Gresham "Group 150" - December 2011 (Print Pdf)

DECEMBER 2011

Gresham Group 150

December 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 December edition of ‘Gresham Group 150’, a ranking of the top 150 ASX listed resources
companies (excluding oil and gas), by market capitalisation.
The performance at “ASX Casino” continued for November.
The Gresham Group 150 lost $32.2 billion or 6.8% during the month, with the cumulative market value falling from $474.6
billion to $442.5 billion. The gains recorded in October, were all but nearly wiped out.
The entry threshold for December’s list fell further to $87.5 million, down from $94.42 million last month. The ASX/S&P
200 Resources Index decreased 6.5%, while the ASX All Ordinaries and ASX/S&P 200 Index decreased 4.0% and 4.1%
respectively. We have updated the consensus commodity prices forecasts and replaced the tin analysis with iron ore fines.
Building on the September 2011 edition of Gresham Group 150 where we summarised our study results of the takeover
premiums offered in recent M&A transactions, we investigated the thesis that M&A activity was value creative in the
mining industry.
The measure of value creation was assessed by the change in market capitalisation of the predator and the target between
1 week prior and 1 week and then 3 months after the announcement of the transaction. The analysis covers the M&A
transactions announced in the past 2 years.
Although there is considerable “noise” in the dataset, in the form of varying forms of offer consideration, commodity specific
factors, transaction rationale/size and market dynamics, the evidence supports the value of the target firm increases as the
market evaluates and understands the transaction and the completion risk reduces.
The review of the predators suggests that the market, especially in scrip offers initially sells the stock down as shareholders
switch into the target.
In certain circumstances, both the target and the predator increase in value, hence meeting the transaction objective of
creating shareholder value in the mining industry.
Gresham Advisory partners Limited

Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory
Edition 20 business and one of Australia’s largest and highest ranking independent corporate advisors.

1

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

Nov oct company 30-Nov-11 31-oct-11 change Nov oct company 30-Nov-11 31-oct-11 change

1 1 BHP Billiton Ltd. (ASX:BHP) $185,932.3 $201,266.9 (7.6%) 51 42 Bathurst Resources Ltd (ASX:BTU) $455.0 $537.2 (15.3%)

2 2 Rio Tinto Ltd. (ASX:RIO) $118,355.9 $130,801.2 (9.5%) 52 49 Beadell Resources Ltd (ASX:BDR) $454.0 $516.5 (12.1%)

3 3 Newcrest Mining Ltd. (ASX:NCM) $26,448.7 $25,639.7 3.2% 53 41 Mineral Deposits Ltd. (ASX:MDL) $450.3 $540.5 (16.7%)

4 4 Fortescue Metals Group Ltd. (ASX:FMG) $14,136.6 $15,101.9 (6.4%) 54 56 Gryphon Minerals Ltd. (ASX:GRY) $448.5 $418.7 7.1%

5 5 Coal & Allied Industries Ltd. (ASX:CNA) $10,781.5 $10,710.5 0.7% 55 54 Gold One International Limited (ASX:GDO) $445.1 $441.1 0.9%

6 6 Iluka Resources Ltd. (ASX:ILU) $6,088.4 $6,755.6 (9.9%) 56 59 Cockatoo Coal Limited (ASX:COK) $421.6 $391.2 7.8%

7 7 New Hope Corp. Ltd. (ASX:NHC) $4,898.4 $4,939.9 (0.8%) 57 64 Ramelius Resources Ltd. (ASX:RMS) $391.2 $358.9 9.0%

8 8 MacArthur Coal Ltd. (ASX:MCC) $4,836.5 $4,890.9 (1.1%) 58 66 Troy Resources NL (ASX:TRY) $387.6 $355.2 9.1%

9 10 Alumina Ltd. (ASX:AWC) $3,306.4 $3,611.5 (8.4%) 59 61 Summit Resources Ltd. (ASX:SMM) $381.5 $381.5 0.0%

