MINING CAPITAL MARKETS AND PUBLIC MINING COMPANIES Quarter Three 2015
Index Section 1
Overview..................................................................................................................................... 3
Section 2
Mining Capital Markets ............................................................................................................... 5 Top 40 Mining Companies by Market Value ............................................................................... 16
Section 3
Pubic Mining Companies by Region...................................................................................... …..19 TSX & TSXV Public Mining Companies ........................................................................................ 20 ASX Public Mining Companies .................................................................................................... 26 LSE & AIM Public Mining Companies .......................................................................................... 32 NYSE & NASDAQ Public Mining Companies ................................................................................ 38 HKSE Public Mining Companies .................................................................................................. 42 JSE Public Mining Companies ..................................................................................................... 45 SHH Public Mining Companies.................................................................................................... 48
Section 4
Public Mining Companies by Commodity .................................................................................. 51 Top 20 Diversified Mining Companies ........................................................................................ 52 Top 20 Gold Companies ............................................................................................................. 53 Top 20 Metals Companies .......................................................................................................... 54 Top 20 Copper Companies ......................................................................................................... 55 Top 20 Coal Companies.............................................................................................................. 56 Top 20 Silver Companies ............................................................................................................ 57 Top 20 Diamond Companies ...................................................................................................... 58 Top 20 Potash/Phosphate Companies ........................................................................................ 59 Top 20 Specialist Companies ..................................................................................................... 60 (Rare Earth, Iron Ore, Uranium, Royalty & Streaming, etc.)
Section 5
Public Mining Companies by Value ........................................................................................... 61 Over $20 billion ......................................................................................................................... 62 Over $5 billion ........................................................................................................................... 63 Over $1 billion ........................................................................................................................... 65 Over $500 million ...................................................................................................................... 68 Over $100 million ...................................................................................................................... 70
Section 6
Historical and Forecast Commodity Prices ................................................................................ 75
Section 7
Metal Prices/Production in Values ............................................................................................ 91 Notes/Sources of Information ................................................................................................... 95
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Section 1: Overview
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Mining Capital Markets Overview – Third Quarter 2015 A Tough Third Quarter, the Top 40 Public Mining Companies lost 29.5% of their value in the third quarter whilst the average loss for commodities covered was 10.26%. Commodity Prices Down ·
Commodities prices declined further during the third quarter fuelled by news of a slowdown in Chinese economic growth. Of the 12 metals and energy commodities covered, all posted a loss in Q3 2015 in comparison to the end of Q2 2015. The average loss was 10.26%, ranging from 4.28% for gold to 18.88% for oil.
·
During the nine months to 30th September commodities have declined by an average of 16.5%, with gold declining the least at 4.68% and Nickel declining the most at 33.64%.
·
Precious metals were down an average of 11.23% for the nine months to 30th September 2015, with metals down an average of 21.53% for the same period.
·
The World Bank is projecting an overall loss of 19% for metals for 2015 and 8% for precious metals for 2015 it, hopefully, indicates that the market was at a bottom at the end of the third quarter.
·
In addition the World Bank is projecting steady increase for all commodities (except gold) from their current levels between now and 2025.
Mining and General Indexes Down ·
Lower commodity prices, the all share market indexes down, as well as negative mining sector sentiment contributed to further decline of the mining sector indexes in the third quarter.
·
The five major mining indexes covered lost 26.47% of their value during Q3 2015 and are 67.31% of off their all-time high.
·
A reflection of the decline in value from the market high is that SNL Metals and Mining calculated that at the end of September the value of public mining companies was 61% off of its high point achieved in April 2011.
·
The sixteen specialist mining indexes covered lost 21.06% during the third quarter of 2015 and are 66.18% of off their all-time high.
·
An example of the dramatic decline in value is that mining companies listed on the TSX-V were worth $37 billion at the end of June 2011 and at the end of June 2015 mining companies listed on the TSX-V were worth just $4.8 billion.
·
The seven major all share indexes covered lost 13.14% during the third quarter of 2015 driven mainly by declines in the Chinese market with the Shanghai index down 28.63% for the quarter.
·
Although the Shanghai index was down 28.63% for the quarter and 41.2% from its all-time high in June 2015, it was still up 42.6% from 30th September 2014 to 30th September 2015. DWF Capital Limited | Public Mining Companies Report
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Key Factors indicate that the end of Q3 should be the “bottom of the cycle” ·
The third quarter has seen commodity prices decline by 10.26%, mining indexes decline by 23.76% and general all share indexes decline by 13.14%, many analysts now believe that this is the bottom of the market and one major bank recently stated that they expect commodity prices to recover by 19% in the next year from their current lows.
·
The prices of mining companies have already rebounded slightly in October (BHP Billiton up 5% in September) and with demand for commodities projected to increase in the near term as well as the long term the end of the third quarter should hopefully prove to be the bottom for the mining markets.
·
Global GDP growth and Industrial production growth are key for commodity prices, global GDP growth is forecast to be 2.5% in 2015 down from 2.8% in 2014, with an increase to 2.9% forecast for 2016. Industrial production growth is projected to be 1.8% for 2015 as compared to 3.2% in 2014, but is forecast to increase to 2.9% in 2016.
·
With global GDP forecast to increase by 16% next year and industrial production forecast to increase by 60% next year demand for commodities will also increase.
·
China and emerging markets are key to commodity demand and investor sentiment. After the end of the third quarter China made an announcement that revealed highlights of their new five year plan, which will be released early next year that is seen as being extremely positive for mining.
·
It was announced that the new five year plan would target medium-high economic growth and also re-iterated the target of doubling 2010 GDP by 2020. To reach this target China will have to achieve an annual growth rate of 6.5% per annum between now and 2020, which will have a positive effect on demand.
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Section 2: Mining Capital Markets 30th September 2015
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Public Mining Companies by Number – 2,494 There is a need for consolidation in the mining sector as there are an estimated 1,723 public mining companies with a value of less than $20 million (over 69% of all public mining companies). The table below reflects the fact that there are currently too many public mining companies on the seven main exchanges where mining companies list: of the 2,494 public mining companies, an estimated 1,723 have a market value of less than $20m, and 467 have a market value of less than $100m: only 119 have a market value of over $1 billion. The Canadian and the Australian exchanges are home to 83% of the 2,494 public mining companies, with TSX and TSX.V having the greatest number of listed mining companies at 1,358 and the ASX having 718 mining companies listed.
The 7 main markets where mining companies are listed TSX/ TSX.V
ASX
LSE/
NYSE/
AIM
NASDAQ
HKEx
JSE
SHH
OTHERS
TOTAL
Over $20 billion
0
1
2
3
1
1
1
2
11
Over $5 billion (and under $20bn)
6
2
6
12
5
0
5
7
43
Over $1 billion (and under $5bn)
16
5
5
21
3
7
3
5
65
Over $500 million (and under $1bn)
14
7
3
11
2
3
2
0
42
Over $100 million (and under $500m)
58
25
17
11
14
3
14
1
143
Over $20 million (and under $100m)
266
131
38
12
7
7
3
3
467
Under $20 million
998
547
86
15
23
33
7
14
1,723
1,358
718
157
85
55
54
35
32
2,494
TOTAL
Leading Mining Exchanges by Market Value The graph below lists the values of the leading mining exchanges as at 30th September 2015 as compared to 30th June 2015. The combined value of the 7 main mining markets covered declined by 29% from the 30th June 2015 to the 30th September 2015 ( $1,546 bn to $1,096 bn). 30th June 2015
30th September 2015
600 $476.2
500 400
$335.7
$320.3
300 $215.8
$197.4
$215.2
$172.3
200 $144.6
$140.3
$129.6
$111.3
100
$94.1 $54.2
$36.9
0
TSX &TSX-V
ASX
LSE & AIM
NYSE & NASDAQ
HKSE
JSE
SHH
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Public Mining Companies by Market Value
$540.3bn
The graph below breaks down public mining companies by market value. The public mining companies are broken down by market value as follows: over $20 billion, over $5 billion, over $1 billion, over $500 million, over $100 million, over $20 million and under $100 million, and under $20 million.
600
Q3
End of 2nd Quarter
$17.9bn
$17.9bn
$27.5bn
$27.5bn
$30.5bn
£29.3bn
$26.9bn
100
$29.5bn
200
$157.1bn
$144.4bn
300
$260.4bn
400
$382.1bn
$329.2bn
500
0
Over $20bn
Over $5bn
Over $1bn
Over $500m
Over $100m
Over $20m
Under $20m
Value of Top 20 Mining Companies by Commodity (US$bn) All categories declined in the third quarter, with diversified miners declining by just over 35% and potash miners declining by just over 22% Q3
End of 2nd Quarter
500 453.1
450 400 350 300
291.2
250 200 150 100 50
163.1
162.9 114.6
128.6
117.5 86.2
122.8 101.3
101.3 77.8 54 5.1
69.8
83 61.5
6.9
0
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Mining Indexes Continue to Decline Major Mining Indexes lose over 26% in the third quarter (67.31% off of all time high) The third quarter of 2015 saw the five major mining indexes covered lose 26.47% of their value, after losing 18.63% during 2014, as compared to an 8.56% third quarter loss by the five major all-share indexes covered, after a 4.27% gain during 2014. The five major mining indexes were over 67% off of their all-time high, whereas the five major all-share indexes covered were 16.46% off of their all-time high. Of the five major mining indexes, the FTSE/JSE General Mining Index was down the least from its all-time high at 54.28%. The major mining index that was down the most was the S&P Metals and Mining Index which was off by over 78% from its all-time high. S&P/ASX 300 Metals & Mining 6,000 5,000 4,000 3,000 2,000 1,000 0
S&P/ASX 100 5,000 4,000 3,000 2,000 1,000 0
Specialist Mining Indexes lose over 21% in the third quarter (66.18% off of all time high) The 16 specialist indexes covered saw a decline of 21.06% during the third quarter, after losing 12.92% during 2014. The 16 specialist mining indexes were 66.18% down from their all-time high, whereas the five major all-share indexes covered were 16.46% down from their all-time high. Of the 16 specialist indexes covered, the FTSE Small Mining Index ended Q3 2015 over 98% from its alltime high. The TSX Venture Composite Index was off by over 84% from its all-time high, and the ASX Small Resources Index was off by over 83% from its all-time high. The ASX All Ordinaries Gold Index was down by over 70% from its all-time high, and the FTSE Gold Mining Index was down almost 80% from its all-time high. TSX Venture Composite 2,000 1,500 1,000 500 0
S&P/TSX Global Gold Index 400 300 200 100 0
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Mining Indexes - Current Prices (as at 30th September 2015) Major Mining Indexes The five major mining indexes listed below lost 26.47% during the third quarter of 2015. This follows a loss of 1.81% during the first quarter of 2015 after losing 18.63% during 2014. Country
Exchange
Australia Canada UK South Africa USA AVERAGE
ASX TSX LSE JSE NYSE
S&P/ASX S&P/TSX FT FTSE/JSE S&P
Index
Index Symbol: Exchange
Currency
30/09/2015
300 Metals & Mining Index Global Mining Index FTSE 350 Mining Index General Mining Index S&P Metals & Mining Index
XMM:ASX TXGM:TOR FTNMX1770:FSI XX:METL:JNB SPSIMM:PSE
AUD CAD GBP ZAR USD
2,124.87 46.65 8,321.49 5,575.50 819.81
30/06/2015 %age difference All Time High % Difference 2,566.50 60.13 12,614.27 7,350.02 1,252.30
-17.21 -22.42 -34.03 -24.14 -34.54 -26.47
6,153.40 135.53 30,745.80 12,193.60 3,774.92
-65.47 -65.58 -72.93 -54.28 -78.28 -67.31
Specialist Mining Indexes The sixteen specialist mining indexes listed below lost 21.06% during the third quarter of 2015. This follows a loss of 3.29% during the first quarter of 2015 after losing 12.92% during 2014. Country
Exchange
Australia Australia Australia Australia Australia Australia Australia Australia Canada Canada Canada Canada Canada Canada UK UK AVERAGE
ASX ASX ASX ASX ASX ASX ASX ASX TSX TSX TSX TSX TSX TSX LSE LSE
S&P/ASX S&P/ASX S&P/ASX S&P/ASX S&P/ASX S&P/ASX S&P/ASX S&P/ASX S&P/TSX S&P/TSX S&P/TSX S&P/TSX S&P/TSX S&P/TSX FT FT
Index
Index Symbol: Exchange
Currency
30/09/2015
200 Energy Index All Ordinaries Gold Index 300 Energy Index MidCap 50 Resources Index Small Resources Index 100 Resources Index 200 Resources Index 300 Resources Index Capped Diver Metals & Mining Index Capped Energy Index ETF Global Gold Index Global Base Metals Index Renewable Energy & Cleantech Index Venture Composite Index FTSE Gold Mining Index FTSE Small Mining Index
XEJ:ASX XGD:ASX XEK:ASX AS34 XSR:ASX XTR:ASX XJR:ASX XKR:ASX TTMN:TOR XEG:TOR TTGD:TOR TXBM:TOR TXCT:TOR JX:CVE FTGM FTSMX1770:FSI
AUD AUD AUD AUD AUD AUD AUD AUD CAD CAD CAD CAD CAD CAD USD GBP
8,041.83 2,484.35 8,177.04 4,637.92 1,194.57 3,829.65 2,598.76 2,581.05 344.71 10.44 124.16 71.42 101.19 525.90 842.36 335.62
30/06/2015 %age difference All Time High % Difference 10,945.70 2,489.20 11,120.79 4,831.53 1,626.49 4,660.58 3,254.29 3,232.02 671.64 13.02 150.77 101.61 112.67 671.49 1,110.72 437.40
-26.53 -0.19 -26.47 -4.01 -26.56 -17.83 -20.14 -20.14 -48.68 -19.82 -17.65 -29.71 -10.19 -21.68 -24.16 -23.27 -21.06
19,883.60 8,349.80 20,962.04 6,903.27 7,184.70 9,696.10 7,145.16 7,202.94 1,483.15 28.88 455.38 222.95 126.38 3,361.41 4,185.59 18,476.29
-59.56 -70.25 -60.99 -32.82 -83.37 -60.50 -63.63 -64.17 -76.76 -63.85 -72.73 -67.97 -19.93 -84.35 -79.87 -98.18 -66.18
Comparison All-Share Indexes The seven all share indexes listed below lost an average 13.14% during the third quarter of 2015. This figure followed an increase of an average of 0.62% in the second quarter of 2015. Country
Exchange
Australia Canada South Africa UK USA China Hong Kong AVERAGE
ASX TSX JSE LSE NYSE SHH HKG
Index S&P/ASX S&P/TSX JSE/FTSE FT DJ
ASX 100 Index TSX Composite Index JSE FTSE All Share Index FTSE 100 Index Dow Jones Industrial Average Shanghai SE Composite Index Hang Seng
Index Symbol: Exchange XTO:ASX TSEA:TOR JALSH:JNB FTSE:FSI DJI:DJI SHCOMP:IND HSI:HKG
Currency
30/09/2015
AUD CAD ZAR GBP USD CNY HKD
4,096.96 13,075.01 49,381.28 5,926.00 16,071.58 3,052.78 20,846.30
30/06/2015 %age difference 4,554.67 14,553.33 51,806.95 6,520.98 17,619.51 4,277.22 26,250.03
-10.05 -10.16 -4.68 -9.12 -8.79 -28.63 -20.59 -13.14
31/03/2015 All Time High Date of ATH % Difference 4,924.44 14,902.44 52,181.95 6,773.04 17,776.12 3,747.90 24,900.89
5,510.90 15,685.13 55,355.12 7,122.74 18,351.36 5,166.35 31,958.41
15/10/2007 01/09/2014 24/04/2015 01/04/2015 19/05/2015 12/06/2015 29/10/2007
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-25.66 -16.64 -10.79 -16.80 -12.42 -40.91 -34.77 -22.57
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Commodity Prices Continued to Decline in Value The first half of 2015 saw metals and energy prices continue to decline further in value after a double digit decline in prices during 2014. Gold Price
Iron Ore Price
Oil Price
Energy Prices Oil at $48.24 a barrel at the end of Q3 2015 fell by almost 19% in comparison to the end of Q2 2015 and over 67% off of its all-time high as at July 2008. The oil price had previously increased by 11.26% in the first half of 2015 after declining 45.93% during 2014. Gas at $2.60 per Btu fell by over 8% in comparison to the end of Q2 2015 and was almost 86% off of its all-time high as at February 2003. The gas price was previously down by 9.87% during the first half of the year after losing 27.15% during 2014. Australian Thermal Coal at $62.18 per tonne fell by a further 4.32% in Q3 and was almost 72% off of its all-time high as at July 2008. The thermal coal price was previously down by 2.86% during the half after losing 25.96% in 2014. Precious Metals Gold at $1,126.00 per ounce at the end of Q3 2015 fell by just over 4% in the quarter, and was 41.45% off of its all-time high as at April 2011. The price of gold previously fell by 0.43% in the first half of 2015, after losing 1.71% during 2014. Silver at $14.60 per ounce was similarly down by 6.53% in Q3 in comparison to Q2, and was over 70% off of its all-time high as at January 1980. The price of silver previously lost 0.45% in the first half of 2015, after losing 18.87% during 2014. Platinum at $925.20 per ounce by the end of quarter 3 was down by 14.40% in comparison to the end of quarter 2, and was almost 59% off of its all-time high as at March 2008. Platinum lost 10.22% in the first half of 2015, after losing 12.19% during 2014. Metals and Minerals Iron Ore at $55.38 a tonne at the end of Q3 2015 lost a further 8.05% in the third quarter of 2015, and was over 71% off of its all-time high as at February 2011. The price of iron ore had previously fallen by 17.64% in the first half of 2015, after declining 46.23% during 2014. Copper at $5,010 per tonne was down by over 13% in comparison to the end of the previous quarter, and was almost 51% off of its all-time high as at February 2011. In the first half of 2015 the copper price DWF Capital Limited | Public Mining Companies Report
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fell by 8.59%, after losing 14.74% during 2014.
Lead at $1,651.00 per tonne at the end of Q3 2015 fell by 5.20% in the quarter, and was almost 59% off of its alltime high as at October 2007. Lead was also down by 5.61% in the first half of the year after losing 16.14% during 2014. Zinc at $1,632.50 per tonne at the end of the third quarter was down by 18.82%, and was 64.53% off of its alltime high as at November 2006. In the first half of 2015 zinc was down by 7.90% after previously gaining 4.98% during 2014. Aluminium at $1,549 per tonne was down by 5.66% in comparison to the previous quarter, and 52.65% off of its all-time high as at July 2008. The price of aluminium had previously lost 9.85% during the first half of 2015 after gaining 4.68% during 2014.
Mining M&A In the first half of 2015, commodity price volatility and a sketchy global economic outlook continued to weigh on investors, made more nervous by rising debt, falling equity and further asset write-downs. Overall activity in 1H15 remained subdued, following similar levels of malaise in 2014. In terms of megadeals, BHP Billiton’s demerger in the second quarter 2015 accounted for just over 30% of 2015’s total year-to-date deal value. The demerger created two groups, a core portfolio of large, long-life, expandable assets and a second group, listed as South32 on 18th May 2015, holding its smaller scale, shorter life assets. Decline due to falling commodity prices and, furthermore, as miners exploit wasting assets, the only replacement Strategies for management to consider are either to build or buy. Deal values 30% lower than the same period in 2014, dropping to $12.7 billion (excluding the BHP Billiton demerger of South32), and deal volumes down 43% to 170. Almost 80% of the deals undertaken were valued at less than $50 million and comprised just 5% of the total deal value for the year so far. $9.8 billion was invested by the sector back into the sector. 31% of deal volumes were again undertaken by investors from outside of the mining and metals sector. Almost a third of deals undertaken targeted gold, with a total deal value of $3.2 billion invested into the commodity in 1H15; the largest was Rio Alto’s acquisition by Tahoe Resources. Iron ore was the target of only 2 deals in the first half of 2015, compared with 11 in the same period in 2014. Steel targeted deal volumes increased 36%, but the value of the deals dropped by 68% in 1H15 yo-y. Excluding the BHP Billiton demerger, coal targets comprised the highest value transactions in 1H15, with $3.2 billion of deals. About $2.8 billion of this, however, was made up of two megadeals – the acquisition of a significant portion of Foresight Energy by Murray Energy in the US, and the sale of Golden Energy to United Fiber Systems in Singapore. Activity in China has arguably been lower than expected: year-to-date acquisitions outside of China (outbound deals) are way below levels reached in 2012 and 2014, the latter lifted by the $7.01 billion acquisition of Las Bambas by MMG (China Minmetals is MMG’s major shareholder). At the same time there has been a shift towards internal deals (inbound activity). The shift from outbound to inbound deals partly reflects the government’s so called “integration strategy”. The main thrust is to consolidate smaller industry players to address environmental concerns, and illegal/unlicenced operations. On a net basis, year-to-date Chinese deal activity has actually underperformed the broader sector trends, registering a 70% drop from the previous year, with respective falls in outbound and inbound activity of 84% and 52%.
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2015 M&A Announced Target/Issuer date
Buyers/Investors
Deal Value (US$m)
Incl. net debt of target (US$m)
Commodity
Country (target)
Country (buyer)
8,719
12,678
Various
Australia
Australia
Aug-14
BHP Billiton Ltd. – non core assets
Oct-14
Wise Metals Intermediate Constellium
1,400
1,400
Aluminium
USA
Netherlands
Mar-15
RTI International Metals Alcoa
1,268
1,394
Titanium
USA
USA
Jul-15
Mineracoes Bras. Reunidas MBR
FIP Multisetorial Plus II
1,185
1,185
Iron ore
Brazil
Brazil
Hyundai Steel
1,148
1,795
Steel
South Korea
South Korea
Rio Alto Mining
Tahoe Resources Inc.
1,064
1,051
Gold
Canada
USA
Apr-15
Aguas de Antofagasta
EPM
964
964
Water
Chile
Colombia
Jun-15
AngloGold Ashanti, Cripple Creek
Newmont Mining
820
820
Gold
USA
USA
AuRico Gold
758
404
Gold
Canada
Canada
Hunan Nonferrous Metals
Hunan Nonferrous Metals
754
2,747
Zinc/lead
China
China
PanAust
Guangdong Rising HK
735
835
Copper
Australia
Hong Kong
Investor Group
734
734
Steel
China
China
Apr-15 Feb-15
Apr-15 Dec-14 Mar-15 Feb-15
Hyundai Hysco
Alamos Gold
Jiangsu Shagang
Shareholders
May-15
Barrick Gold Corp. – Cowal Mine
Evolution Mining
550
550
Gold
Australia
Australia
Oct-14
IAMGOLD Corp. – Niobec
Investor Group
530
530
Rare earth
Canada
Canada
Signature Group
525
525
Aluminium
USA
USA
Oct-14
Aleris Corp.
Volume and Value of Historic M&A deals (2004 - 2014)
Volume Value ($m)
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
596
564
701
903
919
1,047
1,123
1,008
941
703
544
26,350
65,430 175,713 210,848 126,884 60,035 113,706 162,439 104,014 124,748 44,636
Average Value ($m)
44
116
251
233
138
57
101
161
111
177
82
Median Value ($m)
3.1
4.8
6.2
7.2
6.0
3.2
5.2
5.6
5.0
4.6
3.2
Source: EY Mergers, acquisitions and capital raising in mining and metals – 2014 trends
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Historic Value of deals by target region ($m) Target Region
2008
2009
2010
2011
2012
2013*
2014
Y-o-Y change
North America
14,520
15,420
22,200
54,187
13,306
26,923
13,364
-50%
Latin America
16,924
12,139
23,957
22,084
13,872
2,792
11,911
327%
Asia-Pacific
29,611
20,505
38,955
38,297
41,055
25,365
8,520
-66%
Europe
26,432
4,608
6,613
3,564
10,424
3,863
5,820
51%
Africa
1,844
3,285
16,657
20,282
19,940
2,927
3,294
13%
CIS
3,553
3,836
3,718
23,894
5,418
17,939
1,687
-91%
-
-
1,605
131
-
7,500
39
-99%
126,884
60,035
113,706
162,439
104,014
87,309
44,636
-49%
Middle East TOTAL
* excluding Glencore Xstrata merger
Mining Capital Raising 2015 In the first half of 2015, a capital-constrained fund-raising environment persisted in the mining and metals sector, with the value of proceeds raised in 1H15 in line with 1H14. Circumstances are attributable to recurrent broader industry themes, including depressed commodity prices, investor perception of risk, and the attractiveness of other emerging growth industries. Capital raised by the industry in the first half of 2015 was down 2% y-o-y from the first half of 2014 to $138 billion from $142 billion. A marked increase in follow-on equity raisings, bond issuance and convertible bonds, in stark contrast to a persistently weak IPO market. There was almost a 100% increase in follow-on equity issues and a 50% increase in bond issues in 1H15 over 1H14, indicative of producers fund-raising to support continued operations. Capital raised by the mining and metals industry by asset class – proceeds $ millions (2010-1H15) 2010
2011
2012
2013
2014
1H14
1H15
y-o-y change
IPOs
17,948
17,449
1,388
815
1,541
1,168
335
-71%
Follow-ons
49,705
49,745
25,950
26,233
21,353
10,378
20,451
97%
Convertible bonds
5,477
2,365
3,537
7,738
3,709
505
644
28%
Bonds
72,502
83,804
112,539
87,890
52,380
34,567
52,624
52%
Loans
183,875
187,059
105,981
148,881
151,853
95,263
64,298
-33%
Total
329,507
340,422
249,394
271,557
230,835
141,881
138,352
-2%
Source: EY Mergers, acquisitions and capital raising in mining and metals – 1H 2015)
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Initial Public Offerings (IPOs) IPO volume and proceeds (2007-2014) for mining companies outlines the recent decline 25
300 250 200
15 150
Number
Proceeds $b
20
10 100 5
50
0
0 2007
2008
2009
2010 Series 2
2011
2012
2013
2014
Series 1
The mining and metals sector lagged a broader IPO recovery, as commodity price weakness put continued pressure on share prices and dampened risk appetite. There were a total of 6 IPOs in the sector in the first half of 2015 in comparison to 8 in the first half of 2014. $335 million proceeds raised, a 71% y-o-y decrease in the size of offerings. Two large offerings covered 52% of the total listings: TMAC Resources raised $109m in its IPO on the TSX, and Indonesian miner PT Merdeka Copper Gold undertook a $63m listing on the Indonesian Stock Exchange.
Follow-on equity 97% y-o-y increase in proceeds raised in 1H15 ($20.45bn vs. $10.4bn in 1H14). 49% share of the largest proceeds raised by 6 equity issuers relative to all follow-on equity raised.
Convertible bonds 28% year-on-year increase in proceeds raised in 1H15 ($644m vs. $505m in 1H14). $1.8m of average proceeds raised from 1H15 convertibles, vs. $9m in 1H14 (excluding the four largest deals, which made up a disproportionate amount of bond issues).
Bonds At $52.6 billion, bond proceeds increased by 52% in 1H15 in comparison to 1H14. The most substantial increase was from 4Q14 to 1Q15, at 82%. 40% of companies had the primary activity of coal mining.
Loans $64.3 billion of proceeds raised from syndicated bank lending in 1H15, a 33% decrease on the same period in 2014. Average syndicated loan value of $960 million. DWF Capital Limited | Public Mining Companies Report
15
Top 40 Mining Companies (By market value) The Top 40 Mining Companies Lost 29.5% of their value in the 3 months ending 30th September 2015 “BHP Billiton market capitalisation as at September 30th 2015 was $84 billion as compared to $280 billion at the peak of the cycle in 2011”
* 30th June 2015 mkt. cap valuation of US$119.231 billion includes US$7.46 billion value of South32 Ltd. (as spun-off from BHP Billiton in May 2015).
DWF Capital Limited | Public Mining Companies Report
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Top 40 Mining Companies (by market value) The top 40 public mining companies by market value had a combined market value of $589.62 billion as at 30.09.15 ($836.99 billion as at 30.06.15) and traded on an average PE of 25.77 (26.78 as at 31.03.15).
Company Name
Symbol
Price
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
1
BHP BILLITON LTD.
BHP
AUD 21.61
31.69/21.61
10.04
5,320.00
25.11
83,942.21
44,636
2
RIO TINTO PLC
RIO
2,196.00p
3280/2090.5
5.59
1,810.00
20.67
59,267.89
47,664
3
CHINA SHENHUA ENERGY CO. LTD.
601088
CNY 14.39
26.49/12.96
20.72
19,890.00
10.94
43,795.92
39,042
4
COAL INDIA LTD.
COALINDIA
INR 328.00
447.10/ 300.80
5.44
6,320.00
14.80
30,248.00
10,946
GMKN
RUB 9,325
12247/6766
0.28
158.25
10.39
22,348.00
6,886
SCCO
$26.72
33.31/23.41
1.85
797.01
16.97
20,790.00
5,788
VALE5
BRL 13.22
25.00/11.89
23.70
5,240.00
NS
19,428.19
21,486
GMEXICOB
MXN 40.71
49.99/37.47
8.38
7,790.00
11.75
18,522.29
9,324
SOL
ZAR 385.41
618.99/ 360.00
1.93
654.16
7.82
17,608.25
13,209
GLEN
88.32p
343.95/66.67
167.02
14,390.00
NS
17,578.30
221,073
5 6
MMC NORILSK NICKEL SOUTHERN COPPER CORP.
7
VALE SA
8
GRUPO MEXICO SAB de CV
9
SASOL LTD.
10
GLENCORE PLC
11
POTASH CORP. OF SASKATCHEWAN INC.
POT
CAD 27.25
47.10/26.48
2.92
834.95
11.26
16,994.50
7,115
12
AGRIUM INC.
AGU
CAD 118.45
146.51/92.81
0.64
142.79
14.88
12,632.16
16,042
13
ALCOA INC.
AA
$9.66
17.75/7.97
33.93
1,310.00
19.07
12,380.00
23,906
AAL
544.30p
1432/542.60
11.29
1,400.00
NS
11,774.58
27,073
MOS
$31.11
53.83/30.53
6.04
354.33
9.52
11,390.00
9,056
FCX
$9.69
32.69/7.76
50.93
1,140.00
NS
11,130.00
601898
CNY 5.94
13.57/4.41
41.63
13,260.00
NS
G
CAD 16.37
30.95/16.16
2.72
830.20
601899
CNY 3.37
7.49/2.41
131.98
2600
HKD 2.38
5.62/2.26
MAADEN
SAR 29.00
PGIL
14 15 16 17 18 19 20
21
22
23
ANGLO AMERICAN PLC MOSAIC COMPANY FREEPORTMCMORAN COPPER & GOLD CHINA COAL ENERGY CO. LTD. GOLDCORP INC. ZIJIN MINING GROUP CO. LTD. ALUMINIUM CORP. OF CHINA LTD. SAUDI ARABIAN MINING COMPANY (MA'ADEN) POLYUS GOLD INTERNATIONAL LTD. SUMITOMO METAL MINING CO. LTD.
