ASX Resources Group 150 Ranking and Analysis

AUGUST 2011

Gresham Group 150

August 2011
Darren Martin
Gresham Advisory Partners
dmartin@gresham.com.au
+61 8 9486 7077
+61 412 144 719

ASX RESOURCES - GROUP 150
We are pleased to present the August edition of ‘Group 150’, a ranking of the top 150 ASX listed resources
companies (excluding oil and gas), by market capitalisation.
This edition has been held up by the attendance (and paced recovery) at Diggers and Dealers and the new
spectator sport of watching the global markets melt at record rates. Whilst sentiment at Diggers and Dealers
was positive overall for resources, the political topic of sovereign risk linked to MRRT and carbon tax were
central topics for discussion during the day and early parts of the evening. There appeared to be an increased
proportion of “dealers” in attendance, which increased the level of competition in the late night boat races
which will surely flow to Kalgoorlie economy.
The most common question in the past four weeks relates to views on the direction of the market and in
the current environment, it would be a brave investor to catch the falling knife and predict the bottom of
the current plunge. That said, the performance of the ASX in the final session of trading yesterday did see a
rebound of approximately 5% or $15 billion, but this is only relatively minor given the $100 billion lost in the
past week. Ongoing global weakness is likely to see the signal from Wall Street to Bernanke that it wants QE3
gets louder. The overnight announcement in relation to interest rates seems to have provided a floor…but
will this be enough?
In this edition we have included the current forward curves for gold, silver, copper, nickel, oil and the AUD:USD
exchange rate. Separately the consensus commodity price forecasts have been rolled forward 12 months.
July was again a challenging month for resource stocks and was the fifth consecutive months the value of
the Group 150 has fallen. The market value of the Group 150 at the end of July was $538.5 billion and the
entry point into the Group 150 for July was $119.0 million versus $109.9 million for June. The ASX/S&P 200
Resources Index decreased 2.2% for the month, while both the ASX All Ordinaries and ASX/S&P 200 Index
decreased 3.4% and 4.0% respectively.
Gresham Advisory Partners Limited

Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory
Edition 17 business and one of Australia’s largest and highest ranking independent corporate advisors.

1

Group 150
Top 150 asX LisTed resource companies - JuLy
By Market Capitalisation
Mkt Cap (A$m) % Mkt Cap (A$m) %

Jul Jun Company 31-Jul-11 30-Jun-11 Change Jul Jun Company 31-Jul-11 30-Jun-11 Change

1 1 BHP Billiton Ltd. (ASX:BHP) $220,502.2 $239,646.9 (8.0%) 51 49 Alkane Resources Limited (ASX:ALK) $536.7 $578.4 (7.2%)

2 2 Rio Tinto Ltd. (ASX:RIO) $153,603.4 $159,967.2 (4.0%) 52 57 Guildford Coal Limited (ASX:GUF) $530.2 $463.2 14.5%

3 3 Newcrest Mining Ltd. (ASX:NCM) $30,255.8 $28,848.2 4.9% 53 45 Kangaroo Resources Limited (ASX:KRL) $515.2 $635.4 (18.9%)

4 4 Fortescue Metals Group Ltd. (ASX:FMG) $19,646.2 $19,770.7 (0.6%) 54 60 Brockman Resources Limited (ASX:BRM) $501.0 $419.9 19.3%

5 5 Coal & Allied Industries Ltd. (ASX:CNA) $8,877.5 $9,134.7 (2.8%) 55 64 Ampella Mining Limited (ASX:AMX) $494.0 $383.1 28.9%

6 6 Iluka Resources Ltd. (ASX:ILU) $7,378.9 $6,971.8 5.8% 56 56 Aditya Birla Minerals Limited (ASX:ABY) $466.9 $477.9 (2.3%)

7 8 Alumina Ltd. (ASX:AWC) $5,319.6 $5,148.8 3.3% 57 58 OM Holdings Limited (ASX:OMH) $464.4 $461.9 0.5%

8 13 MacArthur Coal Ltd. (ASX:MCC) $4,697.5 $3,307.9 42.0% 58 66 Cockatoo Coal Limited (ASX:COK) $452.2 $376.0 20.3%

