Gresham "Group 150" - August 2010
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Transcript of Gresham "Group 150" - August 2010
AUGUST 2010
1
ASX RESOURCES - GROUP 150We are pleased to present the August edition of ‘Group 150’, a ranking of the top 150 ASX listed resources companies (excluding oil and gas), by market capitalisation. During July, the RSPT went AWOL (much to the delight of a number of miners) and the MRRT was born (much to the despair of a (smaller) number of miners). In this edition of the Group 150, we have updated the “RSPT-impact” chart from the May edition to test once more the hypothesis that international focussed companies are outperforming their domestic peers. The average market value of domestic focussed companies since the proposed RSPT was announced has declined 3.8% (vs 13.6% and 12.2% at end of June and May respectively). International focused companies increased 3.9% (vs a decline of 1.1 and 0.9% at end of June and May respectively).Separately, we have introduced the “MRRT-impact” chart, to assess the impact on the market capitalisation of the Group 150 since the announcement of the proposed MRRT. The market value of the domestic focussed companies has increased on average 15.4% versus the international focussed companies only 7.6%, recapturing some of the ground lost during the 2 months the RSPT was on the table.Both charts affirm industry views that the MRRT is continuing to have negative impact on resource sector valuations.The market value of the Group 150 at the end of July was $494 billion, up 5.8% from June. The entry point into the Group 150 for July was $77.0 million versus $65.6 million for June. The ASX/S&P 200 Resources Index rose 4.6% in the month, while the ASX All Ordinaries and ASX/S&P 200 Index increased 4.2% and 4.5% respectively. While commentators continue to assess the influence of China on the global economy, two events during the month support the overriding impact China holds in determining economic prosperity.First, the strategic importance of rare earths has once again become a focus as the China Ministry of Commerce announced rare earths export quotas for the second half of 2010, representing a 70% reduction in volumes available for users outside of China. Additionally, the authorities announced that rare earth prices would be set and published by the central government on a monthly basis. ASX listed Arafura, Alkane and Lynas increased 69.0%, 51.1% and 39.4% respectively during July.Second, the International Energy Agency (IEA) announced that based on preliminary data China has now overtaken the United States to become the world’s largest energy consumer. China’s power consumption rose 14.14% year-on-year to 352 billion kilowatt-hours in June and consumption in the first half year reached 2.01 trillion kilowatt-hours, up 21.57% on a year-on-year basis. Since 2000, China’s energy demand has doubled, yet is only around one-third of the OECD average on a per capita basis. These developments point to continued growth in demand for energy commodities (oil, coal, uranium and natural gas) from the most populous nation on the planet. Notably, in mid-July Bloomberg reported that China has commenced purchasing yellowcake at the rate of about 5,000 tonnes per annum, roughly double current consumption. Several uranium focussed companies are among the biggest movers in the Group 150 this month, including Energy and Minerals - 104.5% and Deep Yellow – 57.7%.We start this month at Diggers and Dealers, which will provide a barometer for current market sentiment.....see you there!Gresham Advisory Partners Limited
Group 150
August 2010
Edition 5
Darren MartinGresham Advisory [email protected]+61 8 9486 7077+61 412 144 719
Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory business and one of Australia’s largest and highest ranking independent corporate advisors.
