Silver miners are up by double digits, and lithium gets a lift from a big financing deal
Kitco News - Financial markets ended the week on strong footing as stocks, gold, and Bitcoin all trended higher, with the S&P besting its previous all-time high by a hair, while gold bulls stampeded their way above $2,700/oz for the first time in history.On Saturday mining audiences manager Michael McCrae recorded Kitco Roundtable.
Sanctions delay to Russian zinc mine causes supply miscalculation
Western sanctions on Russia’s zinc miner Ozernoye have left it struggling to replace equipment needed to ramp up output, three sources with knowledge of the matter said, meaning mined zinc supply forecasts for 2025 are likely to be too high.Without Ozernoye’s substantial contribution to global mined zinc supply next year, a shortage of zinc concentrate – a raw material to make zinc metal, used to galvanize steel, is likely to persist. Concern over tight supplies is one of the drivers that has pushed zinc prices to a 20-month high.
Whitehaven Coal jumps on price outlook, output beat
Australia’s Whitehaven Coal said on Friday that it was optimistic about further gains in metallurgical coal prices due to supply constraints and reported quarterly production ahead of market expectations, sending its shares nearly 8% higher.Australia’s biggest independent coal miner, which acquired two metallurgical mines from BHP last year for $4.1 billion, said a shortfall in global coal production with long-term output constraints and higher sea-borne demand from India is expected to lift prices.
US Treasury allows miners to access clean energy manufacturing subsidy
The US Treasury Department said on Thursday it would allow some mining companies to access a tax credit aimed at boosting American production of solar panels, lithium-ion batteries and other clean energy components, a shift in position after industry pressure.The move reflects the growing realization in Washington that efforts to combat climate change will be moot unless the US boosts its production of lithium, cobalt, and other critical minerals and curbs reliance on China and other overseas rivals.