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The gold price has reached historic highs in 2024, rising above US$2,400 per ounce. For Australian investors, the price of the yellow metal has surged above the AU$3,700 mark in just the past few months. These gains have come as investors anticipate interest rate cuts, and against a backdrop of continued geopolitical turmoil in Ukraine and the Middle East. Gold has also been buoyed by central bank and Chinese buying. For many investors, gold is a tool for diversification. The precious metal is known for its ability to act as a safe haven and hence operates as a protective option when building ...
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Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF) announced it has received conditional approval for up to US$300 million in debt financing for its Nolans project from Export Development Canada (EDC). Located in Australia's Northern Territory, Nolans is a rare earths mining and processing operation focusing on the production of neodymium and praseodymium (NdPr). These elements are critical for manufacturing the permanent magnets used in electric vehicles, wind turbines and a variety of other high-tech applications. Arafura is aiming to secure a total of US$775 million in senior debt funding to adva...
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Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has implemented force majeure for alumina exports from its refineries in Queensland, Australia, due to prolonged disruptions in gas supply, according to media reports. The notice, which affects third-party alumina sales, is the company's response to ongoing limitations in gas availability due to damage to a Queensland pipeline; it was caused by fires, which led to restricted gas flow. The expected timeline for restoring full gas flow capacity has been extended to the latter half of 2024. Rio Tinto’s Yarwun refinery and Queensland Alumina will continue to op...
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Lucapa Diamond Company (ASX:LOM) has announced a strategic decision to divest its 70 percent stake in the Mothae mine in Lesotho as part of a broader plan to streamline its operations and focus on core assets. The Tuesday (May 15) decision comes after the release of the company's first quarter production and sales report at the end of April. In it, Lucapa outlines both achievements and challenges across its diamond operations. In Q1, the company’s Lulo mine in Angola sold 8,746 carats, generating US$9.4 million in revenue. While there were no exceptional diamond tenders during the quarter, a t...
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Auric Mining (ASX:AWJ) has commenced Phase 2 of gold production at Jeffreys Find, with nearly 20,000 tonnes of ore delivered to the Coolgardie mill. The company’s managing director, Mark English, said the company is poised make a “substantial amount of money” in 2024 as it intends to double its production amid high gold prices. “We'll make sure to generate around $7 million worth of gross revenue out of this parcel. So throughout 2024, (with) 300,000 tonnes (of gold ore) going through that mill, we will certainly double our production on what we did compared to 2023 … This year, we'll do a min...
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The gold price started 2024 coming off December's record highs. A combination of central bank buying and geopolitical uncertainty helped gold remain above US$2,100 per ounce for the first eight weeks of the year. However, a rally in early March gave gold renewed momentum. Support came on the back of contracting US manufacturing numbers, which caused investors to speculate that the US Federal Reserve would start rate cuts in June. This belief gained further strength when the central bank met on March 19 and 20, and indicated that it was done with rate hikes and was expecting to make three cuts ...
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South32's (ASX:S32,OTC Pink:SHTLF) latest quarterly report reveals how Tropical Cyclone Megan has impacted its Australian manganese operations in Groote Eylandt, located in the country's Northern Territory. The company reported a 13 percent decline in saleable production of the metal at the location, amounting to a reduction of 352,000 wet metric tonnes over the nine month period ended in March of this year. The cyclone, which wreaked havoc on March 16 and 17, unleashed rainfall of 681 millimetres accompanied by powerful wind gusts, marking it as the second strongest cyclone to hit the area in...
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Boss Energy (ASX:BOE,OTCQX:BQSSF) announced on Monday (April 22) that it has produced the first drum of uranium as part of the commissioning process at its Honeymoon project in South Australia. “Processing the first drum of uranium is a major milestone,” said Managing Director Duncan Craib. “As well as marking the start of production and cashflow, it shows conclusively that our mining and processing strategy is highly effective.” Boss said it's now looking to accelerate its plan to expand production and extend Honeymoon's life. According to the company, the current mine plan only uses 36 milli...
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Artificial intelligence (AI) may be an emerging technology, but there are plenty of billion-dollar companies in this space. As the market has grown over the past few years, AI technology has made strong inroads into several key industries, including logistics, manufacturing, finance, healthcare, customer service and cybersecurity. While AI-driven advancements in robotics have received the most press in recent years, the latest buzz has centered around OpenAI’s ChatGPT. This intelligent chatbot shows how quickly generative AI is advancing, and has attracted the attention of heavyweight technolo...
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Major diversified miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) weathered both operational challenges and a tragic loss to deliver a resilient performance in the first quarter of 2024. Despite grappling with the aftermath of a devastating plane crash that claimed six lives, including four Diavik diamond mine employees, the company has emerged with stable operational results. “We delivered stable operating results in the first quarter, including improvements at our bauxite and aluminum businesses, as we navigated seasonal challenges across our global operations. Our full year guidance is unchanged...
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