Year End (date) 30/06/ 2015 31/12/ 2014 31/12/ 2014 31/03/ 2015 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014
Main Commodity Diversified Diversified Coal Coal Diversified Copper Diversified Diversified Coal & Gas Diversified
31/12/ 2014
Potash, Phosphate
31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014
Potash, Phosphate
21,438
31/12/ 2014
Gold & Copper
10,644.01
11,108
31/12/ 2014
Coal
NS
10,148.98
3,436
31/12/ 2014
Gold, Silver, Copper
21,570.00
28.74
10,126.82
9,237
31/12/ 2014
Gold
15.28
14,900.00
NS
9,544.71
22,287
31/12/ 2014
Aluminium
48.40/23.20
1.46
1,168.00
22.20
9,065.20
2,877
31/12/ 2014
Diversified
194.25p
216.08/ 160.00
0.73
3,030.00
60.55
8,903.10
2,239
31/12/ 2014
Gold Mining
5713
JPY 1,352.00
2040/1335
3.78
581.63
8.26
8,899.17
10,687
31/03/ 2015
Diversified
24
URALKALI PAO
URKA
RUB 196.00
215.25/ 110.00
3.10
2,940.00
NS
8,689.45
3,559
25
NEWMONT MINING CORP.
NEM
$16.07
27.90/15.39
9.62
529.05
16.20
8,370.00
7,292
DWF Capital Limited | Public Mining Companies Report
31/12/ 2014 31/12/ 2014
Aluminium Diversified Potash, Phosphate
Potash, Phosphate Gold
17
Top 40 Mining Companies 26-40
Company Name
26
27
28 29 30 31 32
CHINA MOLYBDENUM CO. LTD. CHINA NORTHERN RARE EARTH GP. HITECH CO. LTD. ANTOFAGASTA PLC BARRICK GOLD CORP. SHAANXI COAL INDUSTRY CO. LTD. NEWCREST MINING LTD. FRANCO-NEVADA CORP.
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
Main Commodity
Symbol
Price
52W HIGH/LOW
603993
CNY 10.40
19.61/6.72
44.65
5,630.00
42.96
8,031.35
1,047
31/12 /2014
Diversified
600111
CNY 12.54
26.76/11.50
33.32
3,630.00
75.52
7,424.56
918
31/12 /2014
Rare Earth Metals
ANTO
498.30p
811.50/473.43
3.69
985.86
37.71
7,383.80
5,290
ABX
CAD 8.34
17.13/7.89
4.26
1,160.00
NS
7,255.66
10,239
601225
CNY 4.40
12.49/4.18
25.96
10,000.00
NS
7,121.16
6,469
NCM
AUD 12.55
15.34/8.51
4.33
766.51
18.12
6,857.41
3,030
FNV
CAD 57.44
74.10/49.96
0.65
156.90
88.54
6,733.67
442
FRES
593.50p
939.50/569.63
1.44
736.89
NS
6,684.92
1,414
31/12 /2014 31/12 /2014 31/12 /2014 30/06 /2015 31/12 /2014 31/12 /2014
Diversified Gold, Silver, Copper Coal Gold & Copper Gold, Platinum Platinum & Precious Metals
33
FRESNILLO PLC
34
JIANGXI COPPER CO. LTD.
600362
CNY 12.83
29.98/11.51
23.64
3,460.00
18.04
6,072.64
31,257
35
NMDC LIMITED
NMDC
INR 93.45
173.80/89.10
3.08
3,960.00
5.68
5,502.10
1,878
RRS
3,832.00p
5752.1/3546
0.61
93.21
25.84
5,454.29
1,087
AEM
CAD 33.09
43.70/25.05
1,190.00
217.39
NS
5,369.04
1,897
S32
AUD 1.39
2.45/1.38
19.98
5,320.00
10.52
5,252.93
3,843
OLES*
MXN 224.03
320.17/215.52
0.23
397.48
68.45
5,218.33
3,607
31/12 /2014
Gold, Silver, Lead, Zinc, Copper
600188
CNY 8.41
19.44/7.38
6.06
4,920.00
20.97
5,036.69
10,049
31/12 /2014
Coal
25.77
589,620.25
36 37 38 39 40
RANDGOLD RESOURCES LTD. AGNICO EAGLE MINES LTD. SOUTH32 LIMITED INDUSTRIAS PENOLES SAB de CV YANZHOU COAL MINING CO. LTD. TOTAL/AVERAGE
31/12 /2014 31/03 /2015 31/12 /2014 31/12 /2014 30/06 /2015
Copper Iron Ore Gold Mining Gold, Silver, Copper, Zinc Diversified
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
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Section 3: Public Mining Companies by Region
DWF Capital Limited | Public Mining Companies Report
19
TSX & TSX.V PUBLIC MINING COMPANIES The Canadian TSX and the TSX.V combined are the largest Stock exchange for mining companies by the number of companies listed and the fourth largest stock exchange for mining companies by the value of companies listed
DWF Capital Limited | Public Mining Companies Report
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Toronto Stock Exchange Introduction The Toronto Stock Exchange (TSX, formerly TSE) is the largest stock exchange in Canada and the third largest in North America. Based in Toronto, the TSX is owned and operated as a subsidiary of the TMX Group for the trading of senior equities. In 2001 the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was subsequently renamed the TSX Venture Exchange in 2002. A broad range of businesses from both Canada and abroad are represented on the Toronto Stock Exchange. The TSX is the world leader in terms of the mining and oil and gas sector, with more mining and oil and gas companies listed than on any other stock exchange. It is also the second largest exchange in the world by the total number of listed companies, and the eighth largest by market capitalisation. Source: World Federation of Exchanges (www.world-exchanges.org)
Size There were 3,625 companies listed on the TSX and TSX.V. As at the 30th September 2015. Of these, 3,566 companies categorised as domestic companies and the remaining 59 as foreign companies (1,358 of these are mining companies). As at the 30th September 2015, the TSX and the TSX.V had a total domestic market capitalization of US$1,653,367 million. This figure represents a fall of 25% in comparison to the end of September 2014 in US$ terms, and a fall of 10.0% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)
TSX/TSX.V Mining Indexes
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
S&P/TSX Capped Diversified Metals & Mining Index
TTMN:TOR
344.71
684.65
792.22
1,080.63
949.17
447.43
S&P/TSX Global Gold Index
TTGD:TOR
124.16
145.80
156.45
360.40
333.99
S&P/TSX Global Mining Index
TXGM:TOR
46.65
68.41
75.03
105.66
101.68
251.75 Not applicable
S&P/TSX Global Base Metals Index
TXBM:TOR
71.42
105.67
127.78
139.30
143.44
Exchange
Index(es)
TSX/ TSX.V
Not applicable
TSX Main Market Index Exchange
Index(es)
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
TSX/ TSX.V
TSX Composite
TSEA:TOR
13,075.01
14,632.44
13,621.55
11,955.09
11,746.11
11,272.26
DWF Capital Limited | Public Mining Companies Report
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Top 100 TSX & TSX.V Public Mining Companies The top 100 TSX & TSX.V public mining companies by market value had a combined market value of $122.83 billion as at 30.09.15 ($174.48 billion as at 30.06.15) and traded on an average PE of 22.01 (24.00 as at 30.06.15). 52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$ million)
Year End (date)
Main Commodity
Company Name
Symbol
Share Price (CAD)
1
POTASH CORP. OF SASKATCHEWAN INC.
POT
CAD 27.25
47.10/26.48
2.92
834.95
11.26
16,994.50
7,115
31/12/2014
Potash, Phosphate
2
AGRIUM INC.
AGU
CAD 118.45
146.51/92.81
0.64
142.79
14.88
12,632.16
16,042
31/12/2014
Potash, Phosphate
3
GOLDCORP INC.
G
CAD 16.37
30.95/16.16
2.72
830.20
NS
10,148.98
3,436
31/12/2014
Gold, Silver, Copper
4
BARRICK GOLD CORP.
ABX
CAD 8.34
17.13/7.89
4.26
1,160.00
NS
7,255.66
10,239
31/12/2014
Gold, Silver, Copper
5
FRANCONEVADA CORP.
FNV
CAD 57.44
74.10/49.96
0.65
156.90
88.54
6,733.67
442
31/12/2014
Gold, Platinum
6
AGNICO EAGLE MINES LTD.
AEM
CAD 33.09
43.70/25.05
1,190.00
217.39
NS
5,369.04
1,897
31/12/2014
Gold, Silver, Copper, Zinc
7
TURQUOISE HILL RESOURCES LTD.
TRQ
CAD 3.31
5.80/3.17
0.93
2,010.00
15.96
4,973.82
1,644
31/12/2014
Gold, Copper
8
SILVER WHEATON CORP.
SLW
CAD 15.87
29.86/14.62
1.65
404.28
28.29
4,794.85
620
31/12/2014
Silver, Gold
9
CAMECO CORP.
CCO
CAD 15.91
22.46/15.50
1.50
395.79
NS
4,697.91
1,788
31/12/2014
Uranium
10
ROYAL GOLD INC.
RGL
CAD 62.00
95.64/57.21
0.00
65.19
58.27
3,027.54
278
30/06/2015
Gold, Silver
11
TECK RESOURCES LTD.
TCK
CAD 6.31
21.47/5.87
4.36
576.24
10.57
2,721.81
6,412
31/12/2014
Copper, Zinc, Coal
12
FIRST QUANTUM MINERALS LTD.
FM
CAD 4.65
22.40/4.52
6.58
683.06
5.51
2,371.33
3,542
31/12/2014
Gold, Copper, Nickel, Cobalt
13
ELDORADO GOLD CORP.
ELD
CAD 4.04
9.68/3.26
3.66
716.59
NS
2,162.53
1,068
31/12/2014
Gold, Silver, Iron
14
LUNDIN MINING CORP.
LUN
CAD 3.68
6.46/3.68
2.17
719.51
10.51
1,976.11
951
31/12/2014
Copper, Nickel, Lead, Zinc
15
KINROSS GOLD CORP.
K
CAD 2.26
4.48/1.79
3.35
1,150.00
NS
1,931.36
3,466
31/12/2014
Gold
16
DETOUR GOLD CORP.
DGC
CAD 14.07
16.37/6.02
1.34
170.70
NS
1,797.14
536
31/12/2014
Gold
17
TAHOE RESOURCES INC.
THO
CAD 10.20
24.43/9.66
0.64
223.73
24.03
1,707.65
350
31/12/2014
Diversified
18
YAMANA GOLD INC.
YRI
CAD 2.20
7.05/1.89
4.64
946.54
NS
1,558.51
1,835
31/12/2014
Gold
19
CENTERRA GOLD INC.
CG
CAD 7.41
7.98/3.96
1.13
236.56
27.26
1,312.43
763
31/12/2014
Gold
20
NEW GOLD INC.
NGD
CAD 2.98
6.04/2.52
1.66
509.08
NS
1,133.46
726
31/12/2014
Gold
21
NOVAGOLD RESOURCES INC.
NG
CAD 4.72
5.22/2.65
0.33
317.86
NS
1,118.55
0
30/11/2014
Gold, Silver, Copper, Zinc
DWF Capital Limited | Public Mining Companies Report
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Top 100 TSX & TSX.V Public Mining Companies 22-48
Company Name
Symbol
Share Price (CAD)
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$ million)
Year End (date)
22
CENTAMIN PLC
CEE
CAD 1.25
1.35/0.80
0.02
1,152.00
0.71
1,065.31
473
31/12/2014
Gold
23
OSISKO GOLD ROYALTIES LTD.
OR
CAD 14.19
18.85/12.39
0.31
94.37
54.48
999.24
13
31/12/2014
Gold
24
B2GOLD CORP.
BTO
CAD 1.40
2.88/1.30
3.82
926.68
NS
969.41
487
31/12/2014
Gold
25
PAN AMERICAN SILVER CORP.
PAA
CAD 8.45
15.06/7.77
0.33
151.64
NS
954.50
752
31/12/2014
Silver
26
ALAMOS GOLD INC.
AGI
CAD 4.83
10.31/3.90
0.62
255.51
NS
924.67
170
31/12/2014
Gold
27
HUDBAY MINERALS INC.
HBM
CAD 4.90
12.61/4.82
1.08
235.23
40.84
857.56
418
31/12/2014
Gold, Silver, Copper, Platinum
DDC
CAD 13.29
24.60/12.81
0.36
85.25
56.02
842.64
916
31/01/2015
Diamond
PVG
CAD 7.89
9.05/4.60
0.45
132.58
NS
782.99
0
31/12/2014
Gold
28 29
DOMINION DIAMOND CORP. PRETIUM RESOURCES INC.
Main Commodity
30
TOREX GOLD RESOURCES INC.
TXG
CAD 1.27
1.73/0.85
1.43
785.45
NS
743.85
0
31/12/2014
Gold, Silver, Copper
31
ALACER GOLD CORP.
ASR
CAD 2.92
3.23/1.77
1.72
290.97
8.62
647.60
292
31/12/2014
Gold
32
SEMAFO INC.
SMF
CAD 2.87
4.49/2.39
1.68
294.27
22.68
630.77
289
31/12/2014
Gold
IMG
CAD 2.08
4.09/1.50
1.58
391.40
NS
608.03
1,008
31/12/2014
Gold, Rare Earths, Niobium
NSU
CAD 3.88
5.35/3.41
0.28
199.78
8.39
571.48
555
31/12/2014
Gold, Silver, Copper, Zinc
CGG
CAD 1.90
3.37/1.30
0.25
396.41
12.03
564.61
278
31/12/2014
Gold, Copper
SSO
CAD 8.24
9.46/4.47
0.42
80.75
NS
509.64
300
31/12/2014
Gold, Silver, Copper, Lead, Zinc
MAG
CAD 9.26
11.00/6.56
0.10
69.25
NS
482.83
0
31/12/2014
Diversified
OGC
CAD 2.00
3.15/1.70
1.45
303.43
5.85
452.54
563
31/12/2014
Gold
R
CAD 0.47
0.82/0.30
6.28
1,240.00
NS
440.89
0
31/12/2014
Gold
U
CAD 4.90
5.76/4.82
0.13
116.52
3.16
428.35
101
28/02/2015
Uranium
LUC
CAD 1.50
2.41/1.42
0.28
379.56
10.15
416.71
266
31/12/2014
Diamond
MPV
CAD 3.44
5.67/3.38
0.09
-
NS
409.61
0
31/12/2014
Diamond
GUY
CAD 3.51
4.48/2.15
0.62
151.38
NS
403.62
0
31/10/2014
Gold
IVN
CAD 0.68
1.36/0.62
0.97
772.18
NS
386.40
0
31/12/2014
Diversified
SWY
CAD 0.70
0.85/0.46
0.17
732.31
NS
382.26
0
30/04/2015
Diamond
III
CAD 6.10
13.69/6.10
0.04
81.74
NS
373.65
98
31/12/2014
Diversified
P
CAD 3.00
6.06/2.66
0.68
162.43
NS
370.65
275
31/12/2014
Gold, Silver
LSG
CAD 1.09
1.38/0.70
2.03
435.59
24.56
357.30
191
31/12/2014
Gold
33 34
35
36 37 38 39 40
41
42
43 44 45 46
IAMGOLD CORP. NEVSUN RESOURCES LTD. CHINA GOLD INTERNATIONAL RESOURCES CORP. LTD. SILVER STANDARD RESOURCES INC. MAG SILVER CORP. OCEANAGOLD CORP. ROMARCO MINERALS INC. URANIUM PARTICIPATION CORP. LUCARA DIAMOND CORP. MOUNTAIN PROVINCE DIAMONDS INC. GUYANA GOLDFIELDS INC. IVANHOE MINES LTD. STORNOWAY DIAMOND CORP. IMPERIAL METALS CORP.
47
PRIMERO MINING CORP.
48
LAKE SHORE GOLD CORP.
DWF Capital Limited | Public Mining Companies Report
23
Top 100 TSX & TSX.V Public Mining Companies 49-74 Company Name
Symbol
Share Price (CAD)
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$ million)
Year End (date)
Main Commodity
49
ALTIUS MINERALS CORP.
ALS
CAD 12.20
15.47/9.86
0.07
39.93
NS
357.03
2
30/04/2015
Diversified
50
FIRST MAJESTIC SILVER CORP.
FR
CAD 4.00
9.08/3.54
0.57
118.75
NS
353.89
183
31/12/2014
Silver
51
KIRKLAND LAKE GOLD INC.
KGI
CAD 5.46
6.88/2.79
0.44
80.21
22.54
332.55
129
30/04/2015
Gold
52
KLONDEX MINES LTD.
KDX
CAD 3.05
3.87/1.68
0.23
137.47
12.70
320.86
91
31/12/2014
Gold, Silver
53
TMAC RESOURCES INC.
TMR
CAD 5.49
5.96/4.85
0.00
77.61
NS
318.32
0
31/12/2014
Diversified
54
SANDSTORM GOLD LTD.
SSL
CAD 3.49
5.30/2.80
0.13
118.21
NS
309.90
56
31/12/2014
Gold
55
LUNDIN GOLD INC.
LUG
CAD 3.80
5.75/3.46
0.01
101.24
NS
292.61
0
31/12/2014
Gold
56
RUBICON MINERALS CORP.
RMX
CAD 0.97
1.63/0.88
0.64
394.75
NS
291.43
0
31/12/2014
Gold
57
PREMIER GOLD MINES LTD.
PG
CAD 2.25
2.83/1.61
0.37
170.70
20.26
290.22
0
31/12/2014
Gold
58
ASANKO GOLD INC.
AKG
CAD 1.93
2.55/1.50
0.93
197.00
NS
286.45
0
31/12/2014
Gold
59
FORTUNA SILVER MINES INC.
FVI
CAD 2.86
6.30/2.65
1.34
128.85
24.00
284.40
174
31/12/2014
Gold, Silver, Lead, Zinc
60
SEABRIDGE GOLD INC.
SEA
CAD 7.49
12.12/4.34
0.05
50.19
NS
282.17
0
31/12/2014
Gold, Silver, Copper
61
MCEWEN MINING INC.
MUX
CAD 1.17
2.30/0.84
0.09
300.53
NS
264.45
45
31/12/2014
Gold, Silver, Copper
62
KATANGA MINING LTD.
KAT
CAD 0.17
0.44/0.14
0.01
1,910.00
NS
256.42
1,079
31/12/2014
Copper, Cobalt
MND
CAD 0.77
1.05/0.70
0.14
409.85
10.13
235.70
185
31/12/2014
Gold, Silver, Copper
DPM
CAD 2.16
4.91/1.93
0.14
140.58
NS
226.78
324
31/12/2014
Gold, Silver, Copper, Zinc
63
67
MANDALAY RESOURCES CORP. DUNDEE PRECIOUS METALS INC.
65
PALADIN ENERGY LTD.
PDN
CAD 0.17
0.43/0.15
0.21
717.14
NS
197.89
200
30/06/2015
Uranium
66
OROCOBRE LTD.
ORL
CAD 1.58
3.10/1.25
0.01
0.00
NS
193.68
16
30/06/2015
Potassium, Lithium
67
GOLDEN STAR RESOURCES LTD.
GSC
CAD 0.27
0.51/0.20
0.02
514.80
NS
191.77
329
31/12/2014
Gold
68
POLYMET MINING CORP.
POM
CAD 0.90
1.75/0.90
0.02
276.58
NS
187.98
0
31/01/2015
Diversified
69
DENISON MINES CORP.
DML
CAD 0.51
1.39/0.48
0.50
518.44
NS
187.80
10
31/12/2014
Uranium
70
FISSION URANIUM CORP.
FCU
CAD 0.64
1.38/0.59
0.51
386.24
NS
178.57
0
30/06/2015
Uranium
71
ENDEAVOUR MINING CORP.
EDV
CAD 0.56
0.70/0.38
1.08
413.14
NS
172.79
584
31/12/2014
Gold
72
PLATINUM GROUP METALS LTD.
PTM
CAD 0.32
1.10/0.29
0.14
768.94
NS
172.02
0
31/08/2014
Platinum, Palladium
73
EMED MINING PUBLIC LTD.
EMD
CAD 0.07
0.14/0.06
0.01
3,500.00
NS
169.67
0
31/12/2014
Gold, Copper
74
CONTINENTAL GOLD INC.
CNL
CAD 1.73
3.28/1.61
0.70
129.55
NS
168.10
0
31/12/2014
Gold
DWF Capital Limited | Public Mining Companies Report
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Top 100 TSX & TSX.V Public Mining Companies 75-100
Company Name
Symbol
Share Price (CAD)
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$ million)
Year End (date)
75
RESERVOIR MINERALS INC.
RMC
CAD 4.40
5.09/3.30
0.02
48.20
NS
160.65
0
30/11/2014
Gold, Copper, Molybdenum
76
RICHMONT MINES INC.
RIC
CAD 3.58
4.55/2.07
0.06
58.03
14.69
156.65
98
31/12/2014
Gold
PDL
CAD 4.30
188/3.87
0.01
49.50
NS
155.02
164
31/12/2014
Palladium
EDR
CAD 2.06
5.14/1.64
0.08
101.98
NS
154.61
197
31/12/2014
Silver
AR
CAD 1.33
4.10/1.14
0.53
155.35
NS
154.31
166
31/12/2014
Gold
S
CAD 0.73
3.50/0.70
3.30
293.89
NS
153.41
340
31/12/2014
Oil & Gas, Nickel, Coal, Cobalt
77 78 79 80
NORTH AMERICAN PALLADIUM LTD. ENDEAVOUR SILVER CORP. ARGONAUT GOLD INC. SHERRITT INTERNATIONAL CORP.
Main Commodity
81
GOGOLD RESOURCES INC.
GGD
CAD 1.25
1.79/1.18
0.02
162.07
NS
151.31
0
30/09/2014
Gold, Silver
82
TERANGA GOLD CORP.
TGZ
CAD 0.55
0.82/0.38
0.57
352.80
3.00
144.70
261
31/12/2014
Gold
83
CROCODILE GOLD CORP.
CRK
CAD 1.41
1.78/0.63
0.61
135.74
1.20
141.93
283
31/12/2014
Gold
84
NEWMARKET GOLD INC.
NMI
CAD 1.41
1.78/0.63
0.61
135.74
1.20
141.93
283
31/12/2014
Gold
85
ROXGOLD INC.
ROG
CAD 0.58
0.79/0.39
0.15
322.69
NS
139.57
0
31/12/2014
Gold
86
SIERRA METALS INC.
SMT
CAD 1.15
2.13/0.84
0.00
161.35
25.55
138.59
129
31/12/2014
Gold, Silver, Copper, Lead, Zinc
87
GOLD RESERVE INC.
GRZ
CAD 3.31
5.39/2.48
0.00
-
NS
134.54
0
31/12/2014
Gold, Silver
88
ENERGY FUELS INC.
EFR
CAD 3.72
9.00/3.71
0.07
44.14
NS
124.93
46
31/12/2014
Uranium, Vanadium
89
CAPSTONE MINING CORP.
CS
CAD 0.48
2.32/0.43
1.53
382.04
NS
124.12
656
31/12/2014
Diversified
90
POLARIS MINERALS CORP.
PLS
CAD 1.80
2.83/1.65
0.01
87.76
NS
117.98
34
31/12/2014
Diversified
91
NEXGEN ENERGY LTD.
NXE
CAD 0.62
0.89/0.30
0.81
253.97
NS
113.63
0
31/12/2014
Uranium
92
PERSEUS MINING LTD.
PRU
CAD 0.29
0.48/0.18
1.60
0.00
0.02
112.50
236
30/06/2015
Gold
93
BACANORA MINERALS LTD.
BCN
CAD 1.66
2.05/0.56
0.03
85.15
NS
111.12
0
30/06/2014
Diversified
94
SILVERCORP METALS INC.
SVM
CAD 0.84
2.00/0.75
0.46
170.88
NS
108.48
95
31/03/2015
Silver, Lead, Zinc
95
SILVERCREST MINES INC.
SVL
CAD 1.17
1.97/0.87
0.16
118.75
92.63
99.18
45
31/12/2014
Gold, Silver
96
ANGLO PACIFIC GROUP PLC
APY
CAD 1.50
3.48/1.00
0.00
169.94
NS
96.63
5
31/12/2014
Diversified
97
NAUTILUS MINERALS INC.
NUS
CAD 0.30
0.56/0.29
0.07
445.70
NS
96.54
0
31/12/2014
Diversified
98
AUREUS MINING INC.
AUE
CAD 0.35
0.83/0.27
0.00
366.72
NS
96.01
0
31/12/2014
Gold
99
WESTERN POTASH CORP.
WPX
CAD 0.28
0.37/0.20
0.09
467.19
NS
94.06
0
30/09/2014
Potash, Phosphate
100
THOMPSON CREEK METALS COMPANY INC.
TCM
CAD 0.59
2.58/0.56
0.22
221.23
NS
92.53
807
31/12/2014
Gold, Copper, Molybdenum
22.01
122,834.46
TOTAL/AVERAGE
Notes: List of top Canadian mining companies obtained directly from 2 x separate grids of leading TSX and TSX.V mining companies on Toronto Stock Exchange website as of end Sept. 2015. All financial info. from ft.com website on 30th Sept. 2015. NS = P/E figure not specified. All currency conversions as required from yahoo.com as of 30th Sept. 2015 (1 CAD = 0.7457 USD).
DWF Capital Limited | Public Mining Companies Report
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ASX PUBLIC MINING COMPANIES The Australian Securities Exchange is the 2nd largest stock exchange for mining companies by the number of companies listed and the fifth largest stock exchange for mining companies by the value of companies listed
DWF Capital Limited | Public Mining Companies Report
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Australian Securities Exchange (ASX) Introduction The Australian Securities Exchange (ASX) is one of the world’s leading financial market exchanges and is a world leader in capital-raising, consistently ranking among the top five exchanges globally. The ASX is operated by ASX Limited, part of the ASX Group which was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006: today the ASX Group is one of the world’s leading listed exchange groups in terms of market capitalisation.
Size As of the end of September 2015, there were a total of 2,078 companies listed on the ASX. Of these, 1,968 companies categorised as domestic companies and the remaining 110 as foreign companies. Also as at the 30th September 2015, total domestic market capitalization of US$1,059,184 million. This figure represents a fall of 21.2% in comparison to the end of September 2014 in US$ terms, and a fall of 1.2% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)
The metals and mining sector is the largest industry sector by number of companies with over 700 companies involved in mineral exploration, development and production across over 110 countries. The sector comprises several of the world’s largest diversified resources companies, including global leaders such as BHP Billiton as well as mid-tier producers and junior miners.
ASX Mining Indexes Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
S&P/ASX 300 Metals & Mining Index (real-time resources index)
XMM:ASX
2,124.87
2,647.00
3,339.30
3,721.70
4,550.27
3,022.61
S&P/ASX All Ordinaries Gold Index (real-time resources index)
XGD:ASX
2,484.35
2,047.40
1,898.40
6,034.00
5,929.72
4,009.95
S&P/ASX Small Resources (endof-day resources index)
XSR:ASX
1,194.57
1,538.89
2,172.76
4,682.46
5,305.89
2,810.30
S&P/ASX 100 Resources (end-ofday resources index)
XTR:ASX
3,829.65
4,917.48
5,972.54
6,093.42
7,648.48
5,050.10
S&P/ASX 200 Resources (end-ofday resources index)
XJR:ASX
2,598.76
3,390.28
4,186.34
4,369.28
5,444.87
3,669.16
S&P/ASX 300 Resources (end-ofday resources index)
XKR:ASX
2,581.05
3,364.65
4,162.66
4,441.91
5,508.73
3,642.11
Exchange
Index(es)
ASX
ASX Main Market Index Exchange
Index(es)
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
ASX
ASX 100
XTO:ASX
4,096.96
4,512.98
4,445.25
3,316.68
3,987.80
3,873.90
DWF Capital Limited | Public Mining Companies Report
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Top 100 ASX Public Mining Companies The top 100 ASX public mining companies by market value had a combined market value of $120.76 billion as at 30.09.15 ($159.32 billion as at 30.06.15) and traded on an average PE of 17.95 (11.42 as at 30.06.15). Company Name
Symbol
Price
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue (US$)
Year End (date)
Main Commodity
1
BHP BILLITON LTD.
BHP
AUD 21.61
31.69/21.61
10.04
5,320.00
25.11
83,942.21
44,636
30/06/2015
Diversified
2
NEWCREST MINING LTD.
NCM
AUD 12.55
15.34/8.51
4.33
766.51
18.12
6,857.41
3,030
30/06/2015
Gold & Copper
3
SOUTH32 LIMITED
S32
AUD 1.39
2.45/1.38
19.98
5,320.00
10.52
5,252.93
3,843
30/06/2015
Diversified
4
FORTESCUE METALS GROUP LTD.
FMG
AUD 1.80
3.86/1.58
19.15
3,110.00
12.49
3,955.39
8,574
30/06/2015
Iron Ore
5
ALUMINA LTD.
AWC
2.10/1.13
15.68
2,810.00
32.14
2,274.18
0
31/12/2014
Aluminium
6
ILUKA RESOURCES LTD.
ILU
9.18/5.57
418.70
2,690.00
NS
1,876.54
552
31/12/2014
Mineral Sands
7
EVOLUTION MINING LTD.
EVN
AUD 1.17
1.31/0.41
15.31
1,440.00
8.78
1,199.87
465
30/06/2015
Gold
8
NORTHERN STAR RESOURCES LTD.
NST
AUD 2.67
2.70/0.92
6.40
600.03
17.00
1,102.21
590
30/06/2015
Gold
9
NEW HOPE CORPORATION LTD.
NHC
AUD 1.65
2.67/1.60
0.11
831.05
NS
997.57
353
31/07/2015
Coal
10
INDEPENDENCE GROUP NL
IGO
AUD 2.55
6.21/2.53
3.36
511.42
8.34
969.66
345
30/06/2015
Nickel
11
OZ MINERALS LTD.
OZL
AUD 3.26
5.01/2.93
1.65
303.47
9.52
718.53
580
31/12/2014
Diversified
12
WHITEHAVEN COAL LTD.
WHC
AUD 0.92
1.76/0.91
3.24
1,030.00
NS
711.55
532
30/06/2015
Coal
13
REGIS RESOURCES LTD.
RRL
AUD 1.70
2.20/1.07
3.96
499.78
10.01
606.65
324
30/06/2015
Gold
14
SANDFIRE RESOURCES NL
SFR
AUD 5.28
6.80/3.74
1.48
156.85
12.50
604.01
374
30/06/2015
Diversified
15
MINERAL RESOURCES LIMITED
MIN
AUD 4.06
8.71/3.92
1.29
187.64
60.86
552.38
906
30/06/2015
Diversified
16
OCEANAGOLD CORP.
