• The best-performing precious metal for the week was platinum, up 6.48%. The increase may have been buoyed by a report by the Hydrogen Council in collaboration with McKinsey & Co. that notes that to reach the goals of the Inflation Reduction Act, there needs to be a tripling of current spending on green hydrogen production where platinum acts as a catalyst boost the production. Lundin Gold reported a strong third quarter 2022 production beat.
• Gold soared the most since March at the start of the week, writes Bloomberg, helped by a continued decline in Treasury yields, as traders weighed concerns that central banks’ monetary tightening will lead to recession and the possibility that bond rates may have reached a peak. Although the yellow metal fell approaching week-end, bullion extended its first weekly gain in three as of October 2, as lower bond rates boosted the appeal of the non-interest bearing asset.
• Gatos Silver released an updated mineral reserve estimate and plan for its Cerro Los Gatos mine, after the company announced in January 2022 that the 2020 technical report should not be relied upon, estimating 30%-50% of the metal content had been overstated. The updated estimate includes decreases of 32% silver, 37% zinc, 36% lead, and 35% gold after accounting for depletion. The revised plan has a mine life to 2028, with a 5% net present value of $377 million on a 100% basis.
• In a Bloomberg interview with Neal Froneman, CEO of Sibanye Stillwater, he noted that they expect the market to tighten further as some buyers seek to avoid Russian sourced palladium. MMC Norilsk Nickel PJSC currently supplies about 40% of world production from its Russian operations. Froneman said “We could see a real shortage of supply.
$BRYYF
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MiningWeeklyCA - 🏆 48. / 63 Read more »