Market Update

Kingsgate - Crusader

Good afternoon

the German economy continues to run...consumption, exports, manufacturing growth in 6 years. Europe doing very well, the US is, China - almost too good to be true! 

Big turnaround in metals today - early on in Fareast pretty weak and profit-taking, but now copper strong, and the rest only marginally weaker. Cobalt with a new high today.

Kingsgate - as indicated yesterdaym Thailand did not really move substantially to compensate Kingsgate. The company has now put on the screws and has officially started arbitration under the Thailand-Australia Free Trade Agreement. As I said yesterday - anything below a three-digit million$ amount would be totally unacceptable for Kingsgate. Now it´s Government-to-Government talking, not Kingsgate-Government - hopefully, some kind of mutual agreement will be found next year. A boring game for investors, though...

Crusader - stock is suspended, and the AGM of merger party Stratex has killed the merger, by removing the MD as wella s the Chairman...all very ugly....potentially, also very ugly for Crusader, as the company has run out of cash! No doubt, that the assets have considerable worth - but now, CAS will have to do something in the very short term to maintain liquidity!!

Have a nice evening!