The shock profit warning from QBE Insurance sent its shares crashing 22% down to $12, which dragged the S&P ASX200 down 0.8% to a eight week low of 5,144.4 points. The Shanghai Stock Exchange Composite Index slipped 0.07% to 2,235.64 points while in pre-open markets the Dow-mini is up 27 points to 16,040.
Funds raised from the non-renounceable entitlement issue will be used for pre-development and development costs for the Shambesai Gold Project in the Kyrgyz Republic including detailed plant design, commencement of site works and project finance costs. Total LOM (C3) after capital and tax estimated to be US$676/ounce.
Shares in the company should trade higher today after the first hole at its Bundaberg Coking Coal Project intersected three separate coal seams totalling 2.4 metres that appear similar to the seams intersected by the International Coal/Hancock Prospecting joint venture in the adjacent permit.
KGL has intersected a new zone of massive and semi-massive sulphide containing visible copper, lead and zinc mineralisation at Jervois. The latest hit is just 90 metres north along strike and 50 metres down dip from KJCD048 - which delivered a copper equivalent of 18 metres at 11.3% copper. Assays for KJCD048 show up to 35.10% lead.
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.
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.