- Write by:
-
Thursday, May 13, 2021 - 14:38:30
-
645 Visit
-
Print
Mining News Pro - Comet Resources has finalised the acquisition of several copper assets from Bath Resources in the Northern Territory as prices surge for the base metal.
The best drilling results from the Oonagalabi copper-zinc project, north-west of Alice Springs, have shown up to 1.26 per cent copper and 1.22 per cent zinc, while rock chip samples from nearby Paradise Well returned 8.9 per cent copper.
Comet Resources managing director Matthew O’Kane said strong market outlook for copper has made the acquisition even more valuable.
“With copper prices recently touching record high, it’s a great time for us to add this portfolio of both advanced and early-stage copper, gold and base metals targets to our existing copper exposure,” O’Kane said.
“Industry analysts believe copper prices will continue to strengthen as a result of increased global infrastructure spending and the transition to clean energy.
“We look forward to getting onto the ground in the Northern Territory shortly to review the projects and make plans for the commencement of field exploration activities.”
The price of copper hit a record $US10,724.50 ($13,682) on the London Metal Exchange (LME) in May, encouraging junior copper explorers and miners to join the hunt for prosperity.
Kincora Copper president and chief executive officer Sam Spring talked to Australian Mining and said the combination of dwindling copper supplies overseas, and increased demand for copper-heavy electric vehicles has created a perfect storm.
“It’s a tailwind for the junior sector,” he told Australian Mining. “The improving copper price increases investor sentiment and that filters down to the junior miners who increase exploration with brownfield and greenfield projects.”
As further encouragement, the Australian Government has extended the Junior Minerals Exploration Incentive (JMEI) by four years with an additional $100 million in funding.
The JMEI extension aims to deliver more jobs for future miners and has supported 85 junior mining companies since it was first introduced in 2018.
Junior explorers in Australia discover up to 70 per cent of deposits that create new projects.
Short Link:
https://www.miningnews.ir/En/News/613476
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
No comments have been posted yet ...