.minara.com.au/
MINCOR RESOURCES NLMCRMetalsNi, CoProducerWAwww.mincor.com.au/
MINDAX LIMITEDMDXwww.mindax.com.au/
MINEMAKERS LTDMAKMetalsP, salt, W, Fl, Fe, Ni, AuExplorerWAwww.minemakers.com.au/
MINERAL COMMODITIES LTDMRCMetalsSandsEmergingRSAwww.mineralcommodities.com.au/
MINERAL DEPOSITS LTDMDLMetalsSandsEmergingSenegalwww.mineraldeposits.com.au/
MINERAL SANDS LTDMSNMetalsSandsExplorerNSW, Qld, Victoriawww.minsands.com.au/
MINERAL SECURITIESMXXDiversifiedVariousHolding CoWorldwidewww.mineralsecurities.com.au/
MINERALS CORPORATION LIMITEDMSCBuildingKaolinProducerQld, WAwww.mineralscorp.com.au/
MINING PROJECTS GROUP LTDMPJMetalsAu, Pb, Zn, CuEmergingWAwww.miningprojectsgroup.com.au/
MINOTAUR EXPLORATION LTDMEPMetalsAu, Cu, U, Pb, ZnExplorerSAwww.minotaurexploration.com.au/
MINTAILS LIMITEDMLIEnergyCoalProducerAustraliawww.mintails.com.au/
MIRABELA NICKEL LTDMBNMetalsNiEmergingBrazilwww.mirabelanickel.com.au/
MITHRIL RESOURCES LTDMTHMetalsNi, SandsEmergingWAwww.mithrilresources.com.au/
MOLY MINES LTDMOLMetalsMoEmergingAustraliawww1.molymines.com/
MONARCH GOLD MINING COMPANY LTDMONMetalsAuProducerAustraliawww.monarchgold.com.au/
MONARO MINING NLMROMetalsAu, U, Pb, Zn, CuExplorerKyrgyz, Australiawww.monaromining.com/
MONAX MINING LTDMOXMetalsAu, Cu, Zn, PbExplorerSAwww.monaxmining.com.au/
MONTEZUMA MINING COMPANY LTDMZMMetalswww.montezumamining.com.au/
MONTO MINERALS LTDMOOMetalsTiEmergingQldwww.montominerals.com/
MORNING STAR GOLD N.L.MCOMetalsAuExplorerVictoriawww.morningstargold.com.au/
MOUNT BURGESS MINING NLMTBMetalsCu, Pb, ZnExplorerAfricawww.mountburgess.com/
MOUNT GIBSON IRON LTDMGXMetalsFeProducerWAwww.mtgibsoniron.com.au/
MOUNT MAGNET SOUTH NLMUMMetalsAu, Pb, Zn, CuExplorerWAwww.mountmagnet.com.au/
MUNDO MINERALS LTDMUNMetalsAuExplorerBrazil, Peruwww.mundominerals.com/
MURCHISON METALS LTDMMXMetalsFeProducerWAwww.mml.net.au/
MURCHISON UNITED NLMURMetalsUExplorerGuinea, Mauritaniawww.munl.com.au/
MUTINY GOLD LTDMYGMetalsAuExplorerVictoriawww.mutinygold.com.au/
NATIONAL CAN INDUSTRIES LIMITEDNCIPackagingCansOperatingAustraliawww.natcan.com.au/
NAVIGATOR RESOURCES LTDNAVMetalsAuProducerWAwww.navigatorresources.com.au/
NEWCREST MINING LTDNCMMetalsAu, CuProducerNSW, WAwww.newcrest.com.au/
NEWLAND RESOURCES LTDNRLMetalsCoal, AuHolding CoQldwww.newlandresources.com/
NEWMONT MINING CORPORATION.NEMMetalsAuProducerWorldwidewww.newmont.com/
NEWPORT MINING LTDNMNMetalsAu, Cu, U, Pb, ZnExplorerSAwww.newport-mining.com.au/
NEX METALS EXPLORATION LTDNMEMetalsAu, Ni, Pt, CuExplorerWAwww.nexmetals.com/
NGM RESOURCES LTDNGMMetalswww.ngmresources.com.au/
NICKELORE LTDNIOMetalsAu, Cu, Ni, PtExplorerWAwww.halcyongroup.com.au/
NIMRODEL RESOURCES LTDNMRMetalsCu, AuExplorerNSWwww.nimrodel.com.au/
NKWE PLATINUM LTDNKPMetalsPtExplorerRSAwww.nkweplatinum.com/
NOAH RESOURCES NLNOAMetalsSn, W, Mo, AuExplorerAustralia??
