• Rear Window

Does Regal Funds like Hill End Gold or not?

Regal Funds sold out of Hill End Gold as one of its portfolio managers retweeted a bullish writeup.

• Updated Aug 16, 2018
• Myriam Robin

• Business Summit

How the rich invest: Tolga Kumova

Tolga Kumova has a simple rationale for some of his investments: check the news.

• Updated Mar 7, 2018
• John Stensholt

• Incitec Pivot

Graphite miner Syrah hits speed bump over Louisiana battery plant

Heavily shorted miner Syrah's plan to build a graphite beneficiation plant in the US has hit a snag.

• Updated Jan 10, 2018
• Peter Ker

• Rare earths

How the Rich Invest: Alex Waislitz and Tolga Kumova are 2017's top stock-pickers

Some of the biggest names on the Financial Review Rich List picked the biggest investment trends in 2017 early on, and have reaped the rewards.

• Updated Dec 20, 2017
• John Stensholt

• Street Talk

Struck out for lack of rich finds

They are in the market to strike it rich but as of yesterday, five small caps had only managed the strike part of the equation.

• Nov 23, 2011
• Sarah Thompson, Christine Lacy and Stephen Shore

• Gold

Bureaucratic brush-off hurts exploration in NSW

Uncertainty, and the practice of sending mining hopefuls to an understaffed office in regional NSW, can turn off potential investors in companies looking for minerals other than coal.

• Updated Mar 17, 2011
• Jamie Freed

DoloMatrix surges on takeover bid

DoloMatrix (DMX) Shares in the hazardous waste disposal group surged more than 40 per cent after directors recommended that shareholders reject Transpacific's $58 million, 30¢-a-share-and-stock bid, launched on Wednesday. A decline of more than two-thirds in DoloMatrix's share price in the past year has made it vulnerable to the advances of the highly acquisitive Transpacific Group, which has long held ambitions to secure the remaining 77 per cent of the waste-management services provider it doesn't already own. But DoloMatrix directors on Thursday insisted that shareholders should hold out for a better deal, which is still conditional on Transpacific gaining a 90 per cent interest. Shares in DoloMatrix - whose main rivals in the hazardous waste disposal business include other minnows Tox Free Solutions and Stericorp - have been in terminal decline for the better part of 18 months, falling from 87¢ this time last year to the current 28.5¢ level. With the equity component of Transpacific's offer yet to be determined, the year-long 50-per cent-plus downward spiral in Transpacific's share price also becomes relevant. Lion Selection (LST) Resources investment house Lion Selection Group jumped more than 14 per cent after the company rejected Wednesday's hostile takeover offer from copper and gold junior Indophil Resources. Indophil Resources made a two-tiered all-scrip bid for the investment group, valuing Lion between $315 million and $340 million. But Lion directors told shareholders on Thursday to take no action on the bid, saying the group's existing investment strategy of taking stakes in small-to-mid-tier miners offered shareholders superior wealth-creation opportunities. Lion already owns 25.8 per cent of Indophil, which has a 32.5 per cent stake in Xstrata's Tampakan copper and gold project in the Philippines. Lion shares rose 12¢ to $1.47 on Thursday, earlier touching $1.54, snapping a long losing streak that has seen it shed roughly one quarter of its value since early December. The stock was the top performer on the SP/ASX Small Resource Index. Hill End Gold (HEG) In a messy day for gold stocks, Hill End managed to avert the rout thanks to a timely crank-up in production at its Reward gold mine in central-Western NSW. The company said its new recovery plant at the Reward deposit had begun processing concentrate from stockpiles of high-grade material from the mine. Shares rose 1.5 per cent from 34¢ to 34.5¢ - a stoic performance against steep losses of up to 15 per cent in rivals such as Resolute Mining and Lynas Corp, hit hard by gold's dramatic plunge overnight. The metal took a huge dive from $US1000 an ounce to sub-$US950 an ounce in New York, snapping a six-day winning streak in dramatic fashion and marking prices down a massive $US58.50, or 5.8 per cent, to $US944.70 per ounce. It was the largest single-day percentage drop for an active futures contract since June 2006. Meanwhile, Lihir Gold's tilt for Equigold should ensure the MA spotlight remains focused on small-to-mid-level miners like Hill End and others boasting production ounces.

