Friday Round-Up

30th April 2021

 

It’s the end of the week!  Time for a Spotlight Round Up, then.
Iron ore was one of several metals causing a kerfuffle this week, with prices hitting record levels, driven in no small part by demand from Chinese steel mills.  This led to some regulatory and taxation changes within China in an effort to reduce the cost of raw materials and discourage production – rebates were removed on export fees for some finished products, and import fees were removed on pig iron, semi-finished and scrap steel.

Steel production has been a profitable game in China recently though, so it remains to be seen whether these measures will cool things down or not.  Important to note is that China is combining these efforts with genuine attempts to rein in carbon emissions, and for this reason the biggest frenzy was around the highest grades of iron ore, because these can be processed with the fewest emissions.  That’s good news for places like Australia and Brazil that produce high-quality ores.

It wasn’t all smooth sailing for Australian iron ore giant Fortescue Metals (ASX:FMG) though, with their quarterly report showing increased costs and flat production associated with a strong Australian dollar and cyclone season in the north of the continent down under.

Copper and silver were two other metals worth watching very closely this week, and for more on them you can see my Wednesday Latin American newsletter here!  Next week we’ll start thinking about battery metals.

AROUND THE TRAPS

  • Great news for Goldplay Mining (TSXV:AUC), which has announced that exploration planning will commence on its flagship Scottie West gold project in the British Columbia’s Golden Triangle.  This is an exciting new exploration front, since retreating glaciation means that resources that were previously very difficult to access are being exposed.
  • NuLegacy (TSXV:NUG) has some good news this week, with drill and geochemical samples pointing to a large mineralized zone at their Red Hill project in Nevada, with tracer elements and gold levels elevated in the Rift Anticline target, with 8.7 m showing 16.9 g/t gold.  Read their news release here.
  • KORE Mining (TSX:KORE, OTCQX:KOREF) has entered a MoU with the Bureau of Land Management and engaged a third-party consultant to perform an environmental assessment for the drilling program at its Imperial gold project in California, which the company is pushing to develop.
  • Baselode Energy (TSXV:FIND, OTCQB:BSENF) has announced that it has started airborne gravity surveys over its two uranium projects, Hook and Catharsis, in northern Saskatchewan.  The company plans to follow up with drilling, and the gravity surveys should provide a good basis for that.
  • Lots happening for gold producer Anaconda Mining (TSX:ANX), with their production results and Q1 update coming out.  Their private placement offering of flow-through shares was also released and then upsized from $6 million to $8.5 million.

Have a great weekend everybody!

Jane

Spotlight Mining are sponsored by Goldplay MiningRiverside ResourcesMountain Boy MineralsSolgoldVangold MiningOrigin Exploration and Mammoth Resources. This sponsorship means we may show preferential bias in the order in which we publish news and updates.