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04 September 2018 07:52 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,96525,987-22.00-0.091.97
S&P 5002,9022,9010.000.012.15
NASDAQ8,1108,08821.000.263.81
FTSE 100 Index7,5057,43272.000.97-2.02
DAX 3012,34612,364-18.00-0.14-2.14
CAC 40 Index5,4145,4077.000.13-1.19
Nikkei 225 (Japan)22,70722,865-158.00-0.690.81
HKSE27,71327,889-176.00-0.630.13
SSE Composite Index2,7212,725-5.00-0.17-0.72
S&P/TSX Composite Index16,26316,372-109.00-0.66-0.96
NZ 509,2489,257-9.00-0.104.33
US Volatility (Vix)13
Overseas Market Report

US sharemarkets were closed for the Labor Day holiday on Monday. On Friday the Dow Jones index fell by 22 points or 0.1%. The S&P 500 index rose by less than 0.1% and the Nasdaq rose by 21 points or 0.3%. Over the week the Dow rose by 0.7%, the S&P500 rose by 0.9% and the Nasdaq rose by 2.1%.

Global oil prices were higher on Monday. Investors focussed on concerns that global output will ease when the US applied fresh sanctions on Iran from November. But a Reuters survey showed that production by the OPEC oil nations rose by 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd. Brent crude rose by US73 cents or 0.9% to US$78.15 a barrel and the US Nymex price rose by US30 cents or 0.4% to US$70.10 a barrel.

Base metal prices were mixed on the London Metals Exchange (LME) on Monday. Lead rose 2.3% and zinc rose 0.3%. But other metals fell by up to 1.7% with aluminium down the most.

The spot gold price was trading near US$1,200 an ounce in European trade, little changed from Friday's US close. Iron ore rose by US5 cents to US$66.20 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent78.1577.640.510.666.75
Oil - West Texas crude70.0969.800.290.422.34
Gold Spot $/OZ1,201.001,201.000.300.02-1.02
Silver Spot $/OZ14.5014.500.00-0.05-5.93
Iron Ore62.0062.000.00-0.051.84
Thermal Coal Newcastle116.20115.201.100.91-1.02
Coking Coal FOB ECP AUS182.20182.200.000.006.74
Aluminium ($US/t)2,0662,102-36.00-1.703.20
Copper Mar-18 ($US/lb)2.642.64-1.00-0.40-4.52
Lead ($US/t)2,1042,05847.002.26-0.04
Nickel ($US/t)12,69812,708-11.00-0.08-5.64
Zinc ($US/t)2,4702,4628.000.31-7.68
Tin ($US/t)18,89519,052-158.00-0.83-3.96
Uranium ($US/lb)26.0026.000.000.192.32
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,4176,428-11.00-0.181.42
S&P/ASX 2006,3116,319-9.00-0.141.22
ASX 24 Futures6,297
Australian Market Report

Monday 03 September - close. Australian shares market slipped in subdued trading on Monday, as US-China trade tensions kept investors wary and the Aussie dollar came under renewed pressure from local retail data. The benchmark S&P/ASX200 index ended the day down 8.6 points, or 0.14 per cent, at 6,310.9 points, while the broader All Ordinaries was down 11.3 points, or 0.18 per cent, to 6,416.5 points.

Ashanti Headlines

MOD Resources Limited (MOD.ASX, 42.5cps, m.cap A$98.4m with 231.5m SOI, Cash $17.3m, Copper Explorer /Developer)