10 9 OZ Minerals Limited (ASX:OZL) $3,287.0 $3,674.7 (10.6%) 60 62 Indophil Resources NL (ASX:IRN) $378.3 $378.3 0.0%

11 13 Aquila Resources Ltd. (ASX:AQA) $2,668.5 $2,470.8 8.0% 61 58 Kingsrose Mining Limited (ASX:KRM) $376.0 $413.2 (9.0%)

12 11 Whitehaven Coal Limited (ASX:WHC) $2,621.0 $2,942.3 (10.9%) 62 63 Ampella Mining Limited (ASX:AMX) $357.4 $371.0 (3.7%)

13 12 Atlas Iron Limited (ASX:AGO) $2,566.9 $2,791.6 (8.0%) 63 67 Metals X Limited (ASX:MLX) $345.0 $319.1 8.1%

14 15 Lynas Corporation Limited (ASX:LYC) $2,082.3 $2,065.2 0.8% 64 57 Guildford Coal Limited (ASX:GUF) $335.7 $415.5 (19.2%)

15 17 Extract Resources Ltd. (ASX:EXT) $2,011.1 $1,935.9 3.9% 65 71 Adamus Resources Ltd. (ASX:ADU) $324.9 $311.0 4.5%

16 16 PanAust Limited (ASX:PNA) $1,864.8 $1,936.1 (3.7%) 66 65 Bougainville Copper Ltd. (ASX:BOC) $322.9 $356.9 (9.6%)

17 14 Aston Resources Limited (ASX:AZT) $1,692.6 $2,157.8 (21.6%) 67 55 Bandanna Energy Limited (ASX:BND) $311.8 $438.6 (28.9%)

18 20 Gloucester Coal Ltd. (ASX:GCL) $1,560.3 $1,389.9 12.3% 68 80 Cape Lambert Resources Limited (ASX:CFE) $309.8 $277.2 11.8%

19 22 Regis Resources Limited (ASX:RRL) $1,429.4 $1,302.9 9.7% 69 100 Northern Star Resources Ltd. (ASX:NST) $308.9 $199.5 54.8%

20 18 Mount Gibson Iron Ltd. (ASX:MGX) $1,347.8 $1,672.6 (19.4%) 70 70 Tiger Resources Ltd. (ASX:TGS) $308.7 $315.4 (2.1%)

21 25 Paladin Energy, Ltd. (ASX:PDN) $1,295.0 $1,252.5 3.4% 71 69 Noble Mineral Resources Ltd. (ASX:NMG) $306.1 $316.0 (3.1%)

22 19 Perseus Mining Ltd. (ASX:PRU) $1,294.5 $1,413.9 (8.4%) 72 76 Panoramic Resources Ltd. (ASX:PAN) $304.1 $305.2 (0.4%)

23 21 Aquarius Platinum Ltd. (ASX:AQP) $1,154.7 $1,331.9 (13.3%) 73 98 Galaxy Resources (ASX:GXY) $294.2 $210.2 40.0%

24 - Evolution Mining Limited (ASX:EVN) $1,114.8 $309.0 260.8% 74 90 Red 5 Ltd. (ASX:RED) $288.8 $237.5 21.6%

25 23 Sundance Resources Ltd. (ASX:SDL) $1,108.2 $1,260.7 (12.1%) 75 88 Perilya Ltd. (ASX:PEM) $281.5 $241.7 16.5%

26 24 Medusa Mining Limited (ASX:MML) $1,085.8 $1,255.7 (13.5%) 76 89 Brockman Resources Limited (ASX:BRM) $276.5 $240.2 15.1%

27 26 Zimplats Holdings Ltd. (ASX:ZIM) $1,076.4 $1,184.0 (9.1%) 77 85 Focus Minerals Limited (ASX:FML) $254.9 $254.9 0.0%

28 29 Western Areas NL (ASX:WSA) $1,017.3 $1,044.0 (2.6%) 78 68 Alkane Resources Limited (ASX:ALK) $252.9 $317.5 (20.3%)