Top 150 ASX LiSTed reSource compAnieS - JuLyBy Market Capitalisation
Group 150
2
Mkt Cap (A$m) % Mkt Cap (A$m) %
Jul Jun Company 31-Jul-10 30-Jun-10 Change Jul Jun Company 31-Jul-10 30-Jun-10 Change
1 1 BHP Billiton Ltd. (ASX:BHP) $223,280.7 $209,534.4 6.6% 51 52 Panoramic Resources Ltd. (ASX:PAN) $504.9 $447.5 12.8%
2 2 Rio Tinto Ltd. (ASX:RIO) $138,516.1 $130,766.4 5.9% 52 47 Mineral Deposits Ltd. (ASX:MDL) $447.0 $545.7 (18.1%)
3 3 Newcrest Mining Ltd. (ASX:NCM) $15,815.3 $16,970.6 (6.8%) 53 56 Northern Iron Limited (ASX:NFE) $444.2 $400.3 11.0%
4 4 Fortescue Metals Group Ltd. (ASX:FMG) $13,331.1 $12,801.2 4.1% 54 53 Brockman Resources Limited (ASX:BRM) $438.6 $421.6 4.0%
5 5 Lihir Gold Limited (ASX:LGL) $9,640.7 $10,209.2 (5.6%) 55 64 Kagara Ltd (ASX:KZL) $438.4 $327.1 34.0%
6 6 Coal & Allied Industries Ltd. (ASX:CNA) $8,398.7 $8,052.4 4.3% 56 63 Giralia Resources NL (ASX:GIR) $429.7 $329.9 30.3%
7 8 New Hope Corp. Ltd. (ASX:NHC) $3,898.6 $3,658.6 6.6% 57 58 Mincor Resources NL (ASX:MCR) $396.4 $363.3 9.1%
8 11 OZ Minerals Limited (ASX:OZL) $3,838.8 $2,996.2 28.1% 58 59 Regis Resources Limited (ASX:RRL) $393.7 $353.3 11.4%
9 7 Alumina Ltd. (ASX:AWC) $3,782.3 $3,721.3 1.6% 59 61 Sundance Resources Ltd. (ASX:SDL) $392.9 $352.3 11.5%
10 10 Equinox Minerals Ltd. (ASX:EQN) $3,567.0 $3,014.5 18.3% 60 62 Straits Resources Ltd. (ASX:SRL) $362.4 $333.0 8.8%
11 9 MacArthur Coal Ltd. (ASX:MCC) $3,320.4 $3,082.5 7.7% 61 68 Bougainville Copper Ltd. (ASX:BOC) $344.9 $274.7 25.6%
12 13 Paladin Energy, Ltd. (ASX:PDN) $2,761.0 $2,574.5 7.2% 62 50 Indophil Resources NL (ASX:IRN) $336.6 $463.7 (27.4%)
13 16 Whitehaven Coal Limited (ASX:WHC) $2,675.6 $2,369.5 12.9% 63 57 Allied Gold Ltd. (ASX:ALD) $332.8 $374.4 (11.1%)
14 14 Energy Resources of Australia Ltd. (ASX:ERA) $2,628.4 $2,536.8 3.6% 64 60 NKWE Platinum Ltd. (ASX:NKP) $325.3 $353.2 (7.9%)
15 15 Aquila Resources Ltd. (ASX:AQA) $2,384.8 $2,533.1 (5.9%) 65 65 Silver Lake Resources Limited (ASX:SLR) $319.6 $313.8 1.8%
16 19 Centennial Coal Co. Ltd. (ASX:CEY) $2,362.3 $1,765.6 33.8% 66 55 Resolute Mining Ltd. (ASX:RSG) $304.3 $414.2 (26.5%)
17 18 Iluka Resources Ltd. (ASX:ILU) $2,292.4 $1,938.1 18.3% 67 66 Coalspur Mines Limited (ASX:CPL) $290.8 $304.5 (4.5%)
18 12 Aquarius Platinum Ltd. (ASX:AQP) $2,195.0 $2,736.8 (19.8%) 68 82 Aditya Birla Minerals Limited (ASX:ABY) $278.9 $203.7 36.9%
19 17 Riversdale Mining Ltd. (ASX:RIV) $2,047.2 $2,111.3 (3.0%) 69 73 Cockatoo Coal Limited (ASX:COK) $277.2 $235.0 18.0%
20 20 Mount Gibson Iron Ltd. (ASX:MGX) $1,792.1 $1,672.7 7.1% 70 80 Sphere Minerals Limited (ASX:SPH) $272.4 $207.3 31.4%
