With release of strong U.S. economic data showing a reinvigorated economy and China holding off the dragons, could ASX resources company valuations be set to rise? Keep in mind that over the next two decades over 250 million Chinese will move into cities – roughly the equivalent of two Japans according to United Nations forecasts.
U.S. stocks rallied sharply on Friday, breaking five straight sessions of losses, as a strong November jobs report and an upbeat consumer sentiment index overpowered Fed tapering fears. Gold eased. The ASX SPI is up 25 points to 5209.
Ongoing uncertainty has sent the S&P ASX200 down 2.52% for the week after it slipped 0.2% to 5,186 points today. The Shanghai Stock Exchange Composite Index shed 0.49% to 2,236.12 points while in pre-open markets the Dow-mini is up 35 points to 15,852.
Uranium demand looks set to rise as more countries - including China - flag expansion of their nuclear power generation which is timely as Peninsula's Lance projects look to move to production in the U.S. in late 2014. Key climate change scientists have also weighed in favour of using nuclear power to stall further climate change.
With funds in place to progress its resource definition drilling, modelling and Scoping Study, Triton Minerals will be able to unlock the graphite prospectivity of the Balama North Project, including its potential to host multiple high grade large flake graphite deposits.
The rebalance of the ASX S&P Dow Jones Indices is in for the December quarter, which saw no changes to the blue chip groups as per usual. The biggest changes were in the 200 company indices. Changes will take effect from the close of trade on the 20th December 2013.
Syrah's infill drilling results today have confirmed further very wide zones of high grade graphite and vanadium mineralisation at Balama East, starting near surface. More results are pending, along with assays from Mualia, which will be followed by a resource upgrade.
Metallurgical flowsheets for both the mineral concentrator and the refinery for the company’s Kvanefjeld multi-element project in Greenland have been finalised and it is now focused on reducing the risk of the refinery flowsheet with continuous pilot plant testwork.
KGL Resources' (ASX: KGL) yesterday delivered some impressive massive sulphides from the Jervois project in the Northern Territory, and received a 'Drill hole of the Day' note from UBS Securities and distributed by Bell Potter.
Phoenix Gold's aggressive drilling program in the WA Goldfields continues to pay dividends, with the latest results demonstrating the depth potential below current resource. Gold mineralisation has now been extended 200 metres below the previous drilling - with grades increasing at depth. The Castle Hill Stage 1 open cut reserve study is due on the next month.
Base will now ramp up processing rates at its Kwale mineral sands project in Kenya to build inventories of rutile and Ilmenite ahead of bulk shipments in January 2014. Construction of the zircon circuit is in its final stages with commissioning expected during January.
KGL Resources has further built a case for a significant resource upgrade at Jervois, after intersecting the Copper Equivalent of 18 metres at 10.3% copper in resource extension drilling. Drilling is ongoing at depth and along strike. Shares in KGL Resources are expected to open firmer following the results.