OGC
AUD 2.15
3.37/1.81
0.76
303.43
6.25
473.94
563
31/12/2014
Gold
3.10/3.10
0.00
218.27
NS
472.02
0
31/12/2014
Diversified
4.72/2.39
0.96
230.46
NS
406.75
0
30/06/2014
Copper
9.05/5.15
0.00
107.64
NS
386.70
408
30/06/2015
Platinum
1.59/0.62
1.56
438.01
12.32
371.25
220
30/06/2015
Copper
17 18 19
SPHERE MINERALS LTD. SYRAH RESOURCES LTD. ZIMPLATS HOLDINGS LTD.
SPH SYR ZIM
AUD 1.15 AUD 6.15
AUD 3.10 AUD 2.41 AUD 5.15 AUD 1.18
20
METALS X LTD.
MLX
21
WESTERN AREAS LTD.
WSA
AUD 2.11
4.77/2.07
1.92
233.42
14.47
358.24
218
30/06/2015
Nickel
HFR
AUD 1.42
2.08/0.51
1.16
310.33
NS
316.06
1
30/06/2015
Potash
SAR
AUD 0.50
0.54/0.20
2.29
792.78
37.25
287.59
174
30/06/2015
Gold
PDN
AUD 0.17
0.44/0.16
5.99
1,710.00
NS
226.93
200
30/06/2015
Uranium
22
23
24
HIGHFIELD RESOURCES LIMITED SARACEN MINERAL HOLDINGS LTD. PALADIN ENERGY LTD.
DWF Capital Limited | Public Mining Companies Report
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Top 100 ASX Public Mining Companies 25-50
Company Name
25 26
27 28 29 30 31 32
33
34
35
36 37
38
39
40 41 42 43
44 45
46
47
48
49
50
CUDECO LIMITED GOLD ROAD RESOURCES LIMITED TERRAMIN AUSTRALIA LIMITED OROCOBRE LTD. ARRIUM LIMITED WOLF MINERALS LTD. AQUARIUS PLATINUM LTD. RESOLUTE MINING LTD. ASF GROUP LIMITED TRIBUNE RESOURCES LTD. MOUNT GIBSON IRON LTD. PENINSULA ENERGY LIMITED PERSEUS MINING LTD. ENERGY RESOURCES OF AUSTRALIA LIMITED KINGSGATE CONSOLIDATED LTD. NEWFIELD RESOURCES LIMITED CI RESOURCES LIMITED WOLLONGONG COAL LIMITED AVANCO RESOURCES LTD. DORAY MINERALS LIMITED OM HOLDINGS LTD. TNG LIMITED LYNAS CORPORATION LTD. GRANGE RESOURCES LTD. BOUGAINVILLE COPPER LIMITED COAL OF AFRICA LIMITED
Symbol
Price
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue (US$)
Year End (date)
Main Commodity
CDU
AUD 1.11
1.95/0.98
0.00
277.92
NS
214.23
0
30/06/2014
Copper, Gold & Cobalt
GOR
AUD 0.45
0.48/0.20
2.38
686.41
NS
208.30
1
30/06/2015
Gold, Uranium
TZN
AUD 0.17
0.23/0.06
0.09
1,780.00
NS
204.70
0
31/12/2014
Zinc, Gold
2.97/1.45
0.27
168.65
NS
195.31
16
30/06/2015
Copper
0.39/0.08
13.28
2,940.00
NS
186.46
4,113
30/06/2015
Iron Ore
0.45/0.23
0.02
809.42
NS
186.34
0
30/06/2015
Tungsten
0.39/0.13
0.11
1,510.00
NS
155.23
213
30/06/2015
Platinum
0.46/0.22
1.22
641.58
NS
147.70
320
30/06/2015
Gold
ORE ARI WLF AQP RSG
AUD 1.66 AUD 0.09 AUD 0.33 AUD 0.15 AUD 0.31
AFA
AUD 0.34
0.36/0.15
0.00
604.04
NS
143.27
0
30/06/2015
Tin, Gold, Iron Ore, Lead, Silver, Coal
TBR
AUD 4.00
4.10/2.50
0.00
50.00
NS
139.53
69
30/06/2014
Gold
MGX
AUD 0.19
0.57/0.17
2.66
1,090.00
NS
136.97
229
30/06/2015
Iron Ore
PENDA
AUD 0.85
1.24/0.60
0.05
173.42
NS
125.82
0
30/06/2015
Uranium, Gold
PRU
AUD 0.31
0.51/0.20
6.90
529.34
1.98
120.02
233
30/06/2015
Gold
ERA
AUD 0.33
1.41/0.32
0.65
517.73
NS
119.18
280
31/12/2014
Uranium
KCN
AUD 0.72
0.87/0.61
0.34
223.58
NS
115.42
218
30/06/2015
Gold
NWF
AUD 0.83
1.03/0.45
0.00
184.08
NS
104.02
0
30/06/2014
Gold
1.20/0.79
0.00
115.58
4.82
96.76
116
30/06/2015
Phosphate
0.03/0.01
0.00
6,890.00
NS
96.20
6
31/03/2015
Coal, Gold
CII WLC
AUD 1.20 AUD 0.02
AVB
AUD 0.06
0.10/0.06
0.68
2,460.00
NS
95.29
0
31/12/2014
Copper
DRM
AUD 0.43
0.62/0.26
0.68
306.44
NS
95.13
93
30/06/2015
Gold, Iron Ore, Copper
OMH
AUD 0.18
0.48/0.17
0.07
733.42
NS
94.65
372
31/12/2014
Manganese
TNG
AUD 0.17
0.29/0.07
3.61
712.55
NS
86.99
0
30/06/2015
Vanadium, Tungsten, Iron, Zinc, Lead, Silver
LYC
AUD 0.03
0.10/0.03
10.16
3,490.00
NS
85.18
101
30/06/2015
Rare Earths
GRR
AUD 0.11
0.16/0.08
0.29
1,160.00
NS
84.77
207
31/12/2014
Iron Ore
BOC
AUD 0.28
0.43/0.19
0.00
401.06
NS
83.94
3
31/12/2014
Gold, Copper
CZA
AUD 0.09
0.14/0.03
0.01
1930.00
NS
83.34
0
30/06/2015
Coal
DWF Capital Limited | Public Mining Companies Report
29
Top 100 ASX Public Mining Companies 51-76
Company Name
51 52 53 54 55 56
57
58 59
60 61 62 63
64 65 66 67
68 69 70
BEADELL RESOURCES LTD. YANCOAL AUSTRALIA LTD. TORO ENERGY LIMITED COCKATOO COAL LIMITED ALKANE RESOURCES LIMITED PANORAMIC RESOURCES LTD. LUCAPA DIAMOND COMPANY LIMITED TROY RESOURCES LIMITED AXIOM MINING LIMITED TRITON MINERALS LIMITED UNIVERSAL COAL PLC MEDUSA MINING LTD. ELEMENTAL MINERALS LIMITED NORTHERN MINERALS LIMITED SILVER LAKE RESOURCES LTD. ATLAS IRON LTD. REWARD MINERALS LIMITED BERKELEY RESOURCES LIMITED VIMY RESOURCES LTD FINDERS RESOURCES LIMITED
Symbol
BDR YAL TOE COK
Price AUD 0.14 AUD 0.12 AUD 0.06 AUD 0.001
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue (US$)
Year End (date)
Main Commodity
0.42/0.10
6.02
798.66
NS
80.79
181
31/12/2014
Gold
0.28/0.03
0.12
994.22
NS
79.76
999
31/12/2014
Coal
0.11/0.05
0.31
2,000.00
NS
79.56
0
30/06/2015
Uranium
0.004/ 0.001
1.01
67,030.00
NS
70.14
49
30/06/2015
Coal
ALK
AUD 0.24
0.41/0.17
0.18
414.22
NS
69.35
71
30/06/2015
Diversified
PAN
AUD 0.29
0.70/0.28
0.32
321.42
NS
67.27
140
30/06/2015
Copper
LOM
AUD 0.40
0.50/0.15
3.34
228.45
NS
66.93
0
31/12/2014
Diamonds
TRY
AUD 0.33
0.80/0.27
0.43
290.00
NS
65.77
126
30/06/2015
AVQ
AUD 0.35
0.51/0.12
0.68
261.75
NS
65.73
0
30/09/2014
TON
AUD 0.25
0.71/0.14
1.46
376.55
NS
64.35
0
31/12/2014
Graphite, Gold, Nickel
0.18/0.09
0.31
505.69
NS
61.73
8
30/06/2014
Thermal Coal, Coking Coal
1.10/0.36
3.00
207.79
NS
60.15
123
30/06/2015
Gold
UNV MML
AUD 0.18 AUD 0.39
Gold, Silver, Nickel Nickel, Gold, Silver, Copper, Zinc
ELM
AUD 0.20
0.28/0.12
0.47
406.78
NS
59.59
0
31/12/2014
Gold, Nickel, Potash
NTU
AUD 0.20
0.30/0.14
0.05
434.68
NS
59.13
4
30/06/2015
Uranium, Rare Earths, Phosphate
0.42/0.13
3.44
503.23
NS
57.92
130
30/06/2015
Gold
0.47/0.02
7.83
2,670.00
NS
57.73
501
30/06/2015
Iron Ore
SLR AGO
AUD 0.17 AUD 0.03
RWD
AUD 0.65
0.85/0.36
0.11
118.99
NS
57.27
0
31/12/2014
Potash, Base Metals, Gold
BKY
AUD 0.44
0.46/0.19
0.24
180.36
NS
57.25
0
30/06/2015
Uranium
VMY
AUD 0.36
0.58/0.24
0.00
227.73
NS
57.19
0
30/06/2015
Uranium
FND
AUD 0.12
0.17/0.12
0.14
661.27
NS
55.35
7
31/12/2014
Gold, Silver, Copper
71
KINGSROSE MINING LTD.
KRM
AUD 0.21
0.42/0.18
0.23
358.61
8.85
55.03
23
30/06/2015
Gold
72
MIRABELA NICKEL LIMITED
MBN
AUD 0.08
0.17/0.03
0.00
930.19
0.15
53.86
102
31/12/2014
Nickel, Cobalt, Copper, Platinum
73
PLUTON RESOURCES LIMITED
PLV
AUD 0.01
0.01/0.01
0.00
5,960.00
NS
51.52
30
30/06/2013
Iron Ore, Copper, Gold, Silver
74
ABM RESOURCES NL
ABU
AUD 0.22
0.38/0.20
0.38
343.29
NS
51.49
0
30/06/2015
Gold, Zinc, Uranium, Silver, Copper
75
IRON ROAD LIMITED
IRD
AUD 0.12
0.21/0.06
0.09
581.94
NS
48.71
1
30/06/2014
Iron Ore, Uranium
76
WHITE ENERGY COMPANY LIMITED
WEC
AUD 0.20
0.39/0.13
34.89
328.37
NS
45.81
20
30/06/2015
Coal
DWF Capital Limited | Public Mining Companies Report
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Top 100 ASX Public Mining Companies 77-100
Company Name
77 78
79
80 81 82 83 84 85 86 87 88 89 90 91 92
TIGER RESOURCES LTD. ALLIANCE RESOURCES LIMITED SHEFFIELD RESOURCES LIMITED FOCUS MINERALS LIMITED SOUTH BOULDER MINES LTD. RED 5 LIMITED REY RESOURCES LIMITED TIGER REALM COAL LIMITED AUDALIA RESOURCES LIMITED MINERAL DEPOSITS LTD. ADITYA BIRLA MINERALS LIMITED SUNDANCE RESOURCES LTD. GINDALBIE METALS LIMITED MINERAL COMMODITIES LIMITED INTREPID MINES LTD. MINCOR RESOURCES NL
Symbol
Price
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue (US$)
Year End (date)
TGS
AUD 0.06
0.28/0.03
5.10
1,140.00
NS
43.87
143
31/12/2014
AGS
AUD 0.15
0.23/0.06
1.58
401.12
NS
41.97
1
30/06/2014
SFX
AUD 0.48
0.90/0.42
0.01
134.43
95.49
41.73
0
30/06/2015
0.70/0.30
0.04
182.75
NS
39.52
2
31/12/2014
0.57/0.17
0.04
174.20
NS
39.50
0
30/06/2014
0.14/0.04
0.90
759.45
NS
39.21
0
30/06/2014
0.13/0.06
0.02
710.95
NS
38.19
0
30/06/2015
Coal, Uranium
0.15/0.06
0.01
895.83
NS
36.87
0
31/12/2014
Coal, Copper, Gold
FML STB RED REY TIG
0.23/0.14
0
234.16
NS
36.76
0
30/06/2014
Copper, Gold, Lead, Nickel
MDL
AUD 0.50
1.50/0.50
0.11
103.68
NS
36.16
3
31/12/2014
Diversified
ABY
AUD 0.17
0.26/0.15
0.01
313.37
NS
36.07
41
31/03/2015
Copper, Gold, Zinc
0.07/0.01
2.76
3,110.00
NS
35.80
1
30/06/2014
Iron Ore
0.04/0.02
0.45
1500.00
NS
35.47
0
30/06/2015
Iron Ore
0.15/0.07
0.01
404.94
3.26
33.90
35
31/12/2014
Diamonds, Gold, Ilmenite, Zircon
0.29/0.09
1.36
370.04
2.70
32.26
3
31/12/2014
Gold
0.77/0.23
0.27
188.24
NS
32.17
60
30/06/2015
Nickel
1.73/0.22
0.48
196.20
NS
32.17
196
30/06/2015
Iron Ore
0.21/0.09
0.24
534.80
NS
31.71
0
30/06/2015
Diversified
0.16/0.04
0.12
499.34
NS
31.35
0
30/06/2015
Coal
SDL GBG MRC IAU MCR BCI
94
ALTONA MINING LIMITED
AOH
95
COKAL LIMITED
CKA
97 98 99 100
PRAIRIE MINING LIMITED POSEIDON NICKEL LIMITED AMEX RESOURCES LIMITED TOTAL/AVERAGE
Uranium, Copper, Gold, Base Metals Tungsten, Talc, Zircon, Titanium, Iron Ore Gold, Nickel, Copper Potash, Phosphate Copper, Gold, Silver
AUD 0.23
BC IRON LTD.
96
Copper
ACP
93
TALGA RESOURCES LIMITED CAULDRON ENERGY LIMITED
AUD 0.31 AUD 0.32 AUD 0.07 AUD 0.08 AUD 0.06
Main Commodity
AUD 0.02 AUD 0.03 AUD 0.12 AUD 0.12 AUD 0.23 AUD 0.23 AUD 0.09 AUD 0.09
Copper, Gold, Graphite, Iron Ore, Silver Copper, Silver, Uranium Lead, Zinc, Silver, Copper, Gold
TLG
AUD 0.30
0.50/0.22
0.05
138.57
NS
29.97
0
30/06/2015
CXU
AUD 0.14
0.25/0.09
0.05
251.10
NS
28.03
0
30/06/2015
PDZ
AUD 0.27
0.44/0.17
0.12
148.35
NS
27.95
0
30/06/2015
POS
AUD 0.05
0.24/0.05
0.91
706.90
NS
27.62
1
30/06/2015
Gold, Nickel
AXZ
AUD 0.46
0.93/0.35
0.01
95.82
NS
27.41
0
30/06/2015
Diversified
17.95
120,760.34
Notes: All financial info. From ft.com website on 30th Sept. 2015. NS = P/E figure not specified. All currency conversions as required from yahoo.com as of 30th Sept. 2015 (1 AUD = 0.6976 USD).
DWF Capital Limited | Public Mining Companies Report
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LSE & AIM PUBLIC MINING COMPANIES The London Stock Exchange and the AIM market combined is the 3rd largest Stock exchange for mining companies by the number of companies listed and the 2nd largest stock exchange for mining companies by the overall market value of companies listed
DWF Capital Limited | Public Mining Companies Report
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London Stock Exchange (LSE/AIM) Introduction Located in the City of London, the London Stock Exchange (LSE) was originally founded in 1801 and remains one of the largest stock exchanges in the world and the largest stock exchange in Europe. There are two main markets on which companies trade on the LSE – the Main Market and the Alternative Investment Market (AIM). The Main Market is home to some of the most well-established, largest and recognised companies in the world, and AIM is the LSE’s international market for smaller growing companies, with a wide range of businesses including early-stage, venture capital backed and more established companies joining AIM seeking access to growth capital.
Size As of the end of September 2015, there were a total of 2,330 companies listed on the London Stock Exchange (1,267 listed on the Main Market and 1,063 listed on the Alternative Investment Market) with a total equity market value of £3,821,768 million (equating to US$5,806,412 million). In terms of mining companies, also as of the end of September 2015 there were a total of 157 mining companies with a market value of £121,744 million. Source: London Stock Exchange website (www.londonstockexchange.com)
LSE Mining Indexes
Exchange
Index(es)
LSE/AIM
FTSE 350 Mining Index FTSE Small Mining Index
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
FTNMX1770: FSI
Price as of 31/12/05
8,321.49
13,650.70
16,309.65
22,235.97
21,791.78
13,110.20
FTSMX1770: FSI
335.62
495.74
1,064.03
2,717.91
6,573.73
Not applicable
LSE Main Market Index Exchange
Index(es)
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
LSE/AIM
FTSE 100 Index
FTSE:FSI
5,926.00
6,566.09
6,749.09
5,572.28
5,412.90
5,618.80
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Top 100 LSE-AIM Public Mining Companies The top 100 LSE & AIM public mining companies by market value had a combined market value of $214.86 billion as at 30.09.15 ($318.79 billion as at 30.06.15) and traded on an average PE of 20.08 (16.83 as at 30.06.15). Company Name
Symbol
Share Price (p)
52W HIGH/ LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$)
Year End (date)
Main Commodity
1
BHP BILLITON
BLT
995.30p
1614.5/ 951
12.28
5,320.00
23.15
80,097.50
44,636
30/06/ 2015
Diversified
2
RIO TINTO PLC
RIO
2,196.00p
3280/ 2090.5
5.59
1,810.00
20.67
59,267.89
47,664
31/12/ 2014
Diversified
3
GLENCORE PLC
GLEN
88.32p
343.95/ 66.67
167.02
14,390.00
NS
17,578.30
221,073
31/12/ 2014
Diversified
4
ANGLO AMERICAN PLC
AAL
544.30p
1432/ 542.60
11.29
1,400.00
NS
11,774.58
27,073
31/12/ 2014
Diversified
5
POLYUS GOLD INTERNATIONA L LTD.
PGIL
194.25p
216.08/ 160.00
0.73
3,030.00
60.55
8,903.10
2,239
31/12/ 2014
Gold Mining
6
ANTOFAGASTA PLC
ANTO
498.30p
811.50/ 473.43
3.69
985.86
37.71
7,383.80
5,290
31/12/ 2014
Diversified
7
FRESNILLO PLC
FRES
593.50p
939.50/ 569.63
1.44
736.89
NS
6,684.92
1,414
31/12/ 2014
Platinum & Precious Metals
RRS
3,832.00p
5752.1/ 3546
0.61
93.21
25.84
5,454.29
1,087
31/12/ 2014
Gold Mining
POLY
569.00p
634.00/ 424.20
0.45
423.57
NS
3,539.97
1,690
31/12/ 2014
Platinum & Precious Metals
VED
431.40p
1006/ 353.21
0.65
275.96
NS
1,853.55
12,879
8
9 10
RANDGOLD RESOURCES LTD. POLYMETAL INTERNATIONA L PLC VEDANTA RESOURCES PLC
31/03/ 2015 31/12/ 2014
Diversified
11
NORD GOLD NV
NORD
2.90p
3.26/1.20
0.05
373.14
6.82
1,640.84
1,216
12
ACACIA MINING PLC (ex. AFRICAN BARRICK GOLD)
ACA
242.00p
318.90/ 191.70
0.50
410.09
23.90
1,549.69
930
31/12/ 2014
Gold Mining
13
CENTAMIN PLC
CEY
61.60p
72.35/ 43.01
7.03
1,150.00
11.17
1,083.47
473
31/12/ 2014
Gold Mining
14
PETRA DIAMONDS LTD.
PDL
84.90p
210.80/ 84.45
2.79
518.14
14.00
668.61
425
30/06/ 2015
Diamonds & Gemstones
15
SIRIUS MINERALS PLC
SXX
18.84p
29.50/ 6.40
5.02
2,220.00
NS
631.48
0
31/03/ 2015
Diversified
16
HARWORTH GROUP PLC
HWG
12.48p
14.00/ 5.35
0.31
2,920.00
4.50
555.06
2
31/12/ 2014
Diversified
17
KAZ MINERALS PLC
KAZ
79.60p
282.50/ 65.10
5.22
446.68
NS
494.15
846
31/12/ 2014
Diversified
18
GEMFIELDS PLC
GEM
55.98p
69.00/ 45.00
0.29
541.23
18.47
465.33
160
30/06/ 2014
Diamonds & Gemstones
19
HOCHSCHILD MINING PLC
HOC
69.25p
141.30/ 60.97
0.32
367.69
NS
406.40
493
31/12/ 2014
Diversified
20
PETROPAVLOV SK PLC
POG
5.88p
9.85/2.15
4.05
3,300.00
NS
300.87
865
31/12/ 2014
Gold Mining
21
CENTRAL ASIA METALS PLC
CAML
161.33p
198.00/ 135.16
0.01
111.56
15.92
269.07
73
31/12/ 2014
Diversified
22
HIGHLAND GOLD MINING LTD.
HGM
50.05p
58.00/ 23.00
0.43
325.22
NS
249.92
304
31/12/ 2014
Gold Mining
DWF Capital Limited | Public Mining Companies Report
Gold
34
Top 100 LSE-AIM Public Mining Companies 23-48
Company Name
Symbol
Share Price (p)
52W HIGH/LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$)
Year End (date)
Main Commodity
23
GEM DIAMONDS LTD.
GEMD
112.91p
198.75/112.50
0.21
138.23
8.44
237.69
271
31/12/2014
Diamonds & Gemstones
24
BACANORA MINERALS LTD.
BCN
83.90p
102.50/34.00
0.13
85.15
NS
226.39
0
30/06/2014
Diversified
25
PAN AFRICAN RESOURCES PLC
PAF
7.91p
13.50/6.25
0.66
1,830.00
11.24
198.95
213
30/06/2015
Gold Mining
26
ANGLO PACIFIC GROUP PLC
APF
76.00p
143.04/73.74
0.17
169.94
NS
196.87
5
31/12/2014
Diversified
27
EMED MINING PUBLIC LTD.
EMED
3.54p
7.80/2.99
1.48
3,500.00
NS
193.12
0
31/12/2014
Gold Mining
28
WOLF MINERALS LTD.
WLFE
15.53p
22.54/12.50
0.27
-
NS
192.45
0
30/06/2015
Tungsten
29
AQUARIUS PLATINUM LIMITED
AQP
6.64p
21.00/5.53
2.87
1,510.00
NS
153.66
213
30/06/2015
30
LONMIN PLC
LMI
16.64p
196.90/14.50
5.48
586.91
NS
138.30
965
30/09/2014
SRX
18.65p
38.00/16.06
0.05
522.23
NS
137.09
118
31/12/2014
FDI
23.02p
37.25/23.00
0.03
308.99
NS
111.67
4
30/06/2014
31 32
SIERRA RUTILE LTD. FIRESTONE DIAMONDS PLC
Platinum & Precious Metals Platinum & Precious Metals Diversified Diamonds & Gemstones Platinum & Precious Metals
33
RARE EARTH MINERALS PLC
REM
0.98p
1.55/0.77
44.23
6,820.00
NS
100.44
0
31/12/2014
34
AUREUS MINING INC.
AUE
17.70p
31.00/15.00
0.92
366.72
NS
99.06
0
31/12/2014
Gold Mining
35
COAL OF AFRICA LTD.
CZA
3.50p
8.00/1.21
0.06
-
NS
91.89
0
30/06/2015
Coal
AMC
13.13p
44.58/4.04
2.20
437.52
12.69
88.21
0
31/12/2014
Diversified
CNG
15.13p
35.25/12.00
0.00
382.39
NS
88.01
0
31/12/2013
Diversified
KMR
2.08p
10.25/2.02
3.10
2,780.00
NS
87.85
174
31/12/2014
Diversified
DALR
36.13p
60.00/35.00
0.01
-
NS
85.90
0
31/12/2014
Diversified
MTL
3.13p
7.00/3.00
0.25
1,580.00
NS
75.28
0
31/12/2014
Diversified
GBGR
1.95p
3.25/1.86
0.16
2,330.00
NS
72.82
35
31/12/2014
Gold Mining
GFM
27.88p
41.52/23.50
0.13
170.34
NS
72.26
46
31/12/2014
Diversified
BKY
20.85p
22.00/10.91
0.15
-
NS
57.14
0
30/06/2015
Uranium
AMA
9.03p
21.15/8.52
0.40
420.23
NS
56.91
0
31/12/2014
Gold Mining
CHL
23.50p
59.00/10.00
0.04
132.78
NS
51.98
0
30/06/2014
Coal
DCP
8.80p
13.38/6.08
0.97
376.10
NS
50.71
0
31/12/2014
Diamonds & Gemstones
NWR
0.45p
2.05/0.35
0.08
6,660.00
0.15
45.61
760
31/12/2014
Coal
JLP
3.31p
5.45/1.03
13.49
876.15
NS
45.26
6
30/06/2014
Platinum & Precious Metals
36
37 38 39
40
41 42 43 44 45 46 47 48
AMUR MINERALS CORP. CHINA NONFERROUS GOLD LTD. KENMARE RESOURCES PLC DALRADIAN RESOURCES INC. METALS EXPLORATION PLC GOLDBRIDGES GLOBAL RESOURCES PLC GRIFFIN MINING LTD. BERKELEY RESOURCES LTD. AMARA MINING PLC CHURCHILL MINING PLC DIAMONDCORP PLC NEW WORLD RESOURCES PLC JUBILEE PLATINUM PLC
DWF Capital Limited | Public Mining Companies Report
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Top 100 LSE-AIM Public Mining Companies 49-78
Company Name
49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68
69 70 71 72 73 74 75
76
77
78
SYLVANIA PLATINUM LTD. FOX MARBLE HOLDINGS PLC HUMMINGBIRD RESOURCES PLC W RESOURCES PLC VAST RESOURCES PLC SERABI GOLD PLC SHANTA GOLD LTD. CHAARAT GOLD HOLDINGS LTD. AFRICAN POTASH LTD. CALEDONIA MINING CORP. CONDOR GOLD PLC KIBO MINING PLC OBTALA RESOURCES LTD. PATAGONIA GOLD PLC BUSHVELD MINERALS LTD. OXUS GOLD PLC ZINCOX RESOURCES PLC MWANA AFRICA PLC PARAGON DIAMONDS LTD. ASIAMET RESOURCES LTD. MARIANA RESOURCES LTD. SOLGOLD PLC WEST AFRICAN MINERALS CORP. ORACLE COALFIELDS PLC TRI STAR RESOURCES PLC BEOWULF MINING PLC RAMBLER METALS & MINING PLC TRANSSIBERIAN GOLD PLC STRATEX INTERNATIONAL PLC BISICHI MINING PLC
Symbol
Share Price (p)
52W HIGH/LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$)
Year End (date)
SLP
9.88p
12.00/5.60
0.48
292.47
28.81
43.95
48
30/06/2015
Platinum & Precious Metals
FOX
17.13p
25.90/15.00
0.10
159.85
NS
41.66
0
31/12/2014
Diversified
HUM
24.00p
44.25/21.75
0.02
106.95
NS
40.63
0
31/12/2014
Diversified
WRES
0.64p
0.88/0.21
73.05
3,570.00
NS
37.74
1
31/12/2014
Tungsten
VAST
1.58p
2.29/0.47
26.31
1,470.00
NS
36.43
0
31/03/2015
Diversified
SRB
3.63p
6.25/3.35
0.05
656.39
12.82
36.14
13
31/12/2014
Gold Mining
SHG
4.88p
11.75/4.00
5.38
468.23
NS
35.63
115
31/12/2014
Gold Mining
CGH
8.60p
16.00/6.50
0.10
272.94
NS
35.31
0
31/12/2014
Gold Mining
AFPO
2.85p
3.63/0.28
31.88
766.73
NS
33.26
0
30/06/2014
Potash
CMCL
39.50p
59.00/33.54
0.01
-
NS
31.25
56
31/12/2013
Diversified
CNR
42.25p
98.00/38.00
0.21
45.81
NS
29.93
0
31/12/2014
Diversified
KIBO
5.89p
12.50/1.10
1.38
329.26
8.30
28.76
0
31/12/2014
Gold and Nickel
OBT
6.12p
12.75/5.81
0.94
263.26
NS
27.50
0
31/12/2014
Diversified
PGD
1.50p
7.90/1.35
0.29
1,060.00
NS
26.16
36
31/12/2014
Gold Mining
BMN
3.55p
4.60/2.02
0.74
486.34
NS
25.68
0
28/02/2015
Diversified
OXS
3.35p
4.98/1.67
0.87
574.74
NS
25.40
0
31/12/2014
Diversified
ZOX
7.64p
18.00/6.00
0.10
189.91
NS
24.20
38
31/12/2014
Diversified
MWA
0.90p
2.83/0.85
0.64
1,690.00
5.50
23.79
152
31/03/2015
Diversified
PRG
4.80p
7.00/2.80
0.83
277.89
NS
23.32
0
31/12/2014
Diamonds & Gemstones
ARS
1.45p
5.62/1.00
4.56
503.17
NS
22.97
0
31/12/2014
Copper
MARL
1.90p
3.50/1.00
2.29
796.86
NS
22.52
0
31/12/2014
Gold Mining
SOLG
1.79p
5.98/1.66
5.91
760.45
NS
20.81
0
30/06/2014
Gold Mining
WAFM
3.50p
5.75/2.00
0.10
381.16
NS
20.27
0
31/03/2014
Diversified
ORCP
1.31p
2.00/0.25
1.92
911.78
NS
18.35
0
31/12/2014
Coal
TSTR
0.13p
0.24/0.06
10.62
8,450.00
NS
17.34
0
31/12/2014
Antimony
BEM
2.57p
4.00/1.15
0.65
429.08
NS
16.79
0
31/12/2014
Iron Ore
RMM
7.35p
27.40/7.00
0.01
144.17
NS
16.42
46
31/07/2014
Diversified
TSG
9.25p
15.90/8.35
0.01
110.05
NS
15.50
46
31/12/2014
Gold Mining
STI
2.03p
3.00/1.00
1.16
467.31
NS
14.55
0
31/12/2014
Diversified
BISI
89.50p
97.50/60.15
0.00
10.68
6.82
14.52
41
31/12/2014
Coal
DWF Capital Limited | Public Mining Companies Report
Main Commodity
36
Top 100 LSE-AIM Public Mining Companies 79-100
Company Name
Symbol
Share Price (p)
52W HIGH/LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$)
Year End (date)
Main Commodity
79
KEFI MINERALS PLC
KEFI
0.45p
1.80/0.45
3.43
1,740.00
NS
13.25
0
31/12/2014
Diversified
80
EMERGING MARKET MINERALS PLC (ex. LP HILL)
EMM
22.00p
73.00/10.50
0.01
39.44
NS
13.19
0
30/06/2014
Diversified
81
EURASIA MINING PLC
EUA
0.66p
2.15/0.38
1.15
1,270.00
84.38
13.02
0
31/12/2014
Gold Mining
82
PREMIER AFRICAN MINERALS LTD.
