Phoenix Global Mining Share Discussion Threads

[mr ashley james] 01/3/2006 13:49

GS Sands,

BMO Nesbitt Burns Presentation on African Rainbow Minerals Limited ARM JSE:ARIM by Jan Steenkamp







ARM are Platinum Australia Limited's (ASX:PLA AIM:PLAA) Black Empowerment JV Partner on Kalahari Platinum (KALPLATS) Project where PLA have a 49% to 50% earn in over the period by developing the project.

All IMHO, NAG, DYOR etc

Cheers

Ash:)

[mr ashley james] 25/2/2006 13:17

GS Sands,

To Try to answer your questions to the best of my ability:-

How are mining companies valued?

There are traditionally Three Key Ways Mining Stocks are Valued.

(1)The First is by Asset Valuation on Proven and Probable Reserves, Measured and Indicated Resources, Inferred Resources based or JORC, IMM and/or Canadian NI-43101 Professional Persons Report Criteria definition thereof.

A Scale is then applied I use the following Percentage Scale typically adjusting for Grade and Location in deciding whether to consider deposit below average, average or above average.

There is a report issued by Mining Business Digest in 2000, with an article actually listing the values paid for mining deals worldwide in The Mining Journal 15th December 2000, which sumarises ore reserve acquisition costs by North American companies during the 1990's. A Decade of Deals analysed 429 transactions (including 314 gold, 45 copper and 34 gold-copper deals), the numbers make interesting reading:-

END-1999 GOLD PROPERTY ACQUISITION COSTS (US$/OZ)
------------------------------------------PROPERTY TYPE---------------------
--------------------------Exploration-Development-Production-Corporate
Normal Expected Lower Limit--US$ 3------US$ 20------US$ 45------US$ 70
Expected Average-------------US$ 7------US$ 33------US$ 60------US$ 80
Normal Upper Limit-----------US$10------US$ 40------US$ 75------US$100

Lower-% of price*------------1.0%--------6.9%-------15.6%-------24.2%
Average-% of price-----------2.4%-------11.4%-------20.8%-------27.7%
Upper-% of price-------------3.5%-------13.8%-------26.0%-------34.6%

Note Upper and lower limits are for an "average" acquisition, and are often exceeded for various reasons. Source:Mining Business Digest. *End-1999 price of US$289/oz.
This is the equivalent table for Copper:-

END-1999 COPPER PROPERTY ACQUISITION COSTS (US$/LB)
--------------------------------------PROPERTY TYPE----------------
----------------------------Exploration---Development---Production
Normal Expected Lower Limit--US$0.005------US$0.015------US$0.045
Expected Average-------------US$0.010------US$0.020------US$0.060
Normal Upper Limit-----------US$0.020------US$0.030------US$0.085

Lower-% of price*------------0.6%-----------1.8%----------5.4%
Average-% of price-----------1.2%-----------2.4%----------7.2%
Upper-% of price-------------2.4%-----------3.6%---------10.2%

Note Upper and lower limits are for an "average" acquisition, and are often exceeded for various reasons. Source:Mining Business Digest. *End-1999 price of US$0.837/LB.

(2)The Second way, Brokers and Mining Analysts will often calculate the Net Present Value or NPV of Future Cash Flows discounted Forwards by a Notional Discount Factor Based on the Cost of Money or Interest effectively of when one is likely to receive those future cash flows, typically by between 5% and 15% per annum (versus LIBOR 4.50% plus typically 1.50% to 2.50% extra via Commercial Banks).

To do this you need Production Targets per annum over life of mine, assumed production costs both cash and total operating including Central General and Administration costs, Interest, Depreciation, Tax and Amortisation.

A spreadsheet is created discounting those future earnings by the discount factor per annum over the Life Of Mine and the Net Present Value calculated from the addition of those Future Earnings, Net Income or Cashflows.

3)The Third Way as with any share is to calculate the Price Earnings Ratio Multiple, ie Ratio of Future Net Income/Earnings one is prepared to pay.

Typically Price Earnings Ratios vary from 1 to 60 times Earnings Per Share EPS or Net Income NI, with in my experience 60 representing a strong sell noting the life of very few mines exceed 20 years so why on Earth pay 300% of the Value of the likely Net Profits of the Life of Mine upfront?

4)Are they 'expensive' on multiples of earnings?

I hope the above 1 to 3 defines my views of expensive or not.

5) Are they already pricing in a rise in Palladium? Or do they simply vary too much for comparison?

