It will come as no surprise to readers to learn that fund raisings on the Venture Exchange in Toronto hit a 53 week low a week or so ago. As at 1st August, the value of open deals on the Venture stood at just C$22 million, according to data cited by SP Angel last week.
In the past couple of years the malaise in the junior market in Canada has been more pronounced than it has in London, principally because the liquidity which made Canada so attractive in the boom times has now dried up, as moms & pops have fled for the sunnier uplands of other sectors.
Paradoxically, relatively lower liquidity in London has meant that the junior mining sector has been less severely damaged. Though hurting, London's mining investors are professionals, and more inclined to stay the course.
And this has meant that juniors with London connections, after years of sniping about Aim, are suddenly much more inured to its charms.
There's not exactly a flood of deals on Aim either, but things could be about to improve. Some in the industry are beginning to talk about the bottom of the market. Economic news is better out of the US, and news from China is picking up too. The gold price is down, but not out, and base metals show signs of life in response to positive economic data.
Some companies teetering on the edge of the precipice will still fall. But others may now be able to pull back from the edge. August will be a nervous time. But - just possibly - things will start to pick up in September. And we'll keep you apprised of all the developments as they happen here on Minesite.
| 95th Minesite Forum - 17th October 2013 |
95th Minesite Forum
Thursday 17th October 2013
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London
EC1Y 4SD
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