August 2, 2012 on: business, International, Mining

YOU know things are tough when you can't float a company with coal targets in Mongolia.

Sure, coal’s under a bit of a cloud at the moment, but Mongolia is one of the hottest stories around - not just because of China and all those smoke-belching factories and power stations, but because new railways linking to Siberian ports offer the prospects of exporting to the rest of Asia (and being much closer than Australian, South African or even - in some cases - Indonesian coal mines). Yet Kumai Energy has seen fit to withdraw its prospectus for an initial public offering through the Australian Securities Exchange, despite seeming to having a story that is suited to the market’s interests: coal in Mongolia, with four prospective licences. In all, the upcoming floats list on the ASX makes for grim reading. There are 12 resource floats listed - one has withdrawn, six have their listing dates as “to be announced” and we await to see whether the others get off. Alicanto Minerals has its listing set as 2 August - but that did not happen yesterday. The company is going to market with gold and base metals properties in Western Australia. So we’ll be watching closely to see what happens to those due to list over the next five weeks: Swift Resources (phosphate), Vesuvius Resources (vanadium near Meekatharra), Victory Mines (rare earths, uranium, platinum metals), and Yeeda Oil (oil and gas in the highly prospective Canning Basin in the Kimberley region). The languishing ‘TBA’ floats are - believe it or not - all gold stories: Aperio Resources (gold in Burkina Faso), Boadicea Resources (gold in Western Australia), Crest Minerals (gold near Kalgoorlie), Dome Gold Mines (gold in Fiji), Gossan Hill Gold (gold in NSW), Messina Resources (gold in WA, and its close has been extended until August 15), and Red Cat Minerals (gold in Madagascar). It’s the market, of course: the bottom has well and truly dropped out of the junior sector. Those investors left in the market are interested in drilling results - not promises of future potential. These companies all have a plausible story to sell. No one seems to be listening, though.

SOURCE OF THIS ARTICLE : the australian

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