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On the right track

Mining | published 14/08/2009

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Resources - Mining sector team

Latest research

Full year results

Update | Mining | 07/09/2010

Allied Gold�s end year results showed a 13% fall in revenues due to lost production resulting from a period of unseasonal bad weather and an illegal cease…

Interim results

QuickView | Mining | 31/08/2010

Bellzone�s interim results, released today, highlight the pace at which its 2.4 billion tonne iron ore resource is being developed at the company�s flagship…

Scoping study awarded

Update | Mining | 24/08/2010

Bezant Resources has commissioned an in-depth scoping study at its flagship Mankayan copper-gold project. The study, to be headed up by well-known mining…

Potash focus

Update | Mining | 20/08/2010

BHP Billiton�s US$39bn hostile takeover bid for Potash Corp in Canada underscores the value of potash deposits straddling the United States-Canada border.…

Grades are in

Update | Mining | 20/08/2010

Aurizon delivered a solid set of Q210 results recently. Although lower grade rock was mined (as planned) at its flagship Casa Beradi mine, this was largely…

Research methodology

Of all of the market’s sectors, natural resources is probably the most uniquely empirical and also the most given to purely objective analysis. As such, we do not believe that there is such a thing as an expensive share � just one that discounts certain future events, be it exploration success or a higher commodity price or whatever. But that does not mean that analysts should slavishly attempt to quantify everything � especially the unquantifiable. For example, we do not believe in prejudicing our research by applying an arbitrarily high discount rate just because a company operates in a politically unfashionable part of the world. That is for individual investors to put their own price on. Instead, we start by assuming that a project will be successfully developed and then analysing to what extent reality must fall short of expectations before it is compromised. This, we believe, is the true meaning of independent research.