The truth is they vary tremendously, there is relatively little consistancy, as ever the market is Short Term a Voting Machine, Longer Term a Weighing Machine.

Key Palladium Plays like Norilsk Nickel MSE/RTS:GMKN was NKEL on Moscow Stock Exchange, the largest Palladium Producer on Earth have increased from roughly US$0.50 in October 1998 to roughly US$90.00 today ie up 180 times, and I understand is tipped to go to US$115.00 per share.

However GMKN is not only the largest Palladium Producer circa 48% historically was 68% of Global Supply but also largest Nickel producer circa 18% to 19% was historically 20% of Global Nickel Supply.

Stillwater Mining Company NYSE:SWC sole American Producer in Montana has run up to US$18.00 from all time low of US$2.25, then back down to roughly US$6.05 back up to US$15.50 but traded in last Palladium Bull Run to US$56.00 roughly to PER roughly 60 x NI in January 2001 Pd Bull run, versus Norilsk Nickel Peaking first time at US$81.55 in I think April 2004 from memory.

North American Palladium Limited TSE:PDL AMEX:PAL has also bottomed at US$2.25 area and has similar performance to NYSE:SWC of late reaching US$12.69 however there are severe problems over grade and Mill Flooding etc at Lac Des Islnes, and production is likely to be well short of historic expectations IMO.

Other key RSA Producers like Anglo American Platinum Corporation JSE:AMS, Impala Platinum Limited JSE:IMP, Northam Platinum Limited JSE:NHM Aquarius Platinum Limited ASX:AQP, JSE:AQP, LSE:AQP and London listed Lonmin Plc LSE:LMI are rated far more for their Platinum Production than their Palladium Production typically the Bushveld in RSA has a Platinum to Palladium Ratio of between 2 to 1 and 2.50 to 1, and far higher Rhodium Ratio circa 10% of composite PGE Grade than North American Producers where Rhodium ratio seems typically just 2.75% to 3.75% of Composite PGE Grade, and where Palladium to Platinum Ratio is typically 4 to 1 ie 77% Palladium versus 23% Platinum roughly.

The Zimbabwe PGE producers, ie Zimbabwe Platinum Limited/ZIMPLATS Holdings Limited ASX:ZIM and Mimosa Platinum Limited refer Aquarius Platinum Limited ASX:AQP LSE:AQP JSE:AQP have far higher Palladium Ratios towards 40% of Composite PGE Grade (38.10% area).

ASX:ZIM has gone from roughly AU$2.53 to AU$6.95 and LSE:AQP from roughly £2.00 to £7.00 in last year, overall ASX:AQP has performed roughly from AU$0.20 to AU$16.29 approx over last Eight Years or so.

So as I said very inconsistant in certain respects though all in Bull Moves of various levels.

Palladium Developers also reasonably inconsistant similar patterns depending on Investor awareness the strongest has probably been Platinum Australia Limited ASX:PLA LSE AIM:PLAA AU$0.10 to AU$0.515 but arguably this was horrifically oversold before it started to move up in July 2005, and I personally think will do very well over next three years as, if and when their three PGE Deposits of Panton, Smokey Hills and Kalplats come into production.

I hope the above answers some of your questions as far as I see it, and remember Tanzania is also interesting or more specifically turning in some high Palladium grades refer Goldstream Mining NL ASX:GDM.

As a word of warning the RSA 100 Year Reserve Base cuts off at 1,000 metres vertical depth due to the high Hydrothermal Gradient on the low lieing saucer shaped Bushveld which increases by roughly 1 degree centigrade per 100 metres vertical depth from surface roughly 30 to 32.50 degrees, so it can be a good idea to ignore deposits especially some of the utter tosh listed on AIM that IMHO will not get mined if ever for 100 years plus IMHO

Can you imagine working at 42.50 degrees centigrade apart from to fry an egg on let alone the cost of drilling a shaft or two spiral ingress egress declines to 1,000 metres vertical depth?

All IMHO, NAG, DYOR etc

Have an enjoyable weekend

Cheers

Ash:)

[mr ashley james] 25/2/2006 12:23

Precious Metals


The precious metals include: ruthenium, rhodium, palladium, silver, osmium, iridium, gold, and platinum. Their precious nature derives from the fact they are very scarce and unique among commodities in the manner in which they are judged as a measure of wealth. The markets for these metals are exceedingly complex and distorted from normal supply and demand laws by several interrelated factors. These include:

1) Gold has a direct link with the monetary system, and most precious metal dealers are inclined to believe in a close connection between the gold price and the prices of other precious metals. This is justified to some extent by their common characteristics of scarcity, uses, easy storage, similar origin (in most cases), and historical association.