PREM
1.20p
3.58/0.70
6.58
-
NS
12.81
NS
NS
83
ORMONDE MINING PLC
ORM
1.68p
5.00/1.60
0.13
-
NS
12.38
0
31/12/2013
Gold Mining
84
RICHLAND RESOURCES LTD.
RLD
3.75p
6.50/1.33
0.96
217.21
NS
12.38
1
31/12/2014
Diamonds & Gemstones
85
MINERA IRL LTD.
MIRL
3.50p
8.00/2.50
0.00
231.14
NS
12.31
30
31/12/2014
Gold Mining
86
STRATMIN GLOBAL RESOURCES PLC
STGR
5.10p
11.50/3.25
2.54
151.15
NS
12.06
0
31/12/2014
Diversified
87
CENTRAL RAND GOLD LTD.
CRND
8.00p
45.29/7.35
0.66
-
NS
11.71
15
31/12/2013
Gold Mining
88
SABLE MINING AFRICA LTD.
SBLM
0.62p
3.50/0.36
45.93
1,110.00
NS
11.64
NS
31/03/2015
Diversified
89
HORIZONTE MINERALS PLC
HZM
1.51p
4.85/1.30
1.44
492.43
NS
11.59
0
31/12/2014
Diversified
90
BLUEROCK DIAMONDS PLC
BRD
22.50p
34.00/9.00
0.00
32.13
NS
10.98
0
31/12/2014
Diamonds & Gemstones
91
ATLANTIC COAL PLC
ATC
0.14p
0.25/0.07
22.07
4,910.00
NS
10.47
18
31/12/2014
Coal
92
ARIANA RESOURCES PLC
AAU
0.85p
1.56/0.70
0.38
802.06
NS
10.36
0
31/12/2014
Gold
93
UMC ENERGY CORP.
UEP
1.38p
4.25/1.25
0.00
484.44
NS
10.13
0
31/12/2014
Diversified
94
WEATHERLY INTERNATIONAL PLC
WTI
0.62p
4.10/0.55
0.78
1060.00
NS
10.09
32
30/06/2014
Diversified
95
AVOCET MINING PLC
AVM
3.16p
8.25/2.75
0.13
209.05
NS
10.06
110
31/12/2014
Gold Mining
96
SCOTGOLD RESOURCES LTD.
SGZ
0.64p
1.49/0.30
0.28
-
NS
9.53
0
30/06/2014
Gold
97
ANGLO ASIAN MINING PLC
AAZ
5.05p
10.80/3.00
0.94
112.66
NS
9.09
68
31/12/2014
Diversified
98
TERTIARY MINERALS PLC
TYM
3.21p
6.85/2.30
0.36
187.86
NS
8.92
0
30/09/2014
Diversified
99
GOLDPLAT PLC
GDP
3.25p
4.49/1.61
0.52
168.44
NS
8.31
26
30/06/2015
Gold and Platinum
100
GALANTAS GOLD CORP.
GAL
5.13p
9.23/2.65
0.04
-
NS
8.28
0
31/12/2014
Gold
20.08
214,857.66
TOTAL/AVERAGE
Diversified
Notes: List of top LSE/AIM mining companies obtained directly from grid of leading companies classified as mining companies on London Stock Exchange website as of end Sept. 2015. All financial info. from ft.com website on 30th Sept. 2015. NS = P/E figure not specified. All currency conversions as required from yahoo.com as of 30th Sept. 2015 (1 GBP = 1.5193 USD).
DWF Capital Limited | Public Mining Companies Report
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NYSE & NASDAQ PUBLIC MINING COMPANIES The NYSE and NASDAQ combined are the 4th largest stock exchange for mining companies by the number of companies listed and the largest stock exchange for mining companies by overall market value
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New York Stock Exchange Introduction Located in New York City and originally established in 1792, the New York Stock Exchange (NYSE) is the world’s largest stock exchange by market capitalisation of its listed companies. The NYSE was also ranked number one in IPO’s globally in 2013, raising $59 billion from 157 IPO’s, more than the next three exchanges combined. Listings on NYSE include around 90% of the Dow Jones Industrial Average and 78% of the S&P 500. The NYSE is owned by Intercontinental Exchange Inc., an American holding company with a portfolio of exchanges, including the NYSE, ICE Futures, Liffe and Euronext. In February 2014, the company also completed the acquisition of Singapore Mercantile Exchange.
Size As of the end of September 2015, there were a total of 2,447 companies listed on the NYSE. Of these, 1,928 companies categorised as domestic companies and the remaining 519 as foreign companies. Also as of the end of September 2015, total domestic market capitalization of US$18,336,690 million. This figure represents a fall of 2.4% in comparison to the end of September 2014 in US$ terms. Source: World Federation of Exchanges (www.world-exchanges.org)
NYSE Mining Indexes Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
HUI:PSE
108.42
164.03
197.70
498.73
429.91
305.08
NYSE Arca Gold Bugs Short Index
HUISH:PSE
775.86
606.68
579.30
333.91
481.45
Not applicable
NYSE Arca Gold Miners Index
GDM:PSE
379.02
512.41
587.18
1,428.98
1,273.29
972.12
853.46
Not applicable
Not applicable
Exchange
Index(es)
NYSE
NYSE Arca Gold BUGS Index
NYSE Arca Junior Gold BUGS Index
JHUI:PSE
166.63
191.98
244.32
NYSE Main Market Index Exchange
Index(es)
NYSE
Dow Jones Industrial Average
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
DJI:DJI
16,071.58
17,823.07
16,576.66
12,217.56
10,428.05
10,717.50
NASDAQ Introduction While the NYSE started operating in 1792, NASDAQ only started up in 1971. NASDAQ has no physical trading floor and is 100% electronic. Also located in New York, the NASDAQ Stock Market (commonly known as the NASDAQ) is, in terms of market share and volume traded, the largest stock exchange in the United States. The exchange platform is owned by the NASDAQ OMX Group. Main listing markets are the NASDAQ Stock Market and the exchanges that comprise NASDAQ Nordic and NASDAQ Baltic. As of the end of September 2015, there were a total of 2,850 companies listed on the NASDAQ. Of these, 2,474 companies categorised as domestic companies and the remaining 376 as foreign companies. Also as of the end of September 2015, total domestic market capitalization of US$6,745,632 million. This figure represents a rise of 0.9% in comparison to the end of September 2014 in US$ terms. Source: World Federation of Exchanges (www.world-exchanges.org)
DWF Capital Limited | Public Mining Companies Report
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Top 50 US Public Mining Companies The top 50 US public mining companies by market value had a combined market value of $331.72 billion as at 30.09.15 ($471.16 billion as at 30.06.15) and traded on an average PE of 26.68 (27.12 as at 30.06.15).
Company Name
Symbol
Price
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue / Turnover (USD) million
1
BHP BILLITON PLC
BBL
$30.67
53.08/29.19
1.66
2,660.00
23.22
79,850.00
44,636
2
RIO TINTO PLC
RIO
$33.82
56.82/31.97
4.00
1,810.00
20.70
59,080.00
47,664
3
SOUTHERN COPPER CORP.
SCCO
$26.72
33.31/23.41
1.85
797.01
16.97
20,790.00
5,788
4
VALE SA
VALE
$4.20
11.95/4.03
21.86
5,240.00
NS
19,440.00
37,539
5
ALCOA INC.
AA
$9.66
17.75/7.97
33.93
1,310.00
19.07
12,380.00
23,906
6
MOSAIC COMPANY
MOS
$31.11
53.83/30.53
6.04
354.33
9.52
11,390.00
9,056
7
FREEPORTMCMORAN COPPER & GOLD
FCX
$9.69
32.69/7.76
50.93
1,140.00
NS
11,130.00
21,438
8
GOLDCORP INC.
GG
$12.52
25.00/11.95
10.18
830.20
NS
10,140.00
3,436
ACH
$7.76
17.44/7.20
0.06
596.15
NS
9,560.00
22,839
NEM
$16.07
27.90/15.39
9.62
529.05
16.20
8,370.00
7,292
ABX
$6.36
15.03/5.91
21.53
1,160.00
NS
7,250.00
10,239
FNV
$44.02
58.84/38.20
1.22
156.08
NS
6,871.00
442
GOLD
$59.09
85.84/54.88
1.09
93.21
26.41
5,580.00
1,087
AEM
$25.32
34.89/21.00
3.88
217.39
NS
5,400.00
1,638
SLW
$12.01
24.22/11.03
5.26
404.28
29.51
5,040.00
620
TRQ
$2.55
4.74/2.41
3.02
2,010.00
15.95
4,970.00
1,644
CCJ
$12.17
19.97/11.60
2.07
395.79
NS
4,840.00
1,881
9 10 11 12 13 14 15 16 17
ALUMINUM CORP. OF CHINA LTD. NEWMONT MINING CORP. BARRICK GOLD CORP. FRANCO-NEVADA CORP. RANDGOLD RESOURCES LTD. AGNICO EAGLE MINES LTD. SILVER WHEATON CORP. TURQUOISE HILL RESOURCES LTD. CAMECO CORP. YANZHOU COAL MINING CO. LTD. VEDANTA LTD. (ex. SESA STERLITE LTD.) ANGLOGOLD ASHANTI LTD.
YZC
$4.42
12.24/4.28
0.06
491.84
105.69
4,770.00
9,726
VEDL
$5.18
17.46/4.59
0.32
741.17
9.45
3,830.00
11,024
AU
$8.19
13.12/5.64
4.03
405.05
NS
3,180.00
5,218
21
ROYAL GOLD INC.
RGLD
$46.98
77.20/42.21
0.85
65.19
58.14
3,020.00
278
22
TECK RESOURCES LTD.
TCK
$4.80
19.21/4.39
9.95
576.24
10.59
2,720.00
6,747
CMP
$78.37
95.68/77.13
0.21
33.69
10.93
2,640.00
1,283
EGO
$3.22
8.00/2.45
5.78
716.59
NS
2,290.00
1,068
18 19 20
23 24
COMPASS MINERALS INTERNATIONAL INC. ELDORADO GOLD CORP.
Financi al Year End 30/06/ 2015 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/03/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014
Main Commodity
Diversified Diversified Copper Diversified Aluminium Potash, Phosphate Gold & Copper Gold Aluminium Gold Gold Gold Royalties Gold Gold Silver Gold & Copper Uranium Coal Diversified Gold Gold Royalties Diversified Mineral Sands Gold
25
CONSOL ENERGY INC.
CNX
$9.80
42.26/9.29
6.50
229.00
NS
2,150.00
3,476
26
GOLD FIELDS LTD.
GFI
$2.66
6.01/2.35
6.42
778.11
NS
2,010.00
2,869
31/12/ 2014
Gold
27
KINROSS GOLD CORP.
KGC
$1.72
3.71/1.35
10.82
1,150.00
NS
1,930.00
3,466
31/12/ 2014
Gold
28
COMP. DE MINAS BUENAVENTURA
BVN
$5.96
12.51/5.73
1.67
275.63
NS
1,660.00
1,176
31/12/ 2014
Gold & Silver
DWF Capital Limited | Public Mining Companies Report
Coal & Gas
40
Top 50 US Public Mining Companies 29-50
Company Name
Symbol
Price
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue/ Turnover (USD) million
29
ALLIANCE RESOURCE PARTNERS LP
ARLP
$22.26
50.02/19.95
0.32
74.19
5.51
1,630.00
2,301
30
YAMANA GOLD INC.
AUY
$1.70
6.17/1.42
11.60
946.54
NS
1,590.00
1,835
31
STILLWATER MINING CO.
SWC
$10.33
15.57/8.36
2.45
120.90
78.62
1,220.00
944
HBM
$4.93
12.61/4.82
1.12
235.23
40.84
1,150.00
560
TAHO
$7.74
21.73/7.32
1.19
147.73
NS
1,143.00
350
32 33
HUDBAY MINERALS INC. TAHOE RESOURCES INC.
34
NEW GOLD INC.
NGD
$2.27
5.38/1.90
4.19
509.08
NS
1,140.00
726
35
NOVAGOLD RESOURCES INC.
NG
$3.61
4.25/2.33
1.25
317.86
NS
1,140.00
0
36
SIBANYE GOLD LTD.
SBGL
$4.64
11.56/4.07
1.35
228.71
9.80
1,030.00
2,013
37
B2 GOLD CORP.
BTG
$1.05
2.38/0.98
3.06
921.27
NS
967.33
487
PAAS
$6.35
12.05/5.85
2.79
151.64
NS
966.00
825
DDC
$10.68
20.30/9.62
0.51
85.25
60.41
905.88
916
SLCA
$14.09
64.81/13.53
2.02
53.39
7.70
752.24
877
HL
$1.97
3.54/1.77
6.48
377.70
NS
725.18
501
PVG
$6.05
7.56/4.07
0.78
116.83
NS
706.82
0
FELP
$5.33
19.30/5.10
0.18
130.09
3.33
694.70
1,109
IAG
$1.63
3.39/1.15
5.53
391.40
NS
607.63
1,008
NSU
$2.90
4.51/2.57
0.12
199.78
8.39
586.80
555
SSRI
$6.52
7.23/3.92
1.55
80.75
NS
523.56
300
SXC
$7.78
24.09/7.66
0.85
65.27
NS
507.80
1,473
38 39 40 41 42 43 44 45 46 47
PAN AMERICAN SILVER CORP. DOMINION DIAMOND CORP. US SILICA HOLDINGS INC. HECLA MINING CO. PRETIUM RESOURCES INC. FORESIGHT ENERGY LP IAMGOLD CORP. NEVSUN RESOURCES LTD. SILVER STANDARD RESOURCES INC. SUNCOKE ENERGY INC.
48
MAG SILVER CORP.
MVG
$7.12
9.20/5.57
0.04
69.25
NS
494.19
0
49
TRONOX LTD.
TROX
$4.37
26.62/3.91
1.89
116.68
NS
490.05
1,737
50
ALAMOS GOLD INC.
AGI
$3.69
9.07/2.98
1.86
127.36
NS
469.96
170
26.68
331,722.14
TOTAL/AVERAGE
Financi al Year End 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 30/11/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/01/ 2015 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014
Main Commodity
Coal Gold Platinum & Precious Metals Gold & Copper Gold & Silver Gold Gold Gold Gold Silver Diamonds Industrial Minerals Gold & Silver Gold Coal Gold Copper Gold & Silver Coal Silver Mineral Sands Gold
Notes: All financial info. from ft.com website on 30th Sept. 2015. NS = P/E figure not specified.
DWF Capital Limited | Public Mining Companies Report
41
All financial info. from ft.com website on 31st March 2015. NS = P/E figure not specified. All currency conversions as required from yahoo.com as of 31st March 2015 (1 ZAR = 0.0818 USD).
HKSE PUBLIC MINING COMPANIES The Hong Kong Stock Exchange is the 5th largest mining stock exchange for mining companies by the number of companies listed and the 6th largest mining stock exchange for mining companies by the value of companies listed
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42
Hong Kong Stock Exchange (HKSE) Introduction Originally founded in 1891, the Hong Kong Stock Exchange (HKEx) is Asia’s second largest stock exchange in terms of market capitalisation behind the Tokyo Stock Exchange. HKEx is a leading global operator of exchanges and clearing houses and is the frontline regulator of listed companies in Hong Kong. It also owns the London Metal Exchange (LME) in the UK, the world’s leading base metals market. HKEx is also an equal joint-venture partner with the Shanghai Stock Exchange (see below) and Shenzhen Stock Exchange in China Exchanges Services Company (CESC), which is registered and incorporated in Hong Kong.
Size As of the end of September 2015, there were a total of 1,816 companies listed on the HKSE. Of these, 1,723 companies categorised as domestic companies and the remaining 93 as foreign companies. Also as of the end of September 2015, total domestic market capitalization of US$2,992,277 million. This figure represents a fall of 4.9% in comparison to the end of September 2014 in US$ terms, and a fall of 5.1% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)
Mining Indexes N/A
HKSE Main Market Index Exchange
Index(es)
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
HKSE
Hang Seng
HIS:HKG
20,846.30
23,857.82
22,817.28
18,593.06
20,121.99
15,753.14
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Top 25 HKSE Public Mining Companies The top 25 HKSE public mining companies by market value had a combined market value of $93.03 billion as at 30.09.15 ($109.31 billion as at 30.06.15) and traded on an average PE of 18.81 (17.71 as at 30.06.15). Company Name
1 2 3 4 5 6 7 8 9 10
11
12
13
14 15 16
17
18 19 20 21 22 23
24 25
CHINA SHENHUA ENERGY CO. LTD. CHINA COAL ENERGY CO. LTD. ZIJIN MINING GROUP CO. LTD. ALUMINIUM CORP. OF CHINA LTD. JIANGXI COPPER CO. LTD. YANZHOU COAL MINING CO. LTD. ZHAOJIN MINING IND. CO. LTD. MMG LTD. REAL GOLD MINING LTD. G-RESOURCES GROUP LTD. SHOUGANG FUSHAN RESOURCES GROUP LTD. CHINA DAYE NONFERROUS METALS MINING LOUDONG GENERAL NICE RESOURCES HOLDINGS XINJIANG XINXIN MINING INDUSTRY CO. LTD. NORTH MINING SHARES CO. LTD. CHINA MINING RESOURCES GROUP LTD. JINCHUAN GROUP INT. RESOURCES CO. LTD. TAUNG GOLD INTERNATIONAL LTD. CHINA DYNAMIC HOLDINGS LTD. CHINA PRECIOUS METAL RESOURCE HOLDINGS CO. LINGBAO GOLD CO. LTD. ASIA COAL LTD. XINGFA ALUMINIUM HOLDINGS LTD. HIDILI INDUSTRY INT. DEVELOPMENT LTD. APAC RESOURCES LTD. TOTAL/AVERAGE
Symbol
1088 1898 2899 2600 358 1171 1818 1208 246 1051
Price HKD 11.48 HKD 3.00 HKD 1.93 HKD 2.38 HKD 9.23 HKD 3.39 HKD 4.05 HKD 1.44 HKD 8.81 HKD 0.19
52W HIGH/ LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue/ Turnover (USD) million
24.40/ 11.30
17.19
19,890.00
6.85
43,807.11
39,042
5.60/2.97
21.03
13,260.00
NS
10,608.96
11,108
3.63/1.81
33.64
21,570.00
13.89
10,105.86
9,237
5.62/2.26
15.28
14,900.00
NS
9,544.71
22,287
12.44
3,460.00
10.37
6,059.13
31,167
10.88
4,920.00
NS
5,029.71
9,490
6.74/3.40
4.54
2,970.00
28.50
1,591.86
881
3.54/1.40
4.28
5,290.00
58.21
1,071.99
2,480
9.29/8.78
0.00
908.79
NS
1,038.45
215
0.32/0.18
62.60
26,560.00
10.46
703.05
388
18.50/ 8.90 10.46/ 3.35
Financial Year End 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2010 31/12/ 2014
Main Commodity Coal Coal Gold Aluminium Copper Coal Gold Diversified Gold Gold
639
HKD 0.99
1.80/0.75
9.87
5,300.00
NS
677.25
420
31/12/ 2014
Coal
661
HKD 0.15
0.41/0.10
2.23
17,900.00
NS
341.85
6,729
31/12/ 2014
Diversified
988
HKD 0.73
2.20/0.41
5.52
3,430.00
NS
305.73
752
31/12/ 2014
Coal
3833
HKD 0.85
1.98/0.80
0.98
2,210.00
NS
259.29
533
31/12/ 2014
Diversified
433
HKD 0.09
0.41/0.05
75.76
19,900.00
NS
254.13
59
31/12/ 2014
Iron Ore
340
HKD 0.15
0.27/0.06
15.18
12,910.00
NS
251.55
17
31/12/ 2014
Molybdenum
2362
HKD 0.34
0.98/0.25
0.08
4,350.00
NS
196.08
652
31/12/ 2014
Diversified
621
HKD 0.10
0.25/0.10
5.21
14,790.00
NS
194.79
0
31/03/ 2015
Gold & Coal
476
HKD 0.37
1.07/0.20
5.70
3,710.00
NS
179.31
2
31/03/ 2015
Copper
1194
HKD 0.29
0.97/0.24
20.24
4,600.00
NS
178.02
166
31/12/ 2014
Gold
2.80/1.10
1.52
770.25
NS
140.61
1,021
0.22/0.10
9.05
9,610.00
NS
140.61
4
3330 835
HKD 1.30 HKD 0.11
31/12/ 2014 31/03/ 2015
Gold Coal
98
HKD 2.53
3.76/1.46
0.22
418.00
3.42
138.03
761
31/12/ 2014
Aluminium
1393
HKD 0.40
1.00/0.38
1.29
2,050.00
NS
109.51
113
31/12/ 2014
Coal
1104
HKD 0.09
0.36/0.07
3.41
9,190.00
NS
105.53
33
30/06/ 2015
Base Metals
18.81
93,033.12
Notes: All financial info. from ft.com website on 30th Sept. 2015. NS = P/E figure not specified. All currency conversions as required from yahoo.com as of 30th Sept. 2015 (1 HKD = 0.129 USD).
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JSE PUBLIC MINING COMPANIES The Johannesburg Stock Exchange is the 6th largest stock exchange for mining companies by the number of companies listed and the 7th largest stock exchange for mining companies by the value of companies listed
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Johannesburg Stock Exchange (JSE) Introduction Originally founded in 1887, the Johannesburg Stock Exchange (JSE) is the largest stock exchange in Africa and currently ranked the 19th largest stock exchange in the world by market capitalisation. In 2003, JSE launched an alternative exchange, AltX, for small and mid-sized listings, followed by the Yield X for interest rate and currency instruments. The JSE then acquired the South African Futures Exchange (SAFEX) in 2001 and the Bond Exchange of South Africa (BESA) in 2009.
Size As of the end of September 2015, there were a total of 376 companies listed on the JSE. Of these, 315 companies categorised as domestic companies and the remaining 61 as foreign companies. Also as of the end of September 2015, total domestic market capitalization of US$776,487 million. This figure represents a fall of 18.3% in comparison to the end of September 2014 in US$ terms, but an increase of 1.4% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)
JSE Mining Indexes Exchange
Index(es)
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
JSE
JSE FTSE Resource 20
JRESI:JNB
31,641.03
41,930.02
51,005.84
51,279.85
50,184.41
31,522.36
JSE FTSE Resource 10
JRESIT:JNB
1,891.99
2,386.26
2,807.62
Not applicable
Not applicable
Not applicable
SA Gold Mining Index
J150:FSI
935.95
1,144.92
1,020.01
2,847.23
2,208.51
Not applicable
JSE FTSE Namibia Mining Index
N177:FSI
63.33
116.65
124.28
162.38
174.95
Not applicable
JSE Main Market Index Exchange
Index(es)
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
JSE
FTSE All Share Index
JALSH:JNB
49,381.28
49,770.60
46,256.23
31,985.67
27,475.25
18,172.45
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Top 25 JSE Public Mining Companies The top 25 JSE public mining companies by market value had a combined market value of $36.76 billion as at 30.09.15 ($53.90 billion as at 30.06.15) and traded on an average PE of 13.67 (11.78 as at 30.06.15). Company Name
1
SASOL LTD.
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue/ Turnover (USD) million
Financial Year End
Main Commodity
Symbol
Price
52W HIGH/LOW
SOL
ZAR 385.41
618.99/360.00
1.93
654.16
7.82
17,608.25
13,209
30/06/2015
Coal & Gas
AMS
ZAR 228.67
405.26/221.15
0.46
269.68
23.42
4,536.11
3,965
31/12/2014
Plat. & Precious Metals
149.99/71.59
1.63
405.05
NS
3,124.37
5,218
31/12/2014
Gold
69.84/31.11
2.36
778.11
NS
1,975.72
2,869
31/12/2014
Gold
304.31/71.00
1.14
322.09
3.63
1,744.00
3,394
31/12/2014
Iron Ore
91.89/37.13
2.71
632.21
NS
1,724.75
2,316
30/06/2015
Plat. & Precious Metals
134.73/50.40
0.70
358.12
6.88
1,346.86
1,169
31/12/2014
Coal
33.95/13.16
2.88
914.84
12.20
1,040.27
1,553
31/12/2014
Gold
3
ANGLO AMERICAN PLATINUM LTD. ANGLOGOLD ASHANTI LTD.
4
GOLD FIELDS LTD.
5
8
KUMBA IRON ORE LTD. IMPALA PLATINUM HOLDINGS LTD. EXXARO RESOURCES LTD. SIBANYE GOLD LTD.
9
NORTHAM PLATINUM LTD.
NHM
ZAR 26.27
52.00/25.16
1.50
509.78
NS
945.44
430
30/06/2015
Plat. & Precious Metals
10
AFRICAN RAINBOW MINERALS LTD.
ARI
ZAR 51.68
152.90/50.35
0.67
217.48
NS
800.70
660
30/06/2015
Diversified
11
ASSORE LTD.
ASR
ZAR 75.26
259.00/66.75
0.22
139.61
5.51
746.51
180
30/06/2015
Diversified
RBP
ZAR 24.80
65.00/24.20
0.38
193.73
40.77
346.52
269
31/12/2014
Plat. & Precious Metals
38.50/8.40
3.41
436.19
NS
283.06
1,101
30/06/2015
Gold
1.24/0.65
0.52
2,510.00
14.86
119.78
257
31/12/2014
Ferrochrome
10.22/5.15
0.23
201.22
30.88
99.11
55
31/03/2015
Diversified
3.94/1.49
2.19
430.88
13.43
67.28
150
30/06/2015
Gold
2
6 7
ANG GFI KIO IMP EXX SGL
ZAR 108.42 ZAR 35.14 ZAR 79.00 ZAR 37.58 ZAR 53.00 ZAR 15.58
15
ROYAL BAFOKENG PLATINUM LTD. HARMONY GOLD MINING CO. LTD. MERAFE RESOURCES LTD. SEPHAKU HOLDINGS LTD.
16
DRD GOLD LTD.
DRD
17
WESIZWE PLATINUM LTD.
WEZ
ZAR 0.51
1.02/0.44
0.44
1,630.00
NS
62.67
0
31/12/2014
Platinum Group Metals
18
PETMIN LTD.
PET
ZAR 1.38
1.90/1.10
0.36
576.91
5.91
56.35
91
30/06/2015
Coal
19
RESOURCE GENERATION LTD.
RSG
ZAR 0.99
1.50/0.95
0.00
581.38
NS
24.33
0
30/06/2015
Coal & Uranium
20
BSI STEEL LTD.
BSS
0.65/0.35
0.06
719.86
14.70
23.10
232
31/03/2015
Coal
21
2.37/1.28
0.79
196.30
9.33
20.29
119
31/03/2015
Coal
3.80/2.13
0.02
106.05
1.46
17.77
67
31/03/2015
Diamonds
23
WESCOAL HOLDINGS LTD. TRANS HEX GROUP LTD. INFRASORS HOLDINGS LTD.
1.36/1.10
0.00
163.29
14.26
15.72
24
28/02/2015
Industrial Minerals
24
ZCI LTD.
ZCI
6.50/3.08
0.00
55.68
NS
15.68
59
31/03/2014
Copper
25
KEATON ENERGY HOLDINGS LTD.
KEH
2.80/0.80
0.05
228.26
NS
14.32
103
31/03/2015
Coal
13.67
36,758.95
12 13
14
22
TOTAL/AVERAGE
HAR MRF SEP
WSL TSX IRA
ZAR 8.85 ZAR 0.68 ZAR 6.89 ZAR 2.09
ZAR 0.45 ZAR 1.49 ZAR 2.35 ZAR 1.35 ZAR 3.98 ZAR 0.88
Notes: All financial info. from ft.com website on 30th Sept. 2015. NS = P/E figure not specified. All currency conversions as required from yahoo.com as of 30th Sept. 2015 (1 ZAR = 0.0713 USD).
DWF Capital Limited | Public Mining Companies Report
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31st March 2015 (1 HKD = 0.129 USD).
SHH PUBLIC MINING COMPANIES The Shanghai Stock Exchange is the 7th largest stock exchange for mining companies by the number of companies listed and the third largest stock exchange for mining companies by the value of companies listed
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Shanghai Stock Exchange (SHH) Introduction The Shanghai Stock Exchange (SSE) is one of the two stock exchanges operating independently in the People’s Republic of China (the other being the Shenzhen Stock Exchange). Unlike the Hong Kong Stock Exchange, however, the SSE is still not entirely open to foreign investors as a result of tight capital account controls exercised by the Chinese mainland authorities. With the current exchange founded in 1990, the SSE is a non-profit organisation directly administered by the China Securities Regulatory Commission (CSRC). After several years in operation, the SSE has become the most pre-eminent stock market in mainland China in terms of number of listed companies, number of shares listed, total market value, tradeable market value, securities turnover in value, stock turnover in value and the T-bond turnover in value.
Size As of the end of September 2015, there were a total of 1,071 companies listed on the SHH. Of these, all 1,071 companies were domestic companies. Also as of the end of September 2015, total domestic market capitalization of US$3,951,566 million. This figure represents an increase of 37.7% in comparison to the end of September 2014 in US$ terms, and an increase of 42.6% in local currency terms. Source: World Federation of Exchanges (www.world-exchanges.org)
Mining Indexes N/A
SHH Main Market Index Exchange
Index(es)
SHH
Shanghai Stock Exchange Composite Index
Symbol: Exchange
Price as of 30/09/15
Price as of 31/12/14
Price as of 31/12/13
Price as of 31/12/11
Price as of 31/12/09
Price as of 31/12/05
SHCOMP:IND
3,052.78
3,234.68
2,101.25
2,199.42
Not available
Not available
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Top 25 SHH Public Mining Companies The top 25 SHH public mining companies by market value had a combined market value of $140.13 billion as at 30.09.15 ($214.80 billion as at 30.06.15) and traded on an average PE of 33.33 (38.53 as at 30.06.15). Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (USD million)
Total Revenue/ Turnover (USD) mil
Financial Year End
Company Name
Symbol
Price
52W HIGH/ LOW
1
CHINA SHENHUA ENERGY CO. LTD.
601088
CNY 14.39
26.49/ 12.96
20.72
19,890.00
10.94
43,795.92
39,042
31/12/2014
Coal
2
CHINA COAL ENERGY CO. LTD.
601898
CNY 5.94
13.57/ 4.41
41.63
13,260.00
NS
10,644.01
11,108
31/12/2014
Coal
3
ZIJIN MINING GROUP CO. LTD.
