The Week in Mining: Lithium is the Future and Mexico Has Plenty of It
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The Week in Mining: Lithium is the Future and Mexico Has Plenty of It

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Fri, 12/20/2019 - 12:45

The Week in Mining highlights developments in Mexico’s mining industry. Minister of the Environment talked up the country’s lithium potential. Meanwhile, one of Mexico’s top five mines was purchased by Equinox Gold and Argonaut beefed up its reserves at Cerro del Gallo. Finally, global investors prepare for a bullish copper run in 2020.

 

Ready for your news fix? Drill into the week’s shiniest mining news!

 

Mexico

Víctor Manuel Toledo, Mexico’s Minister of the Environment, called lithium “the oil of the future,” and pointed out that Mexico will be a leading gobal producer of the battery metal. Toledo’s remarks echoed Albemarle’s, the world’s largest lithium producer, which expects robust long-term demand for the mineral.

Equinox Gold announced it has struck a deal to buy Leagold for US$578 million. The latter company operates Los Filos in Guerrero, which was the third largest gold mine in Mexico in terms of production in 1H19. 

Argonaut Gold increased mineral reserves by 48 percent at Cerro del Gallo. The company said to Kitco it believes this PFS demonstrates that Cerro del Gallo is a long-life, low-cost asset in an attractive mining jurisdiction: Guanajuato.

Mining software solutions provider, Micromine has stepped up its presence in Latin America with the opening of an office in Fresnillo, Zacatecas.

Global

Boosted by a weaker local currency and rising volumes of iron ore, Australia's commodity exports will hit a record US$281 billion in 2019-2020, according to the antipodal country’s Department of Trade and Industry. 

Low copper inventories, high short positions, supply constraints and better demand are creating conditions for the red metal to rally in 2020.

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