9 9 New Hope Corp. Ltd. (ASX:NHC) $4,458.3 $4,333.8 2.9% 59 62 Metminco Limited. (ASX:MNC) $438.8 $402.2 9.1%

10 10 OZ Minerals Limited (ASX:OZL) $4,414.1 $4,274.9 3.3% 60 61 Kagara Ltd (ASX:KZL) $437.9 $403.9 8.4%

11 12 Lynas Corporation Limited (ASX:LYC) $3,684.3 $3,393.0 8.6% 61 63 Gold One International Limited (ASX:GDO) $412.6 $396.3 4.1%

12 14 Atlas Iron Limited (ASX:AGO) $3,347.5 $3,080.9 8.7% 62 67 Ramelius Resources Ltd. (ASX:RMS) $401.3 $373.6 7.4%

13 15 Whitehaven Coal Limited (ASX:WHC) $3,253.6 $2,879.0 13.0% 63 68 Integra Mining Ltd. (ASX:IGR) $400.4 $370.3 8.1%

14 16 Aquila Resources Ltd. (ASX:AQA) $2,508.3 $2,684.2 (6.6%) 64 65 Bougainville Copper Ltd. (ASX:BOC) $393.0 $381.0 3.2%

15 17 PanAust Limited (ASX:PNA) $2,434.9 $2,238.1 8.8% 65 121 Indophil Resources NL (ASX:IRN) $388.2 $176.8 119.6%

16 22 Aston Resources Limited (ASX:AZT) $2,208.9 $1,791.7 23.3% 66 72 Kingsrose Mining Limited (ASX:KRM) $382.3 $351.4 8.8%

17 21 Paladin Energy, Ltd. (ASX:PDN) $2,036.3 $1,958.5 4.0% 67 73 Summit Resources Ltd. (ASX:SMM) $381.5 $348.8 9.4%

18 18 Aquarius Platinum Ltd. (ASX:AQP) $1,988.8 $2,209.8 (10.0%) 68 116 Sphere Minerals Limited (ASX:SPH) $381.3 $181.6 109.9%

19 20 Extract Resources Ltd. (ASX:EXT) $1,964.1 $1,985.5 (1.1%) 69 76 Perilya Ltd. (ASX:PEM) $375.6 $333.6 12.6%

20 19 Mount Gibson Iron Ltd. (ASX:MGX) $1,948.6 $1,991.9 (2.2%) 70 86 Cape Lambert Resources Limited (ASX:CFE) $369.6 $278.7 32.6%

21 23 Gloucester Coal Ltd. (ASX:GCL) $1,887.0 $1,409.2 33.9% 71 69 Panoramic Resources Ltd. (ASX:PAN) $368.6 $362.3 1.7%

22 34 Sundance Resources Ltd. (ASX:SDL) $1,508.1 $976.1 54.5% 72 70 Silver Lake Resources Limited (ASX:SLR) $363.1 $357.8 1.5%

23 24 Zimplats Holdings Ltd. (ASX:ZIM) $1,346.5 $1,345.5 0.1% 73 80 Troy Resources NL (ASX:TRY) $356.3 $306.2 16.4%

24 25 Medusa Mining Limited (ASX:MML) $1,323.3 $1,240.5 6.7% 74 71 Rex Minerals Limited. (ASX:RXM) $350.3 $354.9 (1.3%)

25 28 Perseus Mining Ltd. (ASX:PRU) $1,319.6 $1,115.1 18.3% 75 78 Hunnu Coal Limited (ASX:HUN) $339.6 $331.7 2.4%

26 29 Kingsgate Consolidated Limited (ASX:KCN) $1,201.8 $1,082.2 11.1% 76 75 Mineral Deposits Ltd. (ASX:MDL) $339.1 $345.2 (1.8%)

27 26 Independence Group NL (ASX:IGO) $1,187.0 $1,142.4 3.9% 77 77 Murchison Metals Limited (ASX:MMX) $338.9 $333.5 1.6%

28 30 Regis Resources Limited (ASX:RRL) $1,176.5 $1,071.5 9.8% 78 81 Tiger Resources Ltd. (ASX:TGS) $332.2 $301.1 10.3%

29 32 Sandfire Resources (ASX:SFR) $1,165.6 $1,053.2 10.7% 79 74 Metals X Limited (ASX:MLX) $326.7 $348.2 (6.2%)