601899
CNY 3.37
7.49/ 2.41
131.98
21,570.00
28.74
10,126.82
9,237
31/12/2014
Gold
603993
CNY 10.40
19.61/ 6.72
44.65
5,630.00
42.96
8,031.35
1,047
31/12/2014
Diversified
600111
CNY 12.54
26.76/ 11.50
33.32
3,630.00
75.52
7,424.56
918
31/12/2014
Rare Earth Metals
601225
CNY 4.40
12.49/ 4.18
25.96
10,000.00
NS
7,121.16
6,469
31/12/2014
Coal
600362
CNY 12.83
29.98/ 11.51
23.64
3,460.00
18.04
6,072.64
31,257
31/12/2014
Copper
600188
CNY 8.41
19.44/ 7.38
6.06
4,920.00
20.97
5,036.69
10,049
31/12/2014
Coal
600489
CNY 8.67
601918
CNY 9.13
600547
CNY 17.32
601958
7
CHINA MOLYBDENUM CO. LTD. CHINA NORTHERN RARE EARTH GP. HI-TECH CO. LTD. SHAANXI COAL INDUSTRY CO. LTD. JIANGXI COPPER CO. LTD.
8
YANZHOU COAL MINING CO. LTD.
4
5 6
9 10 11 12
13
14
15
16 17 18 19 20
21
22 23 24 25
ZHONGJIN GOLD CORP. LTD. SDIC XINJI ENERGY CO. LTD. SHANDONG GOLD MINING CO. LTD. JINDUICHENG MOLYBDENUM CO. LTD. SHANDONG NANSHAN ALUMINIUM CO. LTD. XIAMEN TUNGSTEN CO. LTD. INNER MONGOLIA YITAI COAL CO. LTD. YANGQUAN COAL INDUSTRY GROUP CO. LTD. WESTERN MINING CO. LTD. RISING NONFERROUS METALS CO. LTD. HENAN DAYOU ENERGY CO. LTD. SICHUAN HONGDA CO. LTD. GUIZHOU PANJIANG REFINED COAL CO. LTD. PINGDINGSHAN TIANAN COAL MINING DATONG COAL INDUSTRY CO. LTD. SHANXI COAL INT'L ENERGY GROUP CHIFENG JILONG GOLD MINING CO. LTD. TOTAL/AVERAGE
Main Commodity
17.50/ 8.00 19.04/ 3.89 34.50/ 14.58
41.77
2,940.00
NS
4,113.92
5,274
31/12/2014
Gold
151.36
2,590.00
NS
3,953.58
1,032
31/12/2014
Coal
15.39
1,420.00
43.52
3,879.70
7,199
31/12/2014
Gold
CNY 6.82
17.33/ 6.43
13.31
3,230.00
NS
3,571.58
1,340
31/12/2014
Molybdenum
600219
CNY 6.58
13.77/ 5.77
112.27
2,840.00
15.99
2,933.35
2,210
31/12/2014
Aluminium
600549
CNY 15.27
36.89/ 14.08
7.45
1,080.00
47.51
2,677.12
1,594
31/12/2014
Tungsten
900948
USD 0.80
1.93/ 0.77
1.44
3,250.00
17.81
2,560.00
3,992
31/12/2014
Coal
600348
CNY 6.18
13.65/ 5.68
17.67
2,410.00
20.37
2,430.31
3,258
31/12/2014
Coal
601168
CNY 6.24
14.49/ 5.70
33.68
2,380.00
71.15
2,394.16
3,812
31/12/2014
Diversified
600259
CNY 48.45
73.08/ 29.89
0.00
262.12
NS
1,996.44
412
31/12/2014
Nonferrous metals
600403
CNY 4.99
13.41
2,390.00
NS
1,958.71
1,176
31/12/2014
Coal
600331
CNY 5.74
20.74
2,030.00
NS
1,865.96
591
31/12/2014
Zinc
600395
CNY 6.29
16.20/ 6.02
27.28
1,660.00
NS
1,719.77
814
31/12/2014
Coal
601666
CNY 4.44
9.40/ 4.28
29.46
2,360.00
NS
1,707.19
2,534
31/12/2014
Coal
601001
CNY 5.39
24.12
1,670.00
NS
1,472.96
1,364
31/12/2014
Coal
600546
CNY 4.13
39.28
1,980.00
NS
1,342.49
9,941
31/12/2014
Coal
600988
CNY 11.57
0.00
713.19
19.75
1,300.04
134
31/12/2014
Gold
33.33
140,130.44
11.96/ 4.52 15.46/5.1 2
12.69/ 5.01 11.14/ 3.90 26.00/ 9.40
Notes: All financial info. from ft.com website on 30th Sept. 2015. NS = P/E figure not specified. All currency conversions as required from yahoo.com as of 30th Sept. 2015 (1 CNY = 0.1572 USD).
DWF Capital Limited | Public Mining Companies Report
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Section 4: Public Mining Companies by Commodity
DWF Capital Limited | Public Mining Companies Report
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Top 20 Diversified Mining Companies The top 20 public diversified mining companies by market value had a combined market value of $291.21 billion as at 30.09.15 and traded on an average PE of 23.22. At the end of Q2 2015, the top 20 public diversified mining companies had a combined market value of $453.03 billion and traded on an average PE of 25.40.
Company Name
Symbol
Price
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
1
BHP BILLITON LTD.
BHP
AUD 21.61
31.69/21.61
10.04
5,320.00
25.11
83,942.21
44,636
2
RIO TINTO PLC
RIO
2,196.00p
3280/2090.5
5.59
1,810.00
20.67
59,267.89
47,664
3
MMC NORILSK NICKEL
GMKN
RUB 9,325
12247/6766
0.28
158.25
10.39
22,348.00
6,886
4
VALE SA
VALE5
BRL 13.22
25.00/11.89
23.70
5,240.00
NS
19,428.19
21,486
5
GRUPO MEXICO SAB de CV
GMEXICOB
MXN 40.71
49.99/37.47
8.38
7,790.00
11.75
18,522.29
9,324
6
GLENCORE PLC
GLEN
88.32p
343.95/66.67
167.02
14,390.00
NS
17,578.30
221,073
AAL
544.30p
1432/542.60
11.29
1,400.00
NS
11,774.58
27,073
FCX
$9.69
32.69/7.76
50.93
1,140.00
NS
11,130.00
21,438
31/12/ 2014
Gold & Copper
MAADEN
SAR 29.00
48.40/23.20
1.46
1,168.00
22.20
9,065.20
2,877
31/12/ 2014
Diversified
ANTO
498.30p
811.50/473.43
3.69
985.86
37.71
7,383.80
5,290
S32
AUD 1.39
2.45/1.38
19.98
5,320.00
10.52
5,252.93
3,843
OLES*
MXN 224.03
320.17/215.52
0.23
397.48
68.45
5,218.33
3,607
31/12/ 2014
Gold, Silver, Lead, Zinc, Copper
BOL
SEK 132.10
201.10/102.10
2.98
273.51
11.04
4,140.18
4,383
31/12/ 2014
Diversified
VEDL
$5.18
17.46/4.59
0.32
741.17
9.45
3,830.00
11,024
31/03/ 2014
Diversified
TCK
CAD 6.31
21.47/5.87
4.36
576.24
10.57
2,721.81
6,412
601168
CNY 6.24
14.49/5.70
33.68
2,380.00
71.15
2,394.16
3,812
7 8
9
10 11 12 13 14 15 16
ANGLO AMERICAN PLC FREEPORTMCMORAN COPPER & GOLD SAUDI ARABIAN MINING COMPANY (MA'ADEN) ANTOFAGASTA PLC SOUTH32 LIMITED INDUSTRIAS PENOLES SAB de CV BOLIDEN AB VEDANTA LTD. (ex. SESA STERLITE LTD.) TECK RESOURCES LTD. WESTERN MINING CO. LTD.
30/06/ 2015 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014
Main Commodity
31/12/ 2014 30/06/ 2015
31/12/ 2014 31/12/ 2014
17
FIRST QUANTUM MINERALS LTD.
FM
CAD 4.65
22.40/4.52
6.58
683.06
5.51
2,371.33
3,542
31/12/ 2014
18
LUNDIN MINING CORP.
LUN
CAD 3.68
6.46/3.68
2.17
719.51
10.51
1,976.11
951
31/12/ 2014
19
VEDANTA RESOURCES PLC
VED
431.40p
1006/353.21
0.65
275.96
NS
1,853.55
12,879
20
ERAMET SA
ERA
EUR 33.77
94.39/33.12
0.03
26.54
NS
1,011.00
3,456
23.22
291,209.83
TOTAL/AVERAGE
31/03/ 2015 31/12/ 2014
Diversified Diversified Diversified Diversified Diversified Diversified Diversified
Diversified Diversified
Copper, Zinc, Coal Diversified Gold, Copper, Nickel, Cobalt Copper, Nickel, Lead, Zinc Diversified Nickel
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
52
Top 20 Gold Mining Companies The top 20 public gold mining companies by market value had a combined market value of $114.59 billion as at 30.09.15 and traded on an average PE of 36.11. At the end of Q2 2015, the top 20 public gold mining companies had a combined market value of $162.89 billion and traded on an average PE of 47.32. Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
Company Name
Symbol
Price
52W HIGH/LOW
1
FREEPORTMCMORAN COPPER & GOLD
FCX
$9.69
32.69/7.76
50.93
1,140.00
NS
11,130.00
21,438
31/12/2014
2
GOLDCORP INC.
G
CAD 16.37
30.95/16.16
2.72
830.20
NS
10,148.98
3,436
31/12/2014
601899
CNY 3.37
7.49/2.41
131.98
21,570.00
28.74
10,126.82
9,237
31/12/2014
PGIL
194.25p
216.08/160.00
0.73
3,030.00
60.55
8,903.10
2,239
31/12/2014
NEM
$16.07
27.90/15.39
9.62
529.05
16.20
8,370.00
7,292
31/12/2014
ABX
CAD 8.34
17.13/7.89
4.26
1,160.00
NS
7,255.66
10,239
31/12/2014
15.34/8.51
4.33
766.51
18.12
6,857.41
3,030
30/06/2015
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
ZIJIN MINING GROUP CO. LTD. POLYUS GOLD INTERNATIONAL LTD. NEWMONT MINING CORP. BARRICK GOLD CORP. NEWCREST MINING LTD. FRANCO-NEVADA CORP. FRESNILLO PLC RANDGOLD RESOURCES LTD. AGNICO EAGLE MINES LTD. TURQUOISE HILL RESOURCES LTD. ZHONGJIN GOLD CORP. LTD. SHANDONG GOLD MINING CO. LTD. ANGLOGOLD ASHANTI LTD. ROYAL GOLD INC. FIRST QUANTUM MINERALS LTD. ELDORADO GOLD CORP.
19 GOLD FIELDS LTD. KINROSS GOLD
20 CORP.
74.10/49.96
0.65
156.90
88.54
6,733.67
442
31/12/2014
FRES
AUD 12.55 CAD 57.44 593.50p
939.50/569.63
1.44
736.89
NS
6,684.92
1,414
31/12/2014
RRS
3,832.00p
5752.1/3546
0.61
93.21
25.84
5,454.29
1,087
31/12/2014
AEM
CAD 33.09
43.70/25.05
1,190.00
217.39
NS
5,369.04
1,897
31/12/2014
TRQ
CAD 3.31
5.80/3.17
0.93
2,010.00
15.96
4,973.82
1,644
31/12/2014
600489
CNY 8.67
17.50/8.00
41.77
2,940.00
NS
4,113.92
5,274
31/12/2014
600547
CNY 17.32
34.50/14.58
15.39
1,420.00
43.52
3,879.70
7,199
31/12/2014
149.99/71.59
1.63
405.05
NS
3,124.37
5,218
31/12/2014
77.20/42.21
0.85
65.19
58.14
3,020.00
278
30/06/2015
NCM FNV
RGLD
ZAR 108.42 $46.98
FM
CAD 4.65
22.40/4.52
6.58
683.06
5.51
2,371.33
3,542
31/12/2014
ELD
CAD 4.04
9.68/3.26
3.66
716.59
NS
2,162.53
1,068
31/12/2014
GFI
ZAR 35.14
69.84/31.11
2.36
778.11
NS
1,975.72
2,869
31/12/2014
K
CAD 2.26
4.48/1.79
3.35
1,150.00
NS
1,931.36
3,466
31/12/2014
36.11
114,586.63
ANG
TOTAL/AVERAGE
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
53
Top 20 Metals Companies The top 20 public metals mining companies by market value had a combined market value of $117.53 billion as at 30.09.15 and traded on an average PE of 23.80. At the end of Q2 2015, the top 20 public metals mining companies had a combined market value of $163.06 billion and traded on an average PE of 28.52.
Company Name
Symbol
Price
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
Main Commodity
1
MMC NORILSK NICKEL
GMKN
RUB 9,325
12247/6766
0.28
158.25
10.39
22,348.00
6,886
31/12/2014
Diversified
2
ALCOA INC.
AA
$9.66
17.75/7.97
33.93
1,310.00
19.07
12,380.00
23,906
31/12/2014
Aluminium
2600
HKD 2.38
5.62/2.26
15.28
14,900.00
NS
9,544.71
22,287
31/12/2014
Aluminium
MAADEN
SAR 29.00
48.40/23.20
1.46
1,168.00
22.20
9,065.20
2,877
31/12/2014
Diversified
5713
JPY 1,352.00
2040/1335
3.78
581.63
8.26
8,899.17
10,687
31/03/2015
Diversified
ANTO
498.30p
811.50/473.43
3.69
985.86
37.71
7,383.80
5,290
31/12/2014
Diversified
ALUMINIUM CORP. OF CHINA LTD. SAUDI ARABIAN MINING COMPANY (MA'ADEN) SUMITOMO METAL MINING CO. LTD. ANTOFAGASTA PLC
3
4
5 6 7
FRESNILLO PLC
FRES
593.50p
939.50/569.63
1.44
736.89
NS
6,684.92
1,414
31/12/2014
Platinum & Precious Metals
8
SOUTH32 LIMITED
S32
AUD 1.39
2.45/1.38
19.98
5,320.00
10.52
5,252.93
3,843
30/06/2015
Diversified
9
INDUSTRIAS PENOLES SAB de CV
OLES*
MXN 224.03
320.17/215.52
0.23
397.48
68.45
5,218.33
3,607
31/12/2014
10
ANGLO AMERICAN PLATINUM LTD.
AMS
ZAR 228.67
405.26/221.15
0.46
269.68
23.42
4,536.11
3,965
31/12/2014
11
BOLIDEN AB
BOL
SEK 132.10
201.10/102.10
2.98
273.51
11.04
4,140.18
4,383
31/12/2014
Diversified
POLY
569.00p
634.00/424.20
0.45
423.57
NS
3,539.97
1,690
31/12/2014
Platinum & Precious Metals
600219
CNY 6.58
13.77/5.77
112.27
2,840.00
15.99
2,933.35
2,210
31/12/2014
Aluminium
TCK
CAD 6.31
21.47/5.87
4.36
576.24
10.57
2,721.81
6,412
31/12/2014
Copper, Zinc, Coal
601168
CNY 6.24
14.49/5.70
33.68
2,380.00
71.15
2,394.16
3,812
31/12/2014
Diversified
12
13
14 15
POLYMETAL INTERNATIONAL PLC SHANDONG NANSHAN ALUMINIUM CO. LTD. TECK RESOURCES LTD. WESTERN MINING CO. LTD.
16
FIRST QUANTUM MINERALS LTD.
17
ALUMINA LTD.
18
RISING NONFERROUS METALS CO. LTD.
19
LUNDIN MINING CORP.
20
SICHUAN HONGDA CO. LTD.
Gold, Silver, Lead, Zinc, Copper Plat. & Precious Metals
FM
CAD 4.65
22.40/4.52
6.58
683.06
5.51
2,371.33
3,542
31/12/2014
Gold, Copper, Nickel, Cobalt
AWC
AUD 1.15
2.10/1.13
15.68
2,810.00
32.14
2,274.18
0
31/12/2014
Aluminium
600259
CNY 48.45
73.08/29.89
0.00
262.12
NS
1,996.44
412
31/12/2014
Nonferrous metals
LUN
CAD 3.68
6.46/3.68
2.17
719.51
10.51
1,976.11
951
31/12/2014
Copper, Nickel, Lead, Zinc
600331
CNY 5.74
15.46/5.12
20.74
2,030.00
NS
1,865.96
591
31/12/2014
Zinc
23.80
117,526.64
TOTAL/AVERAGE
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
54
Top 20 Copper Companies The top 20 public copper mining companies by market value had a combined market value of $86.22 billion as at 30.09.15 and traded on an average PE of 16.40. At the end of Q2 2015, the top 20 public diversified copper companies had a combined market value of $128.55 billion and traded on an average PE of 18.25.
Company Name
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
20
SOUTHERN COPPER CORP. GRUPO MEXICO SAB de CV FREEPORTMCMORAN COPPER & GOLD ANTOFAGASTA PLC JIANGXI COPPER CO. LTD. TURQUOISE HILL RESOURCES LTD. KGHM POLSKA MIEDZ SA TECK RESOURCES LTD. FIRST QUANTUM MINERALS LTD. LUNDIN MINING CORP. VEDANTA RESOURCES PLC EVOLUTION MINING LTD. HUDBAY MINERALS INC. KAZ MINERALS PLC IVANHOE MINES LTD. IMPERIAL METALS CORP. PREMIER GOLD MINES LTD. KATANGA MINING LTD. MANDALAY RESOURCES CORP. TAUNG GOLD INTERNATIONAL LTD.
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
Symbol
Price
52W HIGH/LOW
SCCO
$26.72
33.31/23.41
1.85
797.01
16.97
20,790.00
5,788
31/12/2014
GMEXICOB
MXN 40.71
49.99/37.47
8.38
7,790.00
11.75
18,522.29
9,324
31/12/2014
FCX
$9.69
32.69/7.76
50.93
1,140.00
NS
11,130.00
21,438
31/12/2014
ANTO
498.30p
811.50/473.43
3.69
985.86
37.71
7,383.80
5,290
31/12/2014
29.98/11.51
23.64
3,460.00
18.04
6,072.64
31,257
31/12/2014
5.80/3.17
0.93
2,010.00
15.96
4,973.82
1,644
31/12/2014
131.40/69.20
1.05
200.00
6.14
4,132.44
5,428
31/12/2014
21.47/5.87
4.36
576.24
10.57
2,721.81
6,412
31/12/2014
22.40/4.52
6.58
683.06
5.51
2,371.33
3,542
31/12/2014
6.46/3.68
2.17
719.51
10.51
1,976.11
951
31/12/2014
1006/353.21
0.65
275.96
NS
1,853.55
12,879
31/03/2015
1.31/0.41
15.31
1,440.00
8.78
1,199.87
465
30/06/2015
12.61/4.82
1.08
235.23
40.84
857.56
418
31/12/2014
282.50/65.10
5.22
446.68
NS
494.15
846
31/12/2014
1.36/0.62
0.97
772.18
NS
386.40
0
31/12/2014
13.69/6.10
0.04
81.74
NS
373.65
98
31/12/2014
2.83/1.61
0.37
170.70
20.26
290.22
0
31/12/2014
0.44/0.14
0.01
1,910.00
NS
256.42
1,079
31/12/2014
CNY 12.83 CAD 3.31 PLN 80.92 CAD 6.31 CAD 4.65 CAD 3.68
600362 TRQ KGH TCK FM LUN VED
431.40p AUD 1.17 CAD 4.90
EVN HBM KAZ
79.60p
IVN III PG KAT
CAD 0.68 CAD 6.10 CAD 2.25 CAD 0.17
MND
CAD 0.77
1.05/0.70
0.14
409.85
10.13
235.70
185
31/12/2014
621
HKD 0.10
0.25/0.10
5.21
14,790.00
NS
194.79
0
31/03/2015
16.40
86,216.52
TOTAL/AVERAGE
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
55
Top 20 Coal Companies The top 20 public coal mining companies by market value had a combined market value of $122.77 billion as at 30.09.15 and traded on an average PE of 15.30. At the end of Q2 2015, the top 20 public diversified coal mining companies had a combined market value of $187.24 billion and traded on an average PE of 41.57.
1 2 3 4 5 6 7 8 9 10 11
12 13 14 15 16 17 18 19 20
Company Name
Symbol
Price
CHINA SHENHUA ENERGY CO. LTD. COAL INDIA LTD.
601088
26.49/12.96
Average Daily Volume (million) 20.72
447.10/300.80
5.44
6,320.00
14.80
30,248.00
10,946
31/03/2015
13.57/4.41
41.63
13,260.00
NS
10,644.01
11,108
31/12/2014
52W HIGH/LOW
43,795.92
Total Revenue (US$ million) 39,042
31/12/2014
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
19,890.00
10.94
Year End (date)
CHINA COAL ENERGY CO. LTD. SHAANXI COAL INDUSTRY CO. LTD. YANZHOU COAL MINING CO. LTD. SDIC XINJI ENERGY CO. LTD. INNER MONGOLIA YITAI COAL CO. LTD. YANGQUAN COAL INDUSTRY GROUP CO. LTD. CONSOL ENERGY INC. HENAN DAYOU ENERGY CO. LTD. GUIZHOU PANJIANG REFINED COAL CO. LTD. PINGDINGSHAN TIANAN COAL MINING DATONG COAL INDUSTRY CO. LTD. BANPU PCL
601898
CNY 14.39 INR 328.00 CNY 5.94
601225
CNY 4.40
12.49/4.18
25.96
10,000.00
NS
7,121.16
6,469
31/12/2014
600188
CNY 8.41
19.44/7.38
6.06
4,920.00
20.97
5,036.69
10,049
31/12/2014
601918
CNY 9.13
19.04/3.89
151.36
2,590.00
NS
3,953.58
1,032
31/12/2014
900948
USD 0.80
1.93/0.77
1.44
3,250.00
17.81
2,560.00
3,992
31/12/2014
600348
CNY 6.18
13.65/5.68
17.67
2,410.00
20.37
2,430.31
3,258
31/12/2014
CNX
$9.80
42.26/9.29
6.50
229.00
NS
2,150.00
3,476
31/12/2014
600403
CNY 4.99
11.96/4.52
13.41
2,390.00
NS
1,958.71
1,176
31/12/2014
600395
CNY 6.29
16.20/6.02
27.28
1,660.00
NS
1,719.77
814
31/12/2014
601666
CNY 4.44
9.40/4.28
29.46
2,360.00
NS
1,707.19
2,534
31/12/2014
601001
CNY 5.39
12.69/5.01
24.12
1,670.00
NS
1,472.96
1,364
31/12/2014
BANPU
31.75/19.20
11.33
2,580.00
NS
1,443.16
2,798
31/12/2014
EXXARO RESOURCES LTD. SHANXI COAL INT'L ENERGY GROUP ANHUI HENGYUAN COAL-ELEC. GROUP CO. NEW HOPE CORPORATION LTD. YUNNAN COAL & ENERGY CO. LTD. ANYUAN COAL INDUSTRY GROUP CO. LTD. TOTAL/AVERAGE
EXX
134.73/50.40
0.70
358.12
6.88
1,346.86
1,169
31/12/2014
600546
THB 20.80 ZAR 53.00 CNY 4.13
11.14/3.90
39.28
1,980.00
NS
1,342.49
9,941
31/12/2014
600971
CNY 6.24
12.10/5.06
22.32
1,000.00
NS
1,086.25
1,013
31/12/2014
NHC
AUD 1.65
2.67/1.60
0.11
831.05
NS
997.57
353
31/07/2015
600792
CNY 5.60
11.29/4.20
67.10
989.92
NS
963.64
768
31/12/2014
600397
CNY 4.89
15.00/4.46
26.13
989.96
NS
793.86
1,674
31/12/2014
15.30
122,772.13
COALINDIA
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
56
Top 20 Silver Mining Companies The top 20 public silver mining companies by market value had a combined market value of $77.75 billion as at 30.09.15 and traded on an average PE of 23.24. At the end of Q2 2015, the top 20 public silver mining companies had a combined market value of $101.25 billion and traded on an average PE of 38.01. Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
Company Name
Symbol
Price
52W HIGH/LOW
1
SOUTHERN COPPER CORP.
SCCO
$26.72
33.31/23.41
1.85
797.01
16.97
20,790.00
5,788
31/12/2014
2
GOLDCORP INC.
G
CAD 16.37
30.95/16.16
2.72
830.20
NS
10,148.98
3,436
31/12/2014
3
SUMITOMO METAL MINING CO. LTD.
5713
JPY 1,352.00
2040/1335
3.78
581.63
8.26
8,899.17
10,687
31/03/2015
4
FRESNILLO PLC
FRES
593.50p
939.50/569.63
1.44
736.89
NS
6,684.92
1,414
31/12/2014
OLES*
MXN 224.03
320.17/215.52
0.23
397.48
68.45
5,218.33
3,607
31/12/2014
29.86/14.62
1.65
404.28
28.29
4,794.85
620
31/12/2014
131.40/69.20
1.05
200.00
6.14
4,132.44
5,428
31/12/2014
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
INDUSTRIAS PENOLES SAB de CV SILVER WHEATON CORP. KGHM POLSKA MIEDZ SA POLYMETAL INTERNATIONAL PLC TECK RESOURCES LTD. KINROSS GOLD CORP. TAHOE RESOURCES INC. COMP. DE MINAS BUENAVENTURA YAMANA GOLD INC. PAN AMERICAN SILVER CORP. HECLA MINING CO. SILVER STANDARD RESOURCES INC. KAZ MINERALS PLC MAG SILVER CORP. HOCHSCHILD MINING PLC COEUR MINING INC.
SLW KGH
CAD 15.87 PLN 80.92
POLY
569.00p
634.00/424.20
0.45
423.57
NS
3,539.97
1,690
31/12/2014
TCK
CAD 6.31
21.47/5.87
4.36
576.24
10.57
2,721.81
6,412
31/12/2014
K
CAD 2.26
4.48/1.79
3.35
1,150.00
NS
1,931.36
3,466
31/12/2014
THO
CAD 10.20
24.43/9.66
0.64
223.73
24.03
1,707.65
350
31/12/2014
BVN
$5.96
12.51/5.73
1.67
275.63
NS
1,660.00
1,176
31/12/2014
YRI
CAD 2.20
7.05/1.89
4.64
946.54
NS
1,558.51
1,835
31/12/2014
PAA
CAD 8.45
15.06/7.77
0.33
151.64
NS
954.50
752
31/12/2014
HL
$1.97
3.54/1.77
6.48
377.70
NS
725.18
501
31/12/2014
SSO
CAD 8.24
9.46/4.47
0.42
80.75
NS
509.64
300
31/12/2014
KAZ
79.60p
282.50/65.10
5.22
446.68
NS
494.15
846
31/12/2014
MAG
CAD 9.26
11.00/6.56
0.10
69.25
NS
482.83
0
31/12/2014
HOC
69.25p
141.30/60.97
0.32
367.69
NS
406.40
493
31/12/2014
CDE
$2.82
7.45/2.52
5.17
137.11
NS
386.66
636
31/12/2014
23.24
77,747.35
TOTAL/AVERAGE
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
57
Top 20 Diamond Companies The top 20 public diamond mining companies by market value had a combined market value of $5.11 billion as at 30.09.15 and traded on an average PE of 15.78. At the end of Q2 2015, the top 20 public diamond mining companies had a combined market value of $6.93 billion and traded on an average PE of 13.24.
Company Name
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
ALROSA-NYURBA OAO DOMINION DIAMOND CORP. PETRA DIAMONDS LTD. GEMFIELDS PLC LUCARA DIAMOND CORP. MOUNTAIN PROVINCE DIAMONDS INC. STORNOWAY DIAMOND CORP. GEM DIAMONDS LTD. FIRESTONE DIAMONDS PLC ARCHON MINERALS LTD. INTEGRA GOLD CORP. LUCAPA DIAMOND COMPANY LIMITED KENNADY DIAMONDS INC. DIAMONDCORP PLC
Symbol
Price RUB 88,100 CAD 13.29
ALNU DDC
52W HIGH/LOW
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
100000/63000
0.00
0.80
10.40
1,064.25
459
31/12/2014
24.60/12.81
0.36
85.25
56.02
842.64
916
31/01/2015
PDL
84.90p
210.80/84.45
2.79
518.14
14.00
668.61
425
30/06/2015
GEM
55.98p
69.00/45.00
0.29
541.23
18.47
465.33
160
30/06/2014
LUC
CAD 1.50
2.41/1.42
0.28
379.56
10.15
416.71
266
31/12/2014
MDM
$2.60
5.26/2.50
0.12
159.68
NS
412.63
0
31/12/2014
SWY
CAD 0.70
0.85/0.46
0.17
732.31
NS
382.26
0
30/04/2015
GEMD
112.91p
198.75/112.50
0.21
138.23
8.44
237.69
271
31/12/2014
FDI
23.02p
37.25/23.00
0.03
308.99
NS
111.67
4
30/06/2014
ACS
CAD 1.98
2.05/0.77
0.00
53.92
NS
79.61
0
31/05/2014
ICG
CAD 0.28
0.36/0.14
0.17
349.24
NS
72.92
0
31/05/2015
LOM
AUD 0.40
0.50/0.15
3.34
228.45
NS
66.93
0
31/12/2014
KDI
CAD 2.81
8.14/2.80
0.03
29.81
NS
62.47
0
30/11/2014
DCP
8.80p
13.38/6.08
0.97
376.10
NS
50.71
0
31/12/2014
PEREGRINE DIAMONDS LTD. MINERAL COMMODITIES LIMITED DIAMCOR MINING INC.
PGD
CAD 0.17
0.385/0.135
0.14
282.66
NS
35.83
0
30/09/2014
MRC
AUD 0.12
0.15/0.07
0.01
404.94
3.26
33.90
35
31/12/2014
DMI
CAD 0.94
1.45/0.90
0.01
43.11
NS
30.22
2
31/03/2015
SHORE GOLD INC.
SGF
CAD 0.13
0.31/0.13
0.25
257.47
NS
24.96
0
31/12/2014
FMS
AUD 0.01
0.02/0.01
0.46
2770.00
NS
24.14
0
30/06/2015
MWA
0.90p
2.83/0.85
0.64
1,690.00
5.50
23.79
152
31/03/2015
15.78
5,107.29
FLINDERS MINES LIMITED MWANA AFRICA PLC TOTAL/AVERAGE
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
58
Top 20 Potash/Phosphate Companies The top 20 public potash/phosphate mining companies by market value had a combined market value of $53.99 billion as at 30.09.15 and traded on an average PE of 23.34. At the end of Q2 2015, the top 20 public potash/phosphate mining companies had a combined market value of $69.79 billion and traded on an average PE of 23.23.
Company Name
Symbol
Price
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
47.10/26.48
2.92
834.95
11.26
16,994.50
7,115
31/12/2014
146.51/92.81
0.64
142.79
14.88
12,632.16
16,042
31/12/2014
1
POTASH CORP. OF SASKATCHEWAN INC.
POT
2
AGRIUM INC.
AGU
3
MOSAIC COMPANY
MOS
$31.11
53.83/30.53
6.04
354.33
9.52
11,390.00
9,056
31/12/2014
4
URALKALI PAO
URKA
RUB 196.00
215.25/110.00
3.10
2,940.00
NS
8,689.45
3,559
31/12/2014
5
COMPASS MINERALS INTERNATIONAL INC.
