News

Supply constraints will make nickel the top performing metal next year, despite the bearish pull of a downturn in manufacturing activity, delegates at LME Week heard (reports MiningNews). Speaking as part of a panel on the outlook for metals, Vanessa Davidson, director of base metals research and strategy at commodity analysis firm CRU, described nickel as "likely to be the standout performer for 2020".

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Sandfire Resources (ASX: SFR) is a consistent copper producer and should meet its FY20 guidance of 70-72kt of copper output, according to Citi Research

Sandfire Resources (ASX: SFR) is a consistent copper producer and should meet its FY20 guidance of 70-72kt of copper output, according to Citi Research, with the company also now boasting a “full” project development pipeline. However, investors need to balance the modest remaining mine life at the company’s DeGrussa operation in WA with the development timing of new projects set to come on stream over the next two years in Botswana and the USA, Citi said in a new research note released following the company’s September quarterly report.

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Analysts remain cautiously optimistic on Dacian Gold after a strong quarter at its Mt Morgans gold operation near Laverton in Western Australia

Analysts remain cautiously optimistic on Dacian Gold after a strong quarter at its Mt Morgans gold operation near Laverton in Western Australia (reports MiningNews). As previously reported, the open pit and underground operation produced 42,002 ounces of gold in the September quarter, up from 36,658oz in the June quarter. The result puts Dacian ahead of its half-year guidance of 67,000-77,000oz of gold. All-in sustaining costs were A$1423 an ounce, and all-in costs were $1557/oz.

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Sydney-based institutional broker Petra Capital has upgraded its price target for gold producer Red 5 (ASX: RED) by 13 per cent to 58c-a-share (more than double the recent trading price of 27-28c) and reaffirmed its BUY recommendation

Sydney-based institutional broker Petra Capital has upgraded its price target for gold producer Red 5 (ASX: RED) by 13 per cent to 58c-a-share (more than double the recent trading price of 27-28c) and reaffirmed its BUY recommendation following its recent September quarterly report. And Morgans Stockbroking has maintained a 50c price target and ADD rating for the stock, with the brokerage picking a number of positives out of Red 5’s September quarterly results.

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Plus, the nickel planets look to be lining up for Mincor and its latest find

Junior explorers/developers vacated the WA iron ore space in a hurry back in 2011-12 when the iron ore price began its almighty slide from $US168/t down to $US55/t in 2015. But a couple of dam tragedies in Brazil and an annual global steelmake that has continued to surprise to the upside resulted in the iron ore price steadily rebuilding to an impressive $US102/t in the September quarter. Add in the lower exchange rate and iron ore is again a licence to print money for the big three of the WA industry – Rio Tinto, BHP and Fortescue.

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Gold recovered a little lost ground this week but the more important development was a double-dose of “outage” events in South America

Gold recovered a little lost ground this week but the more important development was a double-dose of “outage” events in South America which reinforced the investment case for copper and iron ore. Industrial and civil unrest in Chile and Peru, two of the world’s major copper producing countries, lifted the copper price by US8 cents a pound to $US2.64/lb, its highest for six weeks – even as underlying demand remained flat thanks to the US v China trade war.

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Saracen Minerals says it produced a record 96,324 ounces of gold in the September quarter

Saracen Minerals says it produced a record 96,324 ounces of gold in the September quarter, at a lower cost than forecast (reports The Australian). That put the Perth miner on track to beat its FY20 guidance of 350,000 to 370,000 ounces, while its all-in sustaining cost of $A964 an ounce was below guidance of $A1,025 to $A1,075 an ounce. Managing director Raleigh Finlayson said the production reflected Saracen's investment in exploration and development.

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Rebooting nickel company Mincor Resources has recorded a second outstanding nickel intercept in the past month from its Cassini prospect near Kambalda in Western Australia

Rebooting nickel company Mincor Resources has recorded a second outstanding nickel intercept in the past month from its Cassini prospect near Kambalda in Western Australia, with a wedge hole between the two standout hits now being drilled ahead of a resource estimate early in November (reports MiningNews). The 12.3m grading 5.1% nickel hit reported today included 9.7m at 6% nickel, with a true width of 7.6m. The hole was 70m down-plunge from the intercept reported late last month of 15.4m at 4.7% nickel.

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