2) Most precious metals are by-products or co-products of the manufacture of other, less rare metals. Thus, supply and demand rules for the different elements may not coincide and may make production of a particular precious metal uneconomical during those time when the less rare metal is in over-supply, temporarily or permanently.

3) Industrial uses for precious metals involve some 86% of manufactured products even though they have been mostly used as components in highly sophisticated areas of technology or expensive jewelry, where the value of the metal in the equipment or system might be insignificant. A manufacturer is often forced to buy the metal at almost any price because of its unique and unsubstitutable properties. Furthermore, when continuity of supply and quality are important to the industrial consumers of such precious metals, the consumers often pay higher prices than the free market price.

4) The Soviet Union and South Africa account for the production of more than half of the world's precious metals (an exception is silver), implying governmental politics play a much greater role in precious metal markets than in other commodities.

5) All the precious metals are used in the manufacture of jewelry, the demand for which is very much dependent upon the vagaries of fashion and taste.

6) Precious metals, historically, have demonstrated an ability to retain their value even in periods of extreme economic dislocation. Many investors use precious metals as an investment hedge during times of economic uncertainty.

7) Precious metals are now being actively and aggressively researched for their potential medical benefits. Laurence Gardner [1] has provided considerably evidence in this regard by showing that these metals in their Monoatomic Elements, ORME, state are capable of amazing and astounding actions.

Precious metals have important physical characteristics which make them indispensable to modern industry. For example: one cubic centimeter of palladium is capable of absorbing 900cc of hydrogen; silver has the highest electrical conductivity of any metal; gold is the most ductile metal and one gram of it can be drawn into a wire 2,300 meters long; iridium is the most corrosion resistant of all elements; osmium is the heaviest metal; and the platinum group, in general, contains the hardest metals.

The supply and demand laws in the gold market is highly dependent upon gold's role as a medium of exchange. Decorative uses (jewelry and art objects) account for about sixty percent of demand, owing partly to gold's unique physical properties and partly to its interchangeability with money. To facilitate the mechanical processes of turning gold into robust articles, it is almost invariably alloyed with other less expensive metals, such as copper, zinc, silver and nickel. Important commercial uses include wiring in electronics, semi-conductors in tiny computer chips (when combined with silicon and/or other metals) and printed circuits. Dental work accounts for significant gold consumption, while several other minor uses in the chemical industry and medicine account for smaller amounts. In one typical year gold consumption and its use was apportioned in the following manner: Jewelry 62.5%, electronics 5%, Dentistry 5%, other industrial 5%, coins (official, medals, medallions, etceteras) 15%, and increase in investments/holdings 7.5%.

The primary use of silver (approximately 20%) is in jewelry, silver plate, cutlery and art objects -- often alloyed with copper (sterling silver contains about 7.5% copper). Coins accounts for about 3%. Silver is much more sought than gold, however, in industrial usage. Photographic materials accounts for some 36% of usage, while silver's ability to conduct both heat and electricity better than copper makes it widely used in computers, switchgear, thermostats, and other industrial uses -- about 41%. The latter includes use in solders, brazing alloys, catalyst, batteries and pharmaceutical products.

In addition to its use in jewelry, platinum has many applications as a catalyst, either in its pure form or as an alloy with rhodium. This allows a large range of chemical reactions such as that of reforming petroleum, producing nitric acid, producing pharmaceutical products, and for removing hydrogen and chlorine (particularly in organic chemical synthesis). Platinum is also used in electronics, while its incorruptibility makes it ideal for crucibles (along with Rhodium and Iridium additions) and retorts used in handling high corrosive chemicals or where resistance to high temperatures is required. The latter makes it also valuable for use in machines which run at high temperatures.

Of an approximate one million troy ounces of platinum used annually, slightly over half is used by the automotive industry. Other users are the chemical (12%), petroleum (7%), glass (5%), electrical (9%), dental/medical (4%), Jewelry (3%), and miscellaneous (8%). The use by the automobile industry is primarily for catalytic converters (virtually required by law to reduce levels of toxic fumes emitted by automobiles).

Almost totally corrosion-free, palladium is used in alloy form with other precious metals in electronics (such as electrical contacts, particularly in telephone systems) and as resistance windings, especially where high precision is required. It is also used as in electrothermal fuses - particularly in electric furnaces - as well as thermocouples and as a catalyst for the production of such things as ethylene, vitamins A and E, brazing, welding (particularly jewelry), and other uses. Palladium differs from platinum in that the normal forces of industrial supply and demand are much more important, but nevertheless production of palladium is only about 80% that of the level of platinum. Palladium is often found with nickel, and this affects its supply.

