WHTW: June 9th - June 15th
This week's news have been dominated by the Iran-Israel conflict, but what else happened that is relevant for mining investors?
Monday: Senior officials from the US and China convened in London for trade discussions. Key topics included the US's prohibitions on high-tech product sales to China and China's control over rare earth mineral exports. The meeting was agreed upon during a phone conversation between Presidents Trump and Xi Jinping on Thursday. Trump said they made a “DEAL,” but Xi has been quiet.
Tuesday: Magna Mining released exceptional drill results from McCreedy West mine, including 3.0% Cu, 0.4% Ni, 9.1 g/t Pt + Pd + Au over 10.8 metres and 5.1% Cu, 1.0% Ni, 1.8 g/t Pt + Pd + Au over 6.6 meters. The Sudbury-based projects have been identified as shovel-ready, strategic critical mineral projects by the Government of Ontario.
Wednesday: Silver Mines Limited announced binding agreements to acquire two California projects - the Calico North Project (silver) and Kramer Hills Project (gold-silver) in San Bernardino County for US$1.1 million upfront plus 62.5 million shares. The Calico North Project is located within the Calico Silver District, one of the largest silver camps in the US, with approximately 20 million ounces of historical production.
Friday: The natural gas market initially rallied due to Israel's attack on Iran, but gave back some gains amid seasonal bearish trends. Oil closed the day up 7%. A report from the Environmental Integrity Project highlighted a surge in permit applications for natural gas power plants in Texas, driven by demand from AI-related data centers. More on the Israel-Iran conflict and its impact on oil prices:
Weekend: Sprott Physical Uranium Trust ($U.UN) raised $100M in a bought deal financing with Canaccord. Uranium stocks on the ASX are rallying following the news. This is great news for the sector. We will continue to follow this development and post updates.
Thank you for reading. This week’s recap is rather short, as not many important things happened besides the escalations that everyone has been talking about. If you enjoy our posts, please consider subscribing. It’s FREE.