Junior miners suffer financing drought | CanadianBusiness.com
“Some juniors are still trying to raise money in the market, but at a reduced share price,” says Gavin Dirom, president and CEO of the Association for Mineral Exploration British Columbia. “Others have been able to build up enough resources in the prior year or two and weather the storm. Some are reducing the scope of work and trimming budgets.”
Junior miners seldom can rely on banks to see them through tough times. They instead traditionally turn to resource-centered mutual funds, strong-stomached private investors and boutique investment banks. This time companies are said to be turning to other sources, too, like Asian sovereign wealth funds.
The Halifax-based Metals Economics Group sees no relief this year. Analyst Justin Desrochers says that given the recent lull in bad news from Europe and the U.S., he sees light at the end of the tunnel. But it may not come soon enough. “A lot of juniors will try to raise money at the end of a calendar year when they have their exploration results from the summer in hand,” he says. “I don’t know if that’s going to happen this year.”
Junior miners suffer financing drought | CanadianBusiness.com
2012-09-21 01:49:24
Source: http://mastermetalsblog.blogspot.com/2012/09/junior-miners-suffer-financing-drought.html
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