Copper ($14,130/t) – Deficit estimates grow on China sulphuric acid export restrictions, strong Chinese exports and Grasberg restart delay
Copper prices have moved towards record highs of $14,530/t, currently sitting over $14,100/t.
Demand for Chinese exports is booming despite Chinese sales into the US nearly halving. Some exports will be effectively rerouted via third parties and not show in the figures.
Domestic Chinese copper demand remains strong as grid investment continues at elevated paces.
Copper premiums in the US have risen again, with premiums over the LME rising over $500/t on expectations of fresh tariffs from the White House.
This has had a sustained impact of drawing metal into the US and away from high-demand Asian downstream users.
The US Commerce Secretary is set to update their domestic copper policy with a report in June as it looks to secure critical mineral supplies.
China was quick to cut exports of sulphuric acid (H2SO4) on the closure of the Strait of Hormuz with sulphur shipments stopped.
This may be causing some Chinese smelters to cut production due to the loss of by-product sulphuric acid sales, a critical revenue stream in the current market.
Chinese restrictions have miners who import sulphuric acid. Chile, the world's largest importer is struggling to replace around a third of its H2SO4 imports for copper leaching / SxEw plants.
Chile imports >1mtpa of H2SO4 from China representing around a quarter of its H2SO4 imports with no shipments from China since their export ban in March.
Sulphuric acid prices have more than doubled to $380/t from $190/t in Chile with ~20% of Chilean copper production dependent on H2SO4 for leaching.
Treatment & Refining charges are adjusting to the new environment and have risen to 150/15 Tc/Rc in the Spot market as certain China smelters cut back.
Bloomberg reports refined copper output in China fell 3%mom in April, amid reduced concentrate access and lower TCRC charges.
LME call option spread for Sept26 are showing $15,500-17,000k in 5,500 lots (~$22m) indicates a bullish trade or potentially cover for a short trade by a big macro fund.
Market reports suggest copper scrap is tight with volumes lower than expected.
More than a third of the world’s physical copper is stored in the US at present and is not readily available to the market, pending potential Trump copper tariffs.
Demand drivers: Construction (wiring and plumbing), Grid expansion, Energy Storage Systems, Wind and Solar power, EVs and AI / Data centre development and connections.
Conclusion: the Deficit in copper looks likely to grow to >500,000t this year assuming disruption to oil and sulphur shipments through the Strait of Hormuz do not plunge Asian economies into recession. The closing of the Strait of Hormuz and shortage of sulphur for acid production caused China to cut H2SO4 exports
Lithium – Energy Storage System growth in difference between ‘tenders’ and ‘winning bids’ in China
On Monday we reported ESS 51.1GWh of ESS ‘tenders’ vs 22.6GWh of ‘winning bids’ for April in China. The tenders represent a five-fold increase on those reported in January 2024
The April tenders appear to outpace the winning bids by a massive >2:1 in April at 22.6GWh – this is worrying at first site as it suggests there are allot more tender offers than bids.
But, on further interrogation, our source in China suggests the ‘Winning bids’ may not be the final number with more time being taken by bidders to ‘talk about the price formula’.
We note the difference between ‘tenders’ and ‘winning bids’ in March was also significantly larger than in previous months with ESS ‘tenders’ rising to 38.9GWh and ‘winning bids’ trailing at 20.6GWh.
Further inspection of the data shows fairly large differences between ‘tenders’ and ‘winning bids’ in certain months previous years eg. 13.6GWh vs 7.7GWh in March 2025 but this is nothing like the scale we see today.
Conclusion: While the discrepancy could herald ESS manufacturers getting ahead of themselves, we believe the near doubling of tender offers since February suggests much larger contracts are being discussed and it would be natural for these tenders to take significantly longer to settle.
Given that most of these ESS systems are Li-ion based we believe the Spodumene price remains a useful indicator for demand.
Chinese Spodumene prices for Li2O 6%min CIF are ~US$2,890/t today vs US$2,450/t a week ago and just US$735/t (Asianmetal.com)
SP Angel lithium stocks: Kodal Lithium*, Savannah Resources*, Atlantic Lithium*. *SP Angel acts as Nomad and or Broker.
Zimbabwe to review lithium concentrates exports quotas in 2027 after reviewing progress on construction of local downstream processing capacities.
Ministry of Mines halted concentrates exports in February but relaxed restrictions subject to a list of conditions in April.
The government asked local producers to establish local processing of higher-value sulphate.