CMP
$78.37
95.68/77.13
0.21
33.69
10.93
2,640.00
1,283
31/12/2014
6
SIRIUS MINERALS PLC
SXX
18.84p
29.50/6.40
5.02
2,220.00
NS
631.48
0
31/03/2015
7
INTREPID POTASH INC.
IPI
$5.54
15.69/5.35
0.92
76.17
70.11
433.41
410
31/12/2014
8
OROCOBRE LTD.
ORE
AUD 1.66
2.97/1.45
0.27
168.65
NS
195.31
16
30/06/2015
WPX
CAD 0.28
0.37/0.20
0.09
467.19
NS
94.06
0
30/09/2014
ELM
AUD 0.20
0.28/0.12
0.47
406.78
NS
59.59
0
31/12/2014
RWD
AUD 0.65
0.85/0.36
0.11
118.99
NS
57.27
0
31/12/2014
STB
AUD 0.32
0.57/0.17
0.04
174.20
NS
39.50
0
30/06/2014
AFPO
2.85p
3.63/0.28
31.88
766.73
NS
33.26
0
30/06/2014
FOS
CAD 0.28
0.325/0.255
0.04
152.25
NS
31.79
0
31/01/2015
EPO
CAD 0.07
0.155/0.04
0.14
354.29
NS
18.49
0
31/12/2014
ICP
CAD 0.11
0.305/0.10
0.01
172.87
NS
13.53
0
31/12/2014
KRN
CAD 0.52
1.05/0.52
0.02
27.48
NS
10.66
0
31/12/2014
GQ
CAD 0.25
1.29/0.23
0.01
52.77
NS
9.85
0
31/12/2014
RMP
AUD 0.03
0.12/0.02
0.19
425.29
NS
8.31
0
30/06/2015
NPK
CAD 0.26
0.70/0.255
0.01
37.62
NS
7.29
0
31/12/2014
23.34
53,989.91
9 10 11 12 13 14 15 16 17 18 19 20
WESTERN POTASH CORP. ELEMENTAL MINERALS LIMITED REWARD MINERALS LIMITED SOUTH BOULDER MINES LTD. AFRICAN POTASH LTD. PHOSCAN CHEMICAL CORP. ENCANTO POTASH CORP. IC POTASH CORP. KARNALYTE RESOURCES INC. GREAT QUEST FERTILIZER LTD. (ex. G.Q. METALS) RED EMPEROR RESOURCES NL VERDE POTASH PLC TOTAL/AVERAGE
CAD 27.25 CAD 118.45
52W HIGH/LOW
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
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Top 20 Specialist Companies The top 20 specialist mining companies by market value had a combined market value of $61.53 billion as at 30.09.15 and traded on an average PE of 33.77. At the end of Q2 2015, the top 20 public specialist mining companies had a combined market value of $83.00 billion and traded on an average PE of 42.10.
Company Name
1
2
3
CHINA MOLYBDENUM CO. LTD. CHINA NORTHERN RARE EARTH GP. HITECH CO. LTD. FRANCO-NEVADA CORP.
Average Daily Volume (million)
Shares Outstanding (million)
P/E
Mkt. Cap. (US$ million)
Total Revenue (US$ million)
Year End (date)
Main Commodity
Symbol
Price
52W HIGH/ LOW
603993
CNY 10.40
19.61/ 6.72
44.65
5,630.00
42.96
8,031.35
1,047
31/12/ 2014
Diversified
600111
CNY 12.54
26.76/ 11.50
33.32
3,630.00
75.52
7,424.56
918
31/12/ 2014
Rare Earth Metals
FNV
CAD 57.44
0.65
156.90
88.54
6,733.67
442
Gold, Platinum (royalty co.)
3.08
3,960.00
5.68
5,502.10
1,878
1.65
404.28
28.29
4,794.85
620
1.50
395.79
NS
4,697.91
1,788
31/12/ 2014 31/03/ 2015 31/12/ 2014 31/12/ 2014
74.10/ 49.96 173.80/ 89.10 29.86/ 14.62 22.46/ 15.50
4
NMDC LIMITED
NMDC
INR 93.45
5
SILVER WHEATON CORP.
SLW
CAD 15.87
6
CAMECO CORP.
CCO
CAD 15.91
FMG
AUD 1.80
3.86/1.58
19.15
3,110.00
12.49
3,955.39
8,574
30/06/ 2015
Iron Ore
601958
CNY 6.82
17.33/ 6.43
13.31
3,230.00
NS
3,571.58
1,340
31/12/ 2014
Molybdenum
RGLD
$46.98
77.20/ 42.21
0.85
65.19
58.14
3,020.00
278
30/06/ 2015
Gold Royalties
600549
CNY 15.27
36.89/ 14.08
7.45
1,080.00
47.51
2,677.12
1,594
31/12/ 2014
Tungsten
CMP
$78.37
95.68/ 77.13
0.21
33.69
10.93
2,640.00
1,283
31/12/ 2014
Mineral Sands
ILU
AUD 6.15
9.18/5.57
418.70
2,690.00
NS
1,876.54
552
KIO
ZAR 79.00
1.14
322.09
3.63
1,744.00
3,394
OR
CAD 14.19
0.31
94.37
54.48
999.24
13
600456
CNY 13.65
6.33
430.27
NS
955.78
390
SLCA
$14.09
2.02
53.39
7.70
752.24
877
SXX
18.84p
5.02
2,220.00
NS
631.48
0
IMG
CAD 2.08
4.09/1.50
1.58
391.40
NS
608.03
1,008
TROX
$4.37
26.62/ 3.91
1.89
116.68
NS
490.05
1,737
U
CAD 4.90
5.76/4.82
0.13
116.52
3.16
428.35
101
33.77
61,534.23
7
8 9 10
11
12 13 14 15 16 17
FORTESCUE METALS GROUP LTD. JINDUICHENG MOLYBDENUM CO. LTD. ROYAL GOLD INC. XIAMEN TUNGSTEN CO. LTD. COMPASS MINERALS INTERNATIONAL INC. ILUKA RESOURCES LTD. KUMBA IRON ORE LTD. OSISKO GOLD ROYALTIES LTD. BAOJI TITANIUM INDUSTRY CO. LTD. US SILICA HOLDINGS INC. SIRIUS MINERALS PLC
18
IAMGOLD CORP.
19
TRONOX LTD.
20
URANIUM PARTICIPATION CORP. TOTAL/AVERAGE
304.31/ 71.00 18.85/ 12.39 30.80/ 12.10 64.81/ 13.53 29.50/ 6.40
31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/03/ 2015 31/12/ 2014 31/12/ 2014 28/02/ 2015
Iron Ore Silver, Gold (streaming co.) Uranium
Mineral Sands Iron Ore Gold (royalty co.) Titanium Industrial Minerals Diversified Gold, Rare Earths, Niobium Mineral Sands Uranium
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
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Section 5: Public Mining Companies by Market Value
DWF Capital Limited | Public Mining Companies Report
61
Over $20 billion The 6 public mining companies with a market value over $20 billion had a combined market value of $260.39 billion as at 30.09.15 and traded on an average PE of 16.48. At the end of Q2 2015, there were 13 public mining companies with a market value over $20 billion. These companies had a combined market value of $540.3 billion and traded on an average PE of 15.10.
Company Name
Symbol
Share Price
52W HIGH/ LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Main Commodity
1
BHP BILLITON LTD.
BHP
AUD 21.61
31.69/ 21.61
10.04
5,320.00
25.11
83,942.21
44,636
30/06/ 2015
Diversified
2
RIO TINTO PLC
RIO
2,196.00p
3280/ 2090.5
5.59
1,810.00
20.67
59,267.89
47,664
31/12/ 2014
Diversified
3
CHINA SHENHUA ENERGY CO. LTD.
601088
CNY 14.39
26.49/ 12.96
20.72
19,890.00
10.94
43,795.92
39,042
31/12/ 2014
Coal
4
COAL INDIA LTD.
COALINDIA
INR 328.00
447.10/ 300.80
5.44
6,320.00
14.80
30,248.00
10,946
31/03/ 2015
Coal
5
MMC NORILSK NICKEL
GMKN
RUB 9,325
12247/ 6766
0.28
158.25
10.39
22,348.00
6,886
31/12/ 2014
Diversified
6
SOUTHERN COPPER CORP.
SCCO
$26.72
33.31/ 23.41
1.85
797.01
16.97
20,790.00
5,788
31/12/ 2014
Copper
16.48
260,392.02
TOTAL/AVERAGE
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
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Over $5 billion The 34 public mining companies with a market value over $5 billion had a combined market value of $329.23 billion as at 30.09.15 and traded on an average PE of 28.30. At the end of Q2 2015, there were 41 public mining companies with a market value over $5 billion. These companies had a combined market value of $382.1 billion and traded on an average PE of 34.28.
Symbol
Share Price
52W HIGH/ LOW
Average Daily Volume (millions)
Shares Outstandin g (millions)
VALE SA
VALE5
BRL 13.22
25.00/ 11.89
23.70
2
GRUPO MEXICO SAB de CV
GMEXI COB
MXN 40.71
49.99/ 37.47
3
SASOL LTD.
SOL
ZAR 385.41
GLEN
88.32p
618.99/ 360.00 343.95/ 66.67
POT
CAD 27.25
47.10/ 26.48 146.51/ 92.81 17.75/ 7.97
Company Name 1
4
5
GLENCORE PLC POTASH CORP. OF SASKATCHE WAN INC.
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
5,240.00
NS
19,428.19
21,486
31/12/2014
Diversified
8.38
7,790.00
11.75
18,522.29
9,324
31/12/2014
Diversified
1.93
654.16
7.82
17,608.25
13,209
30/06/2015
Coal & Gas
167.02
14,390.00
NS
17,578.30
221,073
31/12/2014
Diversified
2.92
834.95
11.26
16,994.50
7,115
31/12/2014
Potash, Phosphate
0.64
142.79
14.88
12,632.16
16,042
31/12/2014
Potash, Phosphate
33.93
1,310.00
19.07
12,380.00
23,906
31/12/2014
Aluminium
Main Commodity
6
AGRIUM INC.
AGU
CAD 118.45
7
ALCOA INC.
AA
$9.66
AAL
544.30p
1432/ 542.60
11.29
1,400.00
NS
11,774.58
27,073
31/12/2014
Diversified
MOS
$31.11
53.83/ 30.53
6.04
354.33
9.52
11,390.00
9,056
31/12/2014
Potash, Phosphate
FCX
$9.69
32.69/ 7.76
50.93
1,140.00
NS
11,130.00
21,438
31/12/2014
Gold & Copper
601898
CNY 5.94
13.57/ 4.41
41.63
13,260.00
NS
10,644.01
11,108
31/12/2014
Coal
G
CAD 16.37
30.95/ 16.16
2.72
830.20
NS
10,148.98
3,436
31/12/2014
Gold, Silver, Copper
601899
CNY 3.37
7.49/2.41
131.98
21,570.00
28.74
10,126.82
9,237
31/12/2014
Gold
2600
HKD 2.38
5.62/2.26
15.28
14,900.00
NS
9,544.71
22,287
31/12/2014
Aluminium
MAAD EN
SAR 29.00
48.40/ 23.20
1.46
1,168.00
22.20
9,065.20
2,877
31/12/2014
Diversified
PGIL
194.25p
216.08/ 160.00
0.73
3,030.00
60.55
8,903.10
2,239
31/12/2014
Gold Mining
5713
JPY 1,352.00
2040/ 1335
3.78
581.63
8.26
8,899.17
10,687
31/03/2015
Diversified
URKA
RUB 196.00
215.25/ 110.00
3.10
2,940.00
NS
8,689.45
3,559
31/12/2014
Potash, Phosphate
NEM
$16.07
27.90/ 15.39
9.62
529.05
16.20
8,370.00
7,292
31/12/2014
Gold
603993
CNY 10.40
19.61/ 6.72
44.65
5,630.00
42.96
8,031.35
1,047
31/12/2014
Diversified
8 9
10
11 12 13
14
15
16
17
18 19
20
ANGLO AMERICAN PLC MOSAIC COMPANY FREEPORTMCMORAN COPPER & GOLD CHINA COAL ENERGY CO. LTD. GOLDCORP INC. ZIJIN MINING GROUP CO. LTD. ALUMINIUM CORP. OF CHINA LTD. SAUDI ARABIAN MINING COMPANY (MA'ADEN) POLYUS GOLD INTERNATIO NAL LTD. SUMITOMO METAL MINING CO. LTD. URALKALI PAO NEWMONT MINING CORP. CHINA MOLYBDENU M CO. LTD.
DWF Capital Limited | Public Mining Companies Report
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Over $5 billion 21-34 Company Name
21
22 23 24 25 26
CHINA NORTHERN RARE EARTH GP. HITECH CO. LTD. ANTOFAGASTA PLC BARRICK GOLD CORP. SHAANXI COAL INDUSTRY CO. LTD. NEWCREST MINING LTD. FRANCO-NEVADA CORP.
Share Price
52W HIGH/ LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Main Commodity
600111
CNY 12.54
26.76/ 11.50
33.32
3,630.00
75.52
7,424.56
918
31/12/ 2014
Rare Earth Metals
ANTO
498.30p
3.69
985.86
37.71
7,383.80
5,290
ABX
CAD 8.34
4.26
1,160.00
NS
7,255.66
10,239
601225
CNY 4.40
12.49/ 4.18
25.96
10,000.00
NS
7,121.16
6,469
AUD 12.55 CAD 57.44
15.34/ 8.51 74.10/ 49.96
4.33
766.51
18.12
6,857.41
3,030
0.65
156.90
88.54
6,733.67
442
FRES
593.50p
939.50/ 569.63
1.44
736.89
NS
6,684.92
1,414
23.64
3,460.00
18.04
6,072.64
31,257
3.08
3,960.00
5.68
5,502.10
1,878
0.61
93.21
25.84
5,454.29
1,087
1,190.00
217.39
NS
5,369.04
1,897
Symbol
NCM FNV
27
FRESNILLO PLC
28
JIANGXI COPPER CO. LTD.
600362
CNY 12.83
29
NMDC LIMITED
NMDC
INR 93.45
30 31 32 33 34
RANDGOLD RESOURCES LTD. AGNICO EAGLE MINES LTD. SOUTH32 LIMITED INDUSTRIAS PENOLES SAB de CV YANZHOU COAL MINING CO. LTD.
811.50/ 473.43 17.13/ 7.89
31/12/ 2014 31/12/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014 31/12/ 2014
Gold, Silver, Copper Coal Gold & Copper Gold, Platinum Platinum & Precious Metals
3,832.00 p CAD 33.09
29.98/ 11.51 173.80/ 89.10 5752.1/ 3546 43.70/ 25.05
S32
AUD 1.39
2.45/1.38
19.98
5,320.00
10.52
5,252.93
3,843
OLES*
MXN 224.03
320.17/ 215.52
0.23
397.48
68.45
5,218.33
3,607
31/12/ 2014
Gold, Silver, Lead, Zinc, Copper
600188
CNY 8.41
19.44/ 7.38
6.06
4,920.00
20.97
5,036.69
10,049
31/12/ 2014
Coal
28.30
329,228.23
RRS AEM
TOTAL/AVERAGE
31/12/ 2014 31/03/ 2015 31/12/ 2014 31/12/ 2014 30/06/ 2015
Diversified
Copper Iron Ore Gold Mining Gold, Silver, Copper, Zinc Diversified
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
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Over $1 billion The 64 public mining companies with a market value over $1 billion had a combined market value of $144.43 billion as at 30.09.15 and traded on an average PE of 22.67. At the end of Q2 2015, there were a total of 70 public mining companies with a market value over $1 billion. These companies had a combined market value of $157.4 billion and an average PE of 28.68. Company Name
1 2
TURQUOISE HILL RESOURCES LTD. SILVER WHEATON CORP.
Symbol
Share Price
52W HIGH/ LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
TRQ
CAD 3.31
5.80/3.17
0.93
CAD 15.87 CAD 15.91
29.86/ 14.62 22.46/ 15.50
ZAR 228.67
405.26/ 221.15
SEK 132.10 PLN 80.92
201.10/ 102.10 131.40/ 69.20 17.50/ 8.00
SLW
3
CAMECO CORP.
CCO
4
ANGLO AMERICAN PLATINUM LTD.
AMS
5
BOLIDEN AB
BOL
6 7 8 9 10
11
12
13 14 15
16
17 18
19
20
21 22 23 24
KGHM POLSKA MIEDZ SA ZHONGJIN GOLD CORP. LTD. FORTESCUE METALS GROUP LTD. SDIC XINJI ENERGY CO. LTD. SHANDONG GOLD MINING CO. LTD. VEDANTA LTD. (ex. SESA STERLITE LTD.) JINDUICHENG MOLYBDENUM CO. LTD. POLYMETAL INTERNATIONAL PLC ANGLOGOLD ASHANTI LTD. ROYAL GOLD INC. SHANDONG NANSHAN ALUMINIUM CO. LTD. TECK RESOURCES LTD. XIAMEN TUNGSTEN CO. LTD. COMPASS MINERALS INTERNATIONAL INC. INNER MONGOLIA YITAI COAL CO. LTD. YANGQUAN COAL INDUSTRY GROUP CO. LTD. WESTERN MINING CO. LTD. FIRST QUANTUM MINERALS LTD. ALUMINA LTD.
KGH
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
2,010.00
15.96
4,973.82
1,644
1.65
404.28
28.29
4,794.85
620
1.50
395.79
NS
4,697.91
1,788
0.46
269.68
23.42
4,536.11
3,965
2.98
273.51
11.04
4,140.18
4,383
1.05
200.00
6.14
4,132.44
5,428
41.77
2,940.00
NS
4,113.92
5,274
Year End (date) 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014
Main Commodity Gold, Copper Silver, Gold Uranium Plat. & Precious Metals Diversified Copper
600489
CNY 8.67
FMG
AUD 1.80
3.86/1.58
19.15
3,110.00
12.49
3,955.39
8,574
30/06/ 2015
Iron Ore
601918
CNY 9.13
19.04/ 3.89
151.36
2,590.00
NS
3,953.58
1,032
31/12/ 2014
Coal
600547
CNY 17.32
34.50/ 14.58
15.39
1,420.00
43.52
3,879.70
7,199
31/12/ 2014
Gold
VEDL
$5.18
17.46/ 4.59
0.32
741.17
9.45
3,830.00
11,024
31/03/ 2014
Diversified
601958
CNY 6.82
17.33/ 6.43
13.31
3,230.00
NS
3,571.58
1,340
31/12/ 2014
Molybdenum
POLY
569.00p
634.00/ 424.20
0.45
423.57
NS
3,539.97
1,690
31/12/ 2014
Platinum & Precious Metals
ANG
ZAR 108.42
1.63
405.05
NS
3,124.37
5,218
RGLD
$46.98
0.85
65.19
58.14
3,020.00
278
600219
CNY 6.58
13.77/ 5.77
112.27
2,840.00
15.99
2,933.35
2,210
31/12/ 2014
Aluminium
TCK
CAD 6.31
21.47/ 5.87
4.36
576.24
10.57
2,721.81
6,412
31/12/ 2014
Copper, Zinc, Coal
600549
CNY 15.27
36.89/ 14.08
7.45
1,080.00
47.51
2,677.12
1,594
31/12/ 2014
Tungsten
CMP
$78.37
95.68/ 77.13
0.21
33.69
10.93
2,640.00
1,283
31/12/ 2014
Mineral Sands
900948
USD 0.80
1.93/0.77
1.44
3,250.00
17.81
2,560.00
3,992
31/12/ 2014
Coal
600348
CNY 6.18
13.65/ 5.68
17.67
2,410.00
20.37
2,430.31
3,258
31/12/ 2014
Coal
601168
CNY 6.24
33.68
2,380.00
71.15
2,394.16
3,812
FM
CAD 4.65
6.58
683.06
5.51
2,371.33
3,542
AWC
AUD 1.15
15.68
2,810.00
32.14
2,274.18
0
149.99/ 71.59 77.20/ 42.21
14.49/ 5.70 22.40/ 4.52 2.10/1.13
31/12/ 2014 30/06/ 2015
31/12/ 2014 31/12/ 2014 31/12/ 2014
DWF Capital Limited | Public Mining Companies Report
Gold
Gold Gold Royalties
Diversified Gold, Copper, Nickel, Cobalt Aluminium
65
Over $1 billion 25-52
Company Name
25 26 27
ELDORADO GOLD CORP. CONSOL ENERGY INC. RISING NONFERROUS METALS CO. LTD.
Symbol
Share Price
52W HIGH/ LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
ELD
CAD 4.04
9.68/3.26
3.66
716.59
NS
2,162.53
1,068
CNX
$9.80
42.26/ 9.29
6.50
229.00
NS
2,150.00
3,476
600259
CNY 48.45
73.08/ 29.89
0.00
262.12
NS
1,996.44
2.17
719.51
10.51
2.36
778.11
13.41
Gold, Silver, Iron
412
31/12/ 2014
Nonferrous metals
1,976.11
951
31/12/ 2014
Copper, Nickel, Lead, Zinc
NS
1,975.72
2,869
2,390.00
NS
1,958.71
1,176
LUNDIN MINING CORP.
LUN
CAD 3.68
6.46/3.68
29
GOLD FIELDS LTD.
GFI
ZAR 35.14
600403
CNY 4.99
69.84 /31.11 11.96/ 4.52
K
CAD 2.26
4.48/1.79
3.35
1,150.00
NS
1,931.36
3,466
ILU
AUD 6.15
9.18/5.57
418.70
2,690.00
NS
1,876.54
552
600331
CNY 5.74
15.46/ 5.12
20.74
2,030.00
NS
1,865.96
591
VED
431.40p
0.65
275.96
NS
1,853.55
12,879
1.34
170.70
NS
1,797.14
536
1.14
322.09
3.63
1,744.00
3,394
31 32 33 34 35 36 37
38
39 40 41 42 43 44 45 46
47 48 49 50 51 52
HENAN DAYOU ENERGY CO. LTD. KINROSS GOLD CORP. ILUKA RESOURCES LTD. SICHUAN HONGDA CO. LTD. VEDANTA RESOURCES PLC DETOUR GOLD CORP. KUMBA IRON ORE LTD. IMPALA PLATINUM HOLDINGS LTD. GUIZHOU PANJIANG REFINED COAL CO. LTD. TAHOE RESOURCES INC. PINGDINGSHAN TIANAN COAL MINING COMP. DE MINAS BUENAVENTURA NORD GOLD NV ALLIANCE RESOURCE PARTNERS LP ZHAOJIN MINING IND. CO. LTD. YAMANA GOLD INC. ACACIA MINING PLC (ex. AFRICAN BARRICK GOLD) DATONG COAL INDUSTRY CO. LTD. BANPU PCL EXXARO RESOURCES LTD. SHANXI COAL INT'L ENERGY GROUP CENTERRA GOLD INC. CHIFENG JILONG GOLD MINING CO. LTD.
Main Commodity
31/12/ 2014 31/12/ 2014
28
30
Year End (date)
31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014
Gold Coal Gold Mineral Sands Zinc
CAD 14.07 ZAR 79.00
1006/ 353.21 16.37/ 6.02 304.31/ 71.00
IMP
ZAR 37.58
91.89/ 37.13
2.71
632.21
NS
1,724.75
2,316
30/06/ 2015
Plat. & Precious Metals
600395
CNY 6.29
16.20/ 6.02
27.28
1,660.00
NS
1,719.77
814
31/12/ 2014
Coal
THO
CAD 10.20
24.43/ 9.66
0.64
223.73
24.03
1,707.65
350
31/12/ 2014
Diversified
601666
CNY 4.44
9.40/4.28
29.46
2,360.00
NS
1,707.19
2,534
31/12/ 2014
Coal
BVN
$5.96
12.51/ 5.73
1.67
275.63
NS
1,660.00
1,176
NORD
2.90p
3.26/1.20
0.05
373.14
6.82
1,640.84
1,216
ARLP
$22.26
50.02/ 19.95
0.32
74.19
5.51
1,630.00
2,301
1818
HKD 4.05
6.74/3.40
4.54
2,970.00
28.50
1,591.86
881
YRI
CAD 2.20
7.05/1.89
4.64
946.54
NS
1,558.51
1,835
ACA
242.00p
318.90/ 191.70
0.50
410.09
23.90
1,549.69
930
31/12/ 2014
Gold Mining
601001
CNY 5.39
12.69/ 5.01
24.12
1,670.00
NS
1,472.96
1,364
31/12/ 2014
Coal
THB 20.80 ZAR 53.00
31.75/ 19.20 134.73/ 50.40
11.33
2,580.00
NS
1,443.16
2,798
0.70
358.12
6.88
1,346.86
1,169
600546
CNY 4.13
11.14/ 3.90
39.28
1,980.00
NS
1,342.49
9,941
31/12/ 2014
Coal
CG
CAD 7.41
7.98/3.96
1.13
236.56
27.26
1,312.43
763
31/12/ 2014
Gold
600988
CNY 11.57
26.00/ 9.40
0.00
713.19
19.75
1,300.04
134
31/12/ 2014
Gold
DGC KIO
BANPU EXX
31/03/ 2015 31/12/ 2014 31/12/ 2014
Coal & Gas
31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014
31/12/ 2014 31/12/ 2014
DWF Capital Limited | Public Mining Companies Report
Diversified Gold Iron Ore
Gold & Silver Gold Coal Gold Gold
Coal Coal
66
Over $1 billion 53-64
Company Name
Symbol
Share Price
52W HIGH /LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Main Commodity
31/12/ 2014
Platinum & Precious Metals
53
STILLWATER MINING CO.
SWC
$10.33
15.57/ 8.36
2.45
120.90
78.62
1,220.00
944
54
EVOLUTION MINING LTD.
EVN
AUD 1.17
1.31/0.41
15.31
1,440.00
8.78
1,199.87
465
55
NEW GOLD INC.
NGD
CAD 2.98
6.04/2.52
1.66
509.08
NS
1,133.46
726
NG
CAD 4.72
5.22/2.65
0.33
317.86
NS
1,118.55
0
NST
AUD 2.67
2.70/0.92
6.40
600.03
17.00
1,102.21
590
600971
CNY 6.24
12.10/ 5.06
22.32
1,000.00
NS
1,086.25
1,013
56 57
58
NOVAGOLD RESOURCES INC. NORTHERN STAR RESOURCES LTD. ANHUI HENGYUAN COAL-ELEC. GROUP CO.
59
CENTAMIN PLC
CEY
61.60p
72.35/ 43.01
7.03
1,150.00
11.17
1,083.47
473
60
MMG LTD.
1208
HKD 1.44
3.54/1.40
4.28
5,290.00
58.21
1,071.99
2,480
RUB 88,100 ZAR 15.58
100000/ 63000 33.95/ 13.16
0.00
0.80
10.40
1,064.25
459
2.88
914.84
12.20
1,040.27
1,553
246
HKD 8.81
9.29/8.78
0.00
908.79
NS
1,038.45
215
ERA
EUR 33.77
94.39/ 33.12
0.03
26.54
NS
1,011.00
3,456
22.67
144,432.11
61 62 63 64
ALROSA-NYURBA OAO SIBANYE GOLD LTD. REAL GOLD MINING LTD. ERAMET SA
ALNU SGL
TOTAL/AVERAGE
30/06/ 2015 31/12/ 2014 30/11/ 2014 30/06/ 2015 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2010 31/12/ 2014
Gold Gold Gold, Silver, Copper, Zinc Gold
Coal
Gold Mining Diversified Diamonds Gold Gold Nickel
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
67
Over $500 million The 36 public mining companies with a market value over $500 million had a combined market value of $26.89 billion as at 30.09.15 and traded on an average PE of 19.43. At the end of Q2 2015, there were 42 public mining companies with a market value over $500 million. These companies had a combined market value of $29.5 billion and traded on an average PE of 18.62. Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Company Name
Symbol
Share Price
52W HIGH/LOW
1
OSISKO GOLD ROYALTIES LTD.
OR
CAD 14.19
18.85/12.39
0.31
94.37
54.48
999.24
13
31/12/2014
Gold
2
NEW HOPE CORPORATION LTD.
NHC
AUD 1.65
2.67/1.60
0.11
831.05
NS
997.57
353
31/07/2015
Coal
3
INDEPENDENCE GROUP NL
IGO
AUD 2.55
6.21/2.53
3.36
511.42
8.34
969.66
345
30/06/2015
Nickel
4
B2GOLD CORP.
BTO
CAD 1.40
2.88/1.30
3.82
926.68
NS
969.41
487
31/12/2014
Gold
600792
CNY 5.60
11.29/4.20
67.10
989.92
NS
963.64
768
31/12/2014
Coal
600456
CNY 13.65
30.80/12.10
6.33
430.27
NS
955.78
390
31/12/2014
Titanium
PAA
CAD 8.45
15.06/7.77
0.33
151.64
NS
954.50
752
31/12/2014
Silver
5
6
7
YUNNAN COAL & ENERGY CO. LTD. BAOJI TITANIUM INDUSTRY CO. LTD. PAN AMERICAN SILVER CORP.
Main Commodity
8
NORTHAM PLATINUM LTD.
NHM
ZAR 26.27
52.00/25.16
1.50
509.78
NS
945.44
430
30/06/2015
Plat. & Precious Metals
9
ALAMOS GOLD INC.
AGI
CAD 4.83
10.31/3.90
0.62
255.51
NS
924.67
170
31/12/2014
Gold
10
HUDBAY MINERALS INC.
HBM
CAD 4.90
12.61/4.82
1.08
235.23
40.84
857.56
418
31/12/2014
Gold, Silver, Copper, Platinum
DDC
CAD 13.29
24.60/12.81
0.36
85.25
56.02
842.64
916
31/01/2015
Diamond
ARI
ZAR 51.68
152.90/50.35
0.67
217.48
NS
800.70
660
30/06/2015
Diversified
600397
CNY 4.89
15.00/4.46
26.13
989.96
NS
793.86
1,674
31/12/2014
Coal
PVG
CAD 7.89
9.05/4.60
0.45
132.58
NS
782.99
0
31/12/2014
Gold
11
12
13
14
DOMINION DIAMOND CORP. AFRICAN RAINBOW MINERALS LTD. ANYUAN COAL INDUSTRY GROUP CO. LTD. PRETIUM RESOURCES INC.
15
US SILICA HOLDINGS INC.
SLCA
$14.09
64.81/13.53
2.02
53.39
7.70
752.24
877
31/12/2014
Industrial Minerals
16
ASSORE LTD.
ASR
ZAR 75.26
259.00/66.75
0.22
139.61
5.51
746.51
180
30/06/2015
Diversified
TXG
CAD 1.27
1.73/0.85
1.43
785.45
NS
743.85
0
31/12/2014
Gold, Silver, Copper
HL
$1.97
3.54/1.77
6.48
377.70
NS
725.18
501
31/12/2014
Gold & Silver
17 18
TOREX GOLD RESOURCES INC. HECLA MINING CO.
