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Going over the recent results here's my take on ASW today http://shareminator.blogspot.co.uk/2014/09/market-update-time.html

POG are holding up well because they are ridiculously undervalued based on cash generative and debt repayment abilities. Also they have over two thirds of H2 production hedged at $1326/oz...

Hi Matt & Tracey, I've double checked my figures following your replies. In the quarter ending 31st March 2014 the AISC for Freda Rebecca were $1,325/oz, falling to $1,283/oz in the quarter ending 30th June 2014. It might be lower than the $1270/oz estimate assuming grades have risen and production continues to increase (tonnes milled will be higher). Gold price is $1256/oz now but the average so far this quarter is around $1280/oz. The All-in sustaining cost (C3) for the year ending March 2014 was $1,186/oz when average quarterly production was nearer to 15koz so we'll soon see if improvements continue to be made this quarter when results are issued next month. I don't think the losses from this operation will impact the groups profit forecasts given nickel's surging price to around $19,400/t. I will eat my hat if all in costs this quarter are $1000/oz at FR even with production of 15koz.

http://oilbarrel.com/news/eland-oil-gas-back-on-track-in-nigeria

Tracey - I think MWA are producing gold for AISC of $1,270/oz so unless there is some substantial improvement in optimising the operations they will be burning cash this quarter at Freda Rebecca. It's all about the Nickel production right now whilst margins are increasing. There is certainly some upside being that this project will generate the majority of MWA revenue and net profit this quarter

http://minesite.com/news/amara-mining-hits-exceptional-mineralization-at-the-yaoure-gold-project

https://www.nri.com/jp/opinion/r_report/pdf/japanreport2014_en_final.pdf

2020 Olympics could push up property prices (JRIC asset value) and leasehold asking rents (JRIC annual income) http://pdf.savills.asia/asia-pacific-research/japan-research/japan-residential/jres08-2014.pdf

Agreed, although I've tried to explain the workings rather than pick numbers from thin air. There are so many variables to consider, the trend is continuing quarterly gains even factoring in this afternoons fall in gold price to $1302/oz.

Here are the past two quarterly results and estimate for this quarter. Welcome feedback, corrections and views QE0314 = Quarter ending 31 March, 2014 QE0614 = Quarter ending 30 June, 2014 QE0914* = Estimate for quarter ending 30 September, 2014 GOLD: Freda Rebecca (Zimbabwe) QE0314 - 13,380oz gold: AISC of $1,325/oz vs sales avg $1302/oz = ($0.31m) QE0614 - 13,503oz gold: AISC of $1,283/oz vs sales avg $1310/oz = $0.36m QE0914* - 15,400oz gold: AISC of $1,270/oz vs sales avg $1310/oz = $0.62m EST NICKEL: BINDURA NICKEL CORPORATION (Zimbabwe) QE0314 - 2,250 tonnes nickel sales: AISC of $12,220/t vs sales avg $14,075/t = $4.17m QE0614 - 1,871 tonnes nickel sales: AISC of $15,750/t vs sales avg $17,745/t = $3.73m QE0914* - 1,900 tonnes nickel sales: AISC of $16,540/t vs sales avg $18,750/t = $4.20m EST Diamonds: Klipspringer (South Africa) QE0314 - 12,383cts at avg price of $21/ct = $0.26m QE0614 - 20,410cts at avg price of $20/ct = $0.41m QE0914* - 25,000cts at avg price of $20/ct = $0.50m EST Total quarterly gain/(loss) QE0314 - $4.12m QE0614 - $4.50m QE0914* - $5.32m Reasons for estimates ~ Production was up due to rising grades and this is expected to continue next quarter. Tonnes milled were impeded due to the scheduled shut-down of Mill 2 to replace discharge grate liners, replace feed end bearings etc. Also a month-long temporary power supply failure resulted in lower recoveries. Cash costs were higher because of Mill 2 repairs which are now complete. Assuming tonnes milled rises to 300,000t, recoveries of 80% and grades remain around 2g/t production should be north of 15,400 ounces. Assuming a conservative AISC $1,270/oz and average sales of $1310/oz. ~ Production of nickel in concentrate fell due to a falling head grade and recoveries. Refurbishment forming part of an underground equipment rebuild programme is being carried out which will facilitate the development and production ramp-up planned for later this year. Nickel sales have suffered as a result of lower production however the rising nickel price has helped offset these operational issues. BNC is entitled to a defined percentage of the value of nickel contained in concentrate so as the nickel price rises, both revenue and costs attributable to the agreement increase. This is another reason why all-in-sustaining costs were 29% higher, the majority of the increase due to lower production, refurbishment costs etc. The rising price of nickel should push average sales up to between $18,500 and $19,000 per tonne and estimate a 5% increase to AISC. ~ The Klipspringer Diamond Project is increasing throughput and expecting an increase to the recovered grade significantly in Q2. Despite rainfall in April production still totaled an impressive 23,750cts. This quarter the higher grade parts will be accessed.

Does anyone know roughly what the Nickel operation brought in last quarter? The costs and sales achieved? Details of forecast this quarter!? Presumably the nickel production accounted for the majority of operating profit given diamond sales were about $500k and the tiny margins from its gold production after costs rose

http://minesite.com/news/caledonia-mining-is-still-throwing-off-plenty-of-cash-despite-recent-revisions-to-guidance

As a Nickel play MWA looks a good play. RGM have a 50% stake in a 1.53mt Nickel resource. All should benefit from surging prices short term :)

Good spot BD!

GFM a good hedge for rising zinc prices http://minesite.com/news/zinc-hits-a-three-year-high Most of the mine metal prices are rising except gold / silver right now http://www.infomine.com/investment/metal-prices/zinc/

I'm happier being in AJBell than I was in Natwest - my holdings are split between both now. ISA trading is £10/trade which is reasonable and I never have a problem getting a quote with POG, MML etc. The non-ISA costs are £5/trade although I don't have an account yet. Not sure about SIPPs I'm afraid - you can call their helpline, always friendly and helpful. Might be easier using TDW in the short term but I can't speak ill of AJBell to date.

MML closed at AUD 1.915 which is equivalent to 1.08p are opening share price. I deal with AJBell and they've confirmed they cater for ASX listed MML.AX

breakout from 107p yesterday

Looking increasingly likely that 107 will be tested by the end of the day. Gold seems to be moving up from bouncing off the $1280 range.

Taking off now :)