Market Update

General - Finders - West African

Good afternoon

a stronger US$ has set the tone today for generally weaker metal prices. Gold is fighting with the 1200-level, equities are largely unchanged, while bonds are weaker, yet again. 

US-economic numbers have been pretty good - the labor market is strong, and housing numbers have been positive as well.

The world is saying goodbye to Ohbama, who has at least been one of the nicest US-presidents in recent times - well, in my opinion. this is certainly going to change tomorrow!

The A$ continues to trade pretty strongly, making new, recent highs against the Euro. Labor market figures in Australia have been quite positive.

Finders Resources - the company came out with a production update - all looking good, the new plant has been fully ramped up despite the current wet season in Indonesia, and has been producing at a rate of just under 25.000t this Quarter so far. Production of LME-copper last Quarter has been 6150t - costs will be disclosed in the Quarterly, which will be announecd prior to the end of this month. The main reason for the sharp jump in the stock today has been confirmation - against some negative rumours - that all is going well, and the subsequent cleaning up of a large sellin order of 7.5 mill shares. Finders should normally be worth something in the mid-twenties - any indication of the furtehr success with fine-tuning of the plant, exploration success or better copper prices should get it there.

West African Resources - got the mining permit for their planned gold mine in Burkina Faso. That has never been in doubt - but we have seen so many delays and problems with mining permits around the world, that this announcement is certainly a positive for the stock. But while development of the mine should be done also at lower gold prices, but this would certainly not help. But as you know, I am bullish for gold this year...we will find out! WAF are on track for finishing the bankable feasibility study "in the first Quarter" - well, I hope that we will see this announcement some time in February. Resolute has been touted previously as a potential aquirer of the proejct or the company - once the feasibility study has been announced, the company will be the most vulnerable.

Have a nice evening


Schröder Equities GmbH


80538 München

Tel. +49-89-4613440-0

Fax +49-89-4613440-10




eingetragen im HR München, HRB 166985

Geschäftsführer: Wilhelm Schröder


The information contained in this communication is confidential and is intended only for the use of the addressee. Unauthorised use, disclosure or copying is strictly prohibited. If you have received this communication in error, please delete it and notify us by telephone at +49-89-4613440-0, by fax at +49-89-4613440-10 or by e-mail at immediately. Please note that this communication does not constitute and may not be construed as investment advice and / or referral to buy or sell financial instruments. Unless specified otherwise, the views expressed in this communication are solely subjective notions of the individual sender and / or the entity or individual stated as the author of any information submitted. Performance in the past may in no case be considered as an indication for future performance. Please also note that Schröder Equities GmbH and / or its officers or employees may have interests in financial instruments referred to this communication. A current list of shareholdings can be emailed on request. Furthermore, our clients are hereby informed that Schröder Equities GmbH renders advisory services to Nestor Australien Fonds, an investment fund administered by Nestor Investment Management S.A. Luxemburg. Please also note that e-mails can be intercepted by unauthorized persons.