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30 January 2019 07:01 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,58024,52852.000.216.58
S&P 5002,6402,644-4.00-0.156.21
NASDAQ7,0287,086-57.00-0.816.74
FTSE 100 Index6,8346,74787.001.291.48
DAX 3011,21911,2109.000.086.25
CAC 40 Index4,9284,88940.000.815.33
Nikkei 225 (Japan)20,66520,64916.000.083.25
HKSE27,53227,577-45.00-0.167.95
SSE Composite Index2,5942,597-3.00-0.104.02
S&P/TSX Composite Index15,46315,37985.000.558.73
NZ 508,9929,006-14.00-0.162.38
US Volatility (Vix)19
Overseas Market Report

US sharemarkets were mixed on Tuesday. Earnings results were generally positive but there was also a raft of profit downgrades including those by 3M, Allergan and Harley Davidson. Investors also await key earnings from tech companies such as Apple, Amazon and Microsoft. And the Federal Reserve rates decision occurs on Wednesday. At the close of trade the Dow Jones index was up by 52 points or 0.2%. The S&P500 index was down by 0.2%. And the Nasdaq index lost 57 points or 0.8%.

Global oil prices rebounded by around 2.5% on Tuesday after falling 3.0% on Monday. The US imposed sanctions on Venezuelan state-owned oil company, PDVSA, easing concerns about global oversupply of crude. Meanwhile, Reuters report that Libya's biggest oilfield, El Sharara, will remain shut until departure of an armed group occupying the site. Brent crude rose by US$1.39 or 2.3% to US$61.32 a barrel and the US Nymex price rose by US$1.32 or 2.5% to US$53.31 a barrel.

Base metal prices mostly rose on the London Metal Exchange. Nickel rose 2.5% and aluminium rose by 1.5% but zinc lost 1% while lead eased 0.2%.

The gold futures price rose by US$5.80 an ounce or 0.4% to $1,308.90 an ounce. The spot gold price was near US$1,311 an ounce in late US trade. Iron ore rose by US$1.25 or 1.6% toUS$79.95 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent61.2159.931.282.1417.26
Oil - West Texas crude53.3151.991.322.5417.60
Gold Spot $/OZ1,312.001,312.000.000.002.40
Silver Spot $/OZ15.8015.800.000.043.04
Iron Ore72.7072.100.600.834.63
Thermal Coal Newcastle99.2099.50-0.30-0.25-2.65
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,8741,84628.001.500.94
Copper Mar-18 ($US/lb)2.732.684.501.681.62
Lead ($US/t)2,0612,066-5.00-0.240.44
Nickel ($US/t)12,05411,761293.002.4913.21
Zinc ($US/t)2,6622,690-28.00-1.046.76
Tin ($US/t)20,80520,78520.000.106.56
Uranium ($US/lb)29.0029.000.000.001.22
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9515,94012.000.204.12
S&P/ASX 2005,8875,87413.000.224.11
ASX 24 Futures5,848
Australian Market Report

Tuesday 29 January - close. The Australian stock market has closed lower, weighed down by the heavyweight financials and ailing healthcare shares. The benchmark S&P/ASX200 index was down 31.4 points, or 0.53 per cent, to 5,874.2 at 1630 AEDT on Tuesday, while the broader All Ordinaries was down 31.6 points, or 0.53 per cent, lower at 5,939.5.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 67cps, m.cap A$100.8m with 150.5m SOI, Cash cA$14.6m, Polymetallic Explorer / Developer)

  • ADT has released its activities report for 4Q CY18 which has been highly productive with a number of key developments. Highlights include:
  • Drilling during the December quarter further defined mineralisation along the northern plunge zone at Rupice and a new south-east extension, both areas yielding high grade and thick drilling intercepts.
  • Results from the 36 holes drilled during the 2018 drilling program at Rupice confirmed consistent and significant precious metals grades and thickness at Rupice, in addition to the consistent presence of precious metals in the areas of historical drilling.
  • The average (interval weighted) interval and grades of these holes is 26m at 9.1% Zn, 5.8% Pb, 279g/t Ag, 2.9g/t Au, 0.9% Cu and 43%BaSO4 from downhole depths of between 74m and 244m.
  • The Government of Zenica-Doboj Canton has approved the Company’s application for a significant land extension to the current Concession Agreement. The approval follows the conclusion of a 30-day public comment period and the company made application for its Urban Planning Permit during November.
  • In November, Adriatic successfully completed a Placement of 19.7million new CDIs to high quality institutional investors and existing shareholder, Sandfire Resources for proceeds of $10.8 million.
  • Adriatic is well positioned to continue exploration drilling in 2019, declare a maiden Resource on Rupice in the first half of the year and also to significantly progress the permitting and development studies of the Rupice and Veovaca projects.
  • Well capitalised with cash at 31 December of $14.60 million.
  • Adriatic’s CEO, Geraint Harris commented, “exploration during the fourth quarter has continued to demonstrate the consistency of the high-grade mineral suite and thickness of Rupice and also that the geology continues to provide new opportunities for significant expansion, which are becoming ever clearer with our increasing knowledge of the geology. This will also allow us to demonstrate an increasing level of confidence in our upcoming maiden Mineral Resource estimate at Rupice. Our stakeholder engagement continues to grow in BiH, which has been accelerated as we progress our permitting discussions in concert with many of the agencies that have also been administering our Concession Annexe and associated documentation. We are also rapidly progressing our preparation of the permitting and environmental studies, which will allow us to apply for our Exploitation Permit from the Federal regulators during 2019. We are well capitalised and established in Bosnia & Herzegovina, which will allow us to continue with our focus of expanding the known mineralisation at Rupice and Veovaca and also exploring the new concession areas, with the aim of making new discoveries in 2019”.
  • A link to the full announcement can be found here
  • Please contact the desk or your adviser on +61 8 6169 2668 should you wish to discuss further.

Greenland Minerals Limited: (GGG.ASX, 6.7cps, m.cap A$75.9m with 1,132.6m SOI, Cash $7.7m, Rare Earth's Developer)

  • GGG has provided an update on engineering studies to optimise the civil design and construction strategies for the Kvanefjeld Project. On-site studies were conducted in August 2018 by a multi‐disciplinary team of engineers from Tetra Tech, Nuna Logistics, PND Engineers and C‐CCC.
  • The North American arctic specialist port design company PND Engineers has completed a design optimisation for the port facilities. The location of the port facilities at the Tuna Peninsula has been enhanced to allow for increased use of local construction materials. This will reduce the overall capital cost of the project by taking advantage of the abundant source of good quality aggregate material available for port construction. The port location on the Tuna Peninsula is located at the base of the Narsaq valley in an area that is currently used for a municipal rubbish dump. PND Engineers have recommended the use of Open Cell Technology for the project as it offers the lowest cost and least construction risk.
  • C‐CCC is China’s largest construction company with extensive experience in infrastructure construction including Ports. C‐CCC worked collaboratively with PND Engineers to provide the on‐shore port design and cost estimate for associated facilities. C‐CCC has provided an extensive design of the on‐shore facilities for an efficient port operation. C‐CCC have included flexibility within the design to allow for a staged development strategy and delivered a high level of design detail for the updated cost estimate.
  • In November 2018 Tetra Tech redesigned aspects of the project to optimise civil design, that led to adramatic reduction in civil earth works associated with project development.  Cut and fill quantities were reduced to ~20% of the original design
  • Nuna Logistics is currently compiling an updated civil construction cost estimate for the project based on the new civil design.  This will detail the cost reductions accurately. This updated estimate is based on new information gained from the site visit, and the revised studies by the participating engineering firms.


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ERA Communications