With an extremely high resistance to corrosion, rhodium is used to plate steel and brass in order to prevent corrosion from sea water and other elements. Such coatings must be extremely thin and used only when the cost is justified (rhodium sells for about five to six times that of palladium). As an alloy with platinum (containing about 1% rhodium), it is used in thermocouples, electrical equipment and man-made fibre production. It's used as a catalyst in producing nitric acid from ammonia, along with several other catalytic uses. Rhodium has a very high optical reflectivity, which is particularly useful since it is almost untarnishable. Use as thin layers on optical equipment is advantageous and widespread.

A hard, brittle metal which is difficult to work mechanically, iridium is usually alloyed with platinum (with iridium being less than 20%). The alloy is then used in robust electrical contacts, precision resistance winding, and in jewelry, especially for setting diamonds. Alloys of iridium with osmium (osmiridium) and ruthenium are used extensively for making the tips of fountain pen nibs and other products of powder metallurgy. Iridium can be used in sensitive equipment where contact with mercury is necessary, as the metal is not 'wetted' by the liquid metal. The most corrosion-resistant of all elements, iridium is also used to make crucibles and high temperature lab equipment. Iridium sells for about 40% of the value of rhodium (making it about four time more expensive than gold).

Unlike most of the other precious metals, osmium oxidizes quite easily in air, and can give off poisonous fumes. Osmium is extremely hard and heavy, and has been useful in some applications. None of these uses, however, are exceptionally important. Nevertheless, it sells for about the same price as palladium.

Ruthenium is primarily used as an alloy with platinum in jewelry and electrical contacts. It has limited catalytic use, and sells for about 1/4 or 1/5th the cost of palladium.

The precious metals are also becoming very prominent in two other major usage areas: In energy generating fuel cells, and the treatment of a large number of ailments in medicine. The latter has generated a great deal of interest as it has become evident that the precious elements are integral to health, and provide unique healing characteristics. The former is important in that the technology of fuel cells has progressed rapidly from a scientific or engineering viewpoint, but has been heavily constrained by the expense of the precious metals essential to fuel cell operation.

[trade outta here] 25/2/2006 00:19

AJ yes great thread

Shame about the recent fall, it was in a classic breakout and then stalled it seems with gold. Still holding circa 50k exposure in spread bets and will build this position again. RIO recently did a deal with the Norlisk site in Russia as I understand it so I have a few RIO. JLP has done well and I sold out at 72p (maybe wrongly feedback welcome) and hold many RDG.

Good weekend all

[gsands] 23/2/2006 18:04

Ash, excellent thread. I like the rationale for the increase in Palladium very much. I will investigate further and probably build a mixed porfolio of miners.

Out of interest - how do these miners rate on valuations? Are they 'expensive' on multiples of earnings? Are they already pricing in a rise in Palladium? Or do they simply vary too much for comparison?

I am just trying to gauge how much of this possible upside is already priced in.

I note palladium has broken out of it's long term trading range of $180 to $250 per ounce. Looking at the chart a rise above $300 could indicate something is afoot and the 'smart' money is getting in.

[mr ashley james] 19/2/2006 17:03

Maximoney,

I think Goldstream Mining NL ASX:GDM worth a look as well.

Not keen on Lonmin Plc LSE:LMI Earn in nor sure how the ongoing bid by Goldfields of South Africa Limited JSE:GOGOF will effect this, but very much like the look of their PGM and Nickel Tanzanian Assets plus their 52.00% interest in Uranium Explorer Uranex NL ASX:UNX

Outside of Russsia ie Norilsk Nickel MSE:GMKN or Stillwater Mining Inc NTSE:SWC it is very difficult to find high grade Palladium/Platinum Assets.

This project is 4 to 1 Pd to Pt Ratio ie very unusual similar to Stillwater splits.

All IMHO, NAG, DYOR etc

Cheers

Ash:)

[maximoney1] 18/2/2006 19:52

Ash,
a great many thanks for the time taken to post your thoughts.
Appreciated.

Cheers
maxi.

