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European markets steady ahead of Catalan election results

By Associated Press

Published: 01:37 EST, 21 December 2017 | Updated: 08:07 EST, 21 December 2017
..

By Associated Press

Published: 01:37 EST, 21 December 2017 | Updated: 08:07 EST, 21 December 2017

LONDON (AP) – European stock markets traded in narrow ranges Thursday as investors assessed the final congressional approval of a sweeping U.S. tax revamp and awaited results of an election in the restive Spanish region of Catalonia aimed at resolving months of political uncertainty.

KEEPING SCORE: In Europe, France's CAC 40 was flat at 5,352 while Germany's DAX fell 0.1 percent to 13,056. The FTSE 100 index of leading British shares rose 0.4 percent to 7,559. U.S. stocks were set for a solid opening with Dow futures and the broader S&P 500 futures up 0.2 percent.

TAX PASSAGE: The U.S. Congress passed President Donald Trump's $1.5 trillion tax overhaul, which brings generous cuts for corporations and rich Americans. Trump boasted that it would provide "rocket fuel" for growth in the world's biggest economy, though judging from the market reaction investors appear to have anticipated the result.

A man stands in front of an electronic stock board showing the Hang Seng Index at a bank in Hong Kong, Thursday, Dec. 21, 2017. Most Asian stock markets fell Thursday as investors were underwhelmed by final passage of a sweeping U.S. tax revamp and were awaiting the Japan central bank's final policy meeting of the year. (AP Photo/Kin Cheung)

A man stands in front of an electronic stock board showing the Hang Seng Index at a bank in Hong Kong, Thursday, Dec. 21, 2017. Most Asian stock markets fell Thursday as investors were underwhelmed by final passage of a sweeping U.S. tax revamp and were awaiting the Japan central bank's final policy meeting of the year. (AP Photo/Kin Cheung)

ANALYST TAKE: "Having mastered one legislative change, the administration's appetite for more will probably grow, with another go at health care certainly on the agenda, and even perhaps an infrastructure plan to boot," said Chris Beauchamp, chief market analyst at IG.

CATALAN VOTE: Voting was underway in Spain's Catalonia in an election intended to break a bitter deadlock of the region's independence drive. Some 5.5 million eligible voters will choose regional representatives to replace those sacked after separatist lawmakers declared independence in October.

CHINA ECONOMY: The Central Economic Work Conference, led by President Xi Jinping, is a throwback to China's era of central planning and plays an important role in setting development goals for the state-dominated economy. A statement issued after the three-day annual planning meeting contained no new initiatives and was in line with the ruling Communist Party's plans to make the economy more efficient while also building up state industries.

JAPAN POLICY: The Bank of Japan kept its monetary policy unchanged at its final meeting for 2017, signaling it will rely on recovering growth to help drive inflation higher. The key policy rate remains at minus 0.1 percent and massive asset purchases by the central bank are set to continue for as long as is needed to help attain a inflation target of 2 percent. The BOJ said inflation expectations were still in a "weakening phase."

ASIA'S DAY: Japan's benchmark Nikkei 225 lost 0.1 percent to close at 22,866.10 and South Korea's Kospi sank 1.7 percent to 2,429.83. The Hang Seng in Hong Kong gained 0.5 percent to 29,367.06 and the Shanghai Composite advanced 0.4 percent to 3,300.06. Australia's S&P/ASX 200 lost 0.3 percent to 6,060.40. India's Sensex was flat at 33,791.26.

CURRENCIES: The euro was down 0.1 percent at $1.1862 while the dollar rose 0.1 percent to 113.49 yen.

ENERGY: Benchmark U.S. crude fell 16 cents to $57.93 a barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price international oils, spiked $1.19 to $64.42 a barrel in London.

