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Emily King's Thoughts On China's Latest Ban
Happy New Year from the Prospector team! In this week's Nugget we're digging into the latest mining news, social trends, and tech reports.
- 🗨 Thoughts From Our Founder
- 🎧 On the Rocks
- 📰 In The News
- ⚒️ Mining Data Digest Snapshot
- 📱 Trending On Social
- ❓ Prospector Poll
🗨 Thoughts From Our Founder
With the news this week of China's ban on REE tech exports, I've been thinking a lot about what the mining industry can and should do to become more innovative. I deal with technology adoption resistance every day with our team at Prospector and wanted to share my thoughts on what "the industry" and YOU can do as a member of the industry TODAY to support innovation and technology start-ups.
🎧 On The Rocks
📰 In The News
Lithium: Price Collapse Secures Green Transition, Causes Headaches
Lithium prices have crashed 80% in the past year from record highs, interrupting the previously virtuous cycle of rising investment and falling prices that was intended to make electric vehicles more affordable and displace gas-powered cars. Now, demand for EVs has slowed despite massive price cuts, lithium producers are cutting back operations, and the future expansion of the crucial lithium industry is in doubt. Though the price crash brings short-term savings on lithium to green industries, it may stymie critical long-term growth in lithium production. This volatile lithium market highlights that the success of green energy still relies heavily on market forces, not just politics, underscoring environmentalists must work with business to achieve climate goals.
Biggest Global Mining News Of 2023
2023 was a turbulent year for mining, with gold hitting a record price but lithium, nickel, and cobalt crashing after massive speculation-fueled spikes. Supply disruptions highlighted the industry's vulnerability, most dramatically the government-ordered shutdown of First Quantum's giant Cobre Panama copper mine amid protests. Further state interventions saw Chile and Mexico move to nationalize lithium reserves. On the corporate front, mega-mergers like Newmont's $17 billion buyout of Newcrest jostled with abandoned deals, spin-offs, and volatile IPOs. Meanwhile China tightened the spigot on critical mineral exports including rare earths, underscoring Western dependence. Through it all, mining companies showed increased resilience even as market volatility and geopolitical uncertainty rattled the industry.
London Gold Price Benchmark Breaks All-Time High, LBMA Says
The London gold benchmark price hit an all-time record high on Wednesday, reaching $2,069.40 per ounce and surpassing the previous peak from August 2020, reflecting strong global demand for gold as an investment haven amid economic and geopolitical uncertainty. According to the London Bullion Market Association, gold has demonstrated its enduring role as a store of value, with investors across the world flocking to the precious metal during recent turmoils. Since the start of 2023, the London gold price has already risen 12.7%, capping a more than seven-fold increase since 2000.
Saudi Mining Company Maaden Finds New Gold Deposits
Saudi Arabia's largest mining company Maaden announced the discovery of high-grade gold deposits near its existing Mansourah Massarah mine, indicating potential to expand gold production in the area. Maaden plans to ramp up drilling activities in 2024 based on samples showing gold concentrations of over 10 grams per tonne within 400 meters of the active mine, which has capacity of 250,000 ounces per year. The state-owned company aims to double gold output under Saudi Arabia's economic diversification push to reduce dependence on oil.
⚒️ Mining Data Digest Snapshot
Company: Pan American Silver
The Jacobina gold project in Brazil utilizes underground sublevel long-hole open stoping mining methods to produce gold dore from multiple ramp-accessed underground mines. The current life-of-mine plan, supported by 48.2 million tonnes of proven and probable reserves grading 2.03 g/t gold (3.1 million contained ounces), predicts an average annual gold production rate of 200,000 ounces for the first 10.5 years and extends through 2039.
📱 Trending On Social
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