MINING FINANCE / INVESTMENT
Copper and gold still top but lithium adds a bit of flavour
The usual suspects top a list full of copper and gold, but Indian flavours and exotic additives are attracting attention
Author: Barry SergeantPosted: Friday , 28 Aug 2009
JOHANNESBURG -
The most in-demand mining stocks among the world's 100 biggest miners, by value, feature most commonly connections to copper, gold, and also to coal, and specialties such as uranium and lithium. There is also a notable presence of stocks with connections to India, currently supported by a country equity market that ranks as one of the world's best-performing, having supplanted China earlier this month, where equities are cooling off from 12-month highs on fears that liquidity could be reined in.
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SELECTED INDICES AND SPOTS |
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From |
From |
|
|
Points |
high* |
low* |
|
1085.78 |
-19.9% |
58.7% |
|
|
843.99 |
-12.2% |
89.3% |
|
|
9580.63 |
-18.7% |
48.1% |
|
|
1030.98 |
-20.9% |
54.6% |
|
|
237.98 |
-18.3% |
53.2% |
|
|
3046.78 |
-19.9% |
89.6% |
|
|
2860.69 |
-17.7% |
71.8% |
|
|
1107.13 |
-19.8% |
124.3% |
|
|
4732.35 |
-0.2% |
110.1% |
|
|
256.52 |
-36.4% |
28.2% |
|
|
126.73 |
-35.3% |
24.9% |
|
|
2425.00 |
-65.0% |
265.8% |
|
|
4002.00 |
-63.0% |
382.2% |
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|
78.10 |
-12.9% |
2.9% |
|
|
47.21 |
-43.4% |
166.0% |
|
|
950.90 |
-5.5% |
39.3% |
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* 12-month |
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Seen on a 12-month basis, copper stocks have for some months ranked as the most in-demand among mining subsectors. This has been especially the case since early June, when global mining stocks as a grouping dipped sharply, and then started to move steadily upwards to 10-month highs as seen over the past week or so.
Over the past three months, investor portfolio flows have been net-positive into all mining subsectors. Reflecting and confirming its leading 12-month status, the listed copper subsector has been most in-demand, followed by nickel, Tier II iron ore, zinc, iron ore, Tier I platinum, silver, aluminium, platinum and molybdenum. The least impressive flows have been noted for the oil sands subsector, followed by oil, potash, uranium, gold and diamonds.
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STOCK GROUPS |
Value |
From |
From |
|
|
US$ bn |
high* |
low* |
|
Top 100 global miners |
1511.15 |
-29.6% |
155.9% |
|
Copper stocks |
115.46 |
-28.6% |
282.5% |
|
Zinc stocks |
32.14 |
-26.4% |
253.3% |
|
Nickel stocks |
32.14 |
-39.9% |
219.6% |
|
Silver stocks |
22.02 |
-24.8% |
272.1% |
|
Gold stocks |
287.21 |
-21.5% |
164.4% |
|
Gold ETFs |
47.25 |
-16.6% |
29.3% |
|
Uranium stocks |
28.08 |
-24.5% |
157.2% |
|
Oil stocks |
2439.64 |
-24.4% |
57.7% |
|
S + P 500 Energy |
1098.18 |
-31.3% |
48.7% |
|
Paper stocks (60) |
64.69 |
-29.5% |
141.0% |
|
Shipping stocks (32) |
35.42 |
-55.8% |
100.7% |
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World banks (80) |
3242.22 |
-31.9% |
147.4% |
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Dow Jones Industrial |
3227.39 |
-22.3% |
55.8% |
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* 12-month |
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At the individual stocks level, Ivanhoe, a copper-gold and also coal play, ranks as the most in-demand big mining name, following this week's news that the Oyu Tolgoi copper-gold project in Mongolia may have taken another step towards becoming a mine. Up there with the best of them is Southern Copper, while London-listed Antofagasta continues to rank as the most in-demand copper miner on the other side of the Atlantic.
Iamgold and Eldorado continue their long-standing status as the world's two most popular gold names of size; Eldorado this week announced that it would effect a friendly business combination with Sino Gold. For gold aficionados, it can be observed that Iamgold and Eldorado rank as genuinely among the world's lowest cost gold diggers, with Eldorado probably at least one rung higher up the ladder.
Among the more favoured big mining stocks is most of the fabulous India-based Vedanta family, spanning interests in copper, zinc, iron ore and, less famously, aluminium, and available in four listed stocks that also include Sterlite, Sesa Goa, and Hindustan Zinc.
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VEDANTA LISTED GROUP |
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Stock |
From |
From |
Value |
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|
price |
high* |
low* |
USD bn |
|
GBP 18.04 |
-6.0% |
402.9% |
8.03 |
|
|
USD 13.98 |
-6.4% |
348.1% |
9.90 |
|
|
INR 217.20 |
-16.1% |
262.0% |
3.51 |
|
|
INR 727.15 |
-5.8% |
238.2% |
6.30 |
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* 12 month |
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South Africa's Kumba Iron Ore is also up there, while a number of coal miners, largely restricted to the Eastern Hemisphere, are also running hard, in the form of Australia's New Hope, India's Neyveli Lignite, and Indonesia's Adaro Energy.