21 21 Andean Resources Ltd. (ASX:AND) $1,744.1 $1,587.5 9.9% 71 87 Moly Mines Ltd. (ASX:MOL) $265.7 $192.9 37.7%
22 23 PanAust Limited (ASX:PNA) $1,683.7 $1,462.2 15.1% 72 75 Integra Mining Ltd. (ASX:IGR) $260.8 $226.8 15.0%
23 22 Extract Resources Ltd. (ASX:EXT) $1,627.4 $1,580.5 3.0% 73 70 CBH Resources Ltd. (ASX:CBH) $258.7 $257.7 0.4%
24 29 Lynas Corp. Ltd. (ASX:LYC) $1,257.8 $902.0 39.4% 74 77 Intrepid Mines Limited (ASX:IAU) $257.9 $216.9 18.9%
25 24 Zimplats Holdings Ltd. (ASX:ZIM) $1,076.4 $1,130.2 (4.8%) 75 69 Catalpa Resources Limited (ASX:CAH) $247.4 $263.1 (6.0%)
26 25 Gloucester Coal Ltd. (ASX:GCL) $1,020.4 $1,018.0 0.2% 76 81 Discovery Metals Ltd. (ASX:DML) $244.6 $204.7 19.5%
27 28 Kingsgate Consolidated Limited (ASX:KCN) $982.9 $947.0 3.8% 77 78 Platinum Australia Limited (ASX:PLA) $239.2 $216.6 10.4%
28 34 Minara Resources Ltd. (ASX:MRE) $957.8 $770.7 24.3% 78 71 Ampella Mining Limited (ASX:AMX) $238.8 $252.5 (5.4%)
29 26 Atlas Iron Limited (ASX:AGO) $952.3 $999.5 (4.7%) 79 98 Deep Yellow Ltd. (ASX:DYL) $230.8 $146.4 57.7%
30 30 Ivanhoe Australia Limited (ASX:IVA) $950.1 $901.9 5.3% 80 67 Dominion Mining Limited (ASX:DOM) $229.4 $282.1 (18.7%)
31 27 Perseus Mining Ltd. (ASX:PRU) $877.1 $960.1 (8.6%) 81 84 Perilya Ltd. (ASX:PEM) $228.2 $199.3 14.5%
32 42 Western Areas NL (ASX:WSA) $873.0 $679.4 28.5% 82 83 Cape Lambert Resources Limited (ASX:CFE) $225.3 $203.4 10.8%
33 38 Gindalbie Metals Ltd. (ASX:GBG) $824.0 $732.6 12.5% 83 72 Kingsrose Mining Limited (ASX:KRM) $220.1 $249.9 (11.9%)
34 31 Murchison Metals Limited (ASX:MMX) $796.8 $875.1 (8.9%) 84 89 Galaxy Resources (ASX:GXY) $220.1 $178.2 23.5%
35 35 Mirabela Nickel Ltd. (ASX:MBN) $782.1 $749.0 4.4% 85 79 Troy Resources NL (ASX:TRY) $219.6 $215.2 2.0%
36 37 White Energy Company Limited (ASX:WEC) $781.3 $738.7 5.8% 86 102 Rex Minerals Limited. (ASX:RXM) $218.5 $143.0 52.8%
37 32 Avoca Resources Ltd. (ASX:AVO) $762.7 $794.8 (4.0%) 87 74 Gold One International Limited (ASX:GDO) $217.7 $229.7 (5.2%)
38 39 Medusa Mining Limited (ASX:MML) $727.8 $731.6 (0.5%) 88 76 Bandanna Energy Limited (ASX:BND) $214.4 $218.1 (1.7%)
39 44 Citadel Resource Group Limited (ASX:CGG) $710.1 $617.0 15.1% 89 88 Sylvania Resources Ltd. (ASX:SLV) $211.5 $187.2 13.0%
40 36 CGA Mining Limited (ASX:CGX) $705.7 $738.8 (4.5%) 90 113 Arafura Resources Limited (ASX:ARU) $206.4 $122.1 69.0%
41 40 OM Holdings Limited (ASX:OMH) $702.9 $730.3 (3.8%) 91 92 Saracen Mineral Holdings Limited (ASX:SAR) $193.0 $161.6 19.4%
42 33 OceanaGold Corporation (ASX:OGC) $652.6 $794.1 (17.8%) 92 108 Metals X Limited (ASX:MLX) $191.2 $131.1 45.8%
43 46 Grange Resources Limited (ASX:GRR) $645.0 $575.9 12.0% 93 85 Adamus Resources Ltd. (ASX:ADU) $191.1 $199.0 (4.0%)