An electronic stock board shows the Hang Seng Index at a bank in Hong Kong, Thursday, Dec. 21, 2017. Most Asian stock markets fell Thursday as investors were underwhelmed by final passage of a sweeping U.S. tax revamp and were awaiting the Japan central bank's final policy meeting of the year. (AP Photo/Kin Cheung)An electronic stock board shows the Hang Seng Index at a bank in Hong Kong, Thursday, Dec. 21, 2017. Most Asian stock markets fell Thursday as investors were underwhelmed by final passage of a sweeping U.S. tax revamp and were awaiting the Japan central bank's final policy meeting of the year. (AP Photo/Kin Cheung)

An electronic stock board shows the Hang Seng Index at a bank in Hong Kong, Thursday, Dec. 21, 2017. Most Asian stock markets fell Thursday as investors were underwhelmed by final passage of a sweeping U.S. tax revamp and were awaiting the Japan central bank's final policy meeting of the year. (AP Photo/Kin Cheung)

A woman walks past an electronic stock board showing the Hang Seng Index at a bank in Hong Kong, Thursday, Dec. 21, 2017. Most Asian stock markets fell Thursday as investors were underwhelmed by final passage of a sweeping U.S. tax revamp and were awaiting the Japan central bank's final policy meeting of the year. (AP Photo/Kin Cheung)A woman walks past an electronic stock board showing the Hang Seng Index at a bank in Hong Kong, Thursday, Dec. 21, 2017. Most Asian stock markets fell Thursday as investors were underwhelmed by final passage of a sweeping U.S. tax revamp and were awaiting the Japan central bank's final policy meeting of the year. (AP Photo/Kin Cheung)

A woman walks past an electronic stock board showing the Hang Seng Index at a bank in Hong Kong, Thursday, Dec. 21, 2017. Most Asian stock markets fell Thursday as investors were underwhelmed by final passage of a sweeping U.S. tax revamp and were awaiting the Japan central bank's final policy meeting of the year. (AP Photo/Kin Cheung)

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Australia

Argonaut Resources directors show faith in company by participating in oversubscribed SPP

Argonaut Resources NL (ASX:ARE) directors have demonstrated their faith in the company’s copper-zinc strategy by participating in the recently closed share purchase plan (SPP).

Independent non-executive chairman Patrick Elliot purchased more than 4.465 million shares at 0.55 cents per share in an indirect interest.

He now holds 5,876,159 shares in that interest with another 20,324,574 held in a separate indirect interest.

Independent non-executive chairman Malcolm Richmond acquired more than 5.454 million shares in a direct interest, increasing the number held in this interest to almost 15 million with another 1 million held in an indirect interest.

Overwhelming response to SPP[hhmc]
The company was overwhelmed by the response to its SPP which closed early and more than twice oversubscribed with the target subsequently increased to $2.5 million from $1.2 million.

Subscriptions in excess of $3 million were received and as a result, the SPP was closed with immediate effect.

Money ..

Argonaut Resources NL (ASX:ARE) directors have demonstrated their faith in the company’s copper-zinc strategy by participating in the recently closed share purchase plan (SPP).

Independent non-executive chairman Patrick Elliot purchased more than 4.465 million shares at 0.55 cents per share in an indirect interest.

He now holds 5,876,159 shares in that interest with another 20,324,574 held in a separate indirect interest.

Independent non-executive chairman Malcolm Richmond acquired more than 5.454 million shares in a direct interest, increasing the number held in this interest to almost 15 million with another 1 million held in an indirect interest.

Overwhelming response to SPP


The company was overwhelmed by the response to its SPP which closed early and more than twice oversubscribed with the target subsequently increased to $2.5 million from $1.2 million.

Subscriptions in excess of $3 million were received and as a result, the SPP was closed with immediate effect.

Money raised under this SPP and from the recently completed $2.7 million share placeRead More – Source

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Australia

Strickland Metals shares jump 39% ahead of drilling base metal target near DeGrussa

Strickland Metals Ltd (ASX:STK) shares surged 39% today ahead of its maiden drilling program at the Doolgunna Project, which will include a diamond drilling program that is likely to begin by the end of this month.

As a part of the program, a minimum of four diamond holes will be drilled to a depth of 500 metres to test a VMS target similar to the nearby DeGrussa deposit of Sandfire Resources (ASX:SFR).

Heritage survey[hhmc]
Exploration activity has recommenced on the Doolgunna Project following completion of heritage surveys to allow land access to areas where the company wishes to complete exploration drilling.

The target for drilling is a compelling base metal prospect that exhibits geological characteristics that are interpreted to be similar to Sandfire Resources’ DeGrussa deposit about 30 kilometres to the east of the project.

The prospect has a 3-kilometre-long electromagnetic conductor that lies below an outcropping copper-zinc gossan that has been mapped over a 1.2-kilomet..