The world's biggest lithium producer, Sociedad Química, has been in strong demand.
Favourite copper miners with precious metals output include First Quantum (copper-gold) and KGHM Polska Miedź (copper-silver), while leading uranium miners Cameco and ERA draw abreast. Favoured primary gold diggers also include Tier I names in the form of Kinross, AngloGold Ashanti, Goldcorp, Gold Fields, Buenaventura, Barrick, and Polyus. Fresnillo ranks highly as a primary silver miner, and Impala as the favoured Tier I platinum stock, while BHP Billiton ranks clearly as the most wanted diversified resources name.
At the other end of the scale, least demanded big miners include Russian iron ore-coal-steel names Evraz and Mechel; potash miners Uralkali, K+S, and Mosaic, located respectively in Russia, Germany and North America; Indonesian coal miner Bumi Resources, Tier I platinum miner Lonmin, Anglo Swiss diversified resources stock Xstrata, Australia's Alumina, and beleagured Alcoa.
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WORLD'S TOP 100 MINING STOCKS |
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Stock |
From |
From |
Value |
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price |
high* |
low* |
USD bn |
|
CAD 12.25 |
-1.4% |
494.7% |
4.27 |
|
|
USD 28.72 |
-3.6% |
214.9% |
24.41 |
|
|
CAD 11.85 |
-4.1% |
433.8% |
4.35 |
|
|
AUD 5.29 |
-4.3% |
74.6% |
3.64 |
|
|
USD 10.83 |
-4.9% |
355.0% |
4.02 |
|
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INR 727.15 |
-5.8% |
238.2% |
6.30 |
|
|
GBP 18.04 |
-6.0% |
402.9% |
8.03 |
|
|
USD 13.98 |
-6.4% |
348.1% |
9.90 |
|
|
ZAR 248.40 |
-6.4% |
142.2% |
10.24 |
|
|
GBP 7.65 |
-6.5% |
229.9% |
12.30 |
|
|
CAD 71.89 |
-6.7% |
463.8% |
5.19 |
|
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CAD 30.14 |
-6.8% |
110.3% |
10.92 |
|
|
GBP 16.31 |
-6.9% |
122.9% |
165.89 |
|
|
USD 19.39 |
-7.6% |
183.1% |
13.47 |
|
|
AUD 26.10 |
-7.7% |
179.1% |
4.20 |
|
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PLN 88.40 |
-9.8% |
340.2% |
6.21 |
|
|
USD 36.18 |
-9.8% |
178.7% |
9.52 |
|
|
USD 38.80 |
-10.1% |
190.2% |
13.75 |
|
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USD 36.35 |
-11.0% |
162.6% |
26.56 |
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INR 130.40 |
-11.5% |
193.7% |
4.49 |
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IDR 1,350.00 |
-12.9% |
193.5% |
4.30 |
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MXN 208.51 |
-12.9% |
206.1% |
7.92 |
|
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USD 58.23 |
-13.6% |
179.0% |
9.08 |
|
|
USD 12.07 |
-13.7% |
160.1% |
8.50 |
|
|
INR 109.25 |
-15.2% |
197.3% |
3.81 |
|
|
USD 25.35 |
-15.3% |
181.7% |
6.97 |
|
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USD 34.58 |
-15.5% |
100.2% |
30.20 |
|
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INR 217.20 |
-16.1% |
262.0% |
3.51 |
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|
GBP 6.14 |
-17.1% |
560.2% |
7.19 |
|
|
USD 38.00 |
-17.4% |
171.4% |
7.24 |
|
|
GBP 8.67 |
-18.4% |
373.8% |
18.22 |
|
|
USD 40.57 |
-18.6% |
91.6% |
19.46 |
|
|
INR 347.50 |
-18.8% |
230.2% |
