Mexico’s Pipeline Moves Forward Amid Rising Metals MarketsBy Alejandro Ehrenberg | Thu, 06/18/2020 - 16:41
The Week in Mining highlights upward trends in precious and base metals’ markets, as well as Tesla’s cobalt deal and 2020’s muted M&A market.
Accendo Banco and Telson Mining have joined forces to bring to fruition the Tahuehueto gold project in Durango. Accendo Banco’s US$12 million loan means the project will be fully built in 2021.
Kootenay Silver announced assay results from the first core hole completed at its Copalito silver-gold project in Sinaloa. Drilling returned a cumulative 8m grading 248 gpt silver and 0.562 gpt gold.
The price of gold is currently in the low US$1,700s. Given the massive economic and political turbulence in the world, one could expect demand for precious metals to be much higher than it currently is.
FX Empire says that the silver market “is trying to go higher, as it has plenty of support underneath.”
The New Zealand Herald reported that “copper prices climbed after promising trials of a COVID-19 treatment and strong US economic data prompted more buying among traders.”
Tesla disclosed a deal to secure its cobalt supply from the Democratic Republic of Congo. The deal with mining giant Glencore's Katanga Copper Company is set for a supply of 6,000 tons of cobalt per year.
Collecting data frequently is key for the mining industry to improve its tailings dam monitoring techniques. The COVID-19 outbreak and the mobility restrictions at mining sites bring to the forefront the need for innovative monitoring techniques. Satellite and IoT solutions can help.
Kitco News reported that “money is flowing into the mining sector, but M&As could be muted by COVID-19 restrictions. The biggest deal in 2020 has so far been SSR Mining-Alacer at US$2.4 billion.”