ASX takes a belting but one graphite play delivers the goods

ASX takes a belting but one graphite play delivers the goods
Friday, November 28, 2014 by Proactive Investors



The Australian Stock Exchange slumped 1.5% to 5298 today, with energy stocks taking an absolute belting after another dramatic plunge in the oil price.

Crude oil prices sank to a four-and-a-half year low after OPEC stopped short from reducing production limits.

West Texas Intermediate for January delivery sank US$4.64, or 6.3%, to US$69.05 a barrel in electronic trading on the New York Mercantile Exchange, the least since May 2010.

The impact on the ASX included Santos (ASX:STO) diving 13.0% to $10.10, while Woodside Petroleum (ASX:WPL) dropped 7.1% to $35.75 and Oil Search (ASX:OSH) lost 5.9% to $7.97.


99.9% GRAPHITE!

One company shining bright today was Triton Minerals (ASX:TON) after delivering multiple intervals exceeding 15%TGC along with impressive metallurgical results from Nicanda Hill, which is located in the Balama North project in Mozambique.

Triton traded three million shares and was as high as $0.27 intra-day, before settling flat at the close at $0.245.

Nicanda Hill is already the world’s largest graphite and vanadium deposit, with the company delivering impressive high-purity (99.9%) graphite from laboratory testing.

This was achieved using a simple chemical wash.

This follows on from the Independent Scoping Study released earlier in the week for the Nicanda Hill graphite resource, which would see the project deliver an NPV of US$1,230 million (pre-tax) and an IRR of 137% (pre-tax).

http://www.*.com.au/companies/news/...e-graphite-play-delivers-the-goods-59275.html