NORTH AUSTRALIAN DIAMONDS LTDNADGemstonesDiamondsExplorerWA, NTwww.nadl.com.au/
NORTH QUEENSLAND METALS LTDNQMMetalsAuEmergingQldwww.nqm.com.au/
NORTHERN IRON LTDNFEMetalsFeEmergingNorwaywww.northerniron.com.au/
NORTHERN MINING LTDNMIMetalsAu, Ni, Zn, PbExplorerWA, NT, Polandwww.northernmining.com.au/
NORTHERN STAR RESOURCES LTDNSTMetalsAu, Pt, Pb, Cu, ZnExplorerWAwww.nsrltd.com/
NORTHWEST RESOURCES LTDNWRMetalsAuEmergingWAwww.nw-resources.com.au/
NORTON GOLD FIELDS LTDNGFMetalsAuRe-emergingWAwww.nortongoldfields.com.au/
NUENERGY CAPITAL LIMITEDNGYEnergyOil & GasExplorerAustralia??
NUFARM LIMITEDNUFAgriculturePesticidesOperatingAustraliawww.nufarm.com/
NULLARBOR HOLDINGS LTDNLBMetalsVariousExplorerWorldwide??
NUPLEX INDUSTRIES LIMITED.NPXPackagingResinsOperatingNZwww.nuplex.co.nz/
OCEANAGOLD CORPORATIONOGCMetalsAuProducerAustralia, Philippineswww.oceanagold.com.au/
OLYMPIA RESOURCES LTDOLYMetals, EnergySands, UExplorerAustralia, Indonesiawww.olympiaresources.com/
OM HOLDINGS LTDOMHMetalsMnProducerNTwww.omholdingsltd.com/
ONESTEEL LIMITEDOSTBuildingSteelProducerWorldwidewww.onesteel.com/
ORD RIVER RESOURCES LTDORDMetalsFewww.ord.com.au/
ORICA LIMITEDORIBuildingExplosivesProducerWorldwidewww.orica.com/
ORIENT RESOURCE HOLDINGS LIMITEDORHBuildingSteelOperatingAsia Pacificwww.orientresources.com.au/
OROCOBRE LTDOREMetalsLi, Au, Cu, AgExplorerArgentinawww.orocobre.com.au/
OROPA LTDORPMetalsAuEmergingIndonesia, Indiawww.oropa.com.au/
OROYA MINING LTDOROMetalsAi, Pb, ZnExplorerNSW, Victoriawww.oroya.com.au/
OVERLAND RESOURCES LTDOVRMetalsNi, Cu, Pt, Pb, Zn, AuExplorerNSW, NZwww.overlandresources.com/
OVERSEAS & GENERAL LIMITEDOGLAgricultureTimberOperatingFiji, Malaysiawww.overseas-general.com/
OXIANA LTDOXRMetalsCu, AuProducerLaoswww.oxiana.com.au/
PACIFIC MINING LTDPFMMetalsVariousHolding CoAustralia??
PACIFIC ORE LTDPSFMetalsAu, CuExplorerNT, Mongoliawww.trajanminerals.com.au/
PACRIM ENERGYPREMetals, EnergyAu, oil & gasExplorerUSA, PNG, Australiawww.pacrimenergy.com.au/
PACMAG METALS LTDPMHMetalsMg, ??ExplorerWorldwidewww.pacmag.com.au/
PAN AUSTRALIAN RESOURCES LTDPNAMetalsCu, AuExplorerLaoswww.panaustralian.com.au/
PAN PALLADIUM LTDPPDMetals???
PANAEGIS GOLD MINES LTDPAUMetalsAuExplorerVictoriawww.panaegisgold.com.au/
PAPERLINX LIMITEDPPXPackagingPaperOperatingAustraliawww.paperlinx.com.au/
PAPYRUS AUSTRALIA LIMITEDPPYPackagingPaperProducerAustraliawww.papyrusaustralia.com.au
PARADIGM METALS LTDPDMMetals????????