44 49 Independence Gold NL (ASX:IGO) $637.4 $537.2 18.7% 94 91 Jabiru Metals Limited (ASX:JML) $190.4 $168.4 13.1%
45 54 Sandfire Resources (ASX:SFR) $636.6 $421.2 51.1% 95 95 Orocobre Limited (ASX:ORE) $186.7 $154.8 20.6%
46 43 CuDeco Ltd. (ASX:CDU) $631.8 $640.0 (1.3%) 96 94 Flinders Mines Limited. (ASX:FMS) $182.0 $156.5 16.3%
47 48 Mantra Resources Limited (ASX:MRU) $589.9 $537.8 9.7% 97 86 Iron Ore Holdings Limited (ASX:IOH) $176.0 $193.6 (9.1%)
48 41 ST Barbara Ltd. (ASX:SBM) $586.0 $683.4 (14.3%) 98 96 Berkeley Resources Ltd. (ASX:BKY) $174.2 $153.8 13.3%
49 45 Gujarat NRE Coking Coal Limited (ASX:GNM) $551.6 $578.3 (4.6%) 99 93 FerrAus Ltd. (ASX:FRS) $168.7 $158.1 6.7%
50 51 Summit Resources Ltd. (ASX:SMM) $511.1 $450.9 13.4% 100 110 Metminco Limited. (ASX:MNC) $167.1 $126.2 32.4%
Includes ASX Resource companies excluding oil and gas
AUGUST 2010
3
new enTrAnTS - JuLy eXiTS - JuLy126 Talisman Mining Ltd (ASX:TLM)127 Toro Energy Ltd (ASX:TOE)139 Energy and Minerals Australia Limited (ASX:EMA)140 Alkane Resources Limited (ASX:ALK)143 Guildford Coal Limited (ASX:GUF)145 Stanmore Coal Limited (ASX:SMR)146 Aussie Q Resources Limited (ASX:AQR)148 Strike Resources Limited (ASX:SRK)149 Bannerman Resources Limited (ASX:BMN)150 North Australian Diamonds Limited (ASX:NAD)Based on market capitalisation as at 31 July 2010 vs 30 June 2010
Apex Minerals NL (ASX:AXM)Sihayo Gold Limited (ASX:SIH)Dragon Mining Limited (ASX:DRA)Noble Mineral Resources Ltd. (ASX:NMG)Vantage Goldfields Limited (ASX:VGO)Navigator Resources Ltd. (ASX:NAV)Crescent Gold Limited (ASX:CRE)Tanami Gold NL (ASX:TAM)Westgold Resources Limited (ASX:WGR)Forte Energy NL (ASX:FTE)
Mkt Cap (A$m) % Mkt Cap (A$m) %
Jul Jun Company 31-Jul-10 30-Jun-10 Change Jul Jun Company 31-Jul-10 30-Jun-10 Change
101 104 Highlands Pacific Limited (ASX:HIG) $163.9 $140.3 16.8% 126 187 Talisman Mining Ltd (ASX:TLM) $102.2 $44.4 130.2%
102 90 Gryphon Minerals Ltd. (ASX:GRY) $158.9 $176.2 (9.8%) 127 152 Toro Energy Ltd (ASX:TOE) $101.3 $65.6 54.4%
103 116 Red 5 Ltd. (ASX:RED) $151.5 $117.3 29.2% 128 129 Terramin Australia Ltd. (ASX:TZN) $101.3 $92.2 9.9%
104 101 Hunnu Coal Limited (ASX:HUN) $151.4 $145.0 4.4% 129 127 Nyota Minerals Limited (ASX:NYO) $100.2 $93.4 7.3%
105 106 Northern Energy Corporation Ltd (ASX:NEC) $141.3 $133.6 5.8% 130 149 Thundelarra Exploration Ltd. (ASX:THX) $99.0 $67.6 46.4%
106 120 Beadell Resources Ltd (ASX:BDR) $139.9 $105.7 32.4% 131 140 Resource Generation Limited (ASX:RES) $98.6 $75.6 30.4%
107 97 BC Iron Limited (ASX:BCI) $138.0 $147.7 (6.6%) 132 119 Reed Resources Ltd. (ASX:RDR) $95.7 $106.4 (10.1%)