Currently six producers are allowed to export including Zhejiang Huayou Cobalt and Sinomine Resource Group.
A drop in shipments from Zimbabwe is adding to market tightness with a number of major operations in China also reported to remain offline subject to regulatory review.
Gold ($4,691/oz) shrugs off higher US inflation data and soaring Treasury yields
Gold prices have proven resilient against traditional headwinds in recent weeks.
CPI came in higher than expected as fuel costs feed into US inflationary pressures.
This drove US Treasury yields higher, with the 10-year firming over 4.45%.
Crude prices have strengthened as tensions remain elevated in the Middle East.
The dollar has risen this morning, supported by higher yields.
While these headwinds would traditionally weigh on gold prices, the metal is holding around the $4,700/oz level.
Gold has staged a sustained comeback following the start of the Iran Conflict, having bottomed at $4,100/oz.
Renewed confidence from the investment community in higher-for-longer gold prices has supported a rebound in mining equities.
The Van Eck Gold Miners ETF has bounced 21% from its lows hit in late March, as diesel cost impact concerns cool and gold prices rebound.
The ETF remains down 16% from record highs made in late April.
Producers are seeing major free cash flow returns at these gold levels, and we are expecting a continued wave of M&A through 2026 as miners look to bolster their reserves and growth profiles with excess free cash flows.
India raises effective import tax on gold, silver and platinum
The Indian government has introduced a 10% basic customs levy and a 5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports.
Gold duty raised to 15% from 6%,
Silver duty raised to 15% from 6%,
Platinum duty raised to 15.4% from 6.4%.
Higher duties will raise smuggling
The move is to curb the current account deficit but will also hit local demand.
Modi has asked residents to avoid gold purchases for a year to help protect foreign exchange reserves.
Modi has also called on India’s citizens to cut fuel consumption, foreign travel and gold buying
Diamonds - UK watchdog ruled retailers of man-made diamonds should explicitly say gems are lab grown (FT)
Two retailers of synthetic diamonds (Linjer and Novita Diamonds) are reported to have used misleading wording that could have confused consumers into thinking their gems were natural, the UK’s Advertising Standards Authority found.
The ruling follows the Natural Diamond Council and the London Diamond Bourse challenging whether online ads were misleading.
The Natural Diamond Council, a body funded by the diamond industry, called the decision as “a victory for consumers”.
Both companies said they did not believe the ads were misleading, but will be including wording around diamonds that were lab grown in the future.
Demand for lab grown stones have been rising driven by lower price tag with improved tech and stronger competition driving cost of production lower year on year.
Lab grown diamonds are reported to account for ~17% of the US retail market (by volume), up from just 3% in 2020.
Rare Earths (REEs) - Sojitz, a Japanese trading house, is looking at SE Asia for new potential sources of REE outside of Australia (Bloomberg)
“Areas connected to southern China such as Laos, Cambodia and Vietnam will be potential regions that the company will look into,” CFO Makoto Shibuya said.
The Company is also prepared to consider projects in India.
Sojitz has been a in JV with Lynas for more than a decade and is now considering other sources of REEs.
US – Inflation accelerated past market estimates driven by a 18%yoy jump in energy inflation
Headline CPI came in at 3.8%, beating estimates for a 3.7% reading.
Core measure came in higher as well.
Fed rate hike odds were little changed, with expectations for the central bank to remain put through the year.
Kevin Warsh was approved to join the Fed Board for a 14 year term by the Senate (51-45).
Chairman nomination would require a separate Senate vote that is expected as soon as Wednesday.
CPI (%yoy, Apr / Mar / Est): 3.8 / 3.3 / 3.7
Core CPI (%yoy, Apr / Mar / Est): 2.8 / 2.6 / 2.7
Japan – 20y bon yields climbed past January levels hitting the highest level since 1997
Higher energy prices and pro deficit government policies see inflation outlook revised higher.
20y yields are now ~3.5%.
Iran – Trump considering kinetic operations on and in Iran as IRGC threats escalate
US CENTCOM forces are reported to have redirected around 65 commercial vessels and disabled four ships.
Iran reported to be moving finance through Turkey using crypto, cash, gold, and informal hawala networks to bypass sanctions (Channel 14 sources)
Private jets said to be flying cash and gold using a Russia-Turkey-Iran route.
UAE - Undisclosed strikes on Iran (WSJ)
Strikes include an attack on the Lavan Oil Refinery on Lavan Island disabling the refinery for months.
