Yellen spoke. The only chart you need to worry about this morning; dollar’s up / all metals are down.
At the Christmas party, Yukon Chamber of Mines Prez provides colour commentary:
“Interest rates are up; fake organisms are over”
Rio Tinto wants to dominate lithium. [Mining.com] They’re talking to Tesla (who isn’t?) about their Jadar project in Serbia. Howe Street should take note:
Rio has declared an inferred resource of 125.3 Mt with a weighted average Li2O concentration of 1.8% and 16.2 Mt of B2O3 for the lower zone only. [Rio]
That’s about 8,400 ppm Li or 42 times the production grade at Clayton Valley for you brine afficionados out there. Don’t know about metallurgy…
Indonesia’s nickel plans backfire. [Bloomberg] So Economics 101 graduates out there, what was going to happen when the Indonesian government mandated that nickel be processed in-country at locally owned, quickly erected, two-bit smelters?
The chief executive officer of one of the biggest producers, a Chinese-Indonesian venture called Tsingshan Bintangdelapan Group, says with output costs at $10,000 to $11,000 a metric ton, he’s making a $2,000 loss on every ton he ships.
Crowd funding is the wave of the future! [Mineweb] An Australian pumper offers some good advice:
Jofre added that the “golden rule” of crowd funding is that companies should secure 30% of the amount they intend raising before going to the crowd, as it proves the credibility of their offering.
I’d be a little concerned about the company you’re keeping however:
Thus far, the most successful mining-related crowdfunding campaign appears to be that of asteroid mining company Planetary Resources. Through a 33-day Kickstarter campaign in 2013, it raised more than $1.5 million from over 17 000 backers to fund the world’s first public space telescope.
They gave us how much?
Nordgold to take over Northquest. [Mining Weekly] .. offering $0.253 per share to get Pistol Bay.
Rappaport thinks diamond producers are screwing themselves by not lowering rough prices before January. [Rappaport] All the profits from post-holiday restocking to end up with private auctioneers.
KDI releases another bulk sample from the North Lobe. [Canada News Wire] … a very respectable 3.55 c/t but the sample was only 930 kg. . Results from a larger sample are out in January.
Morgan Stanley thinks nickel, copper and zinc are going to run in 2016. [Australian Mining] … sure – just like this year.
The cheque’s in the bank: IDM closes their $1M financing with Oban. [Marketwired] … and pays off Seabridge for Red Mountain. The remaining $2.2M private placement “is expected to close in January”, along with the deal on Oban’s Ryan Gold properties.
Aston Bay secures 100% of Storm Copper Property from Commander. [Junior Mining Network] The happy couple exchanged paper at the altar and Commander will own 25% of Aston Bay.
Time to check in on Zimtu’s latest venture: Equitas – aka Voisey’s Bay 2.0. [Resource Clips] After a summer of drum rolls and hype about geophysical anomalies, Deeps, nickel going to the moon, etc., they drilled and hit…. disseminated sulphides.
To quote Robert Friedland (and they do)
“Creative people shouldn’t be punished for failure, because in the exploration business we are in the business of drilling dry holes.”
Well – there’s good news! The only people who got punished here were retail investors.