News

Leading fund manager names Boss as his pick of the uranium stocks. Plus, South32’s copper deal a boost for porphyry hunters such as Sunstone and Hot Chili.

World leaders - most of them anyway – will soon be heading to Glasgow for the United Nation’s Climate Conference, otherwise known as COP26. The idea is that there will be commitments to accelerated net zero emission targets to save us all from global warming through decarbonisation and the electrification of everything.

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Pilbara Minerals boss Ken Brinsden believes there is still further room to lithium to continue its stunning 2021 rally (reports MiningNews).

Spodumene prices were below US$400/t just a year ago, sparking a fight for survival for Pilbara and others. Pilbara was one of the companies to survive and become stronger. "It hurt but we learned some valuable lessons," Brinsden told The Boom in a Room Investor Conference on Friday. But even bullish Brinsden couldn't have foreseen the "extraordinary" rally in prices in 2021.

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Sandfire Resources managing director Karl Simich believes the penny is yet to drop for investors following the company’s latest acquisition (reports MiningNews).

Last month, the company announced the US$1.865 billion acquisition of the MATSA copper complex in Spain, which is the largest all-cash offer ever by an Australian mining company. The equity part of the deal required Sandfire to raise A$1.24 billion at $5.40 per share. The stock dropped as low as $5.05 earlier this month but closed at more than $6 on Friday. "In my view, we're worth at least $10 a share as we sit here today," Simich told The Boom in a Room Investor Conference on Friday.

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The global energy crisis dominated headlines this week with fossil fuels defying the rush into renewables, feeding fear of an inflationary spiral which, in turn, sparked a jump in the price of gold.

A move back towards $US1800 an ounce by gold was a measure of the uncertainty in financial markets as government start to unwind post-pandemic economic stimulus spending just as the climate change debate heats up.The net result is a cocktail of confusion, and perfect conditions for gold to shine even if part of the stimulus unwinding is an increase in official U.S. interest rates.

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Pilbara Minerals chief eyes another spot sale as he ramps up second plant. Plus, Sunstone soars on ‘major’ gold-copper find and St Barbara spurned in offer for neighbour Kin.

The lithium stocks have been trading well off their highs in recent weeks. The broader equity market weakness in response to fears over the global economic impact of shortages and rising costs for good old-fashioned carbon sources of energy have been cited for the hit. It kind of works if the EV buildout was coming to a screeching halt, which it is not. If anything, governments can be expected to insulate the booming battery space from the energy shortages/rising costs, as looks to be the case in China.

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China’s power crisis boosted prices for all forms of energy this week, though Australia’s full hand of coal, oil, gas, uranium, and renewables helped suppress investor anxiety about the threat of stagflation, an unpleasant mix of value-destroying low growth and high inflation. Adding to the sense of a sea-change in underlying economic fundamentals was a fresh burst of concern about rising interest rates and the withdrawal of easy central bank money which has propped up global asset values.

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Venturex Resources’ name change to Develop Global is complete (reports MiningNews).

Shareholders approved the change at a meeting last month. The company's ASX code will change from VXR to DVP. Develop managing director Bill Beament launched the new name and branding during a presentation at Diggers & Dealers in August. The company will focus on developing people, as well as projects. Beament said the name change reflected the company's new strategic direction and corporate culture.

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Plus, first assays for Sunstone’s porphyry play should be close, runaway mineral sands prices a big tailwind for Strandline and Chris Cairns’ new gold float E79 shakes off gold market weakness with strong demand for IPO

The copper stocks have not been spared from the broader market malaise. That’s despite the copper price remaining nice and strong at $US4.17/lb. Plug the spot price into the current earnings period and profits for the producers are going to be substantially higher than the pricing of copper equities would have you believe. If there was a feeling the copper price was about to tank, fair enough. But it is near-impossible to find a forecaster who thinks the copper price is headed for a dive like say, iron ore.

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