Beadell & Altona lead rally
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Small miners are leading the charge today with the focus returning to the sector as it is their turn to hand in earnings results.
Uncapped 100 members Beadell Resources (BDR) and Altona Mining (AOH) reported good results that pushed them near the top of the leader board this morning as their shares surged 4.8% to 87.5 cents and 9.7% to 17 cents, respectively.
Fledgling gold producer Beadell became profitable for the first time in its history with a net profit of $37.1 million on sales of $86.1 million for the six months to June.
Management is expecting an even better second half as Beadell has just started mining its high-grade low-cost Duckhead deposit in Brazil.
The miner’s robust outlook and re-rating potential had been highlighted a few times on Eureka Report, the latest being Short selling gold signals on August 28.
Finland-focused copper miner Altona also hit the important milestone today when it delivered its maiden profit of $12.6 million for 2012-13 following the ramp up of its Outokumpu operations.
Altona had to write down $5.5 million in book value for its Kuhmo nickel project due to the weak nickel price but that did not stop it from generating a strong cash position of $26.1 million for the last financial year.
A bigger re-rating opportunity could lie ahead as Altona looks to secure a strategic partner to help bring its Queensland-based Roseby project to life.
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