108 103 Mungana Goldmines Ltd (ASX:MUX) $133.5 $141.3 (5.5%) 133 125 Bendigo Mining Ltd. (ASX:BDG) $94.3 $96.5 (2.3%)
109 111 Hillgrove Resources Ltd. (ASX:HGO) $132.7 $125.2 6.0% 134 138 Jupiter Mines Ltd. (ASX:JMS) $92.4 $79.5 16.2%
110 121 Golden West Resources Limited (ASX:GWR) $131.7 $103.0 27.9% 135 122 Morning Star Gold NL (ASX:MCO) $92.1 $98.4 (6.4%)
111 105 Aurox Resources Ltd. (ASX:AXO) $129.4 $136.3 (5.1%) 136 139 Exco Resources Ltd. (ASX:EXS) $92.0 $78.9 16.6%
112 112 Red Hill Iron Ltd (ASX:RHI) $129.1 $123.0 5.0% 137 135 Magma Metals Ltd. (ASX:MMW) $91.9 $82.2 11.8%
113 99 Focus Minerals Limited (ASX:FML) $128.9 $146.0 (11.7%) 138 141 Western Plains Resources Limited (ASX:WPG) $91.3 $74.2 23.0%
114 114 Nucoal Resources NL (ASX:NCR) $126.1 $120.3 4.8% 139 184 Energy and Minerals Australia Ltd (ASX:EMA) $91.2 $44.6 104.5%
115 123 Tiger Resources Ltd. (ASX:TGS) $125.2 $97.7 28.1% 140 165 Alkane Resources Limited (ASX:ALK) $88.4 $58.5 51.1%
116 109 Ramelius Resources Ltd. (ASX:RMS) $125.1 $129.5 (3.4%) 141 144 Chalice Gold Mines Ltd. (ASX:CHN) $86.9 $70.6 23.1%
117 115 Astron Ltd. (ASX:ATR) $122.0 $118.8 2.7% 142 134 Robust Resources Limited (ASX:ROL) $85.2 $82.6 3.1%
118 118 Norton Gold Fields Limited (ASX:NGF) $118.9 $106.4 11.7% 143 0 Guildford Coal Limited (ASX:GUF) $84.6 - -
119 117 Conquest Mining Limited (ASX:CQT) $118.3 $116.5 1.5% 144 136 Citigold Corporation Limited (ASX:CTO) $83.6 $81.8 2.2%
120 107 Centrex Metals Limited (ASX:CXM) $117.9 $131.8 (10.5%) 145 162 Stanmore Coal Limited (ASX:SMR) $81.1 $60.6 33.8%
121 124 Alliance Resources Ltd. (ASX:AGS) $117.7 $97.2 21.1% 146 221 Aussie Q Resources Limited (ASX:AQR) $79.2 $35.4 123.7%
122 126 IMX Resources Ltd. (ASX:IXR) $113.2 $93.4 21.2% 147 131 Azumah Resources Ltd (ASX:AZM) $78.3 $87.9 (10.9%)
123 132 Kangaroo Resources Limited (ASX:KRL) $113.2 $85.5 32.4% 148 155 Strike Resources Limited (ASX:SRK) $78.0 $63.7 22.4%
124 128 Australasian Resources Ltd (ASX:ARH) $108.3 $92.8 16.7% 149 167 Bannerman Resources Limited (ASX:BMN) $77.8 $53.5 45.4%
125 130 Greenland Minerals and Energy Ltd (ASX:GGG) $106.2 $88.3 20.3% 150 156 North Australian Diamonds Limited (ASX:NAD) $77.0 $63.0 22.2%
Group 150 LeAderS And LAGGerS - mArkeT cApiTALiSATion performAnce - JuLy
Leaders Laggers
Source: Capital IQ
* Included placement, acquisition and/or material option conversion during month
Group 150
4
Group 150 SecTor mArkeT cApiTALiSATion - JuLy
merGer & AcquiSiTionS - Announced in JuLy
Date Announced Target Acquirer Value
(A$m)
Percent Sought
(%)
Premium - 1 Day Prior
(%)
Premium - 1 Month Prior
(%)
Consideration Offered
22-Jul-2010 BCD Resources NL (ASX:BCD) Bendigo Mining Ltd. (ASX:BDG) 61.4 100.0 44.0 20.0 Equity