4.59 |
|
|
ZAR 187.00 |
-19.5% |
116.1% |
14.56 |
|
|
CNY 32.21 |
-21.2% |
590.2% |
3.60 |
|
|
AUD 29.20 |
-21.4% |
76.4% |
11.90 |
|
|
USD 58.23 |
-21.5% |
161.4% |
4.81 |
|
|
CNY 38.27 |
-22.2% |
378.4% |
5.39 |
|
|
HKD 8.76 |
-22.5% |
34.6% |
6.11 |
|
|
ZAR 88.79 |
-22.8% |
86.9% |
4.07 |
|
|
USD 29.83 |
-22.8% |
338.0% |
5.49 |
|
|
INR 375.45 |
-23.2% |
225.9% |
30.52 |
|
|
USD 27.15 |
-23.5% |
245.0% |
21.31 |
|
|
USD 9.11 |
-24.1% |
175.2% |
6.68 |
|
|
CNY 21.99 |
-24.2% |
378.0% |
3.98 |
|
|
CNY 31.79 |
-25.3% |
355.4% |
11.28 |
|
|
AUD 2.72 |
-25.3% |
78.9% |
5.43 |
|
|
CNY 50.11 |
-25.4% |
279.6% |
5.22 |
|
|
GBP 9.81 |
-25.5% |
474.4% |
8.57 |
|
|
CNY 30.90 |
-26.7% |
92.2% |
74.61 |
|
|
USD 20.03 |
-27.0% |
127.6% |
104.42 |
|
|
CNY 51.50 |
-27.2% |
396.9% |
5.96 |
|
|
CNY 36.97 |
-27.6% |
347.0% |
8.85 |
|
|
CNY 8.88 |
-27.7% |
136.2% |
13.70 |
|
|
CNY 12.88 |
-28.2% |
363.7% |
4.94 |
|
|
CNY 40.75 |
-28.3% |
357.4% |
6.86 |
|
|
CNY 23.25 |
-28.4% |
283.7% |
3.49 |
|
|
CNY 16.97 |
-28.4% |
123.3% |
7.35 |
|
|
CNY 23.62 |
-28.5% |
338.6% |
3.82 |
|
|
CNY 12.08 |
-28.5% |
101.3% |
16.19 |
|
|
CLP 13,612.00 |
-28.5% |
107.6% |
3.69 |
|
|
USD 9.38 |
-29.2% |
71.5% |
4.00 |
|
|
AUD 84.20 |
-29.2% |
24.7% |
6.15 |
|
|
CNY 18.71 |
-30.2% |
194.6% |
8.84 |
|
|
CNY 28.29 |
-30.6% |
267.8% |
5.79 |
|
|
CNY 54.30 |
-30.6% |
46.8% |
6.10 |
|
|
USD 64.26 |
-31.0% |
309.3% |
26.46 |
|
|
USD 38.52 |
-31.0% |
101.0% |
24.56 |
|
|
USD 12.00 |
-31.4% |
166.7% |
15.18 |
|
|
CNY 25.38 |
-32.0% |
209.5% |
4.10 |
|
|
ZAR 676.00 |
-32.0% |
93.1% |
20.72 |
|
|
CNY 14.15 |
-32.1% |
139.8% |
19.85 |
|
|
GBP 20.18 |
-32.5% |
122.7% |
44.23 |
|
|
CNY 33.50 |
-32.5% |
216.6% |
3.86 |
|
|
CNY 15.14 |
-33.6% |
232.0% |
4.10 |
|
|
CNY 13.71 |
-33.8% |
158.7% |
4.78 |
|
|
EUR 229.50 |
-39.3% |
138.9% |
8.68 |
|
|
USD 25.00 |
-40.1% |
861.5% |
14.48 |
|
|
ZAR 157.49 |
-40.6% |
107.2% |
4.30 |
|
|
JOD 37.15 |
-42.2% |
45.1% |
4.37 |
|
|
USD 6.07 |
-43.8% |
123.2% |
7.53 |
|
|
CAD 34.26 |
-44.1% |
82.2% |
49.25 |
|
|
GBP 24.21 |
-45.5% |
194.5% |
94.97 |
|
|
USD 47.76 |
-45.6% |
116.3% |
7.49 |
|
|
USD 10.97 |
-45.7% |
212.5% |
20.91 |
|
|
AUD 4.44 |
-45.9% |
282.8% |
11.57 |
|
|
USD 38.48 |
-46.4% |
108.0% |
6.95 |
|
|
CAD 28.05 |
-47.0% |
87.0% |
12.54 |
|
|
CAD 100.50 |
-47.9% |
63.7% |
27.40 |
|
|
USD 34.13 |
-48.7% |
113.3% |
9.13 |
|
|
AUD 1.67 |
-52.5% |
144.5% |
3.44 |
|
|
GBP 8.24 |
-53.1% |
185.2% |
39.42 |
|
|
USD 51.38 |
-53.7% |
134.2% |
22.84 |
|
|
USD 0.29 |
-54.8% |
1325.0% |
5.53 |
|
|
GBP 14.68 |
-55.9% |
186.8% |
4.62 |
|
|
EUR 36.47 |
-57.0% |
36.1% |
8.63 |
|
|
USD 11.87 |
-58.0% |
363.7% |
4.94 |
|
|
USD 19.35 |
-58.6% |
512.3% |
8.22 |
|
|
USD 12.40 |
-62.1% |
149.5% |
12.08 |
|
|
USD 26.60 |
-63.4% |
618.9% |
9.78 |
|
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Averages/total |
|
-27.1% |
232.8% |
1511.1 |
|
Weighted averages |
-29.6% |
155.9% |
|
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* 12-month |
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Source: market data; table compiled by Barry Sergeant |
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