Iran retaliated with missile and drone attacks targeting the UAE and Kuwait.
Trump said to be was pleased another country had joined the campaign (WSJ).
Israel has sent Iron Dome batteries and personnel to the UAE strengthening ties between the two nations.
Kuwait - Four IRGC military personnel arrested trying to infiltrate maritime facilities on Bubiyan Island for attacks
The four attempted to infiltrate Bubiyan Island aboard a chartered fishing vessel.
Two additional members of the IRGC group fled during the incident and remain at large.
Currencies
US$1.1717/eur vs 1.1753/eur previous. Yen 157.69/$ vs 157.46/$. SAr 16.442/$ vs 16.552/$. $1.353/gbp vs $1.354/gbp. 0.724/aud vs 0.722/aud. CNY 6.791/$ vs 6.796/$.
Dollar Index 98.42 vs 98.23 previous.
Economics
Precious metals:
Gold US$4,705/oz vs US$4,699/oz previous
Gold ETFs 98.7moz vs 98.7moz previous
Platinum US$2,127/oz vs US$2,069/oz previous
Palladium US$1,501/oz vs US$1,485/oz previous
Silver US$86.6/oz vs US$84.2/oz previous
Silver ETFs 793.5moz vs 791.6moz previous
Rhodium US$9,975/oz vs US$9,975/oz previous
Base metals:
Copper US$14,130/t vs US$13,894/t previous
Aluminium US$3,608/t vs US$3,548/t previous
Nickel US$19,150/t vs US$18,955/t previous
Zinc US$3,557/t vs US$3,475/t previous
Lead US$2,009/t vs US$1,981/t previous
Tin US$55,735/t vs US$54,970/t previous
Energy:
Oil US$106.4/bbl vs US$106.3/bbl previous
Crude oil prices edged higher as the API estimated US inventory w/w draws of 2.2mb to crude oil (-1.7m expected), and 0.3mb to distillate stocks, plus an unexpected 0.5mb build to gasoline inventories in the week ending May 8.
The EIA’s monthly STEO report forecasts that global oil inventories will decrease by 2.6mb/d this year (vs -0.3mb/d in April), based on the Strait of Hormuz remaining effectively closed until late May, with shipping traffic beginning to pick up in June. Global oil inventories are then expected to rebound in 2027, partially driven by the UAE’s exit from OPEC.
European energy prices were broadly unchanged as France's average nuclear generation was flat w/w at 65% of the country’s 61.4GW maximum capacity, which followed a large 8.2% y/y increase in total April nuclear output to 29.3TWh.
Natural Gas €46.5/MWh vs €47.3/MWh previous
Uranium Futures $86.2/lb vs $86.2/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$111.0/t vs US$110.0/t
Chinese steel rebar 25mm US$485.7/t vs US$484.0/t
HCC FOB Australia US$238.5/t vs US$238.5/t
Thermal coal swap Australia FOB US$135.0/t vs US$137.0/t
Other:
Cobalt LME 3m US$56,290/t vs US$56,290/t
NdPr Rare Earth Oxide (China) US$111,540/t vs US$111,466/t
Lithium carbonate 99% (China) US$28,051/t vs US$28,768/t
China Spodumene Li2O 6%min CIF US$2,890/t vs US$2,890/t
Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t
China Tungsten APT 88.5% FOB US$2,023/mtu vs US$2,083/mtu
China Tantalum Concentrate 30% CIF US$198/lb vs US$195/mtu
China Graphite Flake -194 FOB US$420/t vs US$420/t
Europe Vanadium Pentoxide 98% US$5.9/lb vs US$5.9/lb
Europe Ferro-Vanadium 80% US$28.4/kg vs US$28.4/kg
China Ilmenite Concentrate TiO2 US$251/t vs US$251/t
US Titanium Dioxide TiO2 >98% US$2,799/t vs US$2,799/t
China Rutile Concentrate 95% TiO2 US$1,156/t vs US$1,155/t
Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t
Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/t
Germanium China 99.99% US$3,525.0/kg vs US$3,475.0/kg
China Gallium 99.99% US$400.0/kg vs US$400.0/kg
Europe Molybdenum Oxide 57% US$30.0/lb vs US$29.5/lb
EV & Battery new:
AI enabling acceleration of CATL battery R&D
The chief scientist at CATL, Wu Kai, has explained how the battery maker is leveraging AI to accelerate R&D.
