Portfolio Update Nov. 30 2012

Queenston Mining (QMI.TO) – closed at a profit

Sold Queenston Mining at $5.27ish for a nice profit.  Osisko announced a takeover of Queenston (0.611 Osisko shares for every Queenston share).  I sold because it seemed to me that Queenston was close to fair value.  At this point in time, a competing bid seems unlikely to me.  One reason is that Osisko’s bid has a non-solicitation clause that Queenston management agreed to.  Agnico Eagle Mines, which has a strategic investment in Queenston, will not be bidding on Queenston as it struck a deal with Osisko.

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Iron ore miners (mainly in the Labrador trough)

So right now I am going through the miners in the Labrador trough area:

• Alderon (Altius Minerals owns a large stake in Alderon)
• MFC Industrial (MIL) owns a royalty on Cliffs’ Wabush mine
• Cliffs (CLF)
• Champion Minerals (CHM.TO)
• Labrador Iron Ore Royalty Corporation (LIF.UN)
• New Millennium Iron Corp (NML)
• Adriana Resources
• Zone Resources
• Oceanic Iron Ore Corp.

(I am obsessed with Altius Minerals ok?  See somebody else’s writeup on VIC.)

Thoughts on mining and exploration stocks #2

As somebody interested in investing, I want to figure out how to generate unusual returns from mining stocks.  Here’s a look at what “worked” in the past.