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Reports

African Gold M&A — The Market’s Open

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Today we are publishing a thematic report on African Gold M&A entitled The Market is Open. In this report we take a look at the past, present and future for M&A activity in the African gold space (excluding South Africa). We review M&A activity over the past ten years to provide some context, we assess the current strategies and financial…

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West African Gold — Plenty to Play For

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In an 80-page report, Jim Taylor and David Bird have reviewed the state of the West African gold sector. The piece includes features on the area, the main countries involved and the companies active in the space. The gold industry in West Africa remains healthy. Gold output is robust, with slowly declining average grades partly offset by improved recoveries. Six…

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Chrysos Corporation — Catching Fire

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New technologies can be disruptive, realign profit centres and drive economic change across industries and entire economies. Indeed, as the economist Joseph Schumpeter’s process of ‘creative destruction’ suggested, the biggest leaps in economic development are often driven by new technology. So, here is one that might just do that in the mining industry. While we’ve mentioned it before, as it…

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The Australian Dollar – Overpriced?

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The Alchemist, Issue 32: Brief – Currency Update Introduction The Australian dollar is near its two-year high at US$0.797/A$ Recent strength in the Aussie dollar’s value has widely been attributed to Australian macroeconomic and global factors: The Australian unemployment figure of 5.6% in June is near its lowest point in 3.5 years The Prime Minister, among others, has suggested that…

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Cobalt — An Intense Blue Flash in the Pan?

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The Alchemist, Issue 31: Cobalt has had a meteoric rise in 2017. In this issue of The Alchemist, we delve into the cobalt market and try to piece together the demand story for the metal in order to try and understand what is driving demand and whether existing or likely supply could match it. Our investigations have led us to…

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Where are we in the mining capital cycle?

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The mining industry is cyclical. Sir John Templeton famously said that the four most expensive words in the English language are: “this time it’s different”. Taking this into account, it’s worth having a look at the capital cycle in relation to the mining industry to get some pointers as to where we are in the cycle and what we could…

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Uranium – Is this a turnaround or has the moment gone?

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The Alchemist, Issue 30: In January 2017 we finally saw a significant pick-up in spot market uranium prices. This commodity has been on a downward trend since a 2007 peak of US$136.22/lb; the current price sits at US$25.50/lb, a fall of 81%. Increasing supply, the devastating Japanese tsunami of March 2011 and advances in alternative energy supply continue to plague…

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Zinc – An Attractive Investment Destination

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The Alchemist, Issue 29: The Alchemist looks at how zinc should benefit from rising commodity prices, production cuts, minimal new mine development and growth in demand. There is only limited opportunity for equity exposure. The zinc market ended 2016 in deficit, with its spot price having risen 61% over the course of the year; this represented a dramatic turnaround for…

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Neodymium (Nd) & Praseodymium (Pr) Primer

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The Alchemist, Issue 28: This issue of The Alchemist examines the outlook for two rare earth elements with applications in modern energy technologies that are forecast to experience improved demand over the coming years. Neodymium and Praseodymium, collectively known as NdPr, are metallic elements that belong to the lanthanide group of the periodic table. Long-term success for NdPr is linked…

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Copper Price Outlook

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The Alchemist – Issue 27: Any Sign of a Copper Bottom Given the performance of metals prices since their peak five years ago, where we are in the commodity price cycle and when an upturn should be expected are amongst the key questions for the industry. Less discussed is exactly what this price cycle is; although future prices will be…

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