29 27 Coalspur Mines Limited (ASX:CPL) $959.5 $1,084.2 (11.5%) 79 74 Metminco Limited. (ASX:MNC) $244.8 $307.1 (20.3%)

30 31 Sandfire Resources (ASX:SFR) $950.7 $1,032.0 (7.9%) 80 73 Aditya Birla Minerals Limited (ASX:ABY) $241.3 $308.7 (21.8%)

31 35 Resolute Mining Ltd. (ASX:RSG) $931.3 $781.2 19.2% 81 84 Tanami Gold NL (ASX:TAM) $240.1 $257.1 (6.6%)

32 30 Kingsgate Consolidated Limited (ASX:KCN) $921.3 $1,042.0 (11.6%) 82 95 Greenland Minerals and Energy Ltd (ASX:GGG) $240.1 $217.5 10.4%

33 28 Independence Group NL (ASX:IGO) $892.8 $1,079.5 (17.3%) 83 91 BC Iron Limited (ASX:BCI) $224.0 $228.6 (2.0%)

34 34 CGA Mining Limited (ASX:CGX) $757.0 $783.7 (3.4%) 84 60 Northern Iron Limited (ASX:NFE) $221.8 $388.2 (42.9%)

35 39 Silver Lake Resources Limited (ASX:SLR) $738.5 $597.3 23.6% 85 83 Equatorial Resources Limited (ASX:EQX) $217.3 $260.0 (16.4%)

36 48 Ivanhoe Australia Limited (ASX:IVA) $731.4 $519.4 40.8% 86 78 Kagara Ltd (ASX:KZL) $215.5 $290.8 (25.9%)

37 33 Mirabela Nickel Ltd. (ASX:MBN) $727.8 $816.4 (10.8%) 87 108 Azimuth Resources Limited (ASX:AZH) $212.2 $171.8 23.5%

38 32 Energy Resources of Australia Ltd. (ASX:ERA) $719.6 $872.5 (17.5%) 88 96 Base Resources Limited (ASX:BSE) $207.2 $216.4 (4.3%)

39 36 ST Barbara Ltd. (ASX:SBM) $713.1 $713.1 0.0% 89 82 Rex Minerals Limited. (ASX:RXM) $202.0 $260.4 (22.4%)

40 47 Jupiter Mines Ltd. (ASX:JMS) $644.8 $523.0 23.3% 90 93 Straits Resources Limited (ASX:SRQ) $201.4 $225.7 (10.8%)

41 45 Sphere Minerals Limited (ASX:SPH) $635.5 $529.5 20.0% 91 113 ABM Resources NL (ASX:ABU) $200.1 $165.4 21.0%

42 50 CuDeco Ltd. (ASX:CDU) $583.6 $499.9 16.7% 92 97 Iron Ore Holdings Limited (ASX:IOH) $199.3 $210.9 (5.5%)

43 38 Discovery Metals Ltd. (ASX:DML) $570.0 $612.6 (7.0%) 93 87 Gujarat NRE Coking Coal Limited (ASX:GNM) $198.3 $242.9 (18.4%)

44 37 Gindalbie Metals Ltd. (ASX:GBG) $567.8 $627.0 (9.4%) 94 75 OM Holdings Limited (ASX:OMH) $195.8 $306.3 (36.1%)

45 40 Intrepid Mines Limited (ASX:IAU) $549.4 $595.5 (7.7%) 95 112 Norton Gold Fields Limited (ASX:NGF) $178.4 $165.7 7.7%

46 46 Grange Resources Limited (ASX:GRR) $542.2 $524.9 3.3% 96 106 Astron Ltd. (ASX:ATR) $175.9 $179.0 (1.7%)

47 51 Saracen Mineral Holdings Limited (ASX:SAR) $522.6 $447.0 16.9% 97 120 Murchison Metals Limited (ASX:MMX) $174.8 $132.7 31.7%

48 43 Kangaroo Resources Limited (ASX:KRL) $515.2 $532.3 (3.2%) 98 81 Aspire Mining Limited (ASX:AKM) $173.7 $263.7 (34.1%)

