Lithium producer Pilbara Minerals says the willingness of customers to stump up finance for the $231 million expansion of its Pilgangoora mine underscores the strong medium and long-term fundamentals of the sector (reports The Australian).
After a transformational period, in which Red 5 has gone from a troubled Filipino gold player to a mid-tier Aussie gold producer, managing director Mark Williams told the annual general meeting that the company had two mines keeping its mill fed and funding the revitalisation of two giants of Western Australia’s Goldfields (reports MiningNews).
It's been around 12 months since the company secured the Darlot mine, which has just passed 30 years of continuous production, and the mothballed King of the Hills open-pit to the south.
The buzz surrounding Rio Tinto’s secretive exploration camp in a remote corner of Western Australia has gathered further momentum, with mid-tier miner Independence Group agreeing to pump in almost $17 million to join the hunt in the region (reports The Australian).
Pilbara Minerals is the latest WA miner increasing its commitment to meet lithium demand for batteries to support renewable energy and power electric vehicles with a $231 million expansion of its Pilgangoora lithium project (reports The West Australian).
Fresh from its merger with Excelsior Gold, revitalised Eastern Goldfields player Spitfire Materials has this morning delivered a 2.6 million ounce consolidated resource for its Bardoc project outside Kalgoorlie, which it says gives it a good foundation for development of a new mid-tier gold producer (reports MiningNews).
The gold price has most likely bottomed and is expected to climb in 2019, but it’s not out of the woods yet, as investment sector demand remains low, according to Refinitiv’s latest GFMS Gold Survey (reports MiningNews).
Refinitiv, formerly Thomson Reuters' financial and risk business, said the gold price reached US$1174 per ounce in mid-August, its lowest point since the start of 2017, but has since recovered to $1230/oz.
It forecast an average price of $1224/oz in the December quarter and an average of $1285/oz for 2019.