Speaking at the China International Battery Fair, Wu said that AI capability is already surpassing the understanding of many professional engineers.
CATL is using AI to screen vast amounts of candidate materials two orders of magnitude faster than previously, according to Wu.
The company's R&D team pinpointed seven target materials in just three months and improved ionic conductivity, he revealed.
The battery maker is also using AI for in-depth optimisation of complex manufacturing processes and envisions highly automated laboratories meeting about 70% to 80% of the company's material synthesis needs, autonomously completing everything from feeding and reaction to separation, purification, and analysis.
Overnight Change
Weekly Change
Overnight Change
Weekly Change
BHP
2.9%
9.1%
Freeport-McMoRan
2.6%
14.5%
Rio Tinto
1.9%
8.2%
Vale
-0.2%
6.9%
Glencore
2.6%
3.4%
Newmont Mining
-0.8%
9.8%
Anglo American
3.9%
5.8%
Fortescue
2.8%
9.1%
Antofagasta
5.0%
8.7%
Teck Resources
1.3%
14.9%
Company new:
Amaroq (AMRQ LN) 102p, Mkt Cap £482m – Focus on flotation circuit commissioning as grades beat expectations at Nalunaq
Greenland gold producer Amaroq reports 1Q26 operational and financial results.
Amaroq’s Nalunaq mine produced 3.7koz Au, with feed grades of 19.9g/t Au and recoveries of 60%.
Feed grades were higher than guided 14-15g/t Au over FY26 and recoveries in line with Phase 1 plan.
Using the $9.8m and $16.7m cash cost and AISC results provided, this translates to $2,649/oz and $4,514/oz respectively.
Company reiterates guidance of 25-30koz and AISC of $69-73m for FY26.
Company generated revenues of C$18.9m, selling 2,970oz Au.
Net profit reported at C$2.4m from gross profits of C$9.8m.
Cash balance fell to $8.8m from C$21.5m, with C$20.3m worth of gold inventories.
Amaroq increased its RCF to $70m from $35m.
Amaroq is set to kick off its exploration campaign in June at the Ilua REE prospect, looking to support initial scout drilling over the pegmatite system.
Geophysics programmes are planned at the Minturn IOCG prospect.
Additionally, drill testing at the Central Zone of Nanoq is planned to establish geological continuity to support a maiden MRE.
Conclusion: Production results in line with the 2026 guidance for Nalunaq, producing 3.7koz Au over 1Q26. Costs remain elevated with limited FCF from operations as ramp up accelerates. Encouragingly, grades came in higher than planned. The 2H26 commissioning of the Stage 2 flotation plant at Nalunaq is expected to boost recoveries from 60% to 90-95%, supporting an increase in production to hit the 25-35koz guidance for FY26. Amaroq is embarking on a large-scale exploration programme through the summer, exploring for rare earths, additional gold mineralisation at Nanoq and testing for IOCG and copper-nickel prospectivity.
Arafura Rare Earths (ARU AU) A$0.37, Mkt Cap A$1.7bn – 500tpa binding offtake with Traxys
The Company signed a binding Term Sheet with Traxys North America for 500tpa NdPr oxide from the Nolans Project,
Pricing to be linked to a global seaborne index (BMI or S&P Global Platts NA)
The offtake also covers 7.5tpa DyTb oxide.
The agreement is for 5 years with an option to extend by extra 2 years.
Finalisation of the offtake is subject to Arafura declaring an FID for the Nolans Project.
The agreement is in addition to the Traxys Europe agreement (20 March 2025) for 300tpa NdPr.
Traxys may potentially use the sourced material in the US EIM managed Project Vault.
Arafura aims to secure ~3,500tpa (80% of targeted 4,440tpa NdPr capacity) in offtakes for project debt.
The agreement adds to previously announced offtakes signed with Hyundai, Siemens and Traxys Europe.
Great Southern Copper (GSCU LN) 2.85p, Mkt Cap £21m – Scout drilling at the Especularita project, Chile
Great Southern Copper has started a 4-hole, scout-drilling, programme at its previously undrilled Artemisa North porphyry copper target in its Especularita project area in the coastal metallogenic belt, Chile.
The programme, which follows the recent completion of 4 scout holes (574m) at the “nearby Piedras Blancas target” will target an “interpreted phyllic alteration system plus test beneath historical copper workings”.
Rock chip sampling from the old mine workings report “up to 1.21% Cu, 0.6g/t Au and 201ppm Mo”.