PARAMOUNT MINING CORPORATION LTDPCPGemstonesDiamondsExplorerGhana, RSA, WAwww.paramountmining.com/
PEAK RESOURCES LTDPEKMetals, EnergyAu, Ni, , Zn, PbExplorerWAwww.peakresources.com.au/
PEEL EXPLORATION LTDPEXMetalsAu, Ni, Pt, CuExplorerNSWwww.peelex.com.au/
PEGASUS METALS LTDPUNMetals, EnergyAu, U, Pb, Zn, CuExplorerWAwww.pegasusmetals.com.au/
PELICAN RESOURCES LTDPELMetalsAu, Ni, FeExplorerWA, Philippineswww.pelicanresources.com.au/
PELSART RESOURCES NLPRN
PENINSULA MINERALS LTDPENMetalsAu, U, NiExplorerFiji, Tanzania, Australiawww.peninsulaminerals.com.au/
PENRICE SODA HOLDINGS LIMITEDPSHChemicalsSoda AshOperatingAustraliawww.penrice.com.au/
PEPINNINI MINERALS LTDPNNMetalsU, Ni, Au, Cu, Pb, ZnSA, Qldwww.pepinnini.com.au/
PERILYA LTDPEMMetalsCu, Zn, PbProducerNSWwww.perilya.com.au/
PERSEVERENCE MININGPSVMetalsAuVictoriawww.perseverance.com.au/
PERSEUS MINING LTDPRUMetalsAuEmergingAfricawww.perseusmining.com.au/
PHOENIX COPPER LTDPNXMetalsCu, AuExplorerSAwww.phoenixcopper.com.au/
PIKE RIVER COAL LIMITEDPRCEnergyCoalEmergingNZwww.pike.co.nz/
PIONEER NICKEL LTDPIOMetalsCu, Au, NiExplorerWAwww.pioneernickel.com.au/
PLATINA RESOURCES LTDPGMMetalsPt, Pd, AuEmergingNSW, WAwww.platinaresources.com.au/
PLATINUM AUSTRALIA LTDPLAMetalsPt, Pd, AuEmergingWA, RSAwww.platinumaus.com.au/
PLATSEARCH NLPTSMetalsAu, Pt, Pb, Cu, ZnExplorerSA, Qld, NSWwww.platsearch.com.au/
PLENTEX LTDPRMMetalsMo, U, FlExplorerQldwww.plentex.com.au/
PLUTON RESOURCES LIMITEDPLV
POLARIS METALS NLPOLMetalsFeEmergingWAwww.polarismetals.com.au/
PORTMAN LTDPMMMetalsFeProducerWAwww.portman.com.au/
POSEIDON NICKEL LTDPOSMetalsNi, AuExplorerWA, Ghanawww.poseidon-nickel.com.au/
PRAIRIE DOWNS METALS LTDPDZMetalsCu, Pb, ZnEmergingWAwww.prairiedownsmetals.com.au/
PRIMARY RESOURCES LTDPRZMetalsAu, CuExplorerNSWwww.primaryresources.com.au
PRIME MINERALS LTDPIMMetalsU, Au, Ti, VExplorerWAwww.primeminerals.com.au/
PRO-PAC PACKAGING LIMITEDPPGPackagingVariousOperatingAustraliawww.pro-pac.com.au/
PROSPERITY RESOURCES LTDPSPMetalsAuExplorerWA, Indonesiawww.prosperity.net.au/
PROTO RESOURCES & INVESTMENTS LTDPRWMetalsAu, Pb, Zn, CuExplorerWA, TASwww.protoresources.com.au/
QUANTUM RESOURCES LTDQURMetalsU, Au, Zn, Pb, CuExplorerWA, NTwww.qur.com.au/
QUAY MAGNESIUM LTDQMGMetalsMg-alloyOperatingChinawww.quaymagnesium.com/
QUEENSLAND GOLD AND MINERALS LTDQGMMetalsCu, Au, Pb, Zn, NiExplorerAustraliawww.qgm.com.au/
QUEENSLAND MINING CORPORATION LTDQMNMetalsCuProducerQldqueenslandminingcorporation.com.au/
QUEENSLAND ORES LTDQOLMetalsSn, WEmergingQldwww.qol.com.au/