49 79 Flinders Mines Limited. (ASX:FMS) $510.0 $282.3 80.6% 99 107 Carabella Resources Limited (ASX:CLR) $172.7 $178.8 (3.4%)

50 53 Integra Mining Ltd. (ASX:IGR) $481.0 $443.0 8.6% 100 92 Nucoal Resources NL (ASX:NCR) $172.5 $227.8 (24.3%)
Includes ASX Resource companies excluding oil and gas

2

DECEMBER 2011

Mkt cap (A$m) % Mkt cap (A$m) %

Nov oct company 30-Nov-11 31-oct-11 change Nov oct company 30-Nov-11 31-oct-11 change

101 102 Blackgold International Hold. Ltd (ASX:BGG) $169.9 $197.2 (13.9%) 126 115 Highlands Pacific Limited (ASX:HIG) $109.6 $147.3 (25.6%)

102 94 Arafura Resources Limited (ASX:ARU) $165.6 $224.5 (26.2%) 127 167 Dragon Mountain Gold Ltd (ASX:DMG) $108.5 $81.5 33.2%

103 99 Marengo Mining Limited (ASX:MGO) $165.4 $200.5 (17.5%) 128 135 Doray Minerals Limited (ASX:DRM) $108.5 $113.8 (4.7%)

104 118 Deep Yellow Ltd. (ASX:DYL) $163.6 $141.1 16.0% 129 128 Sylvania Platinum Limited (ASX:SLP) $108.5 $123.5 (12.2%)

105 109 Cokal Limited (ASX:CKA) $161.7 $171.0 (5.5%) 130 121 Alcyone Resources Ltd (ASX:AYN) $107.2 $132.1 (18.9%)

106 119 African Iron Limited (ASX:AKI) $158.1 $140.5 12.5% 131 146 Stanmore Coal Limited (ASX:SMR) $106.2 $98.6 7.7%

107 104 Hillgrove Resources Ltd. (ASX:HGO) $150.8 $190.5 (20.8%) 132 125 Tigers Realm Coal Limited (ASX:TIG) $105.5 $129.2 (18.3%)

108 129 Orocobre Limited (ASX:ORE) $150.7 $122.8 22.7% 133 131 Robust Resources Limited (ASX:ROL) $104.8 $120.7 (13.2%)

109 105 Atlantic Ltd (ASX:ATI) $148.3 $182.9 (18.9%) 134 150 Red Hill Iron Ltd (ASX:RHI) $102.3 $94.4 8.4%

110 44 White Energy Company Limited (ASX:WEC) $147.0 $531.1 (72.3%) 135 141 Finders Resources Limited (ASX:FND) $100.8 $106.3 (5.2%)

111 103 Moly Mines Ltd. (ASX:MOL) $146.3 $194.4 (24.8%) 136 145 Dragon Mining Limited (ASX:DRA) $99.2 $99.2 0.0%

112 111 Mincor Resources NL (ASX:MCR) $145.1 $166.8 (13.0%) 137 126 Resource Generation Limited (ASX:RES) $98.0 $126.4 (22.4%)

113 123 Papillon Resources Limited (ASX:PIR) $143.3 $130.7 9.6% 138 133 Cerro Resources NL (ASX:CJO) $97.3 $119.8 (18.8%)

114 142 Kentor Gold Limited (ASX:KGL) $138.1 $105.1 31.3% 139 137 Tribune Resources Limited (ASX:TBR) $94.6 $111.7 (15.3%)

115 114 Kula Gold Limited (ASX:KGD) $132.9 $158.8 (16.3%) 140 140 Mungana Goldmines Ltd (ASX:MUX) $94.6 $110.3 (14.3%)

116 130 Crusader Resources Limited (ASX:CAS) $130.0 $121.2 7.3% 141 160 Resource and Investment NL (ASX:RNI) $93.7 $85.0 10.3%

117 101 South Boulder Mines Ltd. (ASX:STB) $127.3 $198.4 (35.8%) 142 136 African Energy Resources Limited (ASX:AFR) $93.1 $112.6 (17.3%)