30 33 Ivanhoe Australia Limited (ASX:IVA) $1,071.9 $1,004.9 6.7% 80 91 Adamus Resources Ltd. (ASX:ADU) $315.5 $254.6 23.9%

31 31 Western Areas NL (ASX:WSA) $1,055.0 $1,060.4 (0.5%) 81 82 Elemental Minerals Limited (ASX:ELM) $311.8 $288.6 8.0%

32 27 Coalspur Mines Limited (ASX:CPL) $959.5 $1,121.2 (14.4%) 82 79 Aspire Mining Limited (ASX:AKM) $299.7 $307.8 (2.6%)

33 38 Bandanna Energy Limited (ASX:BND) $935.8 $794.5 17.8% 83 99 Noble Mineral Resources Ltd. (ASX:NMG) $299.2 $231.5 29.2%

34 37 Mirabela Nickel Ltd. (ASX:MBN) $934.4 $860.2 8.6% 84 97 Equatorial Resources Limited (ASX:EQX) $295.8 $237.6 24.5%

35 41 Intrepid Mines Limited (ASX:IAU) $929.7 $739.5 25.7% 85 88 Saracen Mineral Holdings Limited (ASX:SAR) $295.4 $263.4 12.1%

36 39 Energy Resources of Australia Ltd. (ASX:ERA) $875.5 $782.0 12.0% 86 59 Gujarat NRE Coking Coal Limited (ASX:GNM) $292.3 $426.1 (31.4%)

37 35 CGA Mining Limited (ASX:CGX) $820.2 $946.5 (13.3%) 87 94 Conquest Mining Limited (ASX:CQT) $291.6 $242.0 20.5%

38 36 Minara Resources Ltd. (ASX:MRE) $783.5 $871.2 (10.1%) 88 93 Catalpa Resources Limited (ASX:CAH) $276.9 $242.2 14.3%

39 40 Gindalbie Metals Ltd. (ASX:GBG) $739.1 $781.2 (5.4%) 89 87 Arafura Resources Limited (ASX:ARU) $270.5 $268.6 0.7%

40 43 Bathurst Resources Ltd (ASX:BTU) $719.3 $684.5 5.1% 90 98 Tanami Gold NL (ASX:TAM) $266.2 $233.6 14.0%

41 42 Jupiter Mines Ltd. (ASX:JMS) $718.1 $694.3 3.4% 91 84 Moly Mines Ltd. (ASX:MOL) $265.6 $286.7 (7.4%)

42 50 White Energy Company Limited (ASX:WEC) $676.5 $576.9 17.3% 92 83 BC Iron Limited (ASX:BCI) $264.3 $287.9 (8.2%)

43 55 Discovery Metals Ltd. (ASX:DML) $636.0 $526.7 20.7% 93 89 Straits Resources Limited (ASX:SRQ) $256.6 $259.7 (1.2%)

44 51 Resolute Mining Ltd. (ASX:RSG) $629.0 $547.1 15.0% 94 100 Carabella Resources Limited (ASX:CLR) $255.3 $230.0 11.0%

45 47 Northern Iron Limited (ASX:NFE) $621.8 $594.9 4.5% 95 103 Flinders Mines Limited. (ASX:FMS) $254.9 $218.5 16.7%

46 46 Grange Resources Limited (ASX:GRR) $605.6 $605.4 0.0% 96 85 Greenland Minerals and Energy Ltd (ASX:GGG) $250.3 $285.0 (12.2%)

47 44 ST Barbara Ltd. (ASX:SBM) $595.9 $636.6 (6.4%) 97 102 FerrAus Ltd. (ASX:FRS) $249.6 $225.9 10.5%

48 52 Gryphon Minerals Ltd. (ASX:GRY) $560.9 $542.9 3.3% 98 110 WPG Resources Ltd (ASX:WPG) $246.5 $199.4 23.6%

49 54 Beadell Resources Ltd (ASX:BDR) $555.9 $529.2 5.0% 99 92 Cokal Limited (ASX:CKA) $239.2 $253.9 (5.8%)

50 53 CuDeco Ltd. (ASX:CDU) $537.4 $529.3 1.5% 100 106 Nucoal Resources NL (ASX:NCR) $236.1 $210.2 12.3%
Includes ASX Resource companies excluding oil and gas

