Gold dominated financial markets and news flow this week as the world stumbled towards a significant economic slowdown
Gold dominated financial markets and news flow this week as the world stumbled towards a significant economic slowdown, but in the background were early signs of another metal on the move.
Nickel, which has been edging towards a price break-out for much of the year rallied strongly early yesterday, moving above $US7 a pound, and briefly trading at $US7.50/lb, its highest in more than four years, before settling around $US7.06/lb.
In early July, nickel was selling for $US5.30/lb which means that at its high point yesterday the metal had risen by more than 40% in two months.
Northern Star Resources executive chairman Bill Beament believes the gold market is “going to start popping”
Northern Star Resources executive chairman Bill Beament believes the gold market is “going to start popping” (reports MiningNews).
Beament addressed the company's annual pre-Diggers & Dealers strategy day on Saturday just as Australian dollar spot gold hit an all-time high of A$2129 an ounce.
He said Northern Star had seen this coming about a year ago and acquired the Pogo mine in Alaska when the gold price was about US$300 an ounce lower in US dollar terms.
"This is not luck - we saw this coming," Beament said.
Saracen Mineral Resources boss Raleigh Finlayson says the company is in no hurry to pay a maiden dividend because shareholders were getting better bang for their buck from the company’s exploration success
Saracen Mineral Resources boss Raleigh Finlayson says the company is in no hurry to pay a maiden dividend because shareholders were getting better bang for their buck from the company’s exploration success (reports The West Australian).
Queried on the company’s dividend policy at the annual Diggers and Dealers Mining Forum in Kalgoorlie, Mr Finlayson said the company was discovering gold at $30 per reserve ounce versus merger and acquisition that was $300 to $400 per ounce.
Embattled gold miner Dacian Gold has its sights set on regaining investor confidence as it desperately tries to claw back its reputation as a rising star
Embattled gold miner Dacian Gold has its sights set on regaining investor confidence as it desperately tries to claw back its reputation as a rising star (reports The West Australian).
The fledgling miner and operator of the Mt Morgans gold project was punished after consecutive production downgrades shook investor confidence in the stock earlier this year.
Pilbara Minerals boss Ken Brinsden says the company will tailor its growth plans to match lithium demand
Pilbara Minerals boss Ken Brinsden says the company will tailor its growth plans to match lithium demand (reports MiningNews).
An oversupply situation has emerged in the spodumene sector, and Pilbara's Pilgangoora mine in the Pilbara hasn't been immune.
Brinsden told reporters at Diggers & Dealers that while chemical converters couldn't ramp up soon enough, changing battery chemistries meant China had fallen behind.
"They tinkered with the industry to try and incentivise new technology in lithium-ion batteries," he said.
Shares in Venturex ticked higher after the company announced a $100 million project debt facility and offtake agreement with Swiss commodity trading giant Trafigura for its Sulphur Springs copper and zinc project in the Pilbara (reports The West Australian).
Lucapa Diamond Company and its partners have generated A$8.8 million in the latest round of diamond sales from the Lulo alluvial operation in Angola and the Mothae kimberlite mine in Lesotho, taking total sales for the year to date just above $50 million (reports MiningNews)
Lulo sales totalled $6.3 million from a run of mine parcel of 3558 carats for an average of $1768/ct.
Total Lulo sales of 9582ct generated $37.4 million at an average price of $3899/ct in 2019.
Lucapa is 40% owner and operator of the mine.
Calidus Resources is another of the next wave of Australian gold developers being cautious with its project assessments given the “speed wobbles” seen of late in the sector (reports MiningNews).
peaking at Diggers & Dealers, Calidus MD Dave Reeves said the company had been "very conservative" on the grade estimate for the Warrawoona gold project near Marble Bar, with his presentation pointing to dilution and ore loss assumptions that "de-risk project economics".