Gold projects go up for grabs | Finance News Network

Gold projects go up for grabs

Resources Corner

South-Africa-based bullion producer AngloGold Ashanti Limited (ASX:AGG) has sold a gold project in Western Australia to Genesis Minerals Limited (ASX:GMD). Genesis says acquiring the Viking Gold Project will give it access to a series of high grade, drill ready gold targets and a high-quality database.
 
Blackham Resources Limited (ASX:BLK) is edging closer to acquiring the Wiluna gold plant and infrastructure after inking a deal to buy the assets in January. The company expects the transaction to close this week and says the assets will not only complement its Matilda Gold Project but also re-position the company as a near-term gold producer.
 
Gulf Mines Limited (ASX:GLM) has flagged plans to sell its gold tenements and focus on developing its manganese and copper assets. The minerals explorer will divest its Leonara Gold Project through selling some tenements and returning other tenements to the original vendor.
 
Commodity outlook
 
Morgans Financial Chief Economist, Michael Knox has predicted more downside to the gold price. Speaking to FNN Mr Knox said gold will continue to fall for the next couple of years on the back of an improvement in the US budget deficit.
 
Mr Knox holds a flat outlook for iron ore, a weak outlook for the Australian dollar and expects the oil price to move higher, supporting a positive outlook for the energy sector.
 
To watch more of the interview click here
 
Economic figures
 
China trade data disappoints
 
The world’s second largest economy back-flipped to a trade deficit of $US22.98 billion in February from a surplus of $US14.8 billion the same time a year earlier and against expectations of a $US11.9 billion surplus. The General Administration of Customs reports exports dropped 18.1 per cent as imports grew 10.1 per cent over last month which included the Lunar New Year holiday.
 
China affirms 7.5% growth target
 
China’s Government has set an annual growth target of 7.5 per cent for the second straight year. Chinese Premier Li Keqiang says the target will boost market confidence and promote economic structural adjustment. However, analysts have cautioned maintaining the target will require easing credit conditions and increasing government spending.
 
Company news
 
Done deals
 
BlueScope Steel Limited’s (ASX:BSL)proposed acquisition of a sheet and coil business has been given the all-clear by the Australian Competition and Consumer Commission. The steelmaker has agreed to sell its sheet and coil processing assets in Western Australia so that it can buy Arrium’s (ASX:ARI) OneSteel Sheet and Coil processing and distribution assets.
 
Gindalbie Metals Limited (ASX:GBG) has sold its Shine Hematite DSO Deposit to iron ore producer Mount Gibson Iron Limited (ASX:MGX). The deal was inked at the end of last year and includes a $12 million upfront payment which has now been received and a $3 million milestone payment due on the first commercial sale of iron ore.
 
Partnering up
 
Rio Tinto Limited (ASX:RIO, LON:RIO)has amended the terms of a deal of a farm-in and joint venture with Canada-based Laramide Resources Limited (ASX:LAM, TSE:LAM). Laramide says it has received a 12 month extension from Rio Tinto to complete certain work programs in Australia’s Northern Territory.
 
Drillsearch Energy Limited (ASX:DLS)and QGC have agreed on new terms covering their ATP 940P Cooper Basin Shale and Tight Gas Joint Venture in central Australia. Drillsearch says the revised program has been expanded to include at least 10 wells and represents a significant commitment to commercialising unconventional gas in the Cooper Basin.