RAMELIUS RESOURCES LTDRMSMetalsTa, Cu, AuExplorerWAwww.rameliusresources.com.au/
RAND MINING NLRNDMetalsAuRe-emergingWAwww.randmining.com.au/
RANGE RESOURCES LTDRRSMetals, EnergyVariousExplorerSomaliawww.rangeresources.com.au/
RANGE RIVER GOLD LTDRNGMetalsAuMothballedWAwww.rangeriver.com.au/
RED 5 LTDREDMetalsAuEmergingPhilippineswww.red5ltd.com/
RED EMPEROR RESOURCES NLRMPMetalsCuExplorerWAwww.red-emperor.com/
RED HILL IRON LTDRHIMetalsFeExplorerWAwww.redhilliron.com.au/
RED METAL LTDRDMMetalsCu, U, b, Zn, AuExplorerSAwww.redmetal.com.au/
RED RIVER RESOURCES LTDRVRMetalsFeExplorerWAwww.redriverresources.com.au/
REDBANK MINES LTDRBMMetalsCu, AuExplorerFiji, WAwww.redbankmines.com.au/
REDSTONE RESOURCES LTDRDSMetalsCu, U, b, Zn, AuExplorerWAwww.redstone.com.au/
REED RESOURCES LTDRDRMetalsVEmergingWAwww.reedresources.com/
REEDY LAGOON CORPORATION LTDRLCMetals???ExplorerAustraliawww.reedylagoon.com.au/
REGAL RESOURCES LTDRERMetalsAuProducerWAwww.regalresources.com.au/
REGIS RESOURCES LTDRRLMetalsAu, NiExplorerWAwww.regisresources.com/
RENISON CONSOLIDATED MINES NLRSNMetalsAuRe-direction??www.rcm.com.au/
REPUBLIC GOLD LTDRAUMetalsAu, WExplorerQldwww.republicgold.com.au/
RESOLUTE MINING LTDRSGMetalsAuProducerAfricawww.resolute-ltd.com.au/
RESOURCE AND INVESTMENT NLRNIGemstonesDiamondsExplorerRSA, WA, Angola, Brazilwww.rninl.com.au/
RESOURCE BASE LTDRBXMetalsAuExplorerNSWwww.resourcebase.com.au/
RESOURCE MINING CORPORATION LTDRMIMetalsFeExplorerPNG, WAwww.resmin.com.au/
REVERE MINING LTDRVMMetalsAuExplorerWAwww.reveremining.com.au/
REWARD MINERALS LTDRWDMetalsPotashEmergingWAwww.rewardminerals.com/
REX MINERALS LTDRXMMetalsAuExplorerNSW, Victoriawww.rexminerals.com.au/
RIMFIRE PACIFIC MINING NLRIMGemstones, MetalsPt, diamonds, AuExplorerNSWwww.rimfire.com.au/
RIO TINTO LIMITEDRIODiversifiedVariousProducerWorldwidewww.riotinto.com/
RMA ENERGY LTDRMTMetalsCoal, U, SnExplorerQld, NSWwww.rmaenergyltd.com/
ROBUST RESOURCES LTDROLMetalsVariousExplorerNSWwww.robustresources.com.au/
ROX RESOURCES LTDRXLMetalsPb, ZnExplorerLaoswww.roxresources.com.au/
ROYAL RESOURCES LTDROYMetals, EnergyU, V, Fe, Pd, AuExplorerUSA, WAwww.royalresources.com.au/
ROYALCO RESOURCES LTDRCOMetalsAuRoyaltiesPhilippineswww.royalco.com.au/
RUBICON RESOURCES LTDRBRMetalsAu, Pb, Zn, CuExplorerWAwww.rubiconresources.com.au/
RURALAUS INVESTMENTS LIMITEDRURAgricultureTimberOperatingWAwww.ruralaus.com.au/
RUSINA MINING NLRMLMetalsNi, CrEmergingPhilippineswww.rusina.com.au/
SABRE RESOURCES LTDSBRMetals, EnergyNi, UExplorerWA, Tanzaniawww.sabresources.com/
SALLY MALAY MINING LTDSMYMetalsNiProducerWAwww.sallymalay.com/
