News

Macquarie has significantly boosted its iron ore price forecasts, leading to earnings upgrades of 30-50% for BHP, Rio Tinto, Fortescue Metals Group and Mineral Resources for the 2021 financial year (reports MiningNews).

Macquarie has significantly boosted its iron ore price forecasts, leading to earnings upgrades of 30-50% for BHP, Rio Tinto, Fortescue Metals Group and Mineral Resources for the 2021 financial year (reports MiningNews). The MySteel 62% Australian iron ore fines price hit a six-year high of US$128.50 per tonne this week. Macquarie has lifted its forecast for 2020 by 14% to $105/t, and by 27% to $100/t for 2021.

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It’s been five years of hard graft for Orion Minerals with its Prieska copper-zinc project in South Africa (reports The West Australian).

It’s been five years of hard graft for Orion Minerals with its Prieska copper-zinc project in South Africa (reports The West Australian). But the company’s diligence is beginning to pay off with investors sending its shares to a near 12-month high of 3.2¢ yesterday. Orion reported this week it had secured all permits for the refurbishment and eventual restart of the historic mine.

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Kairos Minerals (ASX: KAI) has begun a 5,000m reverse circulation (RC) drilling program at its growing Pilbara gold project in Western Australia (reports Small Caps).

Kairos Minerals (ASX: KAI) has begun a 5,000m reverse circulation (RC) drilling program at its growing Pilbara gold project in Western Australia (reports Small Caps). Drilling is now underway at what the company calls the “exciting” Fuego prospect with the Mt York prospect to follow. This is part of a large 2020 exploration program that includes soil and rock chip sampling, mapping, airborne magnetic and radiometric surveys, sub-audio magnet surveys as well as RC drilling.

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US chemicals giant Albemarle will begin a recruitment drive next month for up to 300 operational roles at its new lithium hydroxide plant at Kemerton, defying negative sentiment regarding the battery metal (reports The West Australian).

US chemicals giant Albemarle will begin a recruitment drive next month for up to 300 operational roles at its new lithium hydroxide plant at Kemerton, defying negative sentiment regarding the battery metal (reports The West Australian). The staged hiring campaign will initially target production operators with later recruitment waves employing laboratory technicians and tradespeople such as fitters, boilermakers and electrical instrumentation technicians for maintenance roles.

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UBS has upgraded its forecasts for the gold price for 2021 and 2022 (reports MiningNews).

UBS has upgraded its forecasts for the gold price for 2021 and 2022 (reports MiningNews). Next year, it sees gold averaging US$2100 an ounce, up from $1850/oz, and in 2022, averaging $2000/oz, up from $1750/oz. "We are raising our gold forecasts, now expecting prices to run higher and stay elevated for a longer period than we previously expected," UBS analysts said. Spot gold rose as high as $2063/oz on August 6, but last traded at $1928/oz. UBS' new 2021 forecast is 35% ahead of consensus of $1555/oz.

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Trigg Mining (ASX: TMG) has discovered a large scale palaeovalley beneath its Lake Throssell sulphate of potash project that has the potential to host “significant” potassium-rich brines (reports Small Caps).

Trigg Mining (ASX: TMG) has discovered a large scale palaeovalley beneath its Lake Throssell sulphate of potash project that has the potential to host “significant” potassium-rich brines (reports Small Caps). This structure is defined as a remnant of an inactive river or stream channel that has been filled or buried by younger sediment. Trigg’s gravity survey has confirmed the presence of the palaeovalley beneath Lake Throssell. It has been modelled to a depth of about 120m below surface.

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With the price defying analysts’ predictions of a sharp drop and BHP saying this week that it no longer expects “an abrupt step down”, juniors such as Fenix and Strike are feeling investors’ love. Plus, Chalice’s nickel-copper find attracts international attention.

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Volatility ruled financial markets this week with gold’s roller-coaster ride a perfect example of what to expect for the rest of the year.

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