News

Gold producer St Barbara has paid A$25.3 million cash for a 19.8% stake in explorer Kin Mining (reports MiningNews).

The acquisition of 158.1 million shares was made yesterday at an average price of 16c per share, a premium to Kin's closing price of 14c yesterday. Kin closed at just 11.5c on Tuesday. St Barbara has been working on a Leonora province plan centred around its 1.4 million tonne per annum Gwalia mill. Kin's Cardinia project has a resource of 30 million tonnes grading 1.28 grams per tonnes for 1.23 million ounces and is about 35km from the Gwalia mill. St Barbara has been relying on about 200,000t per annum of third party ore to fill the mill.

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Kairos Minerals (ASX: KAI) has unearthed “encouraging” drill results from a recent campaign at the Roe Hills project

Kairos Minerals (ASX: KAI) has unearthed “encouraging” drill results from a recent campaign at the Roe Hills project, with the program uncovering shallow gold mineralisation close to Silver Lake Resources’ (ASX: SLR) French Kiss operation (reports Small Caps).

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Two of the biggest names in Australian mining have thrown their weight behind a star-studded special purpose acquisition company (SPAC) in the United States under plans to acquire copper and battery minerals assets (reports The Australian Financial Review

Former Northern Star Resources talisman Bill Beament and former Fortescue Metals chief executive Nev Power have joined Glencore director Patrice Merrin in “Metals Acquisition Corp”; a SPAC that filed its prospectus with the United States Securities Exchange Commission (SEC) this week. SPACs are listed shell companies with no business activity that raise money with the sole purpose of making future acquisitions and Metals Acquisition Corp hopes to raise up to $US287.5 million ($384.3 million) ahead of a likely listing on the New York Stock Exchange.

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IT was never part of Simon Lawson’s plan to run an exploration company (reports MiningNews).

A geologist by training, he describes himself as an "operations guy" who loves to get his hands dirty. After getting his geology degree from the University of Auckland, Lawson started out his career with Jubilee Mines/Xstrata Nickel before working for Silver Lake Resources at Daisy Milano. He then joined Northern Star Resources around the same time it had acquired the Paulsens gold mine, initially being Paulsens' geology manager before working his way up to principal geologist for the company.

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Canaccord Genuity says gold production of 15.2koz from Red 5’s (ASX: RED) Darlot gold mine for the June quarter was above its forecast of 13.3koz, largely driven by higher plant throughput.

Canaccord has a Speculative Buy recommendation on the $434 million gold miner, with a price target of 35c-a-share, well above its current price of 18.5c. “AISC of A$2,461/oz was slightly higher than Canaccord’s estimate of A$2,445/oz with higher volumes mined and milled causing the variance,” said Canaccord analyst Henry Renshaw. “The result takes production for the full FY21 to 76.1koz at an AISC of A$2,273/oz, which is within the recently revised guidance range of 74-78koz at an AISC of A$2,240-2,290/oz.”

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Investors caught a glimpse of the elephant in the room this week as inflation in the U.S. bolted to a 13-year high in June, triggering a predictable response from gold which rose to a six-week high and looked poised to keep going.

The return of gold to a price above $US1825 an ounce followed news on Tuesday that inflation in the U.S. hit an annualised 5.4% last month, triggering a debate about whether the increase was temporary or the start of a significant upward trend. The only answer to the inflation question, at this stage, is that the jury of professional opinion is out. Jay Powell, head of the U.S. central bank, reckons the June number was a blip, but if he’s wrong then gold could take off, as it does whenever there’s an inflation scare and fear of a collapse in the value of money.

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Plus, Macquarie backs up bullish lithium call with initiation note and ‘outperform’ on Liontown and newly-listed Ozz to hit the exploration ground running.

It’s a bit hard to know what’s more interesting – Bellevue (BGL) cranking up the resource estimate at its namesake gold project to 3 million ounces or heavyweight BlackRock taking on the 6% short position in the stock through steady purchases. The resource upgrade is in the here and now and has an immediate valuation implications, while BlackRock versus the shorts could end up anywhere, although there are signs the shorts are already beating a retreat.

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Gold reclaimed the high ground this week as U.S. interest rates slipped on fears that the global economy is not recovering as quickly as hoped, or that a significant correction is brewing – or both.

Look anywhere in markets today and there are warnings flashing and value disconnections caused by the inflationary effect of cheap money which has created a hothouse economic effect and asset bubbles. A good example of contradictory pricing is that while lower interest rates and slower growth might have helped gold move back above $US1800 an ounce (before easing) it is a lot harder to explain copper, nickel and iron ore rising at the same time.

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