19
OZ MINERALS LTD.
OZL
AUD 3.26
5.01/2.93
1.65
303.47
9.52
718.53
580
31/12/2014
Diversified
20
WHITEHAVEN COAL LTD.
WHC
AUD 0.92
1.76/0.91
3.24
1,030.00
NS
711.55
532
30/06/2015
Coal
21
G-RESOURCES GROUP LTD.
1051
HKD 0.19
0.32/0.18
62.60
26,560.00
10.46
703.05
388
31/12/2014
Gold
DWF Capital Limited | Public Mining Companies Report
68
Over $500 million 22-36
Company Name
Symbol
Share Price
52W HIGH/LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Main Commodity
22
FORESIGHT ENERGY LP
FELP
$5.33
19.30/5.10
0.18
130.09
3.33
694.70
1,109
31/12/2014
Coal
23
SHOUGANG FUSHAN RESOURCES GROUP LTD.
639
HKD 0.99
1.80/0.75
9.87
5,300.00
NS
677.25
420
31/12/2014
Coal
24
PETRA DIAMONDS LTD.
PDL
84.90p
210.80/84.45
2.79
518.14
14.00
668.61
425
30/06/2015
Diamonds & Gemstones
25
ALACER GOLD CORP.
ASR
CAD 2.92
3.23/1.77
1.72
290.97
8.62
647.60
292
31/12/2014
Gold
26
SIRIUS MINERALS PLC
SXX
18.84p
29.50/6.40
5.02
2,220.00
NS
631.48
0
31/03/2015
Diversified
27
SEMAFO INC.
SMF
CAD 2.87
4.49/2.39
1.68
294.27
22.68
630.77
289
31/12/2014
Gold
28
IAMGOLD CORP.
IMG
CAD 2.08
4.09/1.50
1.58
391.40
NS
608.03
1,008
31/12/2014
Gold, Rare Earths, Niobium
RRL
AUD 1.70
2.20/1.07
3.96
499.78
10.01
606.65
324
30/06/2015
Gold
SFR
AUD 5.28
6.80/3.74
1.48
156.85
12.50
604.01
374
30/06/2015
Diversified
29 30
REGIS RESOURCES LTD. SANDFIRE RESOURCES NL
31
NEVSUN RESOURCES LTD.
NSU
CAD 3.88
5.35/3.41
0.28
199.78
8.39
571.48
555
31/12/2014
Gold, Silver, Copper, Zinc
32
CHINA GOLD INTERNATIONAL RESOURCES CORP. LTD.
CGG
CAD 1.90
3.37/1.30
0.25
396.41
12.03
564.61
278
31/12/2014
Gold, Copper
33
HARWORTH GROUP PLC
HWG
12.48p
14.00/5.35
0.31
2,920.00
4.50
555.06
2
31/12/2014
Diversified
MIN
AUD 4.06
8.71/3.92
1.29
187.64
60.86
552.38
906
30/06/2015
Diversified
SSO
CAD 8.24
9.46/4.47
0.42
80.75
NS
509.64
300
31/12/2014
Gold, Silver, Copper, Lead, Zinc
SXC
$7.78
24.09/7.66
0.85
65.27
NS
507.80
1,473
31/12/2014
Coal
19.43
26,888.62
34
35 36
MINERAL RESOURCES LIMITED SILVER STANDARD RESOURCES INC. SUNCOKE ENERGY INC. TOTAL/AVERAGE
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
69
Over $100 million The 120 public mining companies with a market value over $100 million had a combined market value of $29.26 billion as at 30.09.15 and traded on an average PE of 14.89. At the end of Q2 2015, there were 129 public mining companies with a market value over $100 million. These companies had a combined market value of $30.5 billion and traded on an average PE of 13.51. Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Main Commodity
Company Name
Symbol
Share Price
52W HIGH/LOW
1
KAZ MINERALS PLC
KAZ
79.60p
282.50/ 65.10
5.22
446.68
NS
494.15
846
31/12/ 2014
Diversified
2
TRONOX LTD.
TROX
$4.37
26.62/3.91
1.89
116.68
NS
490.05
1,737
31/12/ 2014
Mineral Sands
3
MAG SILVER CORP.
MAG
CAD 9.26
11.00/6.56
0.10
69.25
NS
482.83
0
31/12/ 2014
Diversified
4
OCEANAGOLD CORP.
OGC
AUD 2.15
3.37/1.81
0.76
303.43
6.25
473.94
563
31/12/ 2014
Gold
5
SPHERE MINERALS LTD.
SPH
AUD 3.10
3.10/3.10
0.00
218.27
NS
472.02
0
31/12/ 2014
Diversified
6
GEMFIELDS PLC
GEM
55.98p
69.00/ 45.00
0.29
541.23
18.47
465.33
160
30/06/ 2014
Diamonds & Gemstones
7
ROMARCO MINERALS INC.
R
CAD 0.47
0.82/0.30
6.28
1,240.00
NS
440.89
0
31/12/ 2014
Gold
8
INTREPID POTASH INC.
IPI
$5.54
15.69/5.35
0.92
76.17
70.11
433.41
410
31/12/ 2014
Potash, Phosphate
9
URANIUM PARTICIPATION CORP.
U
CAD 4.90
5.76/4.82
0.13
116.52
3.16
428.35
101
28/02/ 2015
Uranium
10
LUCARA DIAMOND CORP.
LUC
CAD 1.50
2.41/1.42
0.28
379.56
10.15
416.71
266
31/12/ 2014
Diamond
11
MOUNTAIN PROVINCE DIAMONDS INC.
MDM
$2.60
5.26/2.50
0.12
159.68
NS
412.63
0
31/12/ 2014
Diamonds
12
SYRAH RESOURCES LTD.
SYR
AUD 2.41
4.72/2.39
0.96
230.46
NS
406.75
0
30/06/ 2014
Copper
13
HOCHSCHILD MINING PLC
HOC
69.25p
141.30/ 60.97
0.32
367.69
NS
406.40
493
31/12/ 2014
Diversified
14
GUYANA GOLDFIELDS INC.
GUY
CAD 3.51
4.48/2.15
0.62
151.38
NS
403.62
0
31/10/ 2014
Gold
15
OCI RESOURCES LP
OCIR
$19.61
27.00/ 19.45
0.09
19.99
8.10
392.10
465
31/12/ 2014
Soda Ash
16
ZIMPLATS HOLDINGS LTD.
ZIM
AUD 5.15
9.05/5.15
0.00
107.64
NS
386.70
408
30/06/ 2015
Platinum
CDE
$2.82
7.45/2.52
5.17
137.11
NS
386.66
636
IVN
CAD 0.68
1.36/0.62
0.97
772.18
NS
386.40
0
SWY
CAD 0.70
0.85/0.46
0.17
732.31
NS
382.26
0
CLF
$2.44
11.70/2.28
4.46
153.40
NS
374.31
4,624
17 18 19 20
COEUR MINING INC. IVANHOE MINES LTD. STORNOWAY DIAMOND CORP. CLIFFS NATURAL RESOURCES INC.
21
IMPERIAL METALS CORP.
III
CAD 6.10
13.69/6.10
0.04
81.74
NS
373.65
98
22
METALS X LTD.
MLX
AUD 1.18
1.59/0.62
1.56
438.01
12.32
371.25
220
23
PRIMERO MINING CORP.
P
CAD 3.00
6.06/2.66
0.68
162.43
NS
370.65
275
31/12/ 2014 31/12/ 2014 30/04/ 2015 31/12/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014
DWF Capital Limited | Public Mining Companies Report
Gold & Silver Diversified Diamond Coal & Iron Ore Diversified Copper Gold, Silver
70
Over $100 million 24-50
Company Name
Symbol
Share Price
52W HIGH/LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Main Commodity
24
WESTERN AREAS LTD.
WSA
AUD 2.11
4.77/2.07
1.92
233.42
14.47
358.24
218
30/06/ 2015
Nickel
25
LAKE SHORE GOLD CORP.
LSG
CAD 1.09
1.38/0.70
2.03
435.59
24.56
357.30
191
31/12/ 2014
Gold
26
ALTIUS MINERALS CORP.
ALS
CAD 12.20
15.47/9.86
0.07
39.93
NS
357.03
2
30/04/ 2015
Diversified
27
FIRST MAJESTIC SILVER CORP.
FR
CAD 4.00
9.08/3.54
0.57
118.75
NS
353.89
183
31/12/ 2014
Silver
RBP
ZAR 24.80
65.00/ 24.20
0.38
193.73
40.77
346.52
269
31/12/ 2014
Plat. & Precious Metals
661
HKD 0.15
0.41/0.10
2.23
17,900.00
NS
341.85
6,729
31/12/ 2014
Diversified
BTU
$20.70
20.70/0.99
9.51
278.20
NS
339.40
6,792
KGI
CAD 5.46
6.88/2.79
0.44
80.21
22.54
332.55
129
KDX
CAD 3.05
3.87/1.68
0.23
137.47
12.70
320.86
91
TMR
CAD 5.49
5.96/4.85
0.00
77.61
NS
318.32
0
HFR
AUD 1.42
2.08/0.51
1.16
310.33
NS
316.06
1
30/06/ 2015
Potash
NRP
$2.54
13.83/2.21
0.31
122.30
3.26
310.64
400
31/12/ 2014
Coal
SSL
CAD 3.49
5.30/2.80
0.13
118.21
NS
309.90
56
31/12/ 2014
Gold
988
HKD 0.73
2.20/0.41
5.52
3,430.00
NS
305.73
752
31/12/ 2014
Coal
POG
5.88p
9.85/2.15
4.05
3,300.00
NS
300.87
865
LUG
CAD 3.80
5.75/3.46
0.01
101.24
NS
292.61
0
RMX
CAD 0.97
1.63/0.88
0.64
394.75
NS
291.43
0
PG
CAD 2.25
2.83/1.61
0.37
170.70
20.26
290.22
0
SAR
AUD 0.50
0.54/0.20
2.29
792.78
37.25
287.59
174
AKG
CAD 1.93
2.55/1.50
0.93
197.00
NS
286.45
0
FVI
CAD 2.86
6.30/2.65
1.34
128.85
24.00
284.40
174
HAR
ZAR 8.85
38.50/8.40
3.41
436.19
NS
283.06
1,101
SEA
CAD 7.49
12.12/4.34
0.05
50.19
NS
282.17
0
CAML
161.33p
198.00/ 135.16
0.01
111.56
15.92
269.07
73
31/12/ 2014
Diversified
28
29 30 31 32 33 34
35 36
37
38 39 40 41 42 43 44 45 46
ROYAL BAFOKENG PLATINUM LTD. CHINA DAYE NON-FERROUS METALS MINING PEABODY ENERGY CORP. KIRKLAND LAKE GOLD INC. KLONDEX MINES LTD. TMAC RESOURCES INC. HIGHFIELD RESOURCES LIMITED NATURAL RESOURCE PARTNERS LP SANDSTORM GOLD LTD. LOUDONG GENERAL NICE RESOURCES HOLDINGS PETROPAVLOVSK PLC LUNDIN GOLD INC. RUBICON MINERALS CORP. PREMIER GOLD MINES LTD. SARACEN MINERAL HOLDINGS LTD. ASANKO GOLD INC. FORTUNA SILVER MINES INC. HARMONY GOLD MINING CO. LTD. SEABRIDGE GOLD INC.
31/12/ 2014 30/04/ 2015 31/12/ 2014 31/12/ 2014
31/12/ 2014 31/12/ 2014 31/12/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014
Coal Gold Gold, Silver Diversified
Gold Mining Gold Gold Gold Gold Gold Gold, Silver, Lead, Zinc Gold Gold, Silver, Copper
47
CENTRAL ASIA METALS PLC
48
MCEWEN MINING INC.
MUX
CAD 1.17
2.30/0.84
0.09
300.53
NS
264.45
45
31/12/ 2014
Gold, Silver, Copper
49
XINJIANG XINXIN MINING INDUSTRY CO. LTD.
3833
HKD 0.85
1.98/0.80
0.98
2,210.00
NS
259.29
533
31/12/ 2014
Diversified
50
KATANGA MINING LTD.
KAT
CAD 0.17
0.44/0.14
0.01
1,910.00
NS
256.42
1,079
31/12/ 2014
Copper, Cobalt
DWF Capital Limited | Public Mining Companies Report
71
Over $100 million 51-75
Company Name
51
52
53
54
55 56 57 58 59
60
61 62 63
64
65 66 67 68 69 70 71 72 73
74
75
NORTH MINING SHARES CO. LTD. CHINA MINING RESOURCES GROUP LTD. HIGHLAND GOLD MINING LTD. GEM DIAMONDS LTD. MANDALAY RESOURCES CORP. PALADIN ENERGY LTD. DUNDEE PRECIOUS METALS INC. CUDECO LIMITED GOLD ROAD RESOURCES LIMITED TERRAMIN AUSTRALIA LIMITED HALLADOR ENERGY COMPANY PAN AFRICAN RESOURCES PLC ANGLO PACIFIC GROUP PLC JINCHUAN GROUP INT. RESOURCES CO. LTD. OROCOBRE LTD. TAUNG GOLD INTERNATIONA L LTD. EMED MINING PUBLIC LTD. GOLDEN STAR RESOURCES LTD. POLYMET MINING CORP. DENISON MINES CORP. ARRIUM LIMITED WOLF MINERALS LTD. CHINA DYNAMIC HOLDINGS LTD. FISSION URANIUM CORP. CHINA PRECIOUS METAL RESOURCE HOLDINGS CO.
Symbol
Share Price
52W HIGH/LOW
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Main Commodity
433
HKD 0.09
0.41/0.05
75.76
19,900.00
NS
254.13
59
31/12/ 2014
Iron Ore
340
HKD 0.15
0.27/0.06
15.18
12,910.00
NS
251.55
17
31/12/ 2014
Molybdenum
HGM
50.05p
58.00/23.00
0.43
325.22
NS
249.92
304
31/12/ 2014
Gold Mining
GEMD
112.91p
198.75/ 112.50
0.21
138.23
8.44
237.69
271
31/12/ 2014
Diamonds & Gemstones
MND
CAD 0.77
1.05/0.70
0.14
409.85
10.13
235.70
185
31/12/ 2014
Gold, Silver, Copper
PDN
AUD 0.17
0.44/0.16
5.99
1,710.00
NS
226.93
200
30/06/ 2015
Uranium
DPM
CAD 2.16
4.91/1.93
0.14
140.58
NS
226.78
324
31/12/ 2014
Gold, Silver, Copper, Zinc
CDU
AUD 1.11
1.95/0.98
0.00
277.92
NS
214.23
0
30/06/ 2014
Copper, Gold & Cobalt
GOR
AUD 0.45
0.48/0.20
2.38
686.41
NS
208.30
1
30/06/ 2015
Gold, Uranium
TZN
AUD 0.17
0.23/0.06
0.09
1,780.00
NS
204.70
0
31/12/ 2014
Zinc, Gold
HNRG
$6.95
12.94/6.00
0.09
29.04
11.36
201.86
241
31/12/ 2014
Coal
PAF
7.91p
13.50/6.25
0.66
1,830.00
11.24
198.95
213
APF
76.00p
143.04/73.74
0.17
169.94
NS
196.87
5
2362
HKD 0.34
0.98/0.25
0.08
4,350.00
NS
196.08
652
31/12/ 2014
Diversified
ORE
AUD 1.66
2.97/1.45
0.27
168.65
NS
195.31
16
30/06/ 2015
Copper
621
HKD 0.10
0.25/0.10
5.21
14,790.00
NS
194.79
0
31/03/ 2015
Gold & Coal
EMED
3.54p
7.80/2.99
1.48
3,500.00
NS
193.12
0
31/12/ 2014
Gold Mining
GSC
CAD 0.27
0.51/0.20
0.02
514.80
NS
191.77
329
31/12/ 2014
Gold
POM
CAD 0.90
1.75/0.90
0.02
276.58
NS
187.98
0
DML
CAD 0.51
1.39/0.48
0.50
518.44
NS
187.80
10
ARI
AUD 0.09
0.39/0.08
13.28
2,940.00
NS
186.46
4,113
WLF
AUD 0.33
0.45/0.23
0.02
809.42
NS
186.34
0
476
HKD 0.37
1.07/0.20
5.70
3,710.00
NS
179.31
2
31/03/ 2015
Copper
FCU
CAD 0.64
1.38/0.59
0.51
386.24
NS
178.57
0
30/06/ 2015
Uranium
1194
HKD 0.29
0.97/0.24
20.24
4,600.00
NS
178.02
166
31/12/ 2014
Gold
30/06/ 2015 31/12/ 2014
31/01/ 2015 31/12/ 2014 30/06/ 2015 30/06/ 2015
DWF Capital Limited | Public Mining Companies Report
Gold Mining Diversified
Diversified Uranium Iron Ore Tungsten
72
Over $100 million 76-103
76
77 78 79 80 81 82
83
84 85 86
87 88 89 90
91
92 93
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Main Commodity
Company Name
Symbol
Share Price
52W HIGH/LOW
ENDEAVOUR MINING CORP.
EDV
CAD 0.56
0.70/0.38
1.08
413.14
NS
172.79
584
31/12 /2014
Gold
PTM
CAD 0.32
1.10/0.29
0.14
768.94
NS
172.02
0
31/08/ 2014
Platinum, Palladium
CNL
CAD 1.73
3.28/1.61
0.70
129.55
NS
168.10
0
RMC
CAD 4.40
5.09/3.30
0.02
48.20
NS
160.65
0
CLD
$2.63
13.96/2.41
1.77
61.03
4.12
160.52
1,324
RIC
CAD 3.58
4.55/2.07
0.06
58.03
14.69
156.65
98
AQP
AUD 0.15
0.39/0.13
0.11
1,510.00
NS
155.23
213
PDL
CAD 4.30
188/3.87
0.01
49.50
NS
155.02
164
EDR
CAD 2.06
5.14/1.64
0.08
101.98
NS
154.61
197
AR
CAD 1.33
4.10/1.14
0.53
155.35
NS
154.31
166
S
CAD 0.73
3.50/0.70
3.30
293.89
NS
153.41
340
31/12/ 2014
Oil & Gas, Nickel, Coal, Cobalt
GGD
CAD 1.25
1.79/1.18
0.02
162.07
NS
151.31
0
30/09/ 2014
Gold, Silver
RSG
AUD 0.31
0.46/0.22
1.22
641.58
NS
147.70
320
PMAM3
BRL 1.90
4.60/1.89
0.59
319.18
3.43
147.61
1,152
TGZ
CAD 0.55
0.82/0.38
0.57
352.80
3.00
144.70
261
AFA
AUD 0.34
0.36/0.15
0.00
604.04
NS
143.27
0
CRK
CAD 1.41
1.78/0.63
0.61
135.74
1.20
141.93
283
NMI
CAD 1.41
1.78/0.63
0.61
135.74
1.20
141.93
283
PLATINUM GROUP METALS LTD. CONTINENTAL GOLD INC. RESERVOIR MINERALS INC. CLOUD PEAK ENERGY INC. RICHMONT MINES INC. AQUARIUS PLATINUM LTD. NORTH AMERICAN PALLADIUM LTD. ENDEAVOUR SILVER CORP. ARGONAUT GOLD INC. SHERRITT INTERNATIONA L CORP. GOGOLD RESOURCES INC. RESOLUTE MINING LTD. PARANAPANE MA SA TERANGA GOLD CORP. ASF GROUP LIMITED CROCODILE GOLD CORP. NEWMARKET GOLD INC.
31/12/ 2014 30/11/ 2014 31/12/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014 31/12/ 2014 31/12/ 2014
30/06/ 2015 31/12/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014 31/12/ 2014 31/03/ 2015 31/12/ 2014 31/12/ 2014
Gold Gold, Copper, Molybdenum Coal Gold Platinum
Palladium
Silver Gold
Gold Copper Gold Tin, Gold, Iron Ore, Lead, Silver, Coal Gold Gold
94
ASIA COAL LTD.
835
HKD 0.11
0.22/0.10
9.05
9,610.00
NS
140.61
4
95
LINGBAO GOLD CO. LTD.
3330
HKD 1.30
2.80/1.10
1.52
770.25
NS
140.61
1,021
96
ROXGOLD INC.
ROG
CAD 0.58
0.79/0.39
0.15
322.69
NS
139.57
0
97
TRIBUNE RESOURCES LTD.
TBR
AUD 4.00
4.10/2.50
0.00
50.00
NS
139.53
69
30/06/ 2014
98
SIERRA METALS INC.
SMT
CAD 1.15
2.13/0.84
0.00
161.35
25.55
138.59
129
31/12/ 2014
99
LONMIN PLC
LMI
16.64p
196.90/14.50
5.48
586.91
NS
138.30
965
30/09/ 2014
98
HKD 2.53
3.76/1.46
0.22
418.00
3.42
138.03
761
31/12/ 2014
Aluminium
SRX
18.65p
38.00/16.06
0.05
522.23
NS
137.09
118
31/12/ 2014
Diversified
GORO
$2.53
5.36/1.99
0.46
54.18
17.68
137.07
115
31/12/ 2014
Gold
MGX
AUD 0.19
0.57/0.17
2.66
1,090.00
NS
136.97
229
30/06/ 2015
Iron Ore
100 101 102
103
XINGFA ALUMINIUM HOLDINGS LTD. SIERRA RUTILE LTD. GOLD RESOURCE CORP. MOUNT GIBSON IRON LTD.
DWF Capital Limited | Public Mining Companies Report
Coal Gold Gold Gold Gold, Silver, Copper, Lead, Zinc Platinum & Precious Metals
73
Over $100 million 104-120
Company Name
104 105 106 107 108 109
110
111 112 113 114 115
116
117 118 119
120
GOLD RESERVE INC. PENINSULA ENERGY LIMITED ENERGY FUELS INC. CAPSTONE MINING CORP. PERSEUS MINING LTD. MERAFE RESOURCES LTD. ENERGY RESOURCES OF AUSTRALIA LIMITED POLARIS MINERALS CORP. KINGSGATE CONSOLIDATED LTD. NEXGEN ENERGY LTD. FIRESTONE DIAMONDS PLC BACANORA MINERALS LTD. HIDILI INDUSTRY INT. DEVELOPMENT LTD. SILVERCORP METALS INC. APAC RESOURCES LTD. NEWFIELD RESOURCES LIMITED RARE EARTH MINERALS PLC
Average Daily Volume (millions)
Shares Outstanding (millions)
P/E
Mkt.Cap. (US$) million
Total Revenue (US$) million
Year End (date)
Symbol
Share Price
52W HIGH/LOW
GRZ
CAD 3.31
5.39/2.48
0.00
-
NS
134.54
0
PENDA
AUD 0.85
1.24/0.60
0.05
173.42
NS
125.82
0
EFR
CAD 3.72
9.00/3.71
0.07
44.14
NS
124.93
46
CS
CAD 0.48
2.32/0.43
1.53
382.04
NS
124.12
656
PRU
AUD 0.31
0.51/0.20
6.90
529.34
1.98
120.02
233
MRF
ZAR 0.68
1.24/0.65
0.52
2,510.00
14.86
119.78
257
ERA
AUD 0.33
1.41/0.32
0.65
517.73
NS
119.18
280
31/12/ 2014
Uranium
PLS
CAD 1.80
2.83/1.65
0.01
87.76
NS
117.98
34
31/12/ 2014
Diversified
KCN
AUD 0.72
0.87/0.61
0.34
223.58
NS
115.42
218
30/06/ 2015
Gold
NXE
CAD 0.62
0.89/0.30
0.81
253.97
NS
113.63
0
FDI
23.02p
37.25/ 23.00
0.03
308.99
NS
111.67
4
BCN
CAD 1.66
2.05/0.56
0.03
85.15
NS
111.12
0
1393
HKD 0.40
1.00/0.38
1.29
2,050.00
NS
109.51
113
SVM
CAD 0.84
2.00/0.75
0.46
170.88
NS
108.48
95
1104
HKD 0.09
0.36/0.07
3.41
9,190.00
NS
105.53
33
NWF
AUD 0.83
1.03/0.45
0.00
184.08
NS
104.02
0
30/06/ 2014
Gold
REM
0.98p
1.55/0.77
44.23
6,820.00
NS
100.44
0
31/12/ 2014
Platinum & Precious Metals
14.89
29,264.81
TOTAL/AVERAGE
31/12/ 2014 30/06/ 2015 31/12/ 2014 31/12/ 2014 30/06/ 2015 31/12/ 2014
31/12/ 2014 30/06/ 2014 30/06/ 2014 31/12/ 2014 31/03/ 2015 30/06/ 2015
Main Commodity Gold, Silver Uranium, Gold Uranium, Vanadium Diversified Gold Ferrochrome
Uranium Diamonds & Gemstones Diversified
Coal Silver, Lead, Zinc Base Metals
All data as of 30th September 2015
DWF Capital Limited | Public Mining Companies Report
74
Section 6: Historic and Forecast Commodity Prices
DWF Capital Limited | Public Mining Companies Report
75
Overview of Historic and Forecast Commodity Prices 10 Year Historical Commodity Prices
Energy
Precious Metals
Metals
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Steam Coal per tonne
40.96
53.30
97.50
84.27
89.04
126.74
119.53
99.51
90.36
66.90
Oil per barrel
56.47
61.00
89.43
41.53
74.88
90.07
104.26
101.17
105.49
53.45
Gas per mmbtu
13.05
6.73
7.13
5.84
5.35
4.25
3.16
3.34
4.24
3.14
Gold per ounce
510.10
629.79
803.20
816.09
1,134.72
1,390.55
1,641.84
1,684.76
1,221.51
1,181.33
Silver per ounce
8.69
13.30
14.31
10.32
17.64
29.37
30.13
31.87
19.67
15.69
Platinum per ounce
965.00
1,118.00
1,530.00
900.00
1,460.00
1,755.00
1,350.00
1,528.00
1,358.00
1,204.00
Iron Ore per tonne
28.11
33.45
36.63
69.98
105.25
168.53
136.46
128.87
135.79
73.13
Copper per tonne
4,577.03
6,680.97
6,630.74
3,105.10
6,976.98
9,152.86
7,558.88
7,966.49
7,214.90
6,309.00
Lead per tonne
1,120.15
1,709.16
2,616.08
968.17
2,326.26
2,413.20
2,024.56
2,279.80
2,136.73
1,845.00
Zinc per tonne
1,819.36
4,381.45
2,378.60
1,112.90
2,374.04
2,287.32
1,911.15
2,040.43
1,974.98
2,183.50
Nickel per tonne
13,490.45
34,400.53
26,053.56
9,846.93
17,121.62
24,099.57
18,246.02
17,448.50
13,924.55
14,880.00
Aluminium per tonne
2,250.90
2,823.67
2,382.83
1,504.42
2,181.26
2,356.67
2,024.38
2,086.76
1,739.81
1,776.50
st
Notes: Source of all historical price information - indexmundi.com. All yearly prices as of 31 December. Only exception is platinum, for which kitco.com price charts used for historical prices.
· · · · ·
Historical prices for the last ten years for energy and metal commodities covered taken as at the 31st December each year. Energy - over the ten year period to 31st December 2014 steam coal prices increased by 61%, oil price decreased by 5%, and the price of gas decreased by 76%. Precious Metals - over the ten year period to 31st December 2014 gold increased by 132%, silver increased by 81%, and platinum increased by 24%. Metals – over the ten year period to 31st December 2014 Iron Ore increased by 160%, lead increased by 65%, nickel increased by 11%, zinc increased by 18%, copper increased by 38%, and aluminium decreased by 19%. These Prices have declined by an average of 16.5% in the nine months between 31st December 2014 and 30th September 2015.
Commodity Price Changes: Q3 and Q2 2015 and end 2014 Commodity
Precious Metals Gold Silver Platinum Metals & Minerals Iron Ore Lead Nickel Zinc Aluminium Copper Energy Crude Oil Steam/Thermal Coal Gas AVERAGE
Unit
Price as at 30.09.15
Price as at 30.06.15
% change
Price as at 31.12.14
% change end Q3 2015 v end 2014
All Time High
Date of ATH
Ounce Ounce Ounce
1,126.00 14.60 925.20
1,176.30 15.62 1,080.90
-4.28 -6.53 -14.40
1,181.33 15.69 1,204.00
-4.68 -6.95 -23.16
1,923.00 49.45 2,253.00
04/2011 01/1980 03/2008
Metric tonne Metric tonne Metric tonne Metric tonne Metric tonne Metric tonne
55.38 1,651.00 9,875.00 1,632.50 1,549.00 5,010.00
60.23 1,741.50 11,715.00 2,011.00 1,642.00 5,767.00
-8.05 -5.20 -15.71 -18.82 -5.66 -13.13
73.13 1,845.00 14,880.00 2,183.50 1,821.50 6,309.00
-24.27 -10.51 -33.64 -25.23 -14.96 -20.59
191.90 3,989.00 54,050.00 4,603.00 3,271.25 10,179.50
02/2011 10/2007 05/2007 11/2006 07/2008 02/2011
Barrel Metric tonne btu
48.24 62.18 2.60
59.47 64.99 2.83
-18.88 -4.32 -8.13 -10.26
53.45 66.90 3.14
-9.75 -7.06 -17.20 -16.50
147.27 220.00 18.48
07/2008 07/2008 02/2003
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·
Precious metals covered lost an average of 8.40% between the end of Q2 2015 and the end of Q3 2015. Previously lost 3.70% in the first half of 2015 after losing 10.92% in the 12 months ending 31st December 2014.
·
Metals and Minerals covered lost an average of 11.10% between the end of Q2 2015 and the end of Q3 2015. Previously lost 11.81% in the first half of 2015 after losing 10.19% in the 12 months ending 31st December 2014.
·
Energy commodities covered lost an average of 10.44% between the end of Q2 2015 and the end of Q3 2015. Previously lost 0.49% in the first half of 2015 after losing 33% in the 12 months ending 31st December 2014.
World Bank Price Forecasts for Precious Metals, Metals and Minerals and Energy 2015-2025 Precious Metals
2015
2016
2017
2018
2019
2020
2025
Gold
$/toz
1,175
1,156
1,138
1,120
1,102
1,084
1,000
Silver
$/toz
16.00
16.10
16.20
16.29
16.39
16.49
17.00
Platinum
$/toz
1,080
1,116
1,153
1,192
1,232
1,273
1,500
2015
2016
2017
2018
2019
2020
2025
Metals and Minerals Aluminium
$/mt
1,700
1,650
1,704
1,759
1,816
1,875
2,200
Copper
$/mt
5,625
5,749
5,876
6,006
6,139
6,275
7,000
Iron ore
$/mt
58.0
59.5
61.1
62.6
64.3
66.0
75.0
Lead
$/mt
1,800
1,836
1,874
1,912
1,950
1,990
2,200
Nickel
$/mt
12,200
12,818
13,468
14,150
14,867
15,620
20,000
Tin
$/mt
16,300
16,871
17,462
18,074
18,707
19,362
23,000
Zinc
$/mt
1,980
2,100
2,131
2,163
2,196
2,228
2,400
2015
2016
2017
2018
2019
2020
2025
Energy Coal, Australia
$/mt
58.0
50.0
51.9
53.9
55.9
58.1
70.0
Crude oil, avg, spot
$/bbl
52.5
51.4
54.6
57.9
61.5
65.3
88.3
Natural gas, US
$/mmbtu
2.80
3.02
3.26
3.52
3.80
4.10
6.00
·
The World Bank forecast for metals and energy commodities covered only projects one commodity decreasing in value over the next ten years - gold. Gold is forecast to decrease marginally on an annual basis to $1,000 by 2025 (price as at 30.09.15 was $1,126.00/ounce).
