News

Supply cuts and renewed optimism of a deal to end the China v US trade war triggered a modest realignment this week by investors

Supply cuts and renewed optimism of a deal to end the China v US trade war triggered a modest realignment this week by investors who shifted funds into industrial commodities and away from gold and other safe havens. How long that trend can continue will be very much influenced by political factors unfolding around the world, from Brexit in the UK to impeachment speculation in the US and civil unrest in Chile and other important South American copper-producing countries.

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WA explorer Syndicated Metals says a newly acquired, early stage project resembles the +6 million-ounce Tropicana deposit. Here’s hoping (reports Stockhead). Today, Syndicated (ASX:SMD) scored itself a second major landholding in the Laverton gold district of WA, buying an 80 per cent interest in the Edjudina project from Gateway Mining (ASX:GML). For Gateway, which is focused on its +240,000oz Gidgee project, Edjudina is a non-core asset.

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Sandfire Resources (ASX: SFR) is a consistent copper producer and should meet its FY20 guidance of 70-72kt of copper output, according to Citi Research

Sandfire Resources (ASX: SFR) is a consistent copper producer and should meet its FY20 guidance of 70-72kt of copper output, according to Citi Research, with the company also now boasting a “full” project development pipeline. However, investors need to balance the modest remaining mine life at the company’s DeGrussa operation in WA with the development timing of new projects set to come on stream over the next two years in Botswana and the USA, Citi said in a new research note released following the company’s September quarterly report.

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On the cusp of releasing results from a scoping study at the Vareš prospect in Bosnia & Herzegovina, Adriatic Metals has raised A$25 million from institutions and said it will list on the London Stock Exchange (reports MiningNews). Adriatic said the funds will allow it to complete a bankable feasibility study. The funds are being raised by issuing new shares priced at $1 each. Prior to this new fundraising Adriatic was estimated to have in the order of $5-6 million cash.

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Plus, the nickel planets look to be lining up for Mincor and its latest find

Junior explorers/developers vacated the WA iron ore space in a hurry back in 2011-12 when the iron ore price began its almighty slide from $US168/t down to $US55/t in 2015. But a couple of dam tragedies in Brazil and an annual global steelmake that has continued to surprise to the upside resulted in the iron ore price steadily rebuilding to an impressive $US102/t in the September quarter. Add in the lower exchange rate and iron ore is again a licence to print money for the big three of the WA industry – Rio Tinto, BHP and Fortescue.

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Gold recovered a little lost ground this week but the more important development was a double-dose of “outage” events in South America

Gold recovered a little lost ground this week but the more important development was a double-dose of “outage” events in South America which reinforced the investment case for copper and iron ore. Industrial and civil unrest in Chile and Peru, two of the world’s major copper producing countries, lifted the copper price by US8 cents a pound to $US2.64/lb, its highest for six weeks – even as underlying demand remained flat thanks to the US v China trade war.

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PolarX (ASX:PXX) has uncovered evidence that the Mars prospect within its Alaska Range project could host a very large mineralised system after its first hole intersected more than 400m of porphyry‐style veins and ended in mineralisation (reports Stockhead). Significantly, the veins contained visible iron, copper and molybdenum sulphides from near surface to the end of hole. The company added there is a notable increase in visible copper and molybdenum sulphide abundance from a depth of about 321m to the end of hole at 417m.

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Sipa Resources (ASX:SRI) has expanded the footprint of the Obelisk discovery at its Paterson North copper-gold project

Sipa Resources (ASX:SRI) has expanded the footprint of the Obelisk discovery at its Paterson North copper-gold project in WA by at least 200m to the northeast (reports Stockhead). The company said this was based on visual observations and portable XRF readings that returned results of up to 0.9 per cent copper along with anomalous tungsten, bismuth and molybdenum. Portable XRF results provide a picture of what has been discovered, but results that differ from the final assay results.

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