GGY went up 20% this morning before people start to take profit and (off course) the share price retreated back. Now, I don't want to make an 'if and then' presumption, but the only thing that prevented me from selling them this morning is the brokerage fees. I wasn't very happy yesterday when I found out that I paid too much money for my broker.. (This is in my standard of course..).. It's proven now that my knowledge on the trading method is as green as I am to the share trading.
It's quite a good day for my portfolio today.. I'm still trying to off load my MMN holdings.. price still a little low. Hopefully it will be filled by the end of the day..
Oxiana will be finished it's XD status tommorrow. PNA is looking good - and I am thinking, due to it's similarity in their nature, I would swap my OXR to PNA.
DYL still on the run, will be watching it closely to top up my holding.
Huge volume was traded for TGR. They're just announce their DRP share issues. TGR is 2 cents lower at this moment.
Trading Account
I just realise that I'm paying too much of brokerage fees lately (over $1000 is too much for me...) Too many activities, buying and selling for a small profit (I guess it's time for me to review my trading style....)
The broker must be very happy with me :(
I'm still looking around for good investments, and I guess I'm quite comfortable with few of them now. I'm thinking to off load my holdings at MMN and OGD next week. I don't feel comfortable with so much exposure on Gold and Silver. Then again, I have to pay another broker fees :(
The broker must be very happy with me :(
I'm still looking around for good investments, and I guess I'm quite comfortable with few of them now. I'm thinking to off load my holdings at MMN and OGD next week. I don't feel comfortable with so much exposure on Gold and Silver. Then again, I have to pay another broker fees :(
A Good Lesson to Learn
Yesterday afternoon, Thor was closed nearly 20% lower.
My exposure on Thor is around 3.5% of my total portfolio, and from the time I bought the share about a week ago, the decline is around 12%.
It is not too much of a disaster, yet give me a good lesson and experience on turbularity of the share market.
There's an article on today's the Australian about Thor, however what's behind the pull out is still a question. A lot of maybes, a lot of perhaps. Here it is:
Where to now for Thor after Chinese snub?
April 27, 2007
WHILE the uranium world keeps its fingers crossed for a change of heart from the Australian Labor Party this weekend on uranium mining, at least one yellowcake hopeful will be a little less enthusiastic about the decision.
Perth-based junior Thor Mining got a real kick in the guts on Thursday when it found out that its Chinese partner had pulled out of the partnership to develop its Molyhil project in the Northern Territory.
But in a slap in the face, Hunan Nonferrous Metals couldn't even pick up the phone to tell Thor, if media reports are to be believed.Hunan, one of the world's biggest non-ferrous metal companies, is believed to have faxed Thor of its intentions to withdraw from the project. No explanation was given. The Memorandum of Understanding and the exclusivity agreement Thor and Hunan signed just last month is now dead in the water.
It also puts into doubt several other confidential agreements Thor had with other parties who were hoping that Hunan would still be in the picture. Perhaps the writing was on the wall on April 13 when Hunan asked for an extension for its period of due diligence over Molyhil. Hunan was to have had until April 15 to do its due diligence, but informed Thor two days earlier that it needed until the end of April. Thor agreed, and also postponed the date for completion of commercial negotiations until May 11."Thor and Hunan continue to work closely together on the outstanding due diligence matters and Thor is optimistic that all outstanding matters will be resolved," is how chief executive John Young put it at the time.
But perhaps it was the recent release of drilling update at Molyhil which upset Hunan, but that is unlikely.After a stuff-up in which Thor signed off on the statement without the "Competent Persons" statement on Thursday, it issued a corrected version today, just before it advised that Hunan had jumped ship. Extension drilling of the current JORC-compliant resource, 2.4 million tonnes grading 0.8 per cent comprising 0.8 per cent combined tungsten oxide and molybdenum, showed combined tungsten-molybdenum grades better than 1 per cent."The reverse circulation drilling program comprising 25 holes drilled for 2586 metres has identified extensions of the mineralisation outside of the current mining reserve and is expected to lay the foundations for an increase in the resource and reserve inventory at Molyhil," Thor said."Thor's board believes that the completion of a revised JORC resource is critical in establishing more accurate project valuations, which will ultimately have an effect on commercial negotiations regarding financing and off-take terms."Mr Young said he expected the completion of a new pit optimisation study by Australian Mining Consultants to be finished by "mid-year". Maybe Hunan couldn't wait any longer.
Hunan's departure is a big blow to Thor. It now has to look for other partners to fund and develop Molyhil. A start up at Molyhil is essential to get some dollars in the bank to advance its uranium assets which are also in the Northern Territory. Just like Thor's share price rocketed when Hunan came knocking in March, it has also dived when the market found out about its departure.It is all about where to now for Thor to restore the investor faith.
My exposure on Thor is around 3.5% of my total portfolio, and from the time I bought the share about a week ago, the decline is around 12%.
It is not too much of a disaster, yet give me a good lesson and experience on turbularity of the share market.
There's an article on today's the Australian about Thor, however what's behind the pull out is still a question. A lot of maybes, a lot of perhaps. Here it is:
Where to now for Thor after Chinese snub?
April 27, 2007
WHILE the uranium world keeps its fingers crossed for a change of heart from the Australian Labor Party this weekend on uranium mining, at least one yellowcake hopeful will be a little less enthusiastic about the decision.
Perth-based junior Thor Mining got a real kick in the guts on Thursday when it found out that its Chinese partner had pulled out of the partnership to develop its Molyhil project in the Northern Territory.
