One of the most anticipated exploration programs in recent times is about to kick off at Lucapa’s Brooking diamond project in Western Australia’s remote West Kimberley region (reports Barry FitzGerald on Stockhead).
OZ Minerals chief talks up copper fundamentals as new demand runs into stagnant supply pipeline; Plus Rex Minerals seeks $5m to reinvigorate Hillside
For a little while there it looked as if copper was going to give up its US$3 handle on global trade fears, a stronger US dollar, and something to do with Italy.
But here we are a week into June and the red metal has rallied 6% to $US3.25/lb. Short-covering on fears that BHP’s Escondida mine in Chile, the world’s number one producer, could be hit by strike action are being offered up as the main factor.
Copper and nickel staged a two-horse race on the Australian stock market this week with copper winning by a nose, but with most companies exposed to the metals enjoying strong support, led by Sandfire Resources in copper and Independence in nickel.
“Crawl, walk, run” might not be a text-book business plan but in the case of Battery Metals, an emerging graphite producer, there are two reasons to see it as an important policy — one ancient, one modern (reports Tim Treadgold on Stockhead).
Veteran Perth resource analyst James Wilson from Argonaut Securities has taken a liking to emerging gold company Genesis Minerals (ASX: GMD), issuing a Spec Buy recommendation and 10c price target for the stock on the back of latest drilling results from its Ulysses project in WA.
Shares in Todd River spiked 35% as the company reported drilling had hit a 24m interval of copper-zinc-lead massive sulphides at its Mount Hardy copper-zinc project in Northern Territory (reports MiningNews).
Copper has one of the best longer-term fundamentals among commodity markets, according to BMO Capital Markets, prompting the global broker to lift its long-term copper price forecast by 7% to US$3.25/lb.