2

AUGUST 2011

Mkt Cap (A$m) % Mkt Cap (A$m) %

Jul Jun Company 31-Jul-11 30-Jun-11 Change Jul Jun Company 31-Jul-11 30-Jun-11 Change

101 96 Focus Minerals Limited (ASX:FML) $234.0 $240.8 (2.9%) 126 132 YTC Resources Limited (ASX:YTC) $161.6 $140.3 15.2%

102 101 Exco Resources Ltd. (ASX:EXS) $231.8 $228.3 1.5% 127 118 African Energy Resources Limited (ASX:AFR) $161.6 $180.7 (10.6%)

103 104 Iron Ore Holdings Limited (ASX:IOH) $222.6 $215.9 3.1% 128 129 Azumah Resources Ltd (ASX:AZM) $157.7 $152.1 3.7%

104 95 Galaxy Resources (ASX:GXY) $219.9 $240.9 (8.7%) 129 142 Stanmore Coal Limited (ASX:SMR) $153.4 $126.9 20.8%

105 90 Marengo Mining Limited (ASX:MGO) $218.9 $258.7 (15.4%) 130 127 Peninsula Energy Limited (ASX:PEN) $151.2 $154.9 (2.4%)

106 114 Gold Road Resources Limited (ASX:GOR) $217.2 $185.9 16.8% 131 115 Sylvania Resources Ltd. (ASX:SLP) $146.1 $185.3 (21.1%)

107 108 South Boulder Mines Ltd. (ASX:STB) $216.9 $208.4 4.1% 132 141 Alcyone Resources Ltd (ASX:AYN) $144.8 $127.7 13.4%

108 105 Orocobre Limited (ASX:ORE) $214.4 $212.3 1.0% 133 134 Blackgold International Hold. Ltd (ASX:BGG) $144.0 $144.0 0.0%

109 109 Hillgrove Resources Ltd. (ASX:HGO) $206.4 $202.4 2.0% 134 133 Northern Star Resources Ltd. (ASX:NST) $140.4 $140.2 0.1%

110 124 Highlands Pacific Limited (ASX:HIG) $205.8 $164.7 25.0% 135 139 Indo Mines Limited (ASX:IDO) $137.9 $131.0 5.3%

111 125 Ausgold Limited (ASX:AUC) $201.4 $163.6 23.2% 136 161 Norton Gold Fields Limited (ASX:NGF) $137.1 $96.0 42.8%

112 112 Northern Energy Corporation Ltd (ASX:NEC) $196.0 $196.6 (0.3%) 137 143 Northern Minerals Limited (ASX:NTU) $135.4 $126.5 7.1%

113 130 Red 5 Ltd. (ASX:RED) $192.6 $147.6 30.4% 138 151 Crusader Resources Limited (ASX:CAS) $134.3 $106.7 25.9%

114 122 Deep Yellow Ltd. (ASX:DYL) $191.7 $169.1 13.3% 139 144 Finders Resources Limited (ASX:FND) $133.9 $119.9 11.7%

115 107 Atlantic Ltd (ASX:ATI) $187.0 $209.0 (10.5%) 140 126 Resource and Investment NL (ASX:RNI) $132.3 $161.0 (17.8%)

116 120 Kula Gold Limited (ASX:KGD) $180.2 $180.2 0.0% 141 136 Territory Resources Limited (ASX:TTY) $131.0 $132.6 (1.2%)

117 117 Mincor Resources NL (ASX:MCR) $178.8 $181.6 (1.5%) 142 135 Industrial Minerals Corporation Ltd. (ASX:IDM) $130.8 $136.1 (3.8%)

118 113 Astron Ltd. (ASX:ATR) $178.2 $191.9 (7.1%) 143 140 Robust Resources Limited (ASX:ROL) $129.1 $128.7 0.3%

119 111 Resource Generation Limited (ASX:RES) $176.1 $197.2 (10.7%) 144 149 IMX Resources Ltd. (ASX:IXR) $128.7 $110.3 16.7%

120 131 Cobar Consolidated Resources Ltd (ASX:CCU) $171.7 $142.9 20.1% 145 145 Continental Coal Limited (ASX:CCC) $126.8 $117.7 7.7%