118 117 Ausgold Limited (ASX:AUC) $126.7 $142.0 (10.8%) 143 139 Ironbark Zinc Ltd. (ASX:IBG) $92.1 $110.5 (16.7%)

119 122 Gold Road Resources Limited (ASX:GOR) $124.7 $131.3 (5.0%) 144 153 Iron Road Limited (ASX:IRD) $91.1 $93.9 (3.0%)

120 127 Metrocoal Ltd. (ASX:MTE) $121.1 $126.0 (3.9%) 145 165 Hot Chili Limited (ASX:HCH) $90.1 $82.8 8.8%

121 144 Rocklands Richfield Limited (ASX:RCI) $117.1 $100.9 16.1% 146 152 Centrex Metals Limited (ASX:CXM) $89.4 $94.1 (5.0%)

122 138 Azumah Resources Ltd (ASX:AZM) $117.0 $111.4 5.1% 147 151 Pacific Niugini Ltd (ASX:PNR) $89.3 $94.3 (5.3%)

123 124 Altona Mining Limited (ASX:AOH) $116.7 $129.7 (10.0%) 148 143 Voyager Resources Limited (ASX:VOR) $89.2 $101.6 (12.2%)

124 116 Cobar Consolidated Resources Ltd (ASX:CCU) $115.2 $146.1 (21.1%) 149 159 Venturex Resources Limited (ASX:VXR) $88.1 $85.9 2.5%

125 132 YTC Resources Limited (ASX:YTC) $114.6 $120.6 (5.0%) 150 162 PanTerra Gold Limited (ASX:PGI) $87.5 $84.1 4.0%
Source: Capital IQ

new enTranTs - november eXiTs - november
24 Evolution Mining Limited (ASX:EVN) Hunnu Coal Limited (ASX:HUN)
127 Dragon Mountain Gold Ltd (ASX:DMG) Conquest Mining Limited (ASX:CQT)
141 Resource and Investment NL (ASX:RNI) Catalpa Resources Limited (ASX:CAH)
144 Iron Road Limited (ASX:IRD) Exco Resources Ltd. (ASX:EXS)
145 Hot Chili Limited (ASX:HCH) NKWE Platinum Ltd. (ASX:NKP)
146 Centrex Metals Limited (ASX:CXM) Australasian Resources Ltd (ASX:ARH)
147 Pacific Niugini Ltd (ASX:PNR) IMX Resources Ltd. (ASX:IXR)
149 Venturex Resources Limited (ASX:VXR) Centaurus Metals Limited (ASX:CTM)
150 PanTerra Gold Limited (ASX:PGI) Reed Resources Ltd. (ASX:RDR)
Based on market capitalisation as at 30 November vs 31 October

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

Laggers

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

3

Group 150
Group 150 markeT capiTaLisaTion
-5.2%
442.5
+23.0%
Market Valuation (A$b) - Group 150

asX indeX performance - november Group 150 mkT cap - by commodiTy

merGer & acquisiTions - announced in november & ocTober
percent premium - premium -
Date Value consideration
Target Acquirer Sought 1 Day prior 1 Month prior
Announced (A$m) offered
(%) (%) (%)

29-Nov-2011 Accent Resources N.L. (ASX:ACS) Xinyang Resources (HK) Limited 52.1 91 -12.0 3.1 Cash

Magnitogorsk Iron & Steel Works
25-Nov-2011 Flinders Mines Limited. (ASX:FMS) 553.4 100 81.8 106.9 Cash
(MICEX:MAGN)

31-Oct-2011 Laguna Resources NL (ASX:LRC) Kingsgate Consolidated Limited (ASX:KCN) 11.2 30 107.2 107.2 Cash

13-Oct-2011 Signature Metals Limited (ASX:SBL) LionGold Corp Ltd (SGX:A78) 48.9 100 49.3 29.4 Equity

Iron Ore Holdings Limited, Phils Creek, Lamb
13-Oct-2011 Process Minerals International Pty Ltd. 42.0 100 - - Cash
Creek, and Yandicoogina Creek