But in a slap in the face, Hunan Nonferrous Metals couldn't even pick up the phone to tell Thor, if media reports are to be believed.Hunan, one of the world's biggest non-ferrous metal companies, is believed to have faxed Thor of its intentions to withdraw from the project. No explanation was given. The Memorandum of Understanding and the exclusivity agreement Thor and Hunan signed just last month is now dead in the water.
It also puts into doubt several other confidential agreements Thor had with other parties who were hoping that Hunan would still be in the picture. Perhaps the writing was on the wall on April 13 when Hunan asked for an extension for its period of due diligence over Molyhil. Hunan was to have had until April 15 to do its due diligence, but informed Thor two days earlier that it needed until the end of April. Thor agreed, and also postponed the date for completion of commercial negotiations until May 11."Thor and Hunan continue to work closely together on the outstanding due diligence matters and Thor is optimistic that all outstanding matters will be resolved," is how chief executive John Young put it at the time.
But perhaps it was the recent release of drilling update at Molyhil which upset Hunan, but that is unlikely.After a stuff-up in which Thor signed off on the statement without the "Competent Persons" statement on Thursday, it issued a corrected version today, just before it advised that Hunan had jumped ship. Extension drilling of the current JORC-compliant resource, 2.4 million tonnes grading 0.8 per cent comprising 0.8 per cent combined tungsten oxide and molybdenum, showed combined tungsten-molybdenum grades better than 1 per cent."The reverse circulation drilling program comprising 25 holes drilled for 2586 metres has identified extensions of the mineralisation outside of the current mining reserve and is expected to lay the foundations for an increase in the resource and reserve inventory at Molyhil," Thor said."Thor's board believes that the completion of a revised JORC resource is critical in establishing more accurate project valuations, which will ultimately have an effect on commercial negotiations regarding financing and off-take terms."Mr Young said he expected the completion of a new pit optimisation study by Australian Mining Consultants to be finished by "mid-year". Maybe Hunan couldn't wait any longer.
Hunan's departure is a big blow to Thor. It now has to look for other partners to fund and develop Molyhil. A start up at Molyhil is essential to get some dollars in the bank to advance its uranium assets which are also in the Northern Territory. Just like Thor's share price rocketed when Hunan came knocking in March, it has also dived when the market found out about its departure.It is all about where to now for Thor to restore the investor faith.
Tungsten - Molybdenum
I own small amount of shares in Thor Mining (THR.ASX), one resource company who's dealing with Tungsten - Molybdenum. I didn't have any clues of what is tungsten or molybdenum - hardly ever heard about it :)
Anyway, they are quite interesting minerals, so here's some facts:
Tungsten (W) is a metal with a wide range of uses, the largest of which is as tungsten carbide in cemented carbides. Cemented carbides (also called hardmetals) are wear-resistant materials used by the metalworking, mining, and construction industries. Tungsten metal wires, electrodes, and/or contacts are used in lighting, electronic, electrical, heating, and welding applications. Tungsten is also used to make heavy metal alloys for armaments, heat sinks, and high-density applications, such as weights and counterweights; superalloys for turbine blades; tool steels; and wear-resistant alloy parts and coatings. Tungsten composites are used as a substitute for lead in bullets and shot. Tungsten chemical compounds are used in catalysts, inorganic pigments, and high-temperature lubricants.
Molybdenum (Mo) is a refractory metallic element used principally as an alloying agent in steel, cast iron, and superalloys to enhance hardenability, strength, toughness, and wear and corrosion resistance. To achieve desired metallurgical properties, molybdenum, primarily in the form of molybdic oxide or ferromolybdenum, is frequently used in combination with or added to chromium, columbium (niobium), manganese, nickel, tungsten, or other alloy metals. The versatility of molybdenum in enhancing a variety of alloy properties has ensured it a significant role in contemporary industrial technology, which increasingly requires materials that are serviceable under high stress, expanded temperature ranges, and highly corrosive environments. Moreover, molybdenum finds significant usage as a refractory metal in numerous chemical applications, including catalysts, lubricants, and pigments. Few of molybdenum's uses have acceptable substitutions.
Source: USGS Homepage
Anyway, they are quite interesting minerals, so here's some facts:
Tungsten (W) is a metal with a wide range of uses, the largest of which is as tungsten carbide in cemented carbides. Cemented carbides (also called hardmetals) are wear-resistant materials used by the metalworking, mining, and construction industries. Tungsten metal wires, electrodes, and/or contacts are used in lighting, electronic, electrical, heating, and welding applications. Tungsten is also used to make heavy metal alloys for armaments, heat sinks, and high-density applications, such as weights and counterweights; superalloys for turbine blades; tool steels; and wear-resistant alloy parts and coatings. Tungsten composites are used as a substitute for lead in bullets and shot. Tungsten chemical compounds are used in catalysts, inorganic pigments, and high-temperature lubricants.
Molybdenum (Mo) is a refractory metallic element used principally as an alloying agent in steel, cast iron, and superalloys to enhance hardenability, strength, toughness, and wear and corrosion resistance. To achieve desired metallurgical properties, molybdenum, primarily in the form of molybdic oxide or ferromolybdenum, is frequently used in combination with or added to chromium, columbium (niobium), manganese, nickel, tungsten, or other alloy metals. The versatility of molybdenum in enhancing a variety of alloy properties has ensured it a significant role in contemporary industrial technology, which increasingly requires materials that are serviceable under high stress, expanded temperature ranges, and highly corrosive environments. Moreover, molybdenum finds significant usage as a refractory metal in numerous chemical applications, including catalysts, lubricants, and pigments. Few of molybdenum's uses have acceptable substitutions.
Source: USGS Homepage
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