21-Jul-2010 NGM Resources Ltd. (ASX:NGM) Paladin Energy, Ltd. (ASX:PDN) 21.0 77.5 61.07 64.61 Equity
8-Jul-2010 Padbury Mining Limited (ASX:PDY) Fe Limited (ASX:FEL) 23.6 100.0 44.23 8.18 Combinations
5-Jul-2010 Centennial Coal Co. Ltd. (ASX:CEY) Banpu Minerals (Singapore) Pte. Ltd. 2,268.3 80.11 40.27 42.2 Cash
5-Jul-2010 North Queensland Metals Ltd (ASX:NQM) Heemskirk Consolidated Ltd. (ASX:HSK) 84.0 100.0 56.0 43.8 Equity
Source: Capital IQ Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m
Group 150 mArkeT cApiTALiSATion
ASX indeX performAnce - JuLy
Mar
ket C
apit
alis
atio
n (A
$b)
AUGUST 2010
5
Monthly Performance Overseas Domestic Overseas/ Domestic Total
End of May
Spread of "Group 150" by Project/s Location 49 85 15 149
- Simple Average Return (0.9%) (12.2%) (10.0%)
End of June
Spread of "Group 150" by Project/s Location 50 83 15 148
- Simple Average Return 1.1% (13.6%) (15.5%)
End of July
Spread of "Group 150" by Project/s Location 49 83 16 148
- Simple Average Return 3.9% (3.8%) (6.9%)
Group 150 - “rSpT impAcT” - BASed on proJecT/S LocATion
Following the demise of the RSPT, we have updated the “RSPT-Impact” chart to assess the rebound impact on domestic focussed miners. Separately on page 6, we commenced tracking the “MRRT-Impact”.The average market value of domestic focussed companies since the proposed RSPT was announced has declined 3.8% (vs a decline of 13.6% in June and 12.2% at end of May). International focused companies increased 3.9% (vs an increase on 1.1% in June and a decline of 0.9% at end of May).
Mar
ket C
apit
alis
atio
n -
Perf
orm
ance
Sin
ce P
ropo
sed
RSPT
Ann
ounc
ed
Only 149 companies in May data set as Vantage Goldfields was a new IPO during period, Only 148 companies in June data set as Vantage Goldfields and Mungana were new IPO’s during period, Only 148 companies in July data set as Mungana and Guildford Coal were new IPO’s during period
Group 150
6
The “MRRT-Impact” chart below, assesses the impact on market capitalisation of the Group 150 companies since the announcement of the MRRT. A rebound in value has been witnessed by a number of domestically focussed companies who are not currently captured in the MRRT drag net.The average market value of domestic focussed companies since the proposed MRRT was announced has rebounded 15.4%, while international focussed peers increased only 7.6%. Global diversified companies have also recovered 14.3% during the same period. The bottom chart in each of the sector performance pages compares the performance of each company since the announcement of the RSPT versus the announcement of the MRRT, in most cases depicting a recapture of value.
