Mining Review Sunday Update 25th July 2021
The summer drilling season is well underway now and we finally have some decent results being released, Newcore Gold being one example this week.
Neometals reported that the proposed demerger of their Mt. Edwards nickel project in a newco, Widgie Nickel, to be listed on the ASX, is going to plan.
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Douay Gold Mine, Maple Gold, Quebec.
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Mining Review Sunday Update 25th July 2021
The summer drilling season is well underway now and we finally have some decent results being released, Newcore Gold being one example this week.
Neometals reported that the proposed demerger of their Mt. Edwards nickel project in a newco, Widgie Nickel, to be listed on the ASX, is going to plan.
Frustratingly for us mining investors the gold price ended the week again clinging onto $1800 by its fingertips, after looking promisingly strong earlier in the week. US Inflation is up, the US 10 year Treasury Bond yield is down, normally both would be positive for gold, yet gold continues to perform weakly.
This is traditionally the poor season for gold, but with all the disruption going on in the financial world, I would have expected a better performance based on the usual indicators being favourable personally.
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Stocks from our watchlist in the news last week
Nouveau Monde – Appointed Joint financial advisors
Newcore Gold – Reported the highest gold grade discovery ever at Enchi
Neometals – Mt. Edwards nickel project demerger remains on track
Banyan Gold – Announces C$16 million placing
Westhaven Gold – Reported further high grade gold intercepts at Shovelnose
Minera Alamos – CEO Doug Ramshaw featured in a new presentation
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Precious Metals
| Gold | 1802 | 0% |
| Silver | 25.17 | -3% |
| Palladium | 2610 | -5% |
| Platinum | 1055 | -4% |
| Rhodium | 17500 | -10% |
A really poor week for the PGM’s, with rhodium taking a real beating again. The worst performing precious metal was palladium, down 6.45%, as UBS reported substitution with cheaper platinum is already taking place in auto-catalysts, and this is expected to become more pronounced in 2022
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Base Metals
| Copper | 4.31 | 0% |
| Nickel | 8.56 | 3% |
| Zinc | 1.32 | -1% |
| Tin | 15.76 | 6% |
Tin continues to outperform other industrial metals, nickel rose on Indonesian covid supply chain disruptions, and copper remained strong despite the Chinese government releasing strategic stocks into the market.
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Energy Metals
| Cobalt | 23.8 | 4% |
| Manganese | 3.1 | -2% |
| Lithium | 12375 | 0% |
| Uranium | 32.2 | 0% |
Cobalt rallied, but otherwise energy metals continued in the doldrums once again. I expect lithium demand to increase from here onwards as EV production increases although I’m not convinced the general public will make the switch to EV’s as quickly as some seem to anticipate.
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Bulk Commodities
| Iron Ore | 205.2 | 0% |
| Coking Coal | 207 | 3% |
Coking coal continues to climb as the Chinese increase imports, and that has helped Colonial Coal (CAD.V) bounce back strongly this week, after recent falls.
Precious Metal ETF’s
| GDX | 33.15 | -4% |
| GDXJ | 43.63 | -6% |
| Sil | 40.33 | -5% |
| SILJ | 13.46 | -6% |
| GLD | 168.56 | 0% |
Miscellaneous data
| Au / Ag Ratio | 71.69 | 4% |
| 10 yr Tbond | 1.276 | -6% |
| US $ index | 92.91 | 1% |
| HUI | 258.93 | -4% |
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