SANDFIRE RESOURCES NLSFRMetalsCu, Pb, Zn, AuExplorerWA, NTwww.sandfire.com.au/
SARACEN MINERAL HOLDINGS LTDSARMetalsAuEmergingWAwww.saracen.com.au/
SCIMITAR RESOURCES LIMITEDSIMEnergyUExplorerSAwww.scimitarresources.com.au/
SCOTGOLD RESOURCES LTDSGZMetalsAu, AgExplorerScotlandwww.scotgoldresources.com/
SEGUE RESOURCES LTDSEGMetalsNi, Cu, AuExplorerWA, NTwww.segueresources.com/
SHAW RIVER RESOURCES LTDSRRMetalsNi, Cu, AuExplorerWAwww.shawriver.com.au/
SHIELD MINING LTDSHXMetalsU, Cu, Au, Pb, ZnExplorerMadagascar, Mauritaniawww.shieldmining.com/
SIERRA MINING LTDSRMMetalsCu, AuExplorerPNG, Philippineswww.sierramining.com.au/
SIGNATURE BRANDS LTDSBLMetals??RedirectionAustralia
SILVER LAKE RESOURCES LTDSLRMetalsAuExplorerWAwww.silverlakeresources.com.au/
SILVER MINES LTDSVLMetalsAgExplorerNSWwww.silverminesltd.com.au/
SILVER SWAN GROUP LTDSWNMetalsAgExplorerSAwww.silverswangroup.com.au/
SIMS GROUP LTD.SGMMetalsScrapOperatingWorldwidewww.sims-group.com/
SINO GOLD MINING LTDSGXMetalsAuProducerChinawww.sinogold.com.au/
SINOVUS MINING LTDSNVMetalsAu, Ag, MnExplorerChinawww.sinovusmining.com/
SIPA RESOURCES LTDSRIMetalsExplorerAustraliawww.sipa.com.au/
SOUTH BOULDER MINES LTDSTBMetalswww.southbouldermines.com.au/
SOUTHERN CROSS EXPLORATION N.L.SXXMetals Au, MnExplorerNT, Victoria, Philippines, Iranwww.scxnl.com/
SOUTHERN CROSS GOLDFIELDS LTDSXGMetalsAu, NiExplorerWAwww.scross.com.au/
SOUTHERN GOLD LTDSAUMetalsAuExplorerSA, Cambodiawww.southerngold.com.au/
SOVEREIGN METALS LTDSVMMetals, EnergyCu, Au, UExplorerWA, Qldwww.sovereignmetals.com.au/
SPHERE INVESTMENTS LTDSPHMetalsFeEmergingAfricawww.sphereinvestments.com.au/
SPITFIRE RESOURCES LTDSPIMetalsMnEmergingWAwww.spitfireresources.com/
ST BARBARA LTDSBMMetalsAuProducerWAwww.stbarbara.com.au/
STELLAR RESOURCES LTDSRZMetals, EnergyU, Au, Pb, Cu, ZnExplorerNSW, TAS, SAwww.stellarresources.com.au/
STIRLING MINERALS LTDSMZMetalsAu, Pb, Cu, ZnExplorerNSWwww.stirlingminerals.com.au/
STONEHENGE METALS LTDSHEMetalsPb, Zn, Ag, Ni, Cu, SnExplorerTAS, Indonesiawww.stonehengemetals.com.au/
STRAITS RESOURCES LTDSRLMetals, EnergyCoal, Cu, AuProducerNSW, WA, Indonesiawww.straits.com.au/
STRATEGIC MINERALS CORPORATION NLSMCMetalsAuEmergingQldwww.stratmin.com.au/
STRIKE RESOURCES LTDSRKMetalsFeExplorerAustralia, Peru, Indonesiawww.strikeresources.com.au/
SUB-SAHARA RESOURCES NLSBSMetalsAuEmergingAfricawww.subsahara.com.au/
SUMMIT RESOURCES LTDSMMMetals, EnergyU, VEmergingQldwww.summitresources.com.au/
SUNDANCE RESOURCES LTDSDLMetalsFe, Cu, Au, Pb, ZnExplorerWest Africawww.sundanceresources.com.au/
