Other brokers agree a clearer plan for Prominent Hill has now been established and the market's focus should shift back to carrapateena, but both Morgans and Credit suisse highlight the current share price appears to ignore the risks from the undeveloped project. Morgans upgrades forecasts for earnings per share in line with higher copper price assumptions and the benefits to medium-term operating assumptions at Prominent Hill. The broker notes a significant portion of the upgrade to the Prominent Hill reserve in november was driven by reduction in the mining reserve cut-off grade, which the company believes to be sustainable. Credit suisse believes the greatest near-term opportunity is from the re-optimisation of the Prominent Hill underground mine, to progressively include additional resources which, while already defined, have an in-situ value that is too low relative to the cost base. Ultimately, the broker believes exploration success underground will need to be balanced by a cost structure that is more appropriate to the re-configured, lower underground-only milling rate. The broker believes power availability in south Australia has impacted the company's decision on the configuration of the mill, with a steady power draw possibly more readily accommodated if supply is fragile in coming years. Carrapateena The catalyst Morgans notes Carrapateena remains a technically complex project, where relatively small changes in key inputs can have large detrimental effects on value.
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2016 C1 cash costs of.1c/lb were in line with expectations, despite the australia 15 days of power black-outs in south Australia. Management has confirmed the share buy-back will continue. Citi forecasts higher milling and underground mining rates and raises its expectations for copper and gold grades in FY17-19. Accordingly, earnings per share estimates are increased for those years. Citi expects the news flow will now focus on Carrapateena, one of the world's largest undeveloped copper resources, and possibly include m a, as the company seeks to acquire base metal and gold assets which can diversify its production footprint. The main risks for the stock are in the copper price and the australian dollar. Citi notes copper is highly geared to economic recovery and any change in economic activity has the potential to alter earnings assumptions and valuations for oz minerals. Clearer Path For Prominent Hill A revision to the mine plan at Prominent Hill has materially improved the production outlook for copper in 20, and Macquarie believes the focus on copper ore in changes to the open pit plan should mean a production rate close. The broker lifts copper production forecasts at Prominent Hill by, to match guidance. The drive to produce more copper means the broker's homework gold production forecasts fall -10-20 over the next three years, while cost assumptions (aisc) rise 32 and 2018 respectively. Factoring in the longer mine life at Prominent Hill means the broker's price target is raised 11.30.
While the Indian government has maintained export taxes of 30 on fines above a 58 iron grade in the february budget, the broker envisages India could still export 30m tonnes or more of iron ore at current prices. Find out why fnarena subscribers like the service so much: " your feedback (Thank you) " - warning this story contains unashamedly positive feedback on the service provided. Article 3 months old More copper and less gold production is expected from oz minerals in coming years and Carrapateena's mini imminent feasibility study could be a catalyst for the stock. main risks in the trajectory of the copper price and aud -production outlook materially improved at Prominent Hill -Is the market overlooking the risks with Carrapateena? By eva brocklehurst Copper-gold miner, oz minerals (ozl has revised its medium-term guidance for Prominent Hill, with more copper and less gold expected over the next three years. The carrapateena feasibility study is expected early in the june quarter, and brokers expect this could be a catalyst for the stock. The company's 2016 copper production of 116,900 tonnes beat guidance of 105-115,000 tonnes and gold production of 118,300 ounces was within the guidance range of 115-125,000 ounces.
The broker expects tight conditions to persist through the yardage first half of FY17 but the price will eventually provide incentives for additional supply to come on line, and this could remove some of the current pricing tension. Ord Minnett raises its 2017 forecast for iron ore to us73/t but still expects a downward trend towards the year-end as supply grows. Overall, the broker expects major miners to add 71mt in 2017, with global demand growth of 43mt expected. While viewing the market as broadly balanced, the broker acknowledges a risk in the growth in non-traditional supply, with the incentive of higher prices. Macquarie observes iron ore is the only steel-making ingredient for which prices are still holding up, as coking coal, manganese and steel scrap prices have all weakened from recent peaks. The broker expects prices will ease for iron ore now that the Chinese new year holidays are over, as supply is clearly abundant. Steel mills are expected to pressure iron ore sellers, despite the traditional post Chinese new year pick up in steel output and demand. Full year Chinese trade data shows total iron ore imports rose.5 in January year on year, while the broker estimates iron ore consumption rose by less than 1 last year. Indian iron ore exports also show the biggest response to higher prices, macquarie observes, aided by the removal of low-grade export taxes and export bans last year.
