News

Activity at Calidus Resources’ Warrawoona gold project is ramping up ahead of first production next year (reports MiningNews).

The A$106 million project, outside Marble Bar in the Pilbara, is only 15 weeks into construction, which is going "seamlessly" according to workers on site during an analyst and media visit this week. "We're pretty proud of what's happening here - the guys on site are doing a sensational job," Calidus managing director Dave Reeves said. Construction kicked off in late March and remains on time and on budget for first gold in the June quarter of 2022. Earlier this month, Calidus drew down on the first $25 million of a $110 million Macquarie debt facility.

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Momentum is steadily building for uranium companies, as investors who have bet on the bottom for the past several years begin to see returns amid broader positive sentiment in the market (reports Stockhead).

Percolating in the background is a wave of optimism that nuclear energy will become a core part of the power mix as the world shifts away from fossil fuels and towards low-emissions power generation. Much of that comes from the US, where nuclear power makes up around 20% of the national electricity market.

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Growing up on the family property in country Victoria, James Stewart’s favourite pastime involved dismantling toys to understand the mechanics of how they worked (reports The Australian Financial Review).

“When I was five, I was pulling an alarm clock apart and my aunt tried to stop me,” Stewart recalls. “My mum just told her to let me figure out how it works – she knew I wouldn’t stop until I worked it out.” This innate curiosity saw Stewart build his first car at 15 years of age and then his first engine a year later before undertaking a degree in mechanical engineering at Monash University. Fast-forward a number of decades, and the co-portfolio manager of Ausbil’s global resources fund applies the exact same thinking to picking stocks.

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Gateway Mining’s Gidgee gold project in WA is turning up more high-grade results, with infill RC drilling at the Evermore prospect returning coarse visible gold (reports Stockhead).

Highlight results from 10 of the 91 hole 14,311m RC program included: 10m at 2.8g/t from 101m, directly ‘up dip’ of a previously identified high-grade intercept (7m at 11.7g/t from 97m); and 2m at 10.8g g/t from 87m. In addition, the first diamond drill hole results from the six hole 2,550m program returned 1.9 metres at 22.4 g/t, including visible gold:

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Kairos Minerals (ASX: KAI) has started drilling a “sizeable” gold target at its Kangan project, 70km south of Port Hedland in Western Australia and only 20km from De Grey Mining’s (ASX: DEG) Hemi discovery (reports Small Caps).

The company has kicked-off a 5,000m aircore drilling program to test the sizeable Target 1 gold anomaly, which is adjacent to major structures identified through aeromagnetic and soil geochemistry data. Kairos noted the zone is about 1km wide and hosts similar large regional structures adjacent to the Hemi deposit which has more than 6.8 million ounces in gold resources with mineralisation remaining open along strike and at depth.

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Sunstone hoping imminent drilling program in Ecuador will reveal such a beast. And Bellevue dangles juicy carrot with bumper drilling results which point to increased production. But will a peer pounce before then?

Glencore’s not-so-retiring retiring CEO Ivan Glasenberg has added his voice to the call that $US6.80/lb ($US15,000t) copper prices are required to incentivise the new production needed to meet the wave of demand coming for the electrification of everything. His call followed an earlier one by Goldman Sachs which was more specific in that copper would peak at Glasenberg’s $US6.80/b – it is currently $US4.19/lb compared with its 2020CY average of $US2.72/lb  – as soon as 2025.

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Iron ore, coal and oil ore will be the commodity winners when the financial is ruled off next Wednesday. Gold, however, will end flat when looked at over the full 12-months, while copper and other battery metals continue to shape as next year’s winners.

In a nutshell, that’s where we have been in financial year 2020/21 and where we appear to be headed as financial markets say goodbye to a roller-coaster ride dominated by the Covid-19 pandemic and government spending designed to stave off a depression. By this time next year, a different picture will emerge, probably one dominated by the struggle to reel in the excess cash created in reaction to the pandemic which means inflation and interest rates will be one of big issues to watch, with energy transition another.

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The planned restart of a mothballed uranium mine in Australia -- the world’s third-largest producer -- is a fresh sign that developers are beginning to respond to an improving demand outlook

The planned restart of a mothballed uranium mine in Australia -- the world’s third-largest producer -- is a fresh sign that developers are beginning to respond to an improving demand outlook and the support of the Biden administration for zero-emissions nuclear energy (reports Bloomberg).

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