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.
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.
Matterhorn Asset Management founder and managing partner Egon von Greyerz says the current “mess in the world” is unsustainable, which is good news for gold (reports MiningNews).
Matterhorn owns the world's largest private gold vault in Switzerland.
Von Greyerz prefaced his keynote presentation to the Gold and Alternative Investments Conference in Sydney today by saying he wasn't a gold bug.
"I'm not a gold bug, I just measure risk," he said.
"I think we're looking at the greatest risk ever in history."
Saracen Minerals says it produced a record 96,324 ounces of gold in the September quarter
Saracen Minerals says it produced a record 96,324 ounces of gold in the September quarter, at a lower cost than forecast (reports The Australian).
That put the Perth miner on track to beat its FY20 guidance of 350,000 to 370,000 ounces, while its all-in sustaining cost of $A964 an ounce was below guidance of $A1,025 to $A1,075 an ounce.
Managing director Raleigh Finlayson said the production reflected Saracen's investment in exploration and development.
Rebooting nickel company Mincor Resources has recorded a second outstanding nickel intercept in the past month from its Cassini prospect near Kambalda in Western Australia
Rebooting nickel company Mincor Resources has recorded a second outstanding nickel intercept in the past month from its Cassini prospect near Kambalda in Western Australia, with a wedge hole between the two standout hits now being drilled ahead of a resource estimate early in November (reports MiningNews).
The 12.3m grading 5.1% nickel hit reported today included 9.7m at 6% nickel, with a true width of 7.6m.
The hole was 70m down-plunge from the intercept reported late last month of 15.4m at 4.7% nickel.
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.
Red 5 finally owns its Darlot mine free and clear having just paid the final A$5 million in deferred consideration to seller Gold Fields, two years after it agreed to buy the mine and reposition itself as a Western Australia-focussed gold miner (reports MiningNews).
The payment comes as the company continues to generate a healthy cashflow from Darlot and King of the Hills in the Eastern Goldfields, with the company holding $40 million in cash and bullion at the end of September, up from $25 million at mid-year.
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.