Mining Review – Weekly Update 2nd May 2021
Roxgold have been bought out by Fortuna Silver in a C$888 million deal.
Iron ore and palladium hit all time highs, copper is back over $10,000 for the first time on ten years.
Los Cerros project map showing the location of Tesorito.
Mining Review – Weekly Update 2nd May 2021
Roxgold have been bought out by Fortuna Silver in a C$888 million deal. This looks opportune, as Roxgold were bringing their new Seguela mine into production next year, when production would have increased exponentially.
This really disappointed me because management were running ROXG so well in my opinion, growing organically funding both the construction of Seguela, and further exploration on all their projects.
Full details of the takeover can be found HERE
Iron ore and palladium hit all time highs, copper is back over $10,000 for the first time in ten years.
Precious metals
Gold and silver were subdued as the US dollar and Tbond yields both rose slightly during the week.
| Gold | 1773 | ↓ | 0% |
| Silver | 26.11 | ↑ | 1% |
| Palladium | 2858 | ↑ | 3% |
| Platinum | 1194 | ↓ | -3% |
| Rhodium | 27000 | ↑ | 4% |
Industrial Metals
A really strong week, and you have to wonder if copper is getting ahead of itself? The price has reached a 10 year high.
| Copper | 4.53 | ↑ | 5% |
| Nickel | 7.81 | ↑ | 8% |
| Zinc | 1.3 | ↑ | 2% |
| Tin | 13.63 | ↑ | 6% |
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Energy Metals
Cobalt took a hammering as supply constraints lowered, and EV battery demand subsided.
| Cobalt | 21.09 | ↓ | -7% |
| Manganese | 3.11 | ↔ | 0% |
| Lithium | 12679 | ↑ | 0% |
| Uranium | 28.65 | ↑ | -2% |
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Bulk Commodities
Iron ore hit an all time high as Chinese demand increased.
| Iron Ore | 179.31 | ê | -1% |
| Coking Coal * | 141.5 | ê | -3% |
* Australian FOB price
PM ETF’s
An awful week all round, as the US dollar and TBonds rallied slightly after recent falls.
| GDX | 34.77 | ↓ | -4% |
| GDXJ | 48.23 | ↓ | -3% |
| Sil | 42.4 | ↓ | -4% |
| SILJ | 15.37 | ↓ | -2% |
| GLD | 166.22 | ↓ | 0% |
The Mining Review for 25th April 2021 is complete.
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