2-Oct-2011 Aston Resources Limited, Maules Creek Project J-Power Australia Pty. Ltd. 374.5 10 - - Cash
Source: Capital IQ
Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m

4

DECEMBER 2011

does m&a acTiviTy creaTe sharehoLder vaLue in The mininG indusTry
Building on the September 2011 edition of Gresham Group 150 where we summarised our study results of the takeover
premiums offered in recent M&A transactions, we investigated the thesis that M&A activity was value creative in the mining
industry. The measure of value creation was assessed by the change in market capitalisation of the predator and the target
between 1 week prior and 1 week and then 3 months after the announcement of the transaction.
Although there is considerable “noise” in the dataset, in the form of varying forms of offer consideration, commodity specific
factors, transaction rationale/size and market dynamics, the evidence supports the value of the target firm increases as the
market evaluates and understands the transaction and the completion risk reduces.
The analysis covers the M&A transactions announced in the past 2 years.

Target
change in Market capitalisation
1 week prior and 1 week 1 week prior and 3 months
after announcement after announcement
Bidder/predator 29% Average Bidder/predator
32% Average

Source: Capital IQ

5

Group 150
does m&a acTiviTy creaTe sharehoLder vaLue in The mininG indusTry
TThe review of the predators suggests that the market, especially in scrip offers initially sells the stock down as shareholders
switch into the target. In certain circumstances, both the target and the predator increase in value, hence meeting the objective
of creating shareholder value in the mining industry.

predator
change in Market capitalisation

1 week prior and 1 week 1 week prior and 3 months
after announcement after announcement
Bidder/predator -2% Average Bidder/predator
6% Average

Source: Capital IQ

6

DECEMBER 2011

base meTaLs - secTor performance
Share price performance - November 2011

Copper Nickel Zinc
Share Price Performance

Share price performance - Since 30 June 2011

Share price performance - Since 31 December 2010

7

Group 150
coaL - secTor performance



8

DECEMBER 2011

diversified - secTor performance indusTriaL mineraLs - secTor performance






9

Group 150
GoLd - secTor performance


159% 173% 126%

10

DECEMBER 2011

iron ore - secTor performance



11

Group 150
pLaTinum - secTor performance uranium - secTor performance






12

DECEMBER 2011

consensus commodiTy price forecasTs - november
Gold (US$/oz) Silver (US$/OZ)
$2,500 $60
$1,747 $1,825 $1,808
$2,000 $1,600 $50
$37.00 $36.75
$1,400 $32.80 $31.13
$40 $30.47
$1,500
$30
$1,000
$20
$500 $10
$0 $0
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Copper (US$/lb) Nickel (US$/lb)
$5.00 $3.97 $3.97 $16.00
$3.76 $3.90
$3.58 $11.20
$4.00 $12.00 $9.51 $9.53 $9.75
$7.94
$3.00
$8.00
$2.00
$1.00 $4.00

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

Zinc (US$/lb) Lead (US$/lb)
$2.00 $2.00

$1.50 $1.13 $1.50 $1.20 $1.19 $1.18
$0.99 $1.08 $1.09 $1.06
$0.94 $0.96
$1.00 $1.00

$0.50 $0.50

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

Iron Ore Fines 62% (US$/mt) Uranium (US$/lb)
$200 $167.50 $100
$140.00 $70.00 $75.00
$130.90 $130.00 $64.50
$150 $75
$52.25
$100 $50

$50 $25

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

AUD:USD NYMEX (US$/bbl)
$1.25 $1.00 $1.00 $1.02 $1.00 $150 $126.50
$0.99 $113.00
$109.00
$1.00 $100.36 $96.00
$100
$0.75
$0.50
$50
$0.25
$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
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Sydney NSW 2000 Melbourne VIC 3000 Perth WA 6000
Telephone: 61 2 9221 5133 Telephone: 61 3 9664 0300 Telephone: 61 8 9486 7077
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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

Gresham "Group 150" - December 2011 (Print Pdf)

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