[mr ashley james] 18/2/2006 19:28

Maximoney,

On a Definition of Grade and Management teams I would probably pick Platinum Australia Limited ASX:PLA AIM:PLAA rationale:-

Three PGM Deposits, one Palladium/Platinum play in Australia only one of it's kind going into production in JV with experienced mining team at Sally Malay Limited ASX:SMY (ref Bill Clough of Serabi Gold Plc LSE:SRB amongst others).

Panton is Reasonable grade, outcrops at surface and if you are a Palladium Bull as I am very exciting deposit IMHO.

Smokey Hills excellent grade Bushveld deposit, outcrops at surface,should be nice typical Open Pit plus Underground kind of Kroondal play.

Kalplats, now this could be very exciting Large Open Pit project 8 metres of 4.80g/t PGE plus 2m at 3.40g/t PGE average 3g/t over 22 metres, a real Company Maker.

I think personally Platinum Australia Limited is likely to be next Aquarius Platinum Plc ASX:AQP LSE:AQP in Three Years time.

As a Palladium punt, high risk but Stillwater Complex Chromite B grades look pretty impressive Beartooth Platinum Limited TSX:BTP looks a good punt but far higher risk, but we have now got an asset in RSA the Desert Charm stuff, deep ie 500 metres, but I think will contain circa 8.70m toz PGE (10 line km x 870,000 toz per km).

I think the biggest upside will be your 10c to 50c plays, I also like the look of Goldstream Mining NL ASX:GDM but have not met management yet.

On balance Political Risk Wise you want USA/RSA and Australia/RSA type plays for ideal Political and Palladium versus Platinum Hedge IMO.

As an extreme PGM Bull obviously I tend to buy more or less all of them, but my favourites are probably those.

All IMHO, NAG, DYOR etc

Cheers

Ash:)

[maximoney1] 18/2/2006 19:13

Ash, i realise from reading a great many of your threads, that you dont suffer fools gladly. However, here goes: You have provided research and analysis on a simply overwhelming number of fantastic platinum/palladium plays. If you had to be restricted to just two, which you would expect to perform best in a three year portfolio, what would you select and more importantly, why would you make these choices over the many others you have highlighted.

Regards

maxi ;0)

[mr ashley james] 17/2/2006 20:55

Yikyak,

Very Bullish move on Palladium IMO

Cheers

Ash:)

[mr ashley james] 16/2/2006 18:03

Hector P,

Hammer Formations on Both Platinum and Palladium (I still do not understand why they are moving in Tandem)

If confirmed by Blue(White)Marubuzu we could well experience a recovery here IMO.




All IMHO, NAG, DYOR etc

Cheers

Ash:)

[mr ashley james] 12/2/2006 13:41

US to stop DNSC pgm sales - 13th July 2005

Read more about the platinum group metals markets in Johnson Matthey's bi-annual reviews click here.
The US Defence National Stockpile Centre (DNSC) says it will stop all sales of platinum and palladium while it seeks to build up its pgm holdings.

The centre says it has ceased all further sales of the precious metals until the end of the financial year, which finishes at the end of September.

A spokesman told Platts that stockpiles were running low, with supplies of palladium at virtually zero.

"All of the palladium is gone; there is nothing left," he commented.

There is around 8,380 oz of platinum held in other government agencies, and also 16,000 oz of iridium with the DNSC.

Back in 1999 the DNSC had 1,099,428 oz of palladium, before its sales programme began.



© 1998-2005 DeHavilland Information Services plc.

[mr ashley james] 12/2/2006 13:37

McAllister: Palladium inventories are dwindling
By: Dorothy Kosich
Posted: '09-AUG-05 03:00' GMT © Mineweb 1997-2004



RENO--(Mineweb.com) As Stillwater Mining continues to develop the necessary infrastructure and skills to use comprehensively selective and slusher mining methods at its Montana operations, President and CEO Frank McAllister noted Monday that palladium inventories are dwindling.

Meanwhile, the company reported a net loss of $1.8 million or 2-cents per share for the first six months of this year, down from the net income of $24.4 million or 30-cents per share reported for the first six months of 2004. The 2005 decrease in net income was attributed to a $10.8 million increase in depreciation and amortization expense, and by the $6 million cumulative benefit of a change in accounting method recorded in 2004. Earnings were also impacted by lower metals price and higher costs for raw materials in 2005.

In a conference call with precious metals analysts Monday, McAllister explained that the U.S. Defense Department logistical palladium stockpile is being sold, while he believes that the automotive industry has depleted its stockpile. Stillwater will use up its own stockpile during the first quarter of 2006, he added. McAllister said he feels that the "one last wild card" remaining is the palladium stockpile of the Russian Government. He believes the Russians have been cautious with sales from their stockpile.

