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30 November 2018 07:57 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,33925,366-28.00-0.110.89
S&P 5002,7382,744-6.00-0.220.96
NASDAQ7,2737,292-19.00-0.25-0.45
FTSE 100 Index7,0397,00534.000.49-1.25
DAX 3011,29811,299-1.00-0.01-1.30
CAC 40 Index5,0064,98323.000.46-1.71
Nikkei 225 (Japan)22,26322,17786.000.391.56
HKSE26,45126,683-232.00-0.875.89
SSE Composite Index2,5672,602-34.00-1.32-1.36
S&P/TSX Composite Index15,19415,17123.000.151.11
NZ 508,8248,79529.000.330.81
US Volatility (Vix)19
Overseas Market Report

US sharemarkets were little-changed on Thursday with investors largely content to take profits and square positions ahead of the planned US-China trade talks this weekend. With an hour of trade to go, the Dow Jones was higher by 80 points or 0.3% after being down 164 points in early trade. The S&P500 index was up by 0.3% and the Nasdaq index was up by 24 points or 0.3%.

Global oil prices were up by over 1% on Thursday. Russia is mulling a cut in production. On Tuesday the Russian Energy Ministry held a meeting with the heads of domestic oil producers to decide their position ahead of the December 6 OPEC oil ministers meeting. Brent crude rose by US75 cents or 1.3% to US$59.82 a barrel and the US Nymex price rose by US$1.16 or 2.3% to US$51.45 a barrel.

Base metal prices were firmer by up to 2.4% on the London Metal Exchange on Thursday with nickel up the most while copper was only up 0.1%.

The gold futures price rose by US60 cents an ounce to $1,230.40 an ounce. The spot gold price was trading near US$1,224 an ounce in late US trade. Iron ore fell by US15 cents or 0.1% to US$65.65 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent59.5158.760.751.28-23.05
Oil - West Texas crude51.3651.45-0.09-0.17-21.36
Gold Spot $/OZ1,224.001,224.000.100.010.79
Silver Spot $/OZ14.3014.300.000.030.47
Iron Ore65.1067.50-2.40-3.55-11.11
Thermal Coal Newcastle101.60101.500.000.00-5.97
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9371,92512.000.62-1.32
Copper Mar-18 ($US/lb)2.782.780.000.004.48
Lead ($US/t)1,9181,90811.000.55-1.25
Nickel ($US/t)10,98410,726258.002.40-6.01
Zinc ($US/t)2,5682,54523.000.90-4.20
Tin ($US/t)18,52418,234290.001.59-3.38
Uranium ($US/lb)29.0029.000.000.003.23
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,7905,836-46.00-0.79-2.09
S&P/ASX 2005,7095,758-50.00-0.86-2.08
ASX 24 Futures5,727
Australian Market Report

Thursday 29 November - close. The Australian share market burst out of the gates after a strong lead from Wall Street and held onto most of its gains by the close, buoyed by the banking sector and mining stocks on higher commodity prices. The benchmark S&P/ASX200 index was up 33.3 points, or 0.58 per cent, at 5758.4 on Thursday, while the broader All Ordinaries rose 0.61 per cent at 5,835.70.

Ashanti Headlines

Cassini Resources Limited: (CZI.ASX, 9.1cps, m.cap A$32.8m with 345.5 SOI, Cash c$5.5m, Base Metals Explorer) 

Ashanti is pleased to be road-showing Cassini Resources Limited (ASX.CZI) in Singapore next Wednesday 5th December. Please be in contact if you would like to arrange a meeting ASAP.

Background to Cassini

In April 2014, Cassini acquired its flagship West Musgrave Project (Ni, Cu, Co + PGE) located in Western Australia. The Project is a world-class asset which currently has over 1.0 million tonnes of contained nickel and 2.0 million tonnes of contained copper in Resource. The project contains the large undeveloped Nebo-Babel nickel and copper deposits, along with other key prospects (Succoth deposit, Yappsu and One Tree Hill). The WMP is the largest undeveloped nickel - copper project in Australia. 

JV with OZ Minerals

In August 2016, Cassini entered into a three-stage $36M Farm-in/Joint Venture Agreement with prominent Australian mining company OZ Minerals Ltd (ASX: OZL) market cap c$2.9 billion.  The Joint Venture provides a clear pathway and funding to a decision to mine and potential cash flow for Cassini. OZL has recently met the expenditure commitment of A$22M through the initial A$3M earn-in and an additional A$19M on the pre-feasibility study for Nebo Babel, which is due for completion in the Q2 CY19. OZL can earn up to an additional 70% of the project by investing an additional A$14M toward further studies and regional exploration.

Project Details

  • Mining rate at Scoping Study level of 10+ Mtpa* with initial 8 year mine life; clear view on life extension beyond 15 years
  • Average annual production: 25kt-30kt copper and 20-25kt nickel
  • Bottom quartile cost copper production
  • Project payback in 3-4 years
  • Decision to mine expected Q3 2020; potential commencement of production mid-2022
  • Extensive near mine and district opportunities
  • Mineralised trend extends over 40km


Have a question? admin@ashanticapital.com.au

ERA Communications