  • Nine holes at A4 Dome to date have intersected significant copper mineralisation
  • Latest assay results and logging of drill core confirms several wide intersections
  • Results include:
    • MO-A4-003D which assayed 31.2m @1.1% Cu & 11g/t Ag from 560m downhole depth
    • MO-A4-003D is the same hole which intersected 52m @1.5% Cu and 14g/t Ag from 232.2m downhole depth and includes a high-grade interval of vein hosted mineralisation which assayed 15.5m @ 2.9% Cu and 42g/t Ag, announced on 6 August 2018.
  • Assays are also awaited for a wide, potentially significant intersection of visible chalcocite and bornite vein hosted mineralisation in MO-A4-005D from 443m downhole, located ~150m south of MO-A4-003D. 
  • In addition, MO-A4-008D, located 400m west of MO-A4-003D, intersected a wide zone of visible locally strong vein hosted chalcocite/bornite mineralisation from approximately 230m downhole depth (assays pending). MO-A4-008D is open at depth and to the west where drilling is now underway.
  • A4 Dome located just 8km from T3 Project including planned 3Mtpa process plant
  • Five drill rigs now on site with more to commence drilling within days
  • MOD's Managing Director, Julian Hanna commented, “Two months after drilling started, the A4 Dome is already developing into a very exciting discovery based on drilling only part of the 5km long structure. We are focussing on A4 Dome because it is ~8km from MOD’s T3 Project where a 3Mtpa processing plant is planned for construction as part of the estimated 12-year T3 Project. A4 Dome provides an enticing opportunity to deliver additional high grades and expanded production through a centralised T3 plant.”
  • The immediate success of MOD’s drilling at A4 Dome is providing further confidence in the effectiveness of using airborne EM. This state-of-the-art exploration technology has helped identify numerous domes in the T3 Dome Complex and across MOD’s extensive regional holdings and enabled targeted drilling at the most prospective and strategically located domes.
  • A new airborne EM survey has just commenced at the 2,000km2 T20 Dome, which lies 120km west of theT3 Dome. This large survey is covering ~940km2 and will link three trial blocks of previously flown EM.
  • A link to the full announcement can be found here
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further

Adriatic Metals PLC (ADT.ASX, 40cps, m.cap A$52.3m with 130.8m SOI, Cash GBP4.6m, Polymetallic Explorer / Developer)

  • ADT has announced that the Federal Ministry of Mining within the Federation of Bosnia & Herzegovina ("FERMI") has provided written acknowledge of the completion of the Reserves Elaborat for the Veovaca deposit, which forms part of the broader Vares Project, representing a major milestone toward the issue of the Exploitation Permit. Veovaca was a previously operating open pit mine, where in 2017, Adriatic drilled 16 confirmation holes and defined a JORC 2012 resource of containing 7.3m tonnes at a 0.5% Zn Eq. cut off.
  • ADT is required to complete the conditions for an Exploitation Permit by May 2020, which will then provide licence tenure until 2038, which option to extend another 10 years. In addition to the Reserve Elaborat, ADT is required to submit an EIS; in principle SIte Plan and Mining Plan; Land Access Agreement and Urban Planning Permit. ADT is working to fulfil all requirements by Q4 2019.
  • Concession Agreements covers three Fields, Veovaca I & II and Rupice-Jurasavec Brestic, and the granting of the Exploitation Permit at Veovaca will by default, extend the licence tenure on all Fields in the Concession Agreement to May 2038.
  • The Company plans to complete the Reserve Elaborat for Rupice –Jurasavec Brestic in H1-2019 following completion of the current drilling program, which will be the first major step towards receiving the Exploitation Permit for that Field.
  • Following the issue of the Exploitation Permit, Adriatic will prepare and submit a Main Mining Plan (Feasibility Study) and apply for a Water Management Permit, which once accepted, will result in an Operations Permit being granted.
  • ADT's CEO, Geraint Harris commented, “the acceptance of the Reserve Elaborate for Veovaca is a major milestone in the permitting of the Vareš Project. Whilst exploration continues at Rupice we are working to align the permitting time-lines for all Fields. We are privileged to have the strong support of government at all levels in Bosnia, as well as our local community in Vares, as has been demonstrated by the recent approval of the land expansion of the Concession by the Vareš Municipality.”
  • A link to the full announcement can be found here

Have a question? admin@ashanticapital.com.au

ERA Communications