McAllister said Chinese jewelry manufacturers are using palladium to manufacture all types of jewelry. He speculated that the Chinese palladium supply is being handled by Hong Kong brokers who purchase palladium from South African and Russian miners.

Stillwater has been approached by one automotive manufacturer which intends to increase its palladium consumption by 24% in 2006 and by as much as 56% in 2008, according to McAllister. He added that U.S. Clean Air Act requirements are increasing the demand for palladium in new cars. Although China is manufacturing cars mainly for domestic use, McAllister believes the Chinese automotive manufacturers will eventually try to compete in the U.S. and European markets, which, in turn, will mandate that Chinese automobiles use more palladium.

Meanwhile, Stillwater hopes eventually to increase recycling of the platinum and palladium in catalytic converters. The company currently recycles 120,000 ounces annually. McAllister believes that as automobiles manufactured in the 1990s eventually are taken off the road and recycled by steel markers and others, the increased amounts of palladium and platinum used in cars during those years will boost Stillwater recycling to as much as 200,000 ounces annually.

As Stillwater spends most of this year transforming its mining methods and infrastructure to support selective and slusher mining in an effort to increase productivity and reduce future costs, Stillwater Executive Vice President and COO Steve Lang said the company is managing to stay within its originally projected capex while moving ahead on primary development of footage and footwall advancement.

Lang is targeting 1,650 tpd of production at the East Boulder mine. However, he cautioned that the increased production can't be achieved until two 1,800-foot ventilation raises are completed and double ventilation capacity. Lang expects the first raise to be completed at the end of the fourth quarter of this year with the second raise scheduled for completion at the third of the third quarter of 2006.

Lang believes that selective methods will improve the economics and the ore grade at both Stillwater operations.

For the second quarter of this year, Stillwater reported a net loss of $600,000 or one-cent per share, down from a net income of $13,5 million or 15-cents per share for the second quarter of 2004. On July 7, 2005, members of the United Steelworkers' East Boulder unit signed a three-year contract effective until July 1, 2008. Lang estimated that labor comprises about 60% of East Boulder's costs.

During the second quarter of this year, the company produced 139,000 ounces of palladium and platinum down from the 148,000 ounces produced during the same quarter a year ago. Total consolidated cash costs per ounce increased 2% to $322 per ounce during the second quarter of 2005. The $58 per ounce increase is due to postponement of processing costs during the second quarter of 2004 as the result of smelter rebricking, as well as higher labor costs associated with a new union contract at the Stillwater mine, increased employee benefit and health care costs, and escalation of raw material costs.

During the first six months of 2005, the company produced 283,000 ounces of palladium and platinum, down from 295,000 ounces from the same period a year ago. The 4% overall production decrease was attributed to the allocation of certain production resources this year toward mine development. Total consolidated cash costs per ounce increased $44 or 16% in the first six month of this year to $318/oz.

Cash, cash equivalents and other cash liquidity increased by $32.1 million to a total of $141.3 million as of June 30, 2005. During the second quarter of this year the company made $7.3 million in principal payments against long-term debt.

[mr ashley james] 12/2/2006 12:46

Hector,

Pretty Savage Correction underway on Platinum and Palladium in US Dollar Terms.




For how much longer?

It strikes me Platinum might hit US$1025 in futures but Palladium appears bombed out.

All IMHO, NAG, DYOR etc

Cheers

Ash:)

[hectorp] 10/2/2006 09:38

Many thanks Ash useful new charts.
H.

[trade outta here] 06/2/2006 21:43

Thanks AJ

what's the ticker / symbol / acronym I can't get on as it asks for my password and I don't know what it is!! Sorry....

[mr ashley james] 04/2/2006 17:32

Updated PGM Thread here for 2006 if you want any thing added please ask and if any PGM Stocks left off please advise and will add to Development/Exploration list



Cheers

Ash:)

[trade outta here] 04/2/2006 15:45

H

Me too, still holding AQP and JLP and recently bought RDG and built a position until Wed last week in Pd ;~))) Interesting deal RIO havce just done in Russia which includes a number of PGM mines. I have small exposure to RIO at the moment but looking to increase my holding at some stage (can't decide when / if retracement is on the cards. Would have thought that this thread would be buzzing after Palladium's performance last week......

[hectorp] 27/1/2006 18:02

well, my foray into PGM's since November has proved very successful.
I've closed some long positions for excellent returns while holding onto AQP and RDG as established and early stage plays.
H.