SUPERIOR RESOURCES LTDSPQMetalsCu, Pb, ZnExplorerQld
SYLVANIA RESOURCES LTDSLVMetalsPt, PdExplorerRSAwww.sylvaniaresources.com/
SYMEX HOLDINGS LIMITEDSYMChemicalsSoapOperatingAustraliawww.symex.com.au/
SYNDICATED METALS LTDSMDMetalsCu, Au, Mo, Pb, Zn, UExplorerQld, WAwww.syndicatedmetals.com
SYNERGY METALS LTDSMLMetalsAuExplorerVictoriawww.synergymetals.com.au/
SYRAH RESOURCES LTDSYRMetalsCuExplorerQldwww.syrahresources.com.au/
TAKORADI LTDTKGMetalsCu, AuExplorerWorldwide
TALISMAN MINING LTDTLMMetalsFe, Au, Pb, Zn, CuExplorerWAwww.talismanmining.com.au/
TAMAYA RESOURCES LTDTMRMetalsCu, AuProducerChilewww.tamayaresources.com/
TANAMI GOLD NLTAMMetalsCu, AuEmergingNT, Victoria, Philippines, Iranwww.tanami.com.au/
TASMAN GOLDFIELDS LTDTGXMetalsAuExplorerNZ, NSWwww.tasmangoldfields.com.au/
TASMAN RESOURCES NLTASMetalsAu, Cu, Pb, Zn, AgExplorerSAwww.tasmanresources.com.au/
TASMANIA MINES LTDTMMMetalsFeProducerTAS
TAWANA RESOURCES NLTAWMetalsGemstonesDiamondsWAwww.tawana.com.au/
TECTONIC RESOURCES NLTTRMetalsCu, Au, NiExplorerWAwww.tectonicres.com.au/
TERRAIN MINERALS LTDTMXMetalsAuExplorerWAwww.terrainminerals.com.au/
TERRAMIN AUSTRALIA LTD.TZNMetalsPb, ZnEmergingSpainwww.terramin.com.au/
TERRITORY RESOURCES LTDTTYMetalsFeEmergingNTwww.territoryiron.com.au/
TERRITORY URANIUM COMPANY LIMITEDTUCEnergyU, Au, Pb, ZnExplorerNTwww.territoryuranium.com.au/
TFS CORPORATION LIMITEDTFCAgricultureTimberOperatingWAwww.tfsltd.com.au/
THOR MINING PLCTHRMetalsMo. W, UEmergingNTwww.thormining.com/
THUNDELARRA EXPLORATION LTDTHXMetalsCu, Pb, ZnProducerQldwww.thundelarra.com/
TIANSHAN GOLDFIELDS LTDTGFMetalsAuEmergingChinawww.tianshangoldfields.com.au/
TIARO COAL LIMITEDTCMEnergyCoalEmergingQldwww.tiarocoal.com.au/
TIGER RESOURCES LTDTGSMetalsCu, Co, Au#ExplorerCongo, Brazilwww.tigerresources.de/
TIMBERCORP LIMITEDTIMAgricultureTimberOperatingNSW, Victoriawww.timbercorp.com.au/
TNG LTDTNGMetalsAu, CuExplorerNTwww.tngltd.com.au/
TRAFFORD RESOURCES LTDTRFMetalsAuExplorerSA, WAwww.traffordresources.com/
TRAKA RESOURCES LIMITEDTKL????????www.trakaresources.com.au/
TRANSIT HOLDINGS LTDTRHMetalsFe, Au, Pb, Zn, CuExplorerWAwww.transitholdings.com.au/
TRI ORIGIN MINERALS LTDTRO????????www.trioriginminerals.com.au/
TRIBUNE RESOURCES NLTBRMetalsAuRe-emergingAustraliawww.tribune.com.au
TROY RESOURCES NLTRYMetalsAuProducerAustraliawww.try.com.au/
TRUSCOTT MINING CORPORATION LTDTRMMetalsAuExplorerNT, WAwww.truscottmining.com.au/
UNION RESOURCES LTDUCLMetalsZn, PbEmergingIranwww.unionresources.com.au/
UNITED MINERALS CORPORATION NLUMC??????????