The projects become key drivers of value over the next 12 months, in the broker's view, as the market is applying little value to them. Capital expenditure is expected to be stable, meaning free cash generation will improve. There is also spare debt capacity of over US1bn in 2018, providing potential for capital management and this should become a focal point for investors in the latter half of this year. Moreover, the broker believes the company's m a strategy over 2016 was right and expects woodside will focus on oil opportunities outside of Australia that are either producing or have near-term development potential. Morgan Stanley upgrades its valuation for Senegal, Scarborough, myanmar and North West Shelf backfill. The broker has an overweight rating and.00 target. Iron Ore, ord Minnett observes the drivers of the recent iron ore price rally to us80/t appear to be a combination of Chinese demand, solid consumption in the rest of the world as China reduces steel exports, and relatively flat supply.
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The degree of adherence to opec's production cuts remains the key swing factor. Longer term, new production is likely to be necessary from higher-cost regions and a price signal will be required for such projects to proceed. While spot lng markets have recovered in recent months from stronger demand, the broker expects a medium-term oversupply as the build up in new lng capacity accelerates. The broker's top synthesis pick in the sector remain. Oil search (OSH) because of its high quality assets. Santos (STO) also features in the broker's preferred exposure, with its exposure to png lng and strong leverage to a rising oil price. The broker also likes.
Caltex (ctx which it believes is currently pricing in unrealistically low expectations. Morgan Stanley believes there is more growth than investors allow for. The growth plans that are underway are likely to exceed expectations over time. The broker notes the company's low-cost and low-capex lng assets have enabled it to re-position its portfolio over the past 12 months. These projects should drive production and cash flows from the beginning of the next decade. Production is set to grow.1mmboe in 2018 and 100mmboe by 2019. This should lead to higher operational earnings (ebitda).
Prime hard coking coal has fallen to around US170/t, around US35/t below Tangshan in price parity terms. Stronger steel production, as China enters its spring construction season, and the work-days rule being imposed at the end of March, are two factors that may help the price. The thermal coal price is not yet in the government's target range, having hovered close to rmb600/t since the start of the year. For China to impose the 276 work days rule, the broker expects thermal coal would need to enter its targeted price range which is believed to be rmb500-570/t fob. Thermal coal is not yet abundant in China, with Credit suisse noting stocks at the port in guangzhou were depleted to 900,000 tonnes in the first week of February, the lowest level in the broker's eight years of recording the data.
Gold, the asx gold sector has reported strong production in the december quarter, leading the way on cost improvements with 75 of miners, overall, beating deutsche bank's forecasts. The broker notes the sector has increased 12 in the last month, which compares with the us dollar gold price being up 4 and the australian gold price being flat. The best performing equities were, st Barbara (sbm newcrest Mining (NCM) and. The broker expects the sector to be focused on organic growth and exploration over the next three months. Deutsche bank updates its models following the december quarter production reports, downgrading. Evolution Mining (EVN) and, oceanaGold (OGC) to hold and Regis Resources to sell on valuation. Energy, deutsche bank has become more constructive for the near-term outlook in Australian energy coverage, supported in its view by a much firmer and rising oil price. In 2017 the broker expects demand to outstrip supply on forecast, which underpins a forecast for US55/bbl Brent oil for 2017, as excess inventory is a gradually depleted.
