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Oreninc Index Update: June 11, 2015

Oreninc Index Update: June 11, 2015

Oreninc Index

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Oreninc Index Falls to Two-Week Low

The Oreninc Index fell for the week ending June 11, 2015. Total dollars announced dropped to $25.6m, a two-week low. Seven brokered deals were announced for $25.6m, a three-week high; no bought deals were announced for the second time in three weeks.

Deal making was heavier, with the biggest news coming from Newmont Mining Corp (NYSE:NME) and their purchase of the Cripple Creek & Victor Gold Mine from AngloGold Ashanti Ltd. (NYSE:AU) for US$820m cash, in addition to a cut of future returns from the mine’s underground operations. Iron ore had another fantastic week, almost reaching a five-month high, while gold had another hard week, hitting a 12-week low.

The weak financing market should not come as a surprise now that summer has arrived.

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Oreninc Index Update: June 4, 2015

Oreninc Index Update: June 4, 2015

Oreninc Index

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Oreninc Index Creeps up to Two-Week High

The Oreninc Index crept up to a two-week high for the week ending June 4, 2015. Total dollars exploded to $141m, a three-week high. Three brokered financings were announced for $20m, a two-week high; and two bought deal financings were announced for $5m, also a two-week high. 

The main deal-making news from the week was Premier Gold Mines Limited’s (TSX:PG) completion of their acquisition of 40% of Goldcorp’s (NYSE:GG) South Arturo Mine Project for US$20m and other considerations. Gold had a rough week after positive employment data out of the United States. Iron ore, on the other hand, reached a three-month high in what has been a surprisingly good couple months for the ferrous metal.

While numbers are still not where the industry as a whole would like them to be, both from a financing and commodity price perspective, this spring has given us some hope that there may be some light at the end of the tunnel. That said, it is hard to be too confidant as the warm months approach and activity is bound to, as is has in the past, slow down during July and August.

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Oreninc Index Update: May 28, 2015

Oreninc Index Update: May 28, 2015

Oreninc Index

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Oreninc Index Continues Slide to Five-Week Low

 The Oreninc Index continued its slide down for the week ending May 28, 2015. Total dollars announced fell to $52m, a five-week low. Three brokered deals were announced for $19.5m, a five-week low; no bought deals were announced for the first time in five weeks.

Deal making picked up for the week, with the most activity coming from Barrick Gold, (TSX:ABX) which sold both it’s Cowal gold mine in a deal worth $550m and a 50% stake in its subsidiary that manages the Porgea mine for $298m in cash to Evolution Mining (ASX:EVN) and Zijin Mining Group Co (HK:2899) respectively. Gold continued its slide for the week, falling below $1,190 an ounce. Iron ore rebounded for the week after a down week last week.

While financing levels did decrease, it is encouraging to see the amount of deal making that is happening in the space. Still, these types of deals are more encouraging for producing companies, and junior exploration companies continue to struggle with getting any real extended foothold raising capital in the current market.

 

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Oreninc Index Update: May 21, 2015

Oreninc Index Update: May 21, 2015

Oreninc Index

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Oreninc Index Falls to Reality

The Oreninc Index fell back down to reality for the week ending May 21, 2015. Total dollars announced fell to $104.6m, a two-week low. Four brokered financings were announced for $76.4m, a three-week low; three bought-deal financings were announced for $61.4m, a two-week low.

Deal-making was slow for the week, with the most notable news being the commencement of trading of South32 Limited (ASX:S32), BHP Billiton Ltd.’s (NYSE:BHP) recently spun-out mining producer. Commodities had a down week with gold falling sharply, ending the week just above $1,200 an ounce, and iron ore falling after a couple of good straight weeks.

While it is disappointing that the Index’s performance went down and commodity prices had such a rough week, the five-week average increased to its highest level in 31 weeks. Given the state of the industry, that is as encouraging sign as we could hope for heading into the summer months.

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Oreninc Index Update: May 14, 2015

Oreninc Index Update: May 14, 2015

Oreninc Index

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Oreninc Index Jumps to Five-Week High

The Oreninc Index jumped to a five-week high for the week ending May 14, 2015. Total dollars announced exploded to $243.7m, a 30-week high. Five brokered financings were announced for $106.1m, a five-week high; Two bought deals were announced for $69m, also a five-week high.

Deal-making was relatively quiet this week, with Crocodile Gold (TSX:CRK) and Newmarket Gold Inc. (TSX-V:NGN) agreeing to merge to form a new mid-tier gold producer being the largest of note. Crocodile and Newmarket shareholders will own 80% and 12% stakes in NewCo respectively (the remaining 8% will be sold in a corresponding private placement). Iron ore continued its rise, and gold had a fantastic week, ending the period well above the $1,200 level.

Although deal-making dropped off a bit this week, the Index’s solid performance over the previous three weeks, mixed with gold and iron ore prices, is a positive way to head into the generally quieter summer months.

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