Strickland Metals Ltd (ASX:STK) shares surged 39% today ahead of its maiden drilling program at the Doolgunna Project, which will include a diamond drilling program that is likely to begin by the end of this month.

As a part of the program, a minimum of four diamond holes will be drilled to a depth of 500 metres to test a VMS target similar to the nearby DeGrussa deposit of Sandfire Resources (ASX:SFR).

Heritage survey


Exploration activity has recommenced on the Doolgunna Project following completion of heritage surveys to allow land access to areas where the company wishes to complete exploration drilling.

The target for drilling is a compelling base metal prospect that exhibits geological characteristics that are interpreted to be similar to Sandfire Resources’ DeGrussa deposit about 30 kilometres to the east of the project.

The prospect has a 3-kilometre-long electromagnetic conductor that lies below an outcropping copper-zinc gossan that has been mapped over a 1.2-kilometre strike.

Diamond core drilling


The company plans to start the diamond core drilling by the end of this month.

A multi-purpose drill rig has been contracted to enable the minimum planned program wRead More – Source

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Australia

Pan Asia Metals has positive discussions on plans for Thai lithium project

Pan Asia Metals Ltd (ASX:PAM) has had positive discussions with authorities in Phang Nga Province, Thailand, including the provincial government, for its Reung Kiet Lithium Project.

PAM has submitted a presentation covering all aspects of the project including methods of ongoing exploration, conceptual mining and concentrate production, and the potential for downstream value-adding industries in Phang Nga and Thailand.

The presentation and subsequent discussions were aimed at assisting Phang Nga Provincial Government in their considerations for the proposed mining and industrial development areas.

Provincial Government discussions[hhmc]
Pan Asia was recently invited by the chief executive officer of the Phang Nga Provincial Administrative Organisation (PAO), a Phang Nga Provincial Government coordinating body, to represent PAM and the Reung Kiet Lithium Project.

The meeting was also attended by the head of Phang Nga Provincial Industry along with the representatives of the Phang Ng..

Pan Asia Metals Ltd (ASX:PAM) has had positive discussions with authorities in Phang Nga Province, Thailand, including the provincial government, for its Reung Kiet Lithium Project.

PAM has submitted a presentation covering all aspects of the project including methods of ongoing exploration, conceptual mining and concentrate production, and the potential for downstream value-adding industries in Phang Nga and Thailand.

The presentation and subsequent discussions were aimed at assisting Phang Nga Provincial Government in their considerations for the proposed mining and industrial development areas.

Provincial Government discussions


Pan Asia was recently invited by the chief executive officer of the Phang Nga Provincial Administrative Organisation (PAO), a Phang Nga Provincial Government coordinating body, to represent PAM and the Reung Kiet Lithium Project.

The meeting was also attended by the head of Phang Nga Provincial Industry along with the representatives of the Phang Nga Provincial Public Works and Town Planning Office.

Phang Nga Provincial Industry head has been appointed by the Phang Nga governor as chairman of the Phang Nga New Town Planning Committee.

During the meeting, the chairman of the committee conveyed its support for the Reung Kiet Lithium Project.

PAO wants to ensure that the requirements of the Reung Kiet project are incorporated into the town planning committee’s zoning plans to ensure that the project can progress once exploration and feasibility results prove positive.

“Can bring opportunities”


PAM managing director Paul Lock said: “We have been working hard in Phang Nga province and we are very happy with the positive reception that the Reung Kiet Lithium Project is receiving from the Phang Nga Provincial Government and surrounding communities.

“Reung Kiet is strategically located and based on peer feasibility work the project is positioned to potentially be one of the lowest-cost suppliers of lithium chemicals in the global peer group.

“This is a project that can bring substantial opportunities and value to Phang Nga and Thailand.”

Pan Asia is planning its second Reung Kiet drilling program with expectations that this will begin in the coming months following the conclusion of the current Khao Soon drilling program.

Potential cost curve leader


Reung Kiet is a hard rock project with lepidolite rich pegmatites chiefly composed of quartz, albite and lepidolite with minor cassiterite and tantalite as well as other accessory minerals including some rare earth.

Lepidolite does not require roasting and has a suite of by-products which are recoverable at the concentrator and processing stages of the flow sheet.

Peer feasibility work has Read More – Source

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