·
Precious metals, during the third quarter the World Bank have reduced their long term price forecasts on gold and silver whilst increasing long term price forecasts on platinum.
·
Metals and Minerals, during the third quarter the World Bank increased their long term forecasts on Aluminium,Copper,Nickel and Zinc, with the long term price forecast for Tin staying the same and the long term price forecasts for Iron Ore and Lead decreasing.
·
Energy, during the third quarter the World Bank decreased its long term forecasts for Coal,Oil and Natural Gas.
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Median Long Term Forecasts US $ Nominal, Annual Averages
Energy Crude Oil-Brent Natural Gas (US) Thermal Coal Precious Metals Gold Silver Platinum Metals and Minerals Aluminium Copper (US cents/lb) Nickel (USD/lb) Lead (US cents/lb) Zinc (US cents/lb) Iron Ore ·
2013A
2014A
2015F
2016F
2017F
2018F
2019F
2020F
108.9 3.7 84.6
98.9 4.4 70.1
53.4 2.8 58.6
60.0 3.1 61.1
72.7 3.7 65.4
80.2 3.9 67.0
77.2 4.0 66.0
79.9 4.1 67.0
1411.5 23.8 1486.5
1265.6 19.1 1383.6
1153.9 17.5 1100.0
1130.0 17.8 1135.0
1212.5 18.1 1170.0
1300.0 18.5 1207.0
1350.0 18.8 1245.0
1330.0 19.0 1285.0
1846.7 332.6 6.8 97.1 86.6 135.4
1867.4 311.3 7.7 95.0 98.0 96.9
1703.7 255.8 5.4 81.9 89.8 55.0
1817.5 259.7 5.6 82.4 83.9 57.0
1912.5 281.2 6.8 93.4 99.8 59.0
1990.0 280.0 7.6 90.0 116.0 60.0
1970.0 280.0 7.5 88.0 110.0 62.0
2000.0 285.0 7.7 92.0 115.0 64.0
All metals and energy commodities covered are forecasting increases between 2015 and 2020.
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Precious Metals: Gold Price per ounce 30.09.15: $1,126.00. 2014 Production: 2,860 tonnes World Bank Long Term Gold Price Forecast
$/toz
2015 F 1,175
Price as at 23/10/15 US$/Troy Ounce Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
2016 F 1,156
2017 F 1,138
FY 15 Estimate 31/12/2015
2018 F 1,120
2019 F 1,102
2020 F 1,084
2025 F 1,000
Other Gold Price Estimates HY 16 FY 16 HY 17 Estimate Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
FY 17 Estimate 31/12/2017
1080.0 1025.0 1145.0 1110.0 1075.0 1125.0 1110.0 1110.0 1155.0
1165.0 1050.0 1250.0 1050.0 1130.0 1100.0 1175.0 1118.0 1167.0
1165.00 1250.0 1275.0 1050.0 1175.0 1085.0 1225.0 1138.7 1167.0
1150.00 na 1250.0 na 1250.0 na 1325.0 1164.2 1256.0
1150.00 na 1250.0 na 1275.0 na 1400.0 1218.7 1256.0
1103.9
1133.9
1170.1
1232.5
1258.3
The gold price lost 4.68% in the nine months to 30th September 2015, after losing 1.71% in the 12 months to 31st December 2014. The gold price as at 30th September 2015 was $1,126.00, 4.28% down on the end of Q2 and over 41% off of the all-time high achieved as at April 2011. Prices are projected to range between $1,103.9 and $1,258 in the next two years and are then projected to decline to $1,084 by 2020. Historical Gold Prices $/toz Gold - 2014 production (e) Country China Australia Russia USA Canada Peru South Africa Uzbekistan Mexico Ghana Brazil Indonesia Papua New Guinea Chile Other countries World Total
Metric tonnes 450 270 245 211 160 150 150 102 92 90 70 65 60 50 695 2,860
Source: USGS 2015 Mineral Commodity Summaries
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Precious Metals: Silver Price Per Ounce 30.09.15: $14.60. 2014 Production: 26,100 Tonnes World Bank Long Term Silver Price Forecast
$/toz
2015 F 16.00
2016 F 16.10
2017 F 16.20
2018 F 16.29
2019 F 16.39
2020 F 16.49
2025 F 17.00
Silver Price Estimates FY 15 Estimate 31/12/2015
HY 16 Estimate 30/06/2016
FY 16 Estimate 31/12/2016
HY 17 Estimate 30/06/2017
FY 17 Estimate 31/12/2017
US$/troy ounce Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry
15.50 14.64 15.50 14.70 15.75 15.40 15.30 14.90 na
18.20 15.00 17.50 14.40 16.50 16.20 17.00 15.50 na
18.20 17.86 18.00 14.60 17.50 17.00 18.00 17.00 na
18.00 na 18.00 na 19.00 na 20.00 18.50 na
18.00 na 18.00 na 20.00 na 20.00 19.50 na
Average Price Forecast
15.21
16.29
17.27
18.70
19.10
Price as at 23/10/15
The silver price lost 6.95% in the first nine months of 2015 after losing 18.87% in the 12 months to 31st December 2014. The silver price as at 30th September 2015 was $14.60, 6.53% down on the end of Q2 and over 70% off of the all-time high achieved as at January 1980. The World Bank are projecting that prices are projected to range between $16 and $16.20 in the next two years and are then projected to increase to $17 by 2020.
Historical Silver Prices $/toz
Silver – 2014 production (e) Country Mexico China Peru Australia Russia Bolivia Chile Poland USA Canada Other countries World Total
Metric tonnes 4,700 4,200 3,700 1,900 1,700 1,300 1,200 1,200 1,170 646 4,400 26,100
Source: USGS 2015 Mineral Commodity Summaries
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Precious Metal: Platinum Price Per Ounce as at 30.09.15: $925.20. 2014 Production: 161 Tonnes World Bank Long Term Platinum Price Forecast
$/toz
2015 F 1,080
2016 F 1,116
2017 F 1,153
2018 F 1,192
2019 F 1,232
2020 F 1,273
2025 F 1,500
r
Price as at 23/10/15
FY 15 Estimate 31/12/2015
Platinum Price Estimates HY 16 HY 17 Estimate FY 16 Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
FY 17 Estimate 31/12/2017
US$/troy ounce Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry
996 950 960 990 975 980 900 na na
1022 1100 1100 1090 1050 1200 1000 na na
1064 1200 1150 1200 1175 1240 1125 na na
1125 na 1200 na 1250 na 1200 na na
1187 na 1200 na 1350 na 1250 na na
Average Price Forecast
964
1080
1165
1194
1247
The platinum price lost 23.16% in the first nine months of 2015 after losing 12.19% in the 12 months to 31st December 2014. The platinum price as at 30th September 2015 was $925.20, 14.40% down on the end of Q2 and 59% off of the all-time high achieved as at March 2008. Prices are projected to range between $964 and $1,247 in the next two years and are then projected to increase to $1,500 by 2020 Historical Platinum Prices $/toz
Platinum – 2014 production (e) Country
Metric tonnes
South Africa
110.00
Russia
25.00
Zimbabwe
11.00
Canada
7.20
USA
3.65
Other countries World Total
3.80 161.00
Source: USGS 2015 Mineral Commodity Summaries
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Metals and Minerals: Iron Ore Price Per Tonne as at 30.09.15: $55.38. 2014 Production: 3,220 Million Tonnes World Bank Long Term Iron Ore Price Forecast
$/toz
2015 F 58.0
2016 F 59.5
Price as at 23/10/15 US$/metric tonne Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
2017 F 61.1
FY 15 Estimate 31/12/2015
2018 F 62.6
2019 F 64.3
2020 F 66.0
Iron Ore (China) Price Estimates HY 16 FY 16 HY 17 Estimate Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
2025 F 75.0
FY 17 Estimate 31/12/2017
55.0 45.0 53.0 50.0 52.0 50.0 55.0 52.0 na
60.0 45.0 53.0 40.0 50.0 45.0 50.0 52.5 na
60.0 45.0 51.0 40.0 50.0 54.0 55.0 53.1 na
60.0 na 52.0 na 54.0 na 52.0 55.8 na
60.0 na 55.0 na 54.0 na 55.0 56.5 na
51.5
49.4
51.01
54.8
56.1
The Iron Ore price lost 24.27% in the first nine months of 2015 after losing 46.23% in the 12 months to 31st December 2014. The Iron Ore price as at 30th September 2015 was $55.38, 8.05% down on the end of Q2 and over 71% off of the all-time high achieved as at February 2011. Prices are projected to range between $49.4 and $61.1 in the next two years and are then projected to increae to $75 by 2020 Historical Iron Ore Prices $/toz
Iron ore - 2014 production (e) Country China Australia Brazil India Russia Ukraine South Africa USA Iran Canada Kazakhstan Sweden Other countries World Total
Million metric tonnes 1,500 660 320 150 105 82 78 58 45 41 26 26 131 3,220
Source: USGS 2015 Mineral Commodity Summaries
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Metals and Minerals: Lead Price per Tonne as at 30.09.15: $1,651.00. 2014 Production: 5,460,000 Tonnes World Bank Long Term Lead Price Forecast
$/mt
2015 F 1,800
2016 F 1,836
2017 F 1,874
2018 F 1,912
2019 F 1,950
2020 F 1,990
2025 F 2,200
Lead Price Estimates
Price as at 23/10/15 US$/metric tonne Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
FY 15 Estimate
HY 16 Estimate
FY 16 Estimate
HY 17 Estimate
FY 17 Estimate
30/06/2015
31/12/2015
30/06/2016
31/12/2016
30/06/2017
1653 1900 1653 1730 1799 1810 1650 1653 na
1764 1850 1764 1750 1870 1800 1700 1808 na
1808 2250 1786 1800 1821 1820 1650 1720 na
1874 na 1764 na 1909 na 1800 1830 na
1874 na 1764 na 1960 na 1900 1962 na
1731
1788
1832
1835
1892
The Lead price lost 10.51% in the first nine months of 2015 after losing 16.14% in the 12 months to 31st December 2014. The lead price as at 30th September 2015 was $1,651.00, 5.20% down on the end of Q2 and almost 59% off of the all-time high achieved as at October 2007. Prices are projected to range between $1,731 and $1892 in the next two years and are then projected to increase to $2,200 by 2020 Historical Lead Prices $/mt
Lead – 2014 production (e) Country China Australia USA Peru Mexico Russia India Bolivia Turkey Sweden Ireland Poland South Africa Canada Other countries World Total
Metric tonnes 2,950,000 720,000 355,000 270,000 220,000 195,000 110,000 75,000 65,000 62,000 40,000 40,000 27,000 4,000 324,000 5,460,000
Source: USGS 2015 Mineral Commodity Summaries
Source: USGS 2015 Mineral Commodity Summaries
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Metals and Minerals: Nickel Price per Tonne as at 30.09.15: $9,875.00. 2014 Production: 2,400,000 Tonnes World Bank Long Term Nickel Price Forecast
$/mt
2015 F 12,200
2016 F 12,818
Price as at 23/10/15 US$/metric tonne Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
2017 F 13,468
FY 15 Estimate 31/12/2015
2018 F 14,150
2019 F 14,867
2020 F 15,620
Nickel Price Estimates HY 16 FY 16 HY 17 Estimate Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
2025 F 20,000
FY 17 Estimate 31/12/2017
11905 10750 10803 10320 10501 11200 10500 10472 10302
13669 13500 11905 12500 12500 15500 11500 11023 13000
14330 15000 12787 14500 15000 13500 12000 11464 13000
14991 na 13889 na 16001 na 14000 12787 14250
14991 na 14991 na 17000 na 16000 13228 14250
10750
12789
13509
14320
15077
The Nickel price lost 33.64% in the first nine months of 2015 after gaining 6.29% in the 12 months to 31st December 2014. The Nickel price as at 30th September 2015 was $9,875, 15.71% down on the end of Q2 and almost 82% off of the all-time high achieved as at May 2007. Prices are projected to range between $10,750 and $15,077 in the next two years and are then projected to increase to $20,000 by 2020 Historical Nickel Prices $/mt
Nickel – 2014 production (e) Country Philippines Russia Indonesia Canada Australia New Caledonia Brazil China Colombia Cuba South Africa Madagascar USA Other countries World Total
Metric tonnes 440,000 260,000 240,000 233,000 220,000 165,000 126,000 100,000 75,000 66,000 54,700 37,800 3,600 410,000 2,400,000
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Metals and Minerals: Zinc Price per Tonne as at 30.09.15: $1,632.50. 2014 Production: 13,300,000 Tonnes World Bank Long Term Zinc Price Forecast
$/mt
2015 F 1,980
2016 F 2,100
2017 F 2,131
2018 F 2,163
2019 F 2,196
2020 F 2,228
2025 F 2,400
Zinc Price Estimates
Price as at 23/10/15 US$/metric tonne Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
FY 15 Estimate
HY 16 Estimate
FY 16 Estimate
HY 17 Estimate
FY 17 Estimate
31/12/2015
30/06/2016
31/12/2016
30/06/2017
31/12/2017
1874 1950 1653 1770 1865 1950 1700 1698 2050
1940 2150 2094 1820 2050 2250 1850 1830 2303
1940 2250 2205 1880 2401 2350 1900 1918 2303
1984 na 2006 na 2650 na 2450 2116 2482
1984 na 1918 na 2899 na 2310 2249 2482
1834
2032
2127
2281
2307
The Zinc price lost 25.23% in the first nine months of 2015 after gaining 4.98% in the 12 months to 31st December 2014. The Zinc price as at 30th September 2015 was $1,632.50, 18.82% down on the end of Q2 and over 64% off of the all-time high achieved as at November 2006. Prices are projected to range between $1,834 and $2,307 in the next two years and are then projected to increase to $2,400 by 2020. Historical Zinc Prices $/mt
Zinc – 2014 production (e) Country China Australia Peru USA India Mexico Bolivia Canada Kazakhstan Ireland Other countries World Total
Metric tonnes 5,000,000 1,500,000 1,300,000 820,000 700,000 700,000 410,000 350,000 330,000 300,000 1,900,000 13,300,000
Source: USGS 2015 Mineral Commodity Summaries
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Energy: Steam Coal Price Per Tonne 30.09.15: $62.18. World Bank Long Term Coal Price Forecast
$/mt
2015 F 58.0
2016 F 50.0
Price as at 23/10/15 US$/metric tonne Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
2017 F 51.9
FY 15 Estimate 31/12/2015
2018 F 53.9
2019 F 55.9
2020 F 58.1
Steam Coal Price Estimates HY 16 FY 16 HY 17 Estimate Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
2025 F 70.0
FY 17 Estimate 31/12/2017
60.0 54.0 56.0 50.0 52.5 52.0 67.8 60.0 na
62.0 50.0 56.0 40.0 52.5 51.0 63.0 58.0 na
60.0 53.0 58.0 40.0 50.0 49.0 63.0 55.0 na
62.0 na 60.0 na 55.0 na 65.0 60.0 na
62.0 na 63.0 na 52.5 na 65.0 66.0 na
56.5
54.1
53.5
60.4
61.7
The steam coal price lost 7.06% in the first nine months of 2015 after losing 25.96% in the 12 months to 31st December 2014. The steam coal price as at 30th September 2015 was $62.18, 4.32% down on the end of Q2 and almost 72% off of the all-time high achieved as at July 2008. Prices are projected to range between $50 and $58 in the next two years and are then projected to increase to $70 by 2020. Historical Steam Coal Prices $/mt
Steam Coal – 2013 production (e) Country
Million metric tonnes
China USA India Indonesia South Africa Australia Russia Kazakhstan Colombia Poland
3,034 756 526 486 255 239 201 103 81 65
Source: World Coal Association (Sep. 2014)
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Energy: Oil Price Per Barrel at 30.09.15: $48.24. 2013 Production: 4,130,000,000 million tonnes World Bank Long Term Crude Oil Price Forecast
$/bbl
2015 F 52.5
Price as at 23/10/15 US $ per barrel Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
2016 F 51.4
2017 F 54.6
FY 15 Estimate 31/12/2015
2018 F 57.9
2019 F 61.5
2020 F 65.3
Brent Crude Price Estimates HY 16 FY 16 HY 17 Estimate Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
2025 F 88.3
FY 17 Estimate 31/12/2017
47.49 48.00 43.50 39.00 46.00 48.00 45.00 51.00 52.50
49.59 52.00 50.00 46.00 48.00 50.00 44.00 46.00 56.80
51.56 56.00 55.00 55.00 61.00 54.00 50.00 55.00 56.80
53.20 na 65.00 na 57.00 na 56.00 50.00 60.40
54.60 na 65.00 na 66.00 na 58.00 59.00 60.40
46.72
49.15
54.92
56.93
60.50
The oil price lost 9.75% in the first nine months of 2015 after losing 45.93% in the 12 months to 31st December 2014. The oil price as at 30th September 2015 was $48.24, 18.88% down on the end of Q2 and over 67% off of the all-time high achieved as at July 2008. Prices are projected to range between $46.72 and $60.5 in the next two years and are then projected to increase to $88.3 by 2020
Historical Crude Petroleum Prices $/bbl
Oil - 2013 production (e) Country
Million metric tonnes
Saudi Arabia Russia USA China Canada Iran United Arab Emirates Iraq Kuwait Mexico Venezuela Nigeria Brazil Other countries
542.30 531.40 446.20 208.10 193.00 166.10 165.70 153.20 151.30 141.80 135.10 111.30 109.90 1,074.80
World Total
4,130.20
Source: BP Statistical Review of World Energy 2014
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Metals and Minerals: Aluminium Price per tonne 30.09.15: $1,549.00. 2014 Production: 49,300,000 Tonnes World Bank Long Term Aluminium Price Forecast $/mt
2015 F 1,700
2016 F
2017 F
2018 F
2019 F
2020 F
2025 F
1,650
1,704
1,759
1,816
1,875
2,200
Price as at 23/10/15 US$/metric tonne Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
FY 15 Estimate 31/12/2015
Aluminium Price Estimates HY 16 FY 16 HY 17 Estimate Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
FY 17 Estimate 31/12/2017
1587 1650 1587 1590 1601 1650 1550 1587 1750
1631 1750 1631 1620 1601 1600 1700 1587 1874
1631 1800 1653 1680 1574 1650 1700 1653 1874
1720 na 1676 na 1600 na 1800 1698 2113
1720 na 1764 na 1600 na 2000 1830 2113
1617
1666
1691
1768
1838
The Aluminium price lost 14.96% in the first nine months of 2015 after gaining 4.68% in the 12 months to 31st December 2014. The Aluminium price as at 30th September 2015 was $1,549.00, 5.66% down on the end of Q2 and almost 53% off of the all-time high achieved as at July 2008. Prices are projected to range between $1,617 and $1,704 in the next two years and are then projected to increase to $2,200 by 2020
Historical Aluminium Prices $/mt
Aluminium – 2014 production (e) Country China Russia Canada United Arab Emirates India USA Australia Norway Brazil Bahrain Iceland South Africa Qatar Mozambique Germany Saudi Arabia Argentina Other countries World Total
Metric tonnes 23,300,000 3,500,000 2,940,000 2,400,000 2,100,000 1,720,000 1,680,000 1,200,000 960,000 930,000 810,000 735,000 610,000 560,000 500,000 500,000 425,000 4,440,000 49,300,000
Source: USGS 2015 Mineral Commodity Summaries
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Metals and Minerals: Copper Price per Tonne as at 30.09.15: $5,010.00. 2014 Production: 18,700,000 tonnes World Bank Long Term Copper Price Forecast
$/mt
2015 F 5,625
2016 F 5,749
Price as at 23/10/15 US$/metric tonne Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
2017 F 5,876
FY 15 Estimate 31/12/2015
2018 F 6,006
2019 F 6,139
2020 F 6,275
Copper Price Estimates HY 16 FY 16 HY 17 Estimate Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
2025 F 7,000
FY 17 Estimate 31/12/2017
5732 5300 5291 5550 5500 5500 5400 5071 5280
6283 4400 5512 5800 5851 4800 6000 5181 5429
6063 4000 5622 6200 5701 4300 6400 4850 5429
6063 na 5622 na 5600 na 6400 5071 5838
6283 na 5952 na 5950 na 6250 5512 5838
5403
5473
5396
5766
5964
The Copper price lost 20.59% in the first nine months of 2015 after losing 14.74% in the 12 months to 31st December 2014. The Copper price as at 30th September 2015 was $5,010, 13.13% down on the end of Q2 and almost 51% off of the all-time high achieved as at February 2011. Prices are projected to range between $5,403 and $5,876 in the next two years and are then projected to increase to $7,000 by 2020. Historical Copper Prices $/mt
Copper – 2014 production (e) Country Chile China Peru USA Congo (Kinshasa) Australia Russia Zambia Canada Mexico Kazakhstan Poland Indonesia Other countries World Total
Metric tonnes 5,800,000 1,620,000 1,400,000 1,370,000 1,100,000 1,000,000 850,000 730,000 680,000 520,000 430,000 425,000 400,000 2,400,000 18,700,000
Source: USGS 2015 Mineral Commodity Summaries
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Energy: Natural Gas Price per mmbtu as at 30.06.15: $2.60. 2014 Production: 3,369.9 billion cubic metres World Bank Long Term Gas Price Forecast
$/mmbtu
2015 F 2.80
Price as at 23/10/15 US $/mmbtu Morgan Stanley Bank of America UBS Citigroup Macquarie Deutsche Bank ANZ Bank Commonwealth Bank Australia Dept. of Industry Average Price Forecast
2016 F 3.02
2017 F 3.26
FY 15 Estimate 31/12/2015
2018 F 3.52
2019 F 3.80
2020 F 4.10
Natural Gas Price Estimates HY 16 FY 16 HY 17 Estimate Estimate Estimate 30/06/2016 31/12/2016 30/06/2017
2025 F 6.00
FY 17 Estimate 31/12/2017
na na 2.60 2.50 2.70 2.70 na 3.25 na
na na 3.00 2.70 3.25 2.90 na 4.09 na
na na 3.25 2.90 2.70 3.45 na 3.92 na
na na 3.25 3.10 3.40 3.70 na 4.23 na
na na 3.75 na 4.00 na na 4.06 na
2.75
3.19
3.24
3.54
3.94
The Natural Gas price lost 17.2% in the first nine months of 2015 after losing 27.15% in the 12 months to 31st December 2014. The Natural Gas price as at 30th September 2015 was $2.60, 8.13% down on the end of Q2 and almost 86% off of the all-time high achieved as at February 2003. Prices are projected to range between $2.75 and $3.26 in the next two years and are then projected to increase to $6 by 2020.
Historical Natural Gas Prices US$/mmbtu
Natural Gas - 2013 production (e) Country USA Russia Iran Qatar Canada China Norway Saudi Arabia Algeria Indonesia Malaysia Netherlands Other countries World Total
Billion cubic metres 687.60 604.80 166.60 158.50 154.80 117.10 108.70 103.00 78.60 70.40 69.10 68.70 982.00 3,369.90
Source: BP Statistical Review of World Energy 2014
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Section 7: Metal Prices/Annual Production Values
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Metal Prices/Production – Total Annualised Production of $594.0bn ($647.2bn end Q2) Name
Symbol
Actinium Aluminium
Ferrous/ nonferrous *
Precious
Base
Minor
2014 Annual Production (tonnes/ounces)
Price $ (30/09/2015)
Annual Prod. ($ value 30/09/15)
49,300,000
1,549.00
76,365,700,000
160,000
6,541.67
1,046,667,200
Nonferrous Al
Nonferrous
√
Americium Antimony
Sb
Barium
Ba
Nonferrous
Beryllium
Be
Nonferrous
√
270
N/A
N/A
Bismuth
Bi
Nonferrous
√
8,500
11,353.79
96,507,215
Cadmium
Cd
Nonferrous
√
22,200
881.85
19,577,070
Calcium
Ca
Nonferrous
√
Ce
Nonferrous
√
N/A
2,150.00
N/A
Berkelium
Bohrium
Californium Cerium Cesium Chromium (Chromite ore)
Nonferrous CrO
Nonferrous
√
√
29,000,000
200.00
5,800,000,000
Cobalt
Co
Nonferrous
√
√
112,000
28,000.00
3,136,000,000
Copper
Cu
Nonferrous
√
18,700,000
5,010.00
93,687,000,000
Dy
Nonferrous
√
2,000
225,000.00
450,000,000
Nonferrous
√ √
272
205,000.00
55,760,000
√
744
20,200.00
15,028,800
√
440
190,000.00
83,600,000
165
1,170,000.00
193,050,000
2,860
36,201,744.50
103,536,989,270
820
297,500.00
243,950,000
96,452
520.00
50,155,040
Curium Darmstadtium Dubnium Dysprosium Einsteinium Erbium Europium
Eu
Fermium Francium Gadolinium
Gd
Nonferrous
Gallium
Ga
Nonferrous
Germanium
Ge
Nonferrous
Gold
Au
Nonferrous
Hafnium
Hf
Nonferrous
√
Nonferrous
√
√
√
Hassium Holmium Indium
In
Nonferrous
Iridium (oz)
Ir
Nonferrous
√ √
√
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Continued…….
Symbol
Ferrous/ nonferrous *
Iron (Ore)
Fe
Ferrous
Lanthanum
La
Nonferrous
Lead
Pb
Nonferrous
Lithium
Li
Nonferrous
Name
Precious
Base
2014 Annual Production (tonnes/ounces)
Price $ (30/09/2015)
Annual Prod. ($ value 30/09/15)
3,220,000,000
55.38
178,323,600,000
√
32,860
2,200.00
72,292,000
√
5,460,000
1,651.00
9,014,460,000
√
36,000
6,600.00
237,600,000
√
907,000
2,100.00
1,904,700,000
√
18,000,000
1,655.00
29,790,000,000
√
1,870
56,199.00
105,092,130
√
266,000
12,100.00
3,218,600,000
√
19,096
40,000.00
763,840,000
2,400,000
9,875.00
23,700,000,000
√
59,000
42,000.00
2,478,000,000
√
32,151
400.00
12,860,400
Minor
√
Lawrencium √
Lutetium
√
Magnesium
Mg
Nonferrous
Manganese
Mn
Nonferrous
Mercury
Hg
Nonferrous
Molybdenum
Mo
Nonferrous
Neodymium
Nd
Nonferrous
Nickel
Ni
Nonferrous
Niobium
Nb
Nonferrous
Osmium (oz)
Os
Nonferrous
√
Palladium (oz)
Pd
Nonferrous
√
6,108,643
665.00
4,062,247,595
Platinum (oz)
Pt
Nonferrous
√
5,176,271
925.20
4,789,085,929
√
6,150
43,000.00
264,450,000
√
Meitnerium Mendelevium
√
Neptunium √
Nobelium
Plutonium Polonium Potassium Praseodymium
Nonferrous Pr
Promethium
Nonferrous Nonferrous
Protactinium Radium Rhenium
Re
Nonferrous
√
√
48.80
1,416,670.00
69,133,496
Rhodium (oz)
Rh
Nonferrous
√
√
964,523
900.00
868,070,700
√
√
643,015
42.00
27,006,630
1,364
2,600.00
3,546,400
N/A
22,046.20
N/A
Roentgenium Rubidium Ruthenium (oz)
Nonferrous Ru
Nonferrous
Sm
Nonferrous
√
Nonferrous
√
Rutherfordium Samarium Scandium Seaborgium Selenium
Se
Nonferrous
√
√
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Continued…..
Name
Symbol
Ferrous/ nonferrous *
Precious
Silver
Ag
Nonferrous
√
Sodium
Base
Minor
2014 Annual Production (tonnes/ounces)
Price $ (30/09/2015)
Annual Prod. ($ value 30/09/15)
26,100
469,400.95
12,251,364,795
Nonferrous
Strontium
Sr
Nonferrous
√
318,000
50.00
15,900,000
Tantalum
Ta
Nonferrous
√
787
336,670.00
264,959,290
450
450,000.00
202,500,000
296,000
15,800.00
4,676,800,000
√
192,000
5,730.00
1,100,160,000
√
82,400
19,833.33
1,634,266,392
59,370
80,468.63
4,777,422,563
78,000
8,046.86
627,655,080
7,000
5,200.00
36,400,000
13,300,000
1,632.50
21,712,250,000
1,540,000
1,445.00
2,225,300,000
Technetium
Nonferrous
Terbium
Tb
Nonferrous
√
Thallium
Tl
Nonferrous
√
Thorium Thulium
√
Tin
Sn
Nonferrous
√
Titanium (metal)
Ti
Nonferrous
√
Tungsten
W
Nonferrous
Ununbium Uranium Vanadium
U3O8 V
Ytterbium
√ Nonferrous
√
√
Nonferrous
√ √
Yttrium
Y
Nonferrous
Zinc
Zn
Nonferrous
Zirconium
Zr
Nonferrous
√ √
Notes: Ferrous metals are defined as metals that contain iron and are magnetic. Examples include steel, stainless steel, wrought iron, cast iron, pig iron, etc. List of precious metals and base metals obtained from general internet research. List of minor metals obtained from Minor Metals Trade Association website (www.mnta.co.uk) Latest 2014 (estimated) production info principally obtained from latest available USGS Mineral Commodity Summaries (dated January 2015). Production info for x 9 individual rare earths obtained from historic TMR (Technology Metals) doc. All metals prices as stated. Prices sourced from metal-pages.com are mid-range of low-high prices referenced in early September reports published by argusmedia.com.
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Notes/Sources of Information ·
ft.com (for all company financial information, indexes, etc)
·
yahoo.com (financial section for all currency conversions)
·
world-exchanges.org (World Federation of Exchanges for information relating to various leading exchanges)
·
Ernst & Young ‘Mergers, acquisitions and capital raising in mining and metals – 2014 trends’ report
·
SNL Metals and Mining – ‘World Exploration Trends’. 2014 and 2015 reports
·
Individual stock exchange websites (TSX, LSE, ASX, NYSE, JSE, HKEx and SHH)
·
British Geological Survey ‘World Mineral Production 2009-2013’ report
·
USGS Mineral Commodity Summaries 2015
·
‘BP Statistical Review of World Energy’ report (June 2014)
·
World Coal Association
·
Energy & Metals Concensus Forecasts (EMCF)
·
The Economist Intelligence Unit (EIU) global forecasting service
·
World Bank (Commodities Price Forecasts and Commodity Markets Outlooks)
·
Minor Metals Trade Association (MNTA)
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