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You're reading a free preview, pages 4 to 79 are not shown in this preview. Buy the full Version, you're reading a free preview, pages 83 online to 97 are not shown in this preview. Buy the full Version, you're reading a free preview, pages 101 to 118 are not shown in this preview. Buy the full Version, you're reading a free preview, pages 122 to 131 are not shown in this preview. Buy the full Version. Article 3 months old, a glance through the latest expert views and predictions about thesis commodities. China and coal; asx gold sector; outlook for energy sector; iron ore prices. re-introduction of China's 276 work-days rule may underpin coking coal -rising oil price supports a better outlook for energy stocks: deutsche bank -more growth than investors allow for in woodside: Morgan Stanley -iron ore price likely to incentivise additional supply. By eva brocklehurst, coal, the question of whether the Chinese government will re-impose the 276 work-days rule for Chinese coal mines is an important one for coking coal prices, Credit suisse attests.
Status Solidi rrl 10,. 8, 613617 (2016 about Dr Andrew Carauna: Studied for an undergraduate masters MPhys in pure physics at loughborough University (graduated 2010). Conducted an experimental PhD in physics on pulsed laser deposition (PLD) of oxide thin films (graduated 2015, supervisor Dr mike cropper). I was a postdoc for 1 year working under Dr Kelly morrison on the Spin seebeck Effect (sse growing thin film sse devices using pld. I now work as an instrument scientist on the polref polarised neutron reflectometer at the isis neutron and muon source. My main research interests lie in magnetic thin film devices for use odia in spintronics,. The Spin seebeck effect, specifically looking at interfacial effects on the induced spin pumping within these devices. Additionally, i am also interested in developing sample environment for in-situ measurement techniques on the beamline,. In-situ sse and ferromagnetic resonance/spin pumping).
magnetic moment of the layer and the roughness at each interface can be determined. By the use of specific sample environment (magnets, cryostats, furnaces etc. the depth profile of the magnetic moment can be probed under a variety of different conditions. In our recent work we have been investigating the magnetic depth profile of our sse based devices2 when a thermal gradient is applied across the device, using a custom built thermal cell. In this talk, i will provide an introduction to the sse, pnr and the polref beamline at isis and show our recent work using the in-situ sse-thermal cell. Bell, Science, 321, 1457 (2008). Uchida et al,. Matter, 26, 343202 (2014). Caruana et al, phys.
The efficiency of such devices is often characterised by the thermoelectric figure of merit, zt1, which is ultimately limited by the thermal and first electric conductivities in conventional tegs. . The ideal teg material should have a high electrical conductivity (to reduce resistive losses and low thermal conductivity (so that a large temperature gradient can be setup across the device) for the optimisation. However, these properties are intrinsically linked to one another, as best described by the weidemann-Franz law (κσL0T thus providing a limit to the upper value. The spin seebeck effect (SSE) may overcome this limitation. When a thermal gradient is applied to a magnetised ferromagnet (FM) it can induce a spin current, js2. By placing a heavy metal (NM) in contact with a fm material, js can be converted to a charge current, jc, via the inverse spin hall effect (ishe). Due to the separation of the active material (FM layer) and the electric circuit (NM layer) the fm layer can be chosen so that the thermal conductivity is minimised without affecting the electrical conductivity of the contact nm layer.
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Komenského náměstí je centrální zónou města, kde se nachází významné veřejné budovy, místní obchody a služby. Náměstí by vedle běžného provozu mělo občanům také lined nabízet volný prostor pro setkávání, klidné posezení a prvky obohacující vnímání a užívání prostředí (stromy, sochy, umělecká díla, vodní prvek,.). Kvalitu prostoru určuje provázanost těchto prvků a jejich podřízení celkové kompozici. Z tohoto principu by se náměstí mělo nahlížet jako na celek a zásahy, které výrazně ovlivní jeho podobu, by měly projít diskuzí s odborníky. On 23rd January 2018 at 14:00 Dr Andrew Carauna will give a physics seminar in room inb3305. Below is the title, abstract and summary of Andrews work. Title: Studying the spin seebeck Effect using Polarised neutron Reflectivity. Talk outline: Thermoelectric generators (TEGs) are of increasing interest due to their potential use in energy harvesting of waste heat.