News

The notion that the junior mining and exploration sector has lost out to the cannabis and tech sectors in the competition for the speculative investment dollar – and that there is no coming back – has been shot down in recent days.

The notion that the junior mining and exploration sector has lost out to the cannabis and tech sectors in the competition for the speculative investment dollar – and that there is no coming back – has been shot down in recent days. Big capital raisings in comparison to market caps have been popping up across the junior space and outside of gold, it has been kind of unusual because as yet, there has not been much in the way of support from commodity prices.

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If not for a series of significant fund raisings to back expansion moves by gold, nickel and lithium-exposed companies, the past five trading days were largely negative for investors.

If not for a series of significant fund raisings to back expansion moves by gold, nickel and lithium-exposed companies, the past five trading days were largely negative for investors. Saracen Mineral Holdings was the big one this week, attracting $796 million to help pay for a company-changing half-share in the Kalgoorlie Superpit gold mine. Mincor’s $35 million to accelerate nickel developments and ioneers’s $40 million to expand work on its Rhyolite Ridge lithium and boron project in the US. were two other well-supported deals.

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Saracen Mineral Holdings could more than double its annual production within four years courtesy of its Super Pit acquisition, according to chief financial officer Morgan Ball

Saracen Mineral Holdings could more than double its annual production within four years courtesy of its Super Pit acquisition, according to chief financial officer Morgan Ball (reports The West Australian). Speaking at the company’s annual general meeting in Perth yesterday, Mr Ball told shareholders the upside potential of the Super Pit along with organic growth at Saracen’s existing WA assets could deliver annual production of 800,000oz within four to five years.

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22nd November 2019

Paying one-third of your market capitalisation for a gold asset that just about doubles your production makes sense every day of the week (writes Barry FitzGerald on MiningNews).

Paying one-third of your market capitalisation for a gold asset that just about doubles your production makes sense every day of the week (writes Barry FitzGerald on MiningNews). Make that doubly so if downside risk to a fall in gold prices can be protected against using some astute hedging while prices are at near all-time highs in Aussie dollars, and the asset is truly bolt-on because it's operated by one of the best in the business for a management services fee.

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Kambalda-based Mincor has announced a $35m cap raise to fund its aggressive nickel restart strategy (reports Stockhead).

Kambalda-based Mincor has announced a $35m cap raise to fund its aggressive nickel restart strategy (reports Stockhead). In August 2018, developer Mincor Resources (ASX:MCR) unveiled a maiden resource at Cassini, the first nickel deposit to be discovered in the Kambalda district for many years. The resource has been updated three times since then. In November, it was increased to 1.254 million tonnes at 4 per cent nickel for 50,400 tonnes.

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The Reserve Bank considered a surprise rate cut at its Melbourne Cup day policy meeting, but ultimately decided to wait and see how its three cuts since June would work their way through the economy, the bank’s board minutes reveal (reports The Australian).

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US Federal Reserve officials stressed that risks to the US economy remained elevated as they agreed to put interest rates on hold following their third cut this year (reports The Australian Financial Review).

US Federal Reserve officials stressed that risks to the US economy remained elevated as they agreed to put interest rates on hold following their third cut this year (reports The Australian Financial Review). Many participants saw downside risks to the economic outlook as elevated, "further underscoring the case for a rate cut at this meeting,'' according to minutes of the October 29-30 Federal Open Market Committee session released Wednesday (Thursday AEDT) in Washington.

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Saracen Mineral Holdings believes exploration around Western Australia's Superpit mine will unlock ''decades'' more gold and vindicate its decision to spend $1.1 billion buying a 50 per cent stake in the asset at near record gold prices

Saracen Mineral Holdings believes exploration around Western Australia's Superpit mine will unlock ''decades'' more gold and vindicate its decision to spend $1.1 billion buying a 50 per cent stake in the asset at near record gold prices (reports The Australian Financial Review). The "transformational" deal would make Saracen one of the four biggest gold producers on the ASX and put it in the box seat to eventually own all of the Superpit should US giant Newmont ever follow Canadian rival Barrick's example by exiting the famous Kalgoorlie operation.

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