Hallgarten & Company

Cobaltmania

One does not usually expect a sober conference of traders and other players in the battery metals space to go all apocalyptic.

The ideal position if you are a uranium believer

Producers or the near/former producers.

Zinc, it never rains but it pours

What will happen is that no major in the mining industry shall consider new investments until prices breach $1.20.

The rights and wrongs of rights issues

Rights issues are the best way of raising funds in a way that does not disadvantage existing shareholders

The mining supercycle and its demise

Supercycle meets Kubler-Ross.

Throw open locked-up properties

One wonders then how much greater the value-destruction in the sector would be if these properties were properly removed from the books of their current holders.

Investment banking prescriptions for Eldorado Gold’s ailment

"Ideally the company should be broken up into a Chinese piece, a Turkish-listed piece and an 'other' piece."

Zinc: The souffle always rises twice

This is quite a rollercoaster ride. Buckle your seatbelts it’s going to be a bumpy ride.

Argentina and Greece: Parallel paths

Let the worst currency win!

Merger with Woulfe makes tungsten major

The mining space has needed a tungsten champion for some time.

A plague on all their houses

Who is the Robespierre in the current scenario?

Model mining portfolio: Dump and pump

Gold turned sharply higher after the brusque sell-off showing that the sell-off was largely an engineered event

Model mining portfolio

It is almost a truism these days that large mining companies are clueless on capex but we are starting to wonder if the rocketing capex for major projects may not be a case of “the lady doth protesteth too much, methinks”.

Vanadium: Awaiting energizing

Specialty metals suffer, in many cases, from being either combined with other metals in small quantities to gain relevance or have stand-alone usages that seem obscure or humdrum. In the case of vanadium the market is large but the sources are many, with recycling (the miner’s worst enemy) being a major source.

Model mining portfolio: in a buying mood

The mining sector now resembles a Civil War battlefield with a few wounded staggering around amongst the corpses, the shell holes and burnt out weaponry. It’s grim out there.

Zinc and lead: Awaiting their 'day in the sun'

Just when you thought it was safe to go back in the water, something nasty comes along and snaps at you beneath the waist.

Molycorp: Rare Earths – confounding the pundits

The Rare Earths space has had more revivals than the Sound of Music. Over the last 18 months this "go-go" corner of the mining world has had it's ups and downs and several of the downtrends tempted ourselves and others to call an end to the boomlet.

The month that was- fear and loathing in financing

The price of metals may not have retreated much but the prices of equities in the mining space have been brutalized over the last six weeks. It is clear to us from this that we have long suspected has taken place. We maintain that there was never all that much new long term interest in mining equities (particularly precious metals) and that most of the momentum was coming from the rising liquidity tide engendered by QE2. Read the full commentary

Super cycle? Or the endgame of cheap?

Back in 2005, we were asked by the esteemed journal, The Banker, to write an op-ed piece and we chose the topic "China and the End of Cheap." Memory of this came back to us recently with talk rising about how production costs and wages were rising in China, prompting manufacturers to shift production elsewhere (with the dilemma of where else to shift that was so absolutely cheap and yet could get the task done). We had posited in our note that China would follow the path of Japan, Korea, and Taiwan in ceasing to be the "cheap and cheerful" production sites for the world's knick-knacks. Read the full article.

US Nickel: Tapping an Historic Vein

The name US Nickel at this point in time is not exactly a total misnomer but could reflect the major shift in recent times into the Australian gold space. However, the current duality at the company might only be a temporary phenomenon as we would not be surprised to see the two disparate activities divided up again via a demerger operation or via the US Nickel assets

Markets quake

The metals markets were briefly sidetracked by the Japanese earthquake and subsequent nuclear emergency. Gold did not know whether to go up or down in response to the damage wrought in Japan and the financial measures the Japanese government took. Was it inflationary? Or was it the straw that broke the camel's back of global recovery? Read the full report

Lundin Mining – something worth fighting for

Never rains but it pours...Lundin mining now has two offers on the table.

MV Rare Earth/Strategic Metals (REMX) Strategy: Neutral

The surge in the super-sexy Rare Earth stocks has made Strategic Metals a craved space in which to be invested This renewed interest has enable companies in the subspace to crawl out of the bunkers and start to raise money and dust off projects