Good afternoon
and yet another government plane is not functioning! Our foreign minister is stuck in Bamako, Mali - as a few other ministers before him at otehr places around the world, incl Angela! But contrary to the others, I think he might enjoy the stay - Bamako is a lovely city! Rumour is, that the German government is moving it´s flights to Easyjet!
The Chinese Caixin PMI rises by more than expected - nothing stopping equities these days! But PMI in Europe continues to fall.
Nickel looking good on rising stainless steal prices in China( up 2.5% and new 6-month high ), other base metals are slightly stronger as well today. LME stocks all down again. Almost neadless to say, that Plt/Pall basket has made another high today at 2434 US$ /oz combined and 3424 A$ = new all time high.
Panoramic - Half-Yearly Result - as the mine was not in production, it´s boring. Nobody is talking about it - but I think it might get a bit tight financially, to conduct exploration, drive forward Panton PGM project, and develope the Savannah North project at the same time…and while nickel prices are quite reasonable, and at a 6-month high in A$ terms, the company is talking to Macquarie Bank on “ certain aspects” of the 40 mill$ loan. Usually, as pat of receving such a loan, companies need to hold a certain amount of cash in the bank. Perhaps the company is trying to get this requirement waved or reduced? We will find out. Whatever the outcome - and eventually, the company might need a bit more debt, or a bit more equity - I think the stock will be worth a lot more in the next few years, if nickel only halfway does , what I think it will do - and as I wrote the other day - Panto PGM alone could be worth 100 mill$+ without too much trouble.
Breaker Resources - has secured a Mining Lease for the Lake Roe project. That´s early - but good to do this kind of stuff now, before it holds up the project at a later stage - and these days, it´s always a positive to have it done and dusted.
Crusader - I think the future of the company is assured now. marcus Engelbrecht, the MD, got the sack ( I assume! ) as did the old Chairman. The new Chairman will be Steve Copoulos, who had done the job before 2018 and is the largest shareholder of the company - and a very long term supporter. He will make sure, that his investment is protected. Not a reason to buy the stock - but at least some kind of good news for long suffering shareholders.
Middle Island - this minnow has made a takeover bid for anotehr minnow, Aldo. This makes a lot of sense…both companies are sitting in nomansland right now. Aldo has got more resources within trucking distance, while MDI have some resources + the plant. Both companies have good exploration potential. I hope, that this bid will succedd - it´s a natural. Stay-listed costs for any company are not far of 1 mill$ per year - if you have a market cap of less than 10 mill$, it makes a lot of sense to save it for one company - not to talk about the obvious synergies in this specific case.
Strike Energy - thank´s god - the drill hole has been fully activated again…the de-watering process has started again. Will talk to them early next week.
Have a nice weekend!
WS
WS
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