121 119 NKWE Platinum Ltd. (ASX:NKP) $171.2 $180.6 (5.2%) 146 171 ABM Resources NL (ASX:ABU) $125.4 $92.1 36.1%

122 138 Altona Mining Limited (ASX:AOH) $171.2 $132.2 29.5% 147 177 Australasian Resources Ltd (ASX:ARH) $121.6 $84.1 44.7%

123 153 Metrocoal Ltd. (ASX:MTE) $169.7 $104.2 62.8% 148 158 Mungana Goldmines Ltd (ASX:MUX) $119.8 $100.1 19.7%

124 146 African Iron Limited (ASX:AKI) $165.4 $115.1 43.7% 149 128 Platinum Australia Limited (ASX:PLA) $119.7 $153.0 (21.8%)

125 123 Cerro Resources NL (ASX:CJO) $165.2 $165.2 0.0% 150 157 Centrex Metals Limited (ASX:CXM) $119.0 $100.2 18.8%
Source: Capital IQ

new enTranTs - JuLy eXiTs - JuLy
123 Metrocoal Ltd. (ASX:MTE) Equinox Minerals Ltd. (ASX:EQN)
136 Norton Gold Fields Limited (ASX:NGF) Riversdale Mining Ltd. (ASX:RIV)
138 Crusader Resources Limited (ASX:CAS) Allied Gold Mining PLC (ASX:ALD)
146 ABM Resources NL (ASX:ABU) Reed Resources Ltd. (ASX:RDR)
147 Australasian Resources Ltd (ASX:ARH) Papillon Resources Limited (ASX:PIR)
148 Mungana Goldmines Ltd (ASX:MUX) Tribune Resources Limited (ASX:TBR)
150 Centrex Metals Limited (ASX:CXM) Rocklands Richfield Limited (ASX:RCI)
Based on market capitalisation as at 31 July vs 30 June

Group 150 Leaders and LaGGers - markeT capiTaLisaTion performance - JuLy
Leaders

Laggers

* Included material placement, acquisition and/or option conversion during month

3

Group 150
Group 150 markeT capiTaLisaTion
+15.3%
538.5
+49.6%
Market Valuation (A$b) - Group 150

asX indeX performance - JuLy Group 150 mkT cap - By commodiTy

merGer & acquisiTions - announced in JuLy
Percent Premium - Premium -
Date Value Consideration
Target Acquirer Sought 1 Day Prior 1 Month Prior
Announced (A$m) Offered
(%) (%) (%)

28-Jul-2011 ULY-TAU K LLP Red October Resources Limited (ASX:ROS) 39.9 51 - - Combinations

27-Jul-2011 Cable Sands (W.A.) Pty Ltd. Mineral Commodities Ltd. (ASX:MRC) 101.0 100 - - Cash

27-Jul-2011 Galina Iron Limited Waratah Resources Limited (ASX:WGO) 17.9 100 - - Combinations

15-Jul-2011 Sundance Resources Ltd. (ASX:SDL) Hanlong Mining Investment Pty Ltd. 1,164.3 81 25.0 42.9 Cash

11-Jul-2011 MacArthur Coal Ltd. (ASX:MCC) Peabody Energy Corp. ; ArcelorMittal 4,022.5 84 36.0 38.1 Cash

9-Jul-2011 Bannerman Resources Limited (ASX:BMN) Hanlong Mining Investment Pty Ltd. 153.2 100 59.0 107.5 Cash

5-Jul-2011 Copper Strike Ltd., Einasleigh Copper Project Kagara Ltd (ASX:KZL) 19.1 100 - - Cash; Equity
Source: Capital IQ
Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m

4

AUGUST 2011

forward curves (as aT 8 auGusT 2010)
Gold, 100 oz - USD/troy oz
Gold Forward Curve (USD/troy oz)

Silver - USD/troy oz
Silver Forward Curve (USD /troy oz)
e

Copper - USD/lb
4.05
4.01
4.00
3.99
4.00
3.97 3.97
3.96 3.96
3.95
3.95 3.93
Copper Forward Curve (USD /lb)

