News

Highly profitable iron ore junior Fenix Resources has ended the quarter with net cash of A$93 million, though nearly $25 million subsequently flowed the way of shareholders earlier this month as dividend payments (reports MiningNews).

Fenix loaded six ships at Geraldton during the quarter with ore trucked in from its Iron Ridge mine 486kkm away by road. Six ships were loaded in the September period consisting 198,000 wet metric tonnes of lump and 143,422t of fines. The average price received was $176/t FOB, equivalent to US$163/t CFR. Cash costs on an FOB basis were A$87/t. Fenix has hedge contracts starting this month of 50,000t per month at a fixed price of $230 per dry metric tonne.

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Drilling at New World’s Antler copper project in Arizona continues to deliver high-grade results that highlight the robustness of mineralisation (reports Stockhead).

Results such as 7.3m grading 4.2% copper equivalent from a depth of 473m and 3.1m at 6.4% copper equivalent from 487.4m in ANT69 and 5.9m at 5.9% copper equivalent in ANT67 certainly bode well for a maiden resource estimate scheduled for completion later this month.

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BHP chief executive Mike Henry has warned governments and investors that a well-intentioned focus on environment, sustainability and governance issues could hamper the world’s decarbonisation agenda and trigger price shocks similar to those rattling world energy markets (reports The Australian Financial Review).

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Alicanto’s upcoming maiden resource estimate for the Sala silver-lead-zinc project in Sweden is looking very promising if the latest drill results are any indication (reports Stockhead).

Results of up to 663 grams per tonne (g/t) silver and 41% zinc are just the pointy end of exceptional zinc-silver assays from multiple stacked lodes that follow the previous round of bonanza-grade results.

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Shares in Trek Metals shot up after the company’s first drilling program at its Valley of the Gossans prospect, part of the Pincunah project in the Pilbara, confirmed the potential for a “significant VMS system” (reports MiningNews).

Reverse circulation hit 88m at 17 grams per tonne silver from 0m, including 4m at 223gpt silver; 25m at 6.7gpt silver from 112m, including 3m at 0.75% copper; 20m at 4.17gpt silver and 1.48% zinc from 171m, including 1m at 5.99% zinc and 6m at 3.76% zinc; and 70m at 7.39gpt silver from 0m, including 2m at 0.4% copper and 0.2gpt silver. The company said Valley of the Gossans shared "striking" geological similarities to Develop Global's advanced Sulphur Springs copper-zinc project, 25km to the east.

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A decade has passed since the nuclear reactor disaster at Fukushima in Japan. But something, well, seismic seems to be unfolding in Japanese politics (reports The Australian Financial Review).

The country has a new Prime Minister, Fumio Kishida, who seems ready to turn the page on the country’s post-Fukushima shutdown of its nuclear power industry. Last week, Industry Minister Koichi Hagiuda said nuclear power was “indispensable, when we think about how we can ensure a stable and affordable electricity supply while addressing climate change”. He had a simple pledge. The government probably will not build anything new, but “we will work to restart Japan’s nuclear reactors”. It is a big volte-face, but perhaps not surprising.

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BHP says Australia will not have the luxury of ignoring nuclear power’s potential to deliver reliable, carbon-free electricity as experts said last month’s submarine pact had welded the nation’s future to the radioactive fuel (reports The Australian Financial Review).

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Australian miners stand to benefit from the addition of nickel to a critical minerals list designed to help the US fix supply gaps in batteries and other energy technologies (reports The Australian Financial Review). Australia produces 24 per cent of the world’s nickel, according to government data, and the metal’s inclusion on the list could spur development of new mines and expansion of existing sites both in the US and Australia. The metal is used to strengthen alloys found in batteries, electronics, military hardware and a range of energy technologies.

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