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OZ bucks downtrend in gold miner shares

OZ bucks downtrend in gold miner shares

SEVERAL of Cambodia’s listed gold miners have seen share prices decline to near 52-week lows, despite prices for gold bullion reaching record highs of US$1,366 an ounce on the New York Mercantile Exchange last week.

Transol Corporation, 100 percent-owner of miner Liberty Mining International, saw its share prices close the week at A$0.004 (US$0.004) on the Australian Securities Exchange, below its 52-week high of A$0.016 reached in November 2009. However, the firm has seen its shares climb in recent weeks since bottoming at A$0.003 in August 2010.

With five project areas in northern Cambodia, Liberty Mining is exploring for gold as well as base metals, according to Transol’s website.

Elray Resources – the parent company of Cambodia’s Angkor Wat Mining – saw its shares hover near 52-week lows at US$0.0165 in Over The Counter trading Friday. The firm had traded as high as US$0.40 as of December 2009, coinciding with the firm announcing a letter of intent to acquire a gold exploration property in Ecuador.

Another Australian miner active in the Kingdom, Southern Gold, closed Friday at A$0.073, hovering near its 52-week lows. The firm’s shares have declined in ASX trading from highs of A$0.18 reached late last year.

OZ Minerals was an exception to many of the publicly listed gold miners exploring the Kingdom. It closed on Friday at a 52-week high of A$1.57 on the ASX, up 63.5 percent from its low of A$0.96 reached June 30th.

The firm had announced an inferred gold resource of 605,000 ounces on its Okvau tenement in Mondulkkiri province in March this year, and is conducting ongoing operations in Australia and exploration activities in Cambodia.

Meanwhile, transport and logistics firm Toll Holdings – the commissionaire of Cambodia’s partially reopened railway – saw shares end the week at A$6.86, up 4.3 percent from its Monday open of A$6.58. The firm hit a 52 week of A$6.89 on Wednesday, the day before releasing its annual report.

Gold for immediate delivery closed on Friday at $1,336.30 per ounce in London, having earlier reached $1,341.40.

ADDITIONAL REPORTING BLOOMBERG

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