3.91
3.90
3.90 3.88
3.87
3.84
3.85
3.82
3.80
3.80 3.79
3.77
e

3.76
3.74
3.75 3.73
3.71

3.70

3.65
Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16
Source: Bloomberg

5

Group 150
forward curves (as aT 8 auGusT 2010)
Nickel - USD/tonne
21,400
21,240 21,260
21,214 21,192
21,200 21,129
21,060
20,996
21,000
20,885
Nickel Forward Curve (USD/tonne)

20,757
20,800
20,652

20,600 20,549
20,453
20,354
20,400
20,246

20,200 20,102
19,994
20,000 19,922
19,850
19,778
19,800 19,706

19,600
Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16

AUD : USD
Forward Curve - AUD: USD

WTI - USD/bbl
WTI Forward Curve (USD / barrel)
e

Source: Bloomberg

6

AUGUST 2011

Base meTaLs - secTor performance
Share Price Performance - July 2011

Copper Nickel Zinc
Share Price Performance

Share Price Performance - Since 31 December 2010

52 Week Hi / Low / Current

7

Group 150
coaL - secTor performance



8

AUGUST 2011

diversified - secTor performance indusTriaL mineraLs - secTor performance






9

Group 150
GoLd - secTor performance



10

AUGUST 2011

iron ore - secTor performance



11

Group 150
pLaTinum - secTor performance uranium - secTor performance






12

AUGUST 2011

consensus commodiTy price forecasTs - JuLy
Gold (US$/oz) Silver (US$/OZ)
$2,500 $60
$2,000 $1,628 $50 $39.88
$1,463 $1,350 $32.65
$1,270 $40 $29.00 $27.74
$1,500 $1,113 $25.00
$30
$1,000
$20
$500 $10
$0 $0
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Copper (US$/lb) Nickel (US$/lb)
$6.00 $16.00
$4.46 $4.50 $11.34
$5.00 $3.97 $10.43
$3.71 $12.00 $9.90 $9.44
$4.00 $3.02 $8.39
$3.00 $8.00
$2.00
$4.00
$1.00
$0.00 $0.00
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Zinc (US$/lb) Lead (US$/lb)
$1.50 $1.20 $2.00
$1.13 $1.10 $1.09
$1.01
$1.50 $1.19 $1.20 $1.25
$1.00 $1.07 $1.00
$1.00
$0.50
$0.50

$0.00 $0.00
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Tin (US$/lb) Uranium (US$/lb)
$20.00 $100
$17.50 $14.06
$12.75 $65.00 $60.00 $64.00
$15.00 $11.00 $11.57 $75
$10.36 $51.75 $50.00
$12.50
$10.00 $50
$7.50
$5.00 $25
$2.50
$0.00 $0
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

AUD:USD NYMEX (US$/bbl)
$1.25 $1.09 $1.05 $200
$1.00 $0.94 $0.95
$1.00 $150 $110.00 $115.00
$95.70 $103.00 $102.00
$0.75
$100
$0.50
$0.25 $50

$0.00 $0
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Source: Bloomberg Consensus Estimates - Median / High / Low

13

recenT resources TransacTions

Group 150
Mergers and Acquisitions
Mergers and Acquisitions
2010 2009

GRAM
2009 2009 2008 2008 2006

Advised BHP Advised BG Advised Guandong Advised Allied Gold Advised Kalahari Advised Gem Advised IAMGOLD
Billiton on its Group on its $1bn Rising on its $216m on its $54m Minerals on its Diamonds on its Corporation on its
$204m offer for takeover offer for cornerstone acquisition of $140m proposed $300m acquisition $265m acquisition
United Minerals Pure Energy investment in Pan Australian merger with of Kimberley of Gallery Gold.
Corporation. Resources Aust. Solomons Gold. Extract Resources. Diamonds.
Limited.

TakeoverDefence
Takeover Defence
2010 2010 2010 2009 2009 2007 2007

Advised Polaris Advised Indophil Advised Advised Energy Advised Brandrill Advised Summit Advised Tethyan on
Metals NL on on $545m Centaurus Metals on its $86m Limited on its Resources on its its $220m
$178m takeover recommended Resources on its proportional takeover $45m takeover A$1.2bn takeover competing takeover
offer by Mineral offer from Zijin $20m merger offer by China offer by Ausdrill by Paladin Energy. offer by Crosby and
Resources with Glengarry Guangdong Nuclear Limited. Antogafasta/Barrick.
Limited. Resources. Power Group.

