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🎧 On The Rocks

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📰 In The News

Goldman Says Commodities To Gain As Central Banks Cut Rates

Goldman Sachs Group Inc. forecasts a 15% return on commodities in 2024, driven by anticipated interest rate reductions by central banks in the US and Europe, which is expected to bolster industrial and consumer demand. The investment bank highlights copper, aluminum, gold, and oil products as commodities likely to see gains, emphasizing the importance of selective investment due to varying performance across the sector. This optimistic outlook is underpinned by a modest commodity market upswing in the first quarter, supported by policy signals from the US Federal Reserve and European Central Bank towards easing borrowing costs amid decreasing inflation and China’s ongoing economic recovery efforts. While bullish on metals like copper and gold, predicting significant price milestones, Goldman Sachs maintains a bearish stance on battery metals such as nickel, cobalt, and lithium carbonate, cautioning against premature declarations of an end to their bear markets.

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Miners Can Reverse Trust Deficit, But It Won’t Be Easy

The mining industry is grappling with a profound trust issue that affects everything from public perception and community relations to regulatory challenges and investor confidence. Recent research by the International Council on Mining and Metals (ICMM) alongside GlobeScan reveals that mining is perceived as one of the least responsible industries towards society, underscoring an urgent need for the sector to foster goodwill and trust. Despite efforts to enhance communication and adopt Environmental, Social, and Governance (ESG) practices, the industry struggles with a significant "say-do" gap, where commitments and actual practices diverge. To rebuild trust, the industry must shift towards a more people-centric approach, emphasizing empathy, transparency, and engagement with a broad range of stakeholders. This entails aligning actions with words, acknowledging and addressing impacts comprehensively, and cultivating genuine, beneficial partnerships that can help mend the industry's reputation and secure its social license to operate.

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Saudi Arabia Rolls Out $182M For Mineral Exploration

Saudi Arabia is launching a $182 million grant program to diversify its economy away from oil by incentivizing mining exploration for its estimated $2.5 trillion mineral wealth, including key resources like copper, bauxite, marble, granite, and gold. Announced by the Ministry of Industry and Mineral Resources and the Ministry of Investment, this initiative is part of the kingdom's ambitious plan to draw nearly $200 billion in investments into the mining sector by 2030, aiming to explore close to 50 identified minerals crucial for the global energy transition.

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US Bill Would Make Phosphate, Potash Critical Minerals

On March 14, the US Senate introduced a bill to classify phosphate and potash as critical minerals, a move that could simplify permitting processes for new US production sites by centralizing them under one agency. This initiative, advocated by The Fertilizer Institute, aims to bolster national food security by addressing supply uncertainties and price volatilities in the fertilizer market, exacerbated by US sanctions on Belarusian potash and duties on Moroccan and Russian phosphate. The designation reflects the essential role of potash and phosphate in US agriculture, highlighted by significant imports of these fertilizers in 2023. Russia and Belarus, major potash producers, and Morocco and China, leading in phosphate production, are crucial to the global supply. The proposal, backed by a bipartisan group of senators, seeks to re-evaluate these minerals' critical status for national security and the economy.

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⚒️ Latest Drilling Updates

Check out the latest exploration and drilling updates organized by country - congrats to all of the companies with recent updates! 

Note: This analysis is based on disclosed public filings and maintains an impartial perspective. 


ALX Resources Corp. - Gibbons Creek Uranium Project, Saskatchewan

  • Winter drilling program ongoing, expected completion by early April 2024.
  • Highlight: Two holes intersected narrow intervals of uranium mineralization.
  • Entered option earn-in transaction with Trinex Minerals Limited

More Details 


Western Metallica Resources Corp. - Caña Brava Project, Northern Peru

  • Geophysical and field mapping activities are underway to identify porphyry copper-molybdenum mineralization.
  • Highlight: Extensive alteration footprints and magnetic anomalies suggest potential large porphyry systems.
  • Scout drilling program set to commence by Q3-2024

More Details 


Si6 Metals Limited - Botswana Projects & Another Update

  • Significant drilling program completed across Dibete Cu-Ag, Airstrip Cu-Ag, and Maibele North Ni-Cu-PGE projects.
  • Highlight at Dibete: Confirmed "supergene" zone with 6.15m at 7.20% Cu and 182 g/t Ag.
  • Maibele North focused on Ni-Cu-Co-PGE mineralization, remaining open in various directions.

More Details 


Xanadu Mines Ltd. - Red Mountain Project

  • Initial 5,000-meter diamond drilling program commenced, focusing on shallow, high-grade gold and copper-gold deposits.
  • Progressing through various target areas, with assay results anticipated by the end of June 2024.
  • Exploration draws comparison to the shallow parts of the Northparkes deposits.

More Details 

United States

Showcase Minerals Inc. - Dixie Flats-North Star Gold Project, Nevada

  • 12-hole exploration drill program contracted to investigate potential gold deposits.
  • Driven by historic drillhole analyzation and geophysical surveys aimed at delineating drill targets.
  • The program signifies a pivotal phase in exploring the property's potential.

More Details 

Disclosure: This summary was prepared using AI by Prospector, based on drilling and exploration updates disclosed in public filings released since 9:00 AM EST, 2024-03-22. Readers should refer directly to the provided links for detailed information and understand that drilling results are subject to validation and further review.

Want more insights or analysis on mining projects? Respond to this email, and we’ll use our AI platform to summarize everything for you.


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