The drilling at Piedras Blancas, located 1.5km north of the Artemisa North target, “successfully intersected strong porphyry type phyllic alteration with holes PBL26 RC001 and RC002 transitioning at depth to potassic alteration including 5-15% sulphide mineralisation”.
Assay results from the Piedras Blancas drilling are pending.
CEO, Sam Garrett, explained that Artemisa North is “the second of four targets to be tested with scout RC drilling in the current porphyry exploration programme … on the western margin of the La Colorada lithocap that display geological, geochemical and spectral features that are characteristic of porphyry copper systems”.
Mr. Garrett said that at this stage the exploration aims “to confirm that large-footprint zones of leached and oxidised quartz-sericite-pyrite alteration mapped at surface may represent the "phyllic" alteration zone enveloping a copper-gold porphyry system”.
He confirmed that the drilling is “is progressing well … [and that] … the initial Piedras Blancas holes has provided encouraging support for our porphyry copper exploration model at La Colorada”.
Conclusion: Scout drilling is underway to investigate the porphyry copper potential at Colorada, Chile. Assay results are awaited from drilling at the first of four targets with drilling now moving to the second target area.
Guardian Metal Resources (GMET LN) 207.5p, Mkt Cap £393m – Auger sampling planned for the tungsten tailings at Tempiute, Nevada
Guardian Metal Resources reports that, following detailed mapping and sampling over ~550acres (~223 hectares) of historic tailings at the old Emerson tungsten mine on its Tempiute project in Nevada, it plans to start auger drilling of the tailings in June.
Data published by the USGS indicates that the Emerson mine produced ~0.5m short-ton-units of tungsten product between 1938 and 1982.
Subject to regulatory approval, the auger drilling aims to “characterise the tailings material and surrounding soils for environmental evaluation and resource potential”.
Drilling is expected to take around 3 months and allow estimation of “the total volume and grade of tungsten and base/precious-metal bearing material present”.
“In parallel, an independent metallurgical study will be completed to determine the most effective method of recovering tungsten and other metals from the tailings … [and] …, inform the final reclamation design of the site”.
Orosur Mining* (OMI LN) 21p, Mkt Cap £76m – Potential new discovery identified at Pepas
Orosur Mining reports assay results from its Pepas West target.
Orosur has completed eight holes over the new mineralised zone as it aims to boost its understanding of the orientation and controls of mineralisation.
Highlights from Pepas West to date include:
PEP085: 16.1m at 2.68g/t Au from 15m (inc. 5.4m at 4.18g/t Au)
PEP086: 9.8m at 0.96g/t Au from surface
PEP087: 22m at 1.42g/t Au from 9.4m (inc. 8.8m at 2.28g/t Au)
PEP088: 9.8m at 1.41g/t Au from 5m
PEP090: 23m at 2.98g/t Au from 18m (inc. 7m at 7.23g/t Au from 30m ) and 6m at 1.94g/t Au from 64m
Importantly, hole PEP090, which returned the broadest intersect at c.3g/t Au, was drilled 30m NW of previous holes.
Orosur has now identified >100m of mineralised strike which remains open to the northwest.
Management notes distinct geological similarities at Pepas West to the deposit defined at Pepas, which hosts 219koz Au at 5g/t Au, predominantly in the indicated category.
Pepas West is showing potential for shallow-lying, thick intersections of gold mineralisation grading >1g/t Au.
The Pepas rig has now been moved southward to continue to test regional targets, with follow-up drilling planned at Pepas West following a geological review.
At APTA, Orosur is currently drilling a deep hole to test various geological concepts that will support an expanded drilling programme to advance APTA to MRE status.
The hole has now hit the target zone at 300m depth and additional drill pads are being developed in other locations to accelerate the programme.
Conclusion: We have long viewed Orosur’s primary value driver in the wider exploration potential of the Anza Project. A new discovery at Pepas is being identified, with Pepas West showing potential for a standalone deposit with first pass drilling returning highlights of 23m at 3g/t Au from near surface. Our conceptual toll-treating model for Pepas will be significantly bolstered by further ounces added to the current 220koz at 5g/t Au MRE. Drilling continues aggressively over the wider project, while APTA offers an alternative, underground MRE with further drill testing required. In parallel, El Cedro, which we believe holds the scale potential at Anza, is due to be drilled in the coming months.
