26th Nov 2019 15:46
(Alliance News) - Mineral & Financial Investments Ltd on Tuesday reported a sharp jump in net assets after adding Cerrado Gold and Golden Sun Resources to its portfolio.
At June 30, the investment company's NAV per share stood at 14.50 pence, almost double the 7.49p seen at the same point a year earlier.
The company's net assets almost doubled over the same period, rising to GBP5.1 million from GBP2.6 million.
Mineral & Financial's investment portfolio ended the period with a value of GBP5.0 million, more than double the GBP2.3 million seen the year before. During the period, the FSTE Mining Index gained 7.1%.
Chair Jacques Vaillancourt said: "During the past year our emphasis has been to find undervalued majors for the tactical portfolio, such as Barrick Corp, Newmont Goldcorp and Alamos which have been added to the Tactical Portfolio. For the Strategic Portfolio we have sought advanced stage exploration or early stage development, precious metal investment opportunities. During the period we have added Cerrado Gold and Golden Sun Resources to our Strategic Investment portfolio."
He added: "M&FI continues to seek suitable strategic investment opportunities that we believe will generate above average returns while adhering to our standards of prudence."
In the company's exchange-traded fund portfolio, its gold holding increased in value by 17%, while its silver holding decreased by 2.2%. Copper added 3.9% and Mineral & Financial described platinum as a "disappointing and perplexing" metal.
Among Mineral & Financial's equity portfolio the company cited the investments of Redcorp Empreedimentos Mineiros, Cap Energy, Ascendant Resources, Cerrado Gold and Golden Sun Resources as being particularly "noteworthy".
Shares in Mineral & Financial Investments were 2.2% higher in London on Tuesday at 11.50 pence each.
By Paul McGowan; [email protected]
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