Strategic Advisory, JointJoint Ventures and Capital Markets
Strategic Advisory, Ventures and Capital Markets
2010 2010 2009 2008 2009/08 2008 2008

Advised BHP Introduced Advised BHP Advised Advised Iluka on its Advised Advised Iluka
Billiton on its Denham Capital to Billiton on the Bannerman $114m Murchison Metals Resources on its
US$116bn iron Trans Tasman disposal of the Resources on its institutional on its joint venture $54m Narama coal
ore production Resources resulting Yabulu Nickel financing with placement and with Mitsubishi. divestment to
joint venture with in NZ iron sands refinery. Resource Capital $353m accelerated Xstrata.
Rio Tinto. investment. Funds. right issue.

Gresham Advisory Partners Limited
A.B.N. 97 003 344 269

Level 17, 167 Macquarie Street, Level 10, 1 Collins Street, Level 3, 28 The Esplanade,
Sydney NSW 2000 Melbourne VIC 3000 Perth WA 6000
Telephone: 61 2 9221 5133 Telephone: 61 3 9664 0300 Telephone: 61 8 9486 7077
Facsimile: 61 2 9221 6814 Facsimile: 61 3 9650 7722 Facsimile: 61 8 9486 7024

Website: www.gresham.com.au

Terms and Conditions
Information contained in this publication
The opinions, advice, recommendations and other information contained in this publication, whether express or implied, are published or made by Gresham Advisory Partners Limited (ABN 88 093 611 413), Australian financial services license (247113), and by its officers and employees
(collectively “Gresham Advisory Partners”) in good faith in relation to the facts known to it at the time of preparation.
Gresham Advisory Partners has prepared this publication without consideration of the investment objectives, financial situation or particular needs of any individual investor, and you should not rely on the publication for the purpose of making a financial decision.
To whom this information is provided
This publication is only made available to persons who are wholesale clients within the meaning of section 761G of the Corporations Act 2001. This publication is supplied on the condition that it is not passed on to any person who is a retail client within the meaning of section 761G of the
Corporations Act 2001.
Disclaimer and limitation of liability
To the maximum extent permitted by law, Gresham Advisory Partners will not be liable in any way for any loss or damage suffered by you through use or reliance on this information. Gresham Advisory Partners’ liability for negligence, breach of contract or contravention of any law, which
cannot be lawfully excluded, is limited, at Gresham Advisory Partners’ option and to the maximum extent permitted by law, to resupplying this information or any part of it to you, or to paying for the resupply of this information or any part of it to you.
No warranties made as to content
Gresham Advisory Partners makes no warranty, express or implied, concerning this publication. The publication provided by us on an “AS IS” basis at your sole risk. Gresham Advisory Partners expressly disclaims, to the maximum extent permitted by law, any implied warranty of merchant-
ability or fitness for a particular purpose, including any warranty for the use or the results of the use of the publication with respect to its correctness, quality, accuracy, completeness, or reliability.
Copyright
Copyright in this publication is owned by Gresham Advisory Partners. You may use the information in this publication for your own personal use, but you must not (without Gresham Advisory Partners’ consent) alter, reproduce or distribute any part of this publication, transmit it to any other
person or incorporate the information into any other document.
General matters
These Terms and Conditions are governed by the law in force in the State of Victoria, and the parties irrevocably submit to the non-exclusive jurisdiction of the courts of Victoria and courts of appeal from them for determining any disputes concerning the Terms and Conditions.
If the whole or any part of a provision of these Terms and Conditions are void, unenforceable or illegal in a jurisdiction it is severed for that jurisdiction. The remainder of the Terms and Conditions have full force and effect and the validity or enforceability of that provision in any other jurisdiction
is not affected. This clause has no effect if the severance alters the basic nature of the Terms and Conditions or is contrary to public policy.
If Gresham Advisory Partners do not act in relation to a breach by you of these Terms and Conditions, this does not waive Gresham Advisory Partners’ right to act with respect to subsequent or similar breaches.
14

ASX Resources Group 150 Ranking and Analysis

Recommended

Recommended

More Related Content

What's hot

What's hot (17)

Similar to ASX Resources Group 150 Ranking and Analysis

Similar to ASX Resources Group 150 Ranking and Analysis (18)

ASX Resources Group 150 Ranking and Analysis