Plus, ‘impatient’ investors turn on Breaker despite 624,000-ounce maiden resource
OZ Minerals’ managing director Andrew Cole had some positive things to say about the group’s West Musgrave nickel-copper-cobalt joint venture in Western Australia with Cassini Resources (CZI) at OZ’s annual meeting this week.
He said the project was currently in pre-feasibility off the back of a robust scoping study and that OZ was looking to develop the Nebo-Babel deposit there into a “low-cost, scalable, long-life operation.
Gold, at least when priced in Australian dollars, saved the day for investors in what was a lacklustre and short trading week of falling values as the threat of a global economic slowdown grew larger and rising US interest rates helped build a wall of worry.
North American gold company Novo Resources said bulk sampling of conglomerate gold ground in the Pilbara region has been slower than expected due to rock hardness and other issues, although the company has recovered 80 nuggets in its maiden 7.1-tonne bulk sample processed in Perth (reports Miningnews).
Gold explorer Breaker Resources (ASX: BRB) may have missed the market on its maiden 624koz resource estimate this week, but the result provides a “good foundation” for the project that is “very much a starting point”, says leading Australian broker Bell Potter.
Commodities have soared in recent weeks – think aluminium – and in recent months – think oil – amid signs of global synchronised growth and strategists say there's still time to profit, even though some prices have overshot near term (reports the Australian Financial Review).
Newly-established Australian gold producer Red 5 (ASX: RED) maintained its guidance of 85-95,000oz for 2018 and is expecting 18-23,000oz in the June quarter after a hiccup last quarter impacted output and associated costs (reports Miningnews).