Mining Review 23rd October 2022
A better week for gold and silver, and their associated ETFs, but industrial metals were mostly static. Lithium reached a new all time high in China.
Ascot Resources, Cyprium Metals, Eloro Resources, Nouveau Monde, Radisson Mining and Wesdome all reported news this week.
Mining Review 23rd October 2022
A better week for gold and silver, and their associated ETFs, which rose strongly. Gold rose slightly as the market started to believe the FED may slow down future rate hikes.
Silver was up more than 6%, as some market commentators are highlighting lower stocks at the Comex and LME as industrial demand increases, notably for solar panels.
Industrial metals were mostly static, and in the energy sector, the price of Lithium carbonate reached a new all time high in China, $74,600.
Mining news this week
The government of Namibia announced they would sell all their rare earth elements to the EU in an exclusivity deal. The EU have agreed all the processing would be carried out in Namibia, thus beneficiating the product at source.
This is a good result for Namibian employment and taxes, and maybe the first of many such exclusivity deals as countries try to lock in supply contracts for critical commodities.
In Peru, the large Las Bambas copper mine is blockaded, again!
Companies on our watchlist that made news this week;
Ascot Resources, Cyprium Metals, Eloro Resources, Nouveau Monde, Radisson Mining and Wesdome Gold Mines all reported news this week.
We initiated coverage of I-80 Gold (TSX: IAU), a company formed by ex Premier Gold management after their takeover by Equinox Gold. Click the link below for my reasoning.
Nimy Resources (ASX: NIM) was added to the early stage grass roots exploration watchlist after revealing promising nickel drill results at their project located in the Yilgarn Craton region of Western Australia.
Week on week price movements
(US$ unless stated)
|Gold price in UK £||1466||-0.27%|
|Au / Ag Ratio||88.99||0.92%|
|10 yr T bond (TNX)||4.21||4.73%|
|2 yr T bond||4.504||0.76%|
|US index (DXY)||111.89||-1.21%|
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