It Is Official: Tesla Goes into Mining

The Week in Mining underlines developments in Mexico’s mining industry. The sector’s favorite networking event, Mexico Mining Forum, will go entirely digital in 2021 Excellon and Silver Tiger are expanding their public offerings. An odd proposal to nationalize lithium was presented in the Senate. Around the world, gold and silver prices are deflating, Tesla has officially gone into mining and the US will help Colombia develop its mining industry.

This and more in your weekly mining roundup!

Mexico

The major networking event Mexico Mining Forum will host its 2021 edition in an exciting, AI-fueled virtual setting.

Excellon Resources announced that its common shares will list on the NYSE American. Excellon will continue to trade on the TSX.

Silver Tiger Metals announced it has qualified to trade on the OTCQX Best Market. Silver Tiger Metals upgraded to OTCQX from the OTCQB Venture Market.

Riverside Resources provided an update on the current work program which included rock sampling and drill pad construction ahead of drilling at the Cecilia Project in Sonora. Riverside is acting as the operator progressing modeling of drill targets with a key focus at the Cerro Magallanes where various high-grade gold targets have been identified. 

The political party MORENA presented a law initiative in the Senate for making the exploitation of lithium an exclusive state activity. The proposal’s viability is dubious.

Prominent mining lawyer Alberto Vázquez cautioned that the opportunity cost of eliminating the Undersecretariat of Mining will exceed any austerity saving.

World

Dion Rabouin, markets analyst at Axios, explained that gold and silver prices are contracting because they are following inflation expectations lower. The trend is counterintuitive, as the combination of reduced inflation, stimulus expectations and an uptick in coronavirus cases would normally provide a boost for bond prices and precious metals.

Elon Musk, Tesla CEO, announced the company’s claim on 4,047ha lithium clay deposit in Nevada, signaling that Tesla is officially getting into the mining business.

The Responsible Mining Foundation reported that many of the world’s leading miners are engaging in only limited action to reach the UN’s SDGs over the next decade.

The US Secretary of State, Mike Pompeo, announced that his office will launch a program to provide technical assistance for the development of Colombia’s mining industry.