As an end of year wrap, we have collated data for the miners under our coverage to track when directors and management bought and sold their companies’ shares voluntarily throughout 2015. We have not included transactions involving (i) vesting of shares or options, (ii) sales to cover tax obligations linked to share/option vesting, (iii) purchases under monthly share schemes, (iv) shares issued in lieu of director fees.

Kaz Minerals most frequent buyer, Randgold most frequent seller
Kaz Minerals tops the leader board for the highest number of discretionary purchases, net of sales, with nine throughout 2015. The top three buyers were Kaz (9), South32 (8) and Anglo American (7). The top three sellers were Randgold (-2), Ferrexpo (-1) and Rio Tinto (-1). Of the big four miners, Anglo’s directors made the most net purchases (7), followed by Glencore (5), BHP (1) and Rio was a net seller (-1). There were no insider transactions at Acacia Mining, Antofagasta, Fresnillo, Lonmin and Nyrstar

Eoin Treacy's view

Here is a link to the full report. 

2015 has been a trying period for mining executives as they have dealt with shuttering expansion plans, reducing headcount amid low prices for their products and shares prices that have, in many cases, accelerated lower. Against that background it is perhaps understandable that some might wish to diversify their holdings. Yet it is interesting that the selling is not universal and that some companies’ board members increased their stakes on a buy-low-sell-high basis. 

An additional perspective is that board members willing to commit to the long-term sustainability of their operations may be reflective of a corporate culture focused on long-term value creation rather than short-term gain.  

South32’s management continues to increase their position in the new venture despite the fact the share price has done nothing but trend lower since the break from BHP Billiton. Aluminium and metallurgical coal represent approximately 55% of revenue and despite short-term steadying both need to do more to illustrate a return to demand dominance. The share has steadied in the region of 46p but needs to break the progression of lower rally highs to signal a return to demand dominance beyond the short term. 

This is the first time in months BHP Billiton has rallied for two consecutive weeks which increases the potential that a mean reversionary rally is underway. 

Boliden remains a relative strength performer and found support this week above its August lows. 
Fresnillo has been ranging in the region of the 200-day MA since October but will need to sustain a move above 750p to confirm a return to demand dominance beyond the short term. 

Norwegian listed Norsk Hydro found support this week above its August low and a sustained move below NOK30 would be required to question potential for continued higher to lateral ranging.