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31 October 2019 08:10 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,18727,071115.000.431.00
S&P 5003,0473,03710.000.332.35
NASDAQ8,3048,27727.000.333.81
FTSE 100 Index7,3317,30625.000.34-1.05
DAX 3012,91012,940-29.00-0.233.88
CAC 40 Index5,7665,74026.000.451.55
Nikkei 225 (Japan)22,84322,974-131.00-0.575.00
HKSE26,66826,787-119.00-0.442.21
SSE Composite Index2,9392,954-15.00-0.501.17
S&P/TSX Composite Index16,50116,41883.000.51-0.94
NZ 5010,77410,790-16.00-0.14-1.39
US Volatility (Vix)12
Overseas Market Report

US sharemarkets rose on Wednesday as investors digested latest news. The Dow Jones rose by 115 points or 0.4%. The S&P500 index rose by 0.3% to record highs. The Nasdaq rose by 27 points or 0.3%. 

Global oil prices were weaker on Wednesday. The US Energy Information Administration reported that crude inventories, excluding the Strategic Petroleum Reserve, rose 5.7 million barrels last week, compared with analysts' expectations for a 494,000-barrel build. Brent crude fell by US98 cents or 1.6% to US$60.61 a barrel. And the US Nymex price fell by US48 cents or 0.9% to US$55.06 a barrel. 

Base metal prices were weaker by up to 2.6% on the London Metal Exchange on Wednesday with lead down the most. Zinc fell 0.7% and other metals fell 0.3-0.4%. But the exception was aluminium, up 0.3%. 

The gold futures price rose by US$6.00 or 0.4% to US$1,460.70 an ounce. Spot gold was trading near US$1,496 an ounce in late US trade. Iron ore fell by US40 cents or 0.5% to US$85.10 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent60.6161.59-0.98-1.59-0.28
Oil - West Texas crude54.9155.06-0.15-0.271.55
Gold Spot $/OZ1,495.001,496.00-1.10-0.071.51
Silver Spot $/OZ17.8017.900.00-0.174.92
Iron Ore85.3085.60-0.30-0.35-7.78
Thermal Coal Newcastle67.0067.000.000.00-4.43
APAC Hard Coking Coal FOB144.50144.500.000.005.47
Aluminium ($US/t)1,7561,7525.000.293.23
Copper Mar-18 ($US/lb)2.682.69-0.70-0.243.92
Lead ($US/t)2,2262,286-60.00-2.644.67
Nickel ($US/t)16,82016,865-45.00-0.27-2.32
Zinc ($US/t)2,5692,587-18.00-0.705.79
Tin ($US/t)16,76016,825-65.00-0.395.34
Uranium ($US/lb)24.0024.000.000.00-6.82
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7866,795-9.00-0.13-0.21
S&P/ASX 2006,6786,689-12.00-0.17-0.16
ASX 24 Futures6,656
Australian Market Report

Wednesday 30 October 2019 - close. The Australian share market has snapped seven days of gains with a major sell-off that left every sector in the red. The benchmark S&P/ASX200 index finished Wednesday down 55.9 points, or 0.83 per cent, to 6,689.5 points, while the broader All Ordinaries fell 53.8 points, or 0.79 per cent, to 6,794.7 points.

Ashanti Headlines

Adriatic Metals PLC (ADT.ASX, 112cps, m.cap A$193.3m with 172.6m SOI, Cash cA$35m (following placement), Polymetallic Explorer / Developer)

  • ADT have released their Sept 19 quarterly which outlines significant progress made on its 100% owned Vares Project in Bosnia and Herzegovina
  • Highlights include:
    • Maiden Mineral Resource estimate confirms Rupice as Bosnia’s highest-grade polymetallic deposit with significant silver and gold credits, with 80% of the Mineral Resource in the Indicated Resource category:
    • Metallurgical test-work confirmed excellent metallurgical recoveries and concentrate grades from representative samples collected across the Rupice and Veovaca deposits.
    • Expected payability-adjusted recoveries from all concentrates for Rupice were
    • Drilling to the north in the extended Rupice Licence area continued to intersect mineralisation, which remains open down-plunge to the north. 
    • Most northerly hole BR-17-19 returned best intersection in the Rupice North licence extension area returning: 
      • 38m @ 6.2% Zn, 3.8% Pb, 174g/t Ag, 1.9g/t Au, 0.4% Cu, and 33% BaSO4 from 208m, including 12m @ 13.2% Zn, 7.8% Pb, 154g/t Ag, 2.4g/t Au, 0.6% Cu, and
      • 20m @ 2.0% Zn, 2.8% Pb, 96g/t Ag, 0.3g/t Au and 0.6% Cu from 254m.
    • Appointment of Paul Cronin as Managing Director and Chief Executive Officer
    • Well capitalised with c$A35m following capital raise subsequent to period end
  • Managing Director and CEO Paul Cronin commented: “This has been a massive quarter for the team at Adriatic. We published the eagerly anticipated maiden Mineral Resource estimate for Rupice, showing a solid and highgrade resource which will feed into the Scoping Study currently being prepared. We also completed the initial metallurgical tests with results showing strong, and yet still improving recoveries of all payable metals in the Rupice and Veovaca deposits. These are significant milestones for the Company, but our exploration efforts continue, demonstrating that the known area of mineralisation at Rupice is open to the north and south, and at depth. We have commenced drilling at Jurasevic Brestic and geochemical studies at Orti, where historical drill core has indicated high grade metal content Over the next quarter we will continue to drill and expand our resource ahead of a pre-feasibility study, continue to run metallurgical tests on our high grade mining units and work with government to increase our access to the potential this region of Bosnia has to offer for a small company with large aspirations of developing a tier one asset.”
  • A link to the full announcement can be found here
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss further.

Greenland Minerals Limited: (GGG.ASX, 10.2cps, m.cap A$121.4m with 1,190.9m SOI, Cash $9.63m (post placement), Rare Earth's Developer)

  • The September Quarter saw international interest in Greenland continue to grow with increasing recognition of its strategic location, extensive endowment of mineral resources, and intent to work with foreign investors to develop its natural resource sector and diversify its economy.
  • Highlights for the quarter include:
    • Updated EIA reviews completed, significant progress toward finalising EIA
      • Greenland’s Environmental Agency for Mineral Resource Activities (EAMRA) has provided a structured approach to assist in finalising outstanding issues  
      • Company views as an important development, as the strategy is focussed on closing the review process out, in a manner more in‐line with other mining jurisdictions  
      • Constructive information exchange underway with EAMRA
    • Site visit by Shenghe and IMUMR geological personnel  
      • Builds on 2018 field studies to increase knowledge base of project area 
      • Follows on from highly successful project optimisation studies
    • Stakeholder meetings conducted in South Greenland through October
      • Meetings held with Mayor’s office, and business community
    •  Greenland Government puts positive new minerals strategy up for consultation
      • Aimed to make case processing for licenses faster, simpler and more transparent
    • $7M capital raising successfully completed in July
      • Strongly supported placement to institutional investors and existing shareholders  
      • Funds to progress ongoing technical development and complete permitting

Have a question? admin@ashanticapital.com.au

ERA Communications