Group 150 - “mrrT impAcT” - BASed on proJecT/S LocATion
Only 149 companies in July data set as Guildford Coal was new IPO’s during period
Greater proportion ofDomestic focussed companies
Monthly Performance Overseas Domestic Overseas/ Domestic Total
End of July
Spread of "Group 150" by Project/s Location 49 84 16 149
- Simple Average Return 7.6% 15.4% 14.3%
Mar
ket C
apit
alis
atio
n -
Perf
orm
ance
Sin
ce P
ropo
sed
MRR
T A
nnou
nced
AUGUST 2010
7
Share Price Performance - July 2010
Share Price Performance - Since 1 Jan 2010
RSPT vs MRRT - Change in Market Value
BASe meTALS - SecTor performAnce
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Copper Nickel Zinc
MRRT
RSPT
Group 150
8
Share Price Performance - July 2010
Share Price Performance - Since 1 Jan 2010
RSPT vs MRRT - Change in Market Value
coAL - SecTor performAnce
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
MRRT
RSPT
AUGUST 2010
9
Share Price Performance - July 2010
Share Price Performance - Since 1 Jan 2010
RSPT vs MRRT - Change in Market Value
diverSified - SecTor performAnce
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
induSTriAL minerALS - SecTor performAnce
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
MRRT
RSPT
MRRT
RSPT
Group 150
10
Share Price Performance - July 2010
Share Price Performance - Since 1 Jan 2010
RSPT vs MRRT - Change in Market Value
GoLd - SecTor performAnce
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
MRRT
RSPT
AUGUST 2010
11
Share Price Performance - July 2010
Share Price Performance - Since 1 Jan 2010
RSPT vs MRRT - Change in Market Value
iron ore - SecTor performAnce
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
MRRT
RSPT
Group 150
12
Share Price Performance - July 2010
Share Price Performance - Since 1 Jan 2010
RSPT vs MRRT - Change in Market Value
urAnium - SecTor performAnce
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
MRRT
RSPT
AUGUST 2010
13
conSenSuS commodiTy price forecASTS - July
Source: Bloomberg Consensus Estimates - Median / High / Low
Gold (US$/oz) Silver (US$/OZ)
Copper (US$/lb) Nickel (US$/lb)
Zinc (US$/lb) Lead (US$/lb)
Tin (US$/lb) Uranium (US$/lb)
AUD:USD NYMEX (US$/bbl)
$1,181 $1,224$1,035 $989 $946
$0
$500
$1,000
$1,500
$2,000
$2,500
Spot 2011 2012 2013 2014
$18.01 $19.00$16.45 $15.40 $16.19
$0$5
$10$15$20$25$30
Spot 2011 2012 2013 2014
$3.31 $3.47 $3.51$3.02
$3.80
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
Spot 2011 2012 2013 2014
$9.59 $9.50 $10.45$8.50 $9.00
$0.00
$4.00
$8.00
$12.00
$16.00
Spot 2011 2012 2013 2014
$0.92$1.18 $1.10 $1.01 $1.10
$0.00
$0.50
$1.00
$1.50
$2.00
Spot 2011 2012 2013 2014
$0.94 $1.09 $1.07 $0.92 $1.00
$0.00
$0.50
$1.00
$1.50
$2.00
Spot 2011 2012 2013 2014
$8.85$7.50 $7.56
$6.80
$0.00
$2.50
$5.00
$7.50
$10.00
Spot 2011 2012 2013 2014
$43.50
$62.00 $63.25 $57.10
$0
$25
$50
$75
$100
Spot 2011 2012 2013 2014
$0.90 $0.84 $0.90 $0.84 $0.81
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
Spot 2011 2012 2013 2014
$78.95 $87.50 $96.00 $97.63 $88.38
$0
$50
$100
$150
$200
Spot 2011 2012 2013 2014
Group 150
14
Gresham Advisory Partners LimitedA.B.N. 97 003 344 269
Level 17, 167 Macquarie Street,
Sydney NSW 2000
Telephone: 61 2 9221 5133
Facsimile: 61 2 9221 6814
Level 10, 1 Collins Street,
Melbourne VIC 3000
Telephone: 61 3 9664 0300
Facsimile: 61 3 9650 7722
Level 3, 28 The Esplanade,
Perth WA 6000
Telephone: 61 8 9486 7077
Facsimile: 61 8 9486 7024
Website: www.gresham.com.au
Terms and ConditionsInformation contained in this publicationThe opinions, advice, recommendations and other information contained in this publication, whether express or implied, are published or made by Gresham Advisory Partners Limited (ABN 88 093 611 413), Australian financial services license (247113), and by its officers and employees (collectively “Gresham Advisory Partners”) in good faith in relation to the facts known to it at the time of preparation. Gresham Advisory Partners has prepared this publication without consideration of the investment objectives, financial situation or particular needs of any individual investor, and you should not rely on the publication for the purpose of making a financial decision. To whom this information is providedThis publication is only made available to persons who are wholesale clients within the meaning of section 761G of the Corporations Act 2001. This publication is supplied on the condition that it is not