*SP Angel acts as Nomad and Broker to Orosur Mining
Premier African Minerals (PREM LN) 0.02p, Mkt Cap £7.9m – Additional £1m fundraising
Premier African Minerals reports that it has raised a further ~£1m via a subscription for an additional ~5.405m shares at a price of 0.0185p/share.
The new funds will “assist with the ongoing commissioning of the new Flotation Plant, operating expenses at Zulu Lithium, and the management of essential creditors at Zulu and to provide general working capital for Premier”.
We estimate that the additional shares represent ~14% of the enlarged company.
So far this year, Premier African Minerals has previously raised £1m in April, £1.25m in two blocks during March and £1m in January as it works to complete the Zulu flotation plant.
The funding announced today at 0.0185p/share has commanded a higher price that the £1m announced in April at a price of 0.0136p/share.
The company takes the opportunity to confirm progress with the installation of the new spodumene flotation plant at Zulu and to reiterate that it “is now planning to transition into hot commissioning activities involving the introduction of ore feed into the complete process plant as part of the next phase of commissioning and optimisation, with all activities continuing to remain on track for the previously guided Q2 2026 commissioning timeline”.
Managing Director, Graham Hill, welcomed the transition “into hot commissioning involving the introduction of ore into the circuit … [as] … another important milestone in the overall commissioning and optimisation process”.
He added that “Whilst commissioning activities naturally remain iterative in nature, we are encouraged that progress to date continues to support our commissioning timeline of Q2”.
Resolute Mining (RSG LN) 70p, Mkt Cap £1,500m –Positive scoping study moves ABC project on to DFS stage
Resolute Mining reports the outcome of a scoping study on its 2.2moz ABC gold project in western Ivory Coast.
Based on the 2021 ‘Inferred’ resource estimate of 72mt at an average grade of 0.93g/t gold in the Kona South and Kona Central deposits, the study envisages open pit mining providing around 7mtpa of ore to produce around 141kozpa over a mine life of 12 years.
The company explains that the pits will be relatively shallow and that the overall waste:ore ratio is expected to be 1.82:1.
Using a gold price of US$3,500/oz, the scoping study describes at initial capital investment of US$648m generating an after-tax NPV5% of US$1,178m and IRR of 39% from and total LOM gold production of 1.7moz at a cash cost of US$1,493/oz and an all-in-sustaining cost of US$1,565/oz with payback in 1.4years.
Sensitivity analysis shows that at US$4,500/oz gold the NPV5% increases to US$2,036m while using a 10% discount rate generates an after-tax NPV of US$782m at US$3,500/oz or an NPV of US$1,425m at the US$4,500/oz gold price.
Although the scoping study uses the 2021 MRE, the company is actively engaged in work to expand the resource with recent drilling extending “known mineralisation at both Kona South and Kona Central, along strike to the north and south of the deposits”.
Results from the 64-hole, 11,000m reverse-circulation drilling showed that generally “Kona South … is higher grade than Kona Central. The drill intersections clearly confirm the along strike extensions of the gold mineralisation to the north and south of Kona South, highlighting potential continued resource expansion”.
“At both Kona South and Kona Central the mineralisation remains open at strike and at depth”.
The company expects to deliver an updated MRE “in H2 2026”.
In March, Resolute Mining announced plans to proceed with development of the Doropo gold project, also in Cote d’Ivoire.
Commenting on the scoping study for the ABC project CEO, Chris Eger, expressed confidence in the potential to expand the resource and “increase the scale of the mine” and improve project economics.
He said that the “scoping study now provides Resolute with the required technical platform to commence the DFS. Progress on exploration, metallurgical testwork, site investigations and permitting has been prioritised with the target of completing the required workstreams to finalise a DFS by the end of 2027”.
Conclusion: A positive scoping study for the ABC gold project in Cote d’Ivoire provides a start for a DFS which is expected by the end of 2027. After announcing it would proceed with its Doropo project in March, the progress at ABC gives Resolute Mining a potential second mine in the country.
SP Angel - No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026
No.1 for Precious Metals: Q1 2026, No.1 for Precious Metals: CY 2025, No.1 in Precious Metals: Q1 2025, No.1 in Precious Metals: CY 2024, No.2 in Base Metals: CY 2024
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The information contained in this communication from the sender is confidential. It is intended solely for use by the recipient and others authorized to receive it. If you are not the recipient, you are hereby notified that any disclosure, copying, distribution or taking action in relation of the contents of this information is strictly prohibited and may be unlawful.
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Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