• Mar 20, 2008
• Emily Parkinson

• Metallica Minerals

Miners' mating game picks up pace

Consolidation of Australia's resources industry is gathering speed with the proposed $1 billion merger of gold producers Lihir Gold and Equigold and the likely marriage of zinc miners Perilya and CBH Resources after both companies entered a trading halt. The latest hook-ups follow on the heels of the Zinifex-Oxiana tie-up, not to mention BHP Billiton's aggressive bid for rival mining giant Rio Tinto, announced late last year. Sky-high commodity prices, which are filling the coffers of mining companies, have triggered a wave of consolidation in Australia as producers expand production to meet growing demand from economic powerhouses China and India. Lihir Gold (LGL) Lihir and Equigold have agreed to join forces to create a gold miner with key assets in Australia, Papua New Guinea and West Africa. The combined outfit will have market capitalisation of about $9 billion and annual production of about 1.2 million ounces a year from 2009. The deal, to be undertaken via a scheme of arrangement, will deliver Equigold shareholders 33 Lihir shares for every 25 Equigold shares owned. Based on Lihir's closing price on Wednesday, the takeover offer values Equigold at about $5.33, a 24 per cent premium to its closing price on Wednesday of $4.30. Directors of both companies have thrown their weight behind the deal, which will combine Lihir's operations in PNG and Ballarat with Equigold's Mt Rawdon operation in Queensland and the Bonikro project in Ivory Coast. Total reserves will stand at about 25 million ounces. "This new company will hold a portfolio of long life, high-quality assets in diverse geographic locations, effectively eliminating single mine asset risk and leading to improved valuations for the combined group," said Lihir chief executive Arthur Hood. Under the proposed deal, Equigold managing director Mark Clark and executive director Morgan Hart will join the Lihir executive team, reporting to Mr Hood. Equigold chairman and founder, Nick Giorgetta, is expected to maintain an ongoing role in the larger company. Mr Giorgetta has granted Lihir a call option, which enables it acquire Equigold shares held by a related entity, Rollason, which represents a 9.17 per cent stake, at the same price as any competing offer, during a stipulated time period. Equigold and Lihir have agreed to an $11.3 million break fee. Lihir shares fell 44¢ to $3.60 on Thursday, while Equigold was up 33¢ at $4.63. Perilya (PEM) Zinc miners Perilya and CBH Resources are in trading halts as they work towards a merger over the Easter weekend. The prospective deal comes a few weeks after Perilya approached CBH with a view to unlocking at least $200 million in cost savings at its Broken Hill operations in NSW. In a brief statement released on Thursday, Perilya said: "These discussions have reached a stage where it believes a trading halt in Perilya shares is appropriate." An announcement is expected before the market opens on Wednesday. CBH owns the 10 million tonne Rasp deposit, which is on a lease between the north and south operations at Broken Hill, owned by Perilya. Metallica Minerals (MLM) BHP Billiton will purchase all of the nickel production from Metallica Minerals and its joint venture partner, Metals Finance Corp's, Lucky Break project for refining at the mining giant's Yabulu refinery in Queensland. Under a nickel product supply agreement, BHP Billiton will purchase between 1500 and 1800 tonnes a year of contained nickel for the life of the operation, based on an agreed percentage of LME price for the metal. Metallica Minerals said the arrangement enhanced the early development of the Lucky Break project, which is currently under construction. Commissioning is slated for late 2008. Lucky Break is about 140 kilometres from Yabulu. Metallica shares were up 5.5¢ at 49.5¢ Hill End Gold (HEG) Hill End Gold is close to pouring its first gold at the Reward mine at its namesake project in NSW. The Sydney-based company said the gold recovery plant had been fully commissioned, the gold-room facilities would be completed next week and the first gold pour would take place soon after. Hill End plans to trial mine and process ore through a gravity plant at the mine and move to a full-scale expansion in 2008-09. Hill End shares gained 0.5¢ to 34.5¢. Territory Resources (TTY) Michael Kiernan's Territory Resources continues to climb up the share register of takeover target, mineral sands hopeful Olympia Resources. Territory, which is offering 10¢ a share, has lifted its stake to 36.41 per cent, up from 34.35 per cent. The bid is final and closes on April 26. Olympia has advised shareholders to take no action. Territory shares lost 6¢ to 92¢, while Olympia shares were flat at 10¢.

• Mar 20, 2008
• Yvonne Ball

Gold minnows, the last bastion of value

Investors in small mining company Hill End Gold, which has a market capitalisation of $14 million, recently reaped the benefits of a strong gold price and some shrewd prospecting.

• May 10, 2006
• Richard Hemming