passed on to any person who is a retail client within the meaning of section 761G of the Corporations Act 2001.Disclaimer and limitation of liabilityTo the maximum extent permitted by law, Gresham Advisory Partners will not be liable in any way for any loss or damage suffered by you through use or reliance on this information. Gresham Advisory Partners’ liability for negligence, breach of contract or contravention of any law, which cannot be lawfully excluded, is limited, at Gresham Advisory Partners’ option and to the maximum extent permitted by law, to resupplying this information or any part of it to you, or to paying for the resupply of this information or any part of it to you.No warranties made as to contentGresham Advisory Partners makes no warranty, express or implied, concerning this publication. The publication provided by us on an “AS IS” basis at your sole risk. Gresham Advisory Partners expressly disclaims, to the maximum extent permitted by law, any implied warranty of merchant-ability or fitness for a particular purpose, including any warranty for the use or the results of the use of the publication with respect to its correctness, quality, accuracy, completeness, or reliability.CopyrightCopyright in this publication is owned by Gresham Advisory Partners. You may use the information in this publication for your own personal use, but you must not (without Gresham Advisory Partners’ consent) alter, reproduce or distribute any part of this publication, transmit it to any other person or incorporate the information into any other document.General mattersThese Terms and Conditions are governed by the law in force in the State of Victoria, and the parties irrevocably submit to the non-exclusive jurisdiction of the courts of Victoria and courts of appeal from them for determining any disputes concerning the Terms and Conditions.If the whole or any part of a provision of these Terms and Conditions are void, unenforceable or illegal in a jurisdiction it is severed for that jurisdiction. The remainder of the Terms and Conditions have full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected. This clause has no effect if the severance alters the basic nature of the Terms and Conditions or is contrary to public policy.If Gresham Advisory Partners do not act in relation to a breach by you of these Terms and Conditions, this does not waive Gresham Advisory Partners’ right to act with respect to subsequent or similar breaches.
Advised BHP Billiton on its
$204m offer for United Minerals
Corporation.
Advised BG Group on its $1bn takeover offer for
Pure Energy Resources Limited.
Advised IAMGOLD Corporation on its $265m acquisition
of Gallery Gold.
Advised Gem Diamonds on its
$300m acquisition of Kimberley Diamonds.
Advised Polaris Metals NL on
$178m takeover offer by Mineral
Resources Limited.
Advised Tethyan on its $220m
competing takeover offer by Crosby and Antogafasta/Barrick.
Advised Iluka on its $114m
institutional placement and
$353m accelerated right issue.
Advised Bannerman
Resources on its financing with
Resource Capital Funds.
Advised Iluka Resources on its
$54m Narama coal divestment to
Xstrata.
Advised Murchison Metals
on its joint venture with Mitsubishi.
2010
2010
Advised BHP Billiton on its
US$116bn iron ore production
joint venture with Rio Tinto.
2010
Introduced Denham Capital to
Trans Tasman Resources resulting
in NZ iron sands investment.
2010
2009
Advised Indophil on $545m
recommended offer from Zijin
2010
Advised BHP Billiton on the disposal of the Yabulu Nickel
refinery.
2009
Advised Allied Gold on its $54m
acquisition of Australian
Solomons Gold.
2009
Advised Brandrill Limited on its
$45m takeover offer by Ausdrill
Limited.
2009
2008
Advised Kalahari Minerals on its
$140m proposed merger with
Extract Resources.
2008
Advised Centaurus
Resources on its $20m merger
with Glengarry Resources.
2010
2009/08
2008
Advised Summit Resources on its
A$1.2bn takeover by Paladin Energy.
2007
2008
2006
2007
2008
Advised Guandong Rising on its $216m
cornerstone investment in Pan
Aust.
GRAM2009
Advised Energy Metals on its $86m
proportional takeover offer by China
Guangdong Nuclear Power Group.
2009
Mergers and Acquisitions
Takeover Defence
Strategic Advisory, Joint Ventures and Capital Markets
recenT reSourceS TrAnSAcTionS
Takeover Defence
Strategic Advisory, Joint Ventures and Capital Markets
Mergers and Acquisitions