News

Scott Morrison will release a 10-year plan aimed at dramatically upscaling Australia’s critical mineral and resources sector, amid a global push to create new tech manufacturing supply chains away from China (reports The Australian).

Scott Morrison will release a 10-year plan aimed at dramatically upscaling Australia’s critical mineral and resources sector, amid a global push to create new tech manufacturing supply chains away from China (reports The Australian). The Prime Minister, who will announce the opening of grants under the government’s $1.5bn manufacturing strategy in the NSW Hunter Region on Thursday, will outline his vision to ­unlock Australia’s bounty of critical minerals to manufacture new technologies.

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Venturex among big winners as bumper copper price and placement to Bill Beament put strong wind in its sails. Caravel and Orion also pick up speed.

The red metal copper has become the white-hot metal. It has surged from an average of $US2.50/lb in the June half of last year to $4.20/lb. It’s a level not seen since the 2011 height of the China-led mining boom and is a response to tight supply at a time of optimism around economic growth and the demand surge coming from the battery-powered revolution in the electrification of transport and the decarbonisation of stationary power.

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Feeding frenzy or supercycle? That is the question which dominated the thinking of seasoned market watchers this week as everything (well, almost everything) went up and the rotation out of precious metals into industrial commodities gathered pace.

Feeding frenzy or supercycle? That is the question which dominated the thinking of seasoned market watchers this week as everything (well, almost everything) went up and the rotation out of precious metals into industrial commodities gathered pace. Management moves, often seen at this stage of a sea-change in the commodity sector, also caught the eye of investors, especially the planned shift of Northern Star’s executive chairman, Bill Beament, for something smaller and presumably more fun.

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Sandfire Resources has posted a 78 per cent jump in first-half profit to $60.8 million on the back of higher copper prices and strong operational performance at its flagship DeGrussa operations (reports The West Australian).

Sandfire Resources has posted a 78 per cent jump in first-half profit to $60.8 million on the back of higher copper prices and strong operational performance at its flagship DeGrussa operations (reports The West Australian). Revenue was up 14 per cent to $355.6m, supported by the rising copper price, which reached an eight-year high of $US8000 a tonne in December and has continued to climb since. The copper miner declared an interim dividend of 8¢ a share, up from 5¢ previously. Sandfire held cash of $335.8m at the end of December.

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Chalice Mining has appointed former Rio Tinto executive Stephen McIntosh to its board as a non-executive director (reports MiningNews).

Chalice Mining has appointed former Rio Tinto executive Stephen McIntosh to its board as a non-executive director (reports MiningNews). McIntosh left Rio last year after 30 years with the company. He had been Rio's group executive of growth & innovation and health, safety, environment & security since 2016. He joined Rio as an exploration geophysicist in 1987 and led the exploration team from 2011 to 2016, joining the executive committee in 2016.

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Fund managers say they are witnessing the most bullish environment for commodities they’ve seen in more than a decade (reports The Australian Financial Review)

Fund managers say they are witnessing the most bullish environment for commodities they’ve seen in more than a decade, with base metals surging to multi-year highs and oil making one of its strongest starts to any year in at least the past 30 (reports The Australian Financial Review).

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Exploration company RareX (ASX: REE) has secured a $2.75 million investment by prominent resources identity Simon Lee via a placement comprising 25 million new and fully paid ordinary shares at 11c each (reports Small Caps).

Exploration company RareX (ASX: REE) has secured a $2.75 million investment by prominent resources identity Simon Lee via a placement comprising 25 million new and fully paid ordinary shares at 11c each (reports Small Caps). The placement will strengthen RareX’s cash and liquid position to approximately $11.25 million, with the new funding to be used to progress its growth strategy in the global rare earths sector.

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Gold prices have climbed back up above $US1,800 an ounce mark after dipping briefly below on optimism that the US economy would recover faster than expected from the COVID-19 pandemic (reports Stockhead).

Gold prices have climbed back up above $US1,800 an ounce mark after dipping briefly below on optimism that the US economy would recover faster than expected from the COVID-19 pandemic (reports Stockhead). However, US Federal Reserve Chair Jerome Powell warned that the economic recovery remained “uneven and far from complete” and that the central bank would continue to maintain its accommodative monetary policies.

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