Mining Review 11th December 2022
A momentous week for mining in the UK this week as the government approved the UK’s first new coal mine for 30 years, in Cumbria.
Ascot Resources, Barkerville Gold, Neometals, Rumble Resources, and Wesdome Gold Mines made news this week.
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Mines and Money London 2022
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City Investors Circle Mining Review 11th December 2022
A momentous week for mining in the UK this week as the government approved the UK’s first new coal mine for 30 years, in Cumbria, see here
This is a brave decision because of the opposition of the green lobby, who naturally oppose anything to do with coal, despite the country having to import steel making coal as we don’t currently produce any! And in order to import coal, ships which are powered by fossil fuels have to bring it from other countries!
I see the Labour Party are opposing the decision (no surprises there of course), despite them claiming to be on the side of employment, and a reduction in greenhouse gases.
They don’t seem to realise that in order to make steel in the UK we need coking coal, so either we produce it, or have to import it from somewhere else, and the ships that deliver it burn fossil fuels in the process. It’s clearly greener to mine it here than import it.
Glencore announced this week they were scrapping the planned new coking and thermal coal mine in Queensland, Australia, citing “global uncertainties and state subsidies” as the reasons for doing so.
They are also winding down their other producing coal mines, by around 2045! Not exactly in a hurry then, and of course the world needs coking coal to keep producing steel, otherwise the world’s industry grinds to a halt.
Stocks we follow in the news this week.
Ascot Resources, Barkerville Gold, Neometals, Rumble Resources, and Wesdome Gold Mines made news this week.
Ascot Resources announced an excellent drill hole, albeit only over 1 metre, at their Big Missouri project in the Golden Triangle of British Columbia. Whilst good drill holes are excellent news, the elephant in the room is the delay to the financing for their Premier Mine restart, after Sprott withdrew their finance offer.
I feel Ascot are just waiting for a buyer now, and if that occurs in the current market I fear it will be a paper deal done at a very small premium..
Rumble Resources also released good drill results, in an otherwise quiet week for them as Xmas approaches.
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To read this week’s news in full, please click on the links below.
Maple Gold Ramps up Exploration
Ascot Resources Drills 488 g/t Gold over 1.0 m at Big Missouri
Neometals’ Primobius JV Update
Wesdome Gold Mines Declares Commercial Production at Kiena
Barkerville Gold Mines Toll Milling Accord
Rumble Resources Release Lamil Drill Results
Mining Review 4th December 2022
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Mining Review Market Data
Week on week price changes
(US$ unless stated)
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Metal prices
| Gold price in UK £ | 1466 | +0.21% |
| Gold | 1797 | -0.06% |
| Silver | 23.48 | +1.34% |
| Palladium | 1956 | +2.68% |
| Platinum | 1028 | +0.78% |
| Rhodium | 13140 | -1.13% |
| Copper | 3.87 | +3.75% |
| Nickel | 14.1 | +15.38% |
| Zinc | 1.47 | +5.76% |
| Tin | 11.07 | +5.63% |
| Cobalt | 23.25 | -1.36% |
| Manganese | 3.35 | +0.60% |
| Lithium | 77363 | -2.67% |
| Uranium | 48.5 | -2.61% |
| Iron Ore | 109.3 | +6.95% |
| Coking Coal | 279 | +2.57% |
| Thermal coal | 379 | +0.66% |
| Magnesium | 3370 | +1.38% |
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Metal ETFs
| GDX | 29.07 | -2.84% |
| GDXJ | 35.7 | -4.08% |
| Sil | 28.52 | -3.32% |
| SILJ | 10.72 | -4.37% |
| GOEX (PCX) | 24.91 | -4.01% |
| GLD | 167.06 | -0.12% |
| COPX | 36.55 | -1.06% |
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Miscellaneous data
| Au / Ag Ratio | 78.47 | -3.88% |
| 10 yr T bond (TNX) | 3.57 | +1.83% |
| 2 yr T bond | 4.31 | +0.42% |
| US index (DXY) | 104.93 | +0.40% |
| HUI | 227.68 | -3.88% |
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