UNIVERSAL RESOURCES LTDURLMetalsCuEmergingQldwww.universalresources.com.au/
URAMET MINERALS LTDURMMetalsU, Pb, ZnExplorerNTwww.uramet.com.au/
URAN LIMITEDURA??????????
VECTOR RESOURCES LTDVECMetals??ExplorerWAwww.vectorresources.com.au/
VENTURE MINERALS LIMITEDVMSEnergyUExplorerAustraliawww.ventureminerals.com.au/
VENUS RESOURCES LIMITEDVNSGemstonesDiamondsExplorerWAwww.venusresources.com.au/
VIETNAM INDUSTRIAL INVESTMENTS LIMITEDVIIBuildingSteelOperatingVietnamwww.vii.net.au/
VIEW RESOURCES LTDVREMetalsNi, AuEmergingWAwww.viewresources.com.au/
VITAL METALS LTDVMLMetalsW, MoEmergingQldwww.vitalmetals.com.au/
VULCAN RESOURCES LTDVCNMetalsNi, Cu, Pb, Zn, AuEmergingWA, Finlandwww.vulcanresources.com.au/
WARWICK RESOURCES LTDWRKMetalsCu, Au, U, Cr, Pb, ZnExplorerWAwww.warwickresources.com.au/
WASHINGTON RESOURCES LTDWRLMetalsU, WExplorerNT, WAwww.washingtonresources.com.au/
WATTYL LIMITEDWYLBuildingPaintOperatingAustraliawww.wattyl.com.au/
WCP RESOURCES LTDWCPMetalsCu, Au, Pt, U, Pb, ZnExplorerSAwww.wcpd.com.au/
WARALIAN METALS LTDWMEEnergyUExplorerNamibiawww.wametals.com.au/
WEST WITS MINING LTDWWIMetalsAuExplorerRSAwww.westwitsmining.com/
WESTERN AREAS NLWSAMetalsNiProducerWAwww.westernareas.com.au/
WESTERN DESERT RESOURCES LTDWDRMetalsU, Au, Pb, Zn, CuExplorerNTwww.westerndesertresources.com.au/
WESTERN METALS LTDWMTMetalsCu, Pb, ZnExplorerAustralia, Tanzania, USA, Peruwww.westernmetals.com.au/
WESTERN PLAINS RESOURCES LTDWPGMetalsFeExplorerSAwww.westernplainsgold.com.au/
WESTGOLD RESOURCES LTDWGRMetalsCu, Au, Pt, U, Pb, ZnExplorerSAwww.westgold.com.au/
WESTONIA MINES LTDWEZMetalsAuExplorerWAwww.westoniamines.com.au/
WHITE CLIFF NICKEL LTDWCNMetalsNi, AuExplorerWAwww.wcnickel.com.au/
WHITE ENERGY COMPANY LTDWECMetals, EnergyNi, clean coalTechAustraliawww.whiteenergyco.com.au/
WILLMOTT FORESTS LIMITEDWFLAgricultureTimberOperatingVictoriawww.willmottforests.com.au/
WINDIMURRA VANADIUM LTDWVLMetalsVEmergingWAwww.pmal.com.au/
WINDY KNOB RESOURCES LTDWKRMetalsAu, NiExplorerWAwww.windyknobresources.com.au/
WOLF MINERALS LTDWLFMetalsSn, WExplorerNSWwww.wolfminerals.com.au/
XENOLITH RESOURCES LIMITEDXENEnergyUExplorerAustralia, Canada
YTC RESOURCES LTDYTCMetalsCu, Au, SnExplorerNSWwww.ytcresources.com/
ZAMBEZI RESOURCES LTDZRLMetals, EnergyCu, Au, UExplorerZambiawww.zambeziresources.com/
ZAMIA GOLD MINES LTDZGMMetalsAuExplorerQldwww.zamiagold.com.au/
ZEDEX MINERALS LTDZDXMetalsAuExplorerAsia Pacificwww.zedex.com.au/
ZIMPLATS HOLDINGS LTDZIMMetalsPt, PdProducerZimbabwewww.zimplats.com/
ZINC CO AUSTRALIA LTDZNCMetalsZn, W, MoExplorerMalaysia, Australiawww.zincco.com.au/
ZINIFEX LTDZFXMetalsZn, PbSmelter, ProducerNSWwww.zincco.com.au/