Australia’s coal sector hopeful

A new report prepared by Commodity Insights for the Minerals Council of Australia forecasts that the demand for metallurgical coal to 2030 will grow by over 95Mt, from 275Mt in 2017 to 372Mt in 2030; this is a 2.3% growth or around 7.5Mt per annum.

Such a growth would be the equivalent of a large export mine being added to the market every year to 2030, the report states, and it represents approximately 56% of current Australian met coal exports.

The rise would be led by China and India, particularly because of the latter’s solid-to-strong economic growth, along with ongoing industrialisation and urbanisation, both of which drive demand for steel. China’s continued solid steel production will also push up the demand for coal, as well as the inability of its domestic production to keep pace with demand, something that will also happen in India.

“Even based on the conservative assumptions used in the Commodity Insights report, this demand growth represents a major opportunity for our world-class coal producers and the Australian economy,” Minerals Council of Australia CEO, Tania Constable, said in a media statement.

The Oceanian country is the world’s fifth largest producer of black coal, sitting behind China, India, the USA and Indonesia. Most of the production from Down Under is exported on the seaborne market, with 147Mt of metallurgical coal sold abroad in 2017. Despite being producers themselves, China and India are Australia’s largest markets for metallurgical coal, accounting for over 50% of volumes and followed by Japan, South Korea and Taiwan.

According to Commodity Insights, the reasons why the Australian black mineral is sought after are its quality, particularly when extracted from the Queensland’s Bowen Basin; the end-user mine equity; proximity to key Asian markets; and the key off-take market stability.

“The underlying demand stability from the key importers of Australian metallurgical coals (Japan, Korea and Taiwan), driven largely by significant steel production in these regions, provides substantial underlying support for production security. The significance of their dependency on Australian coals is further evidenced by their mine equity participation and/or ownership,” the research document reads.

For Tania Constable, this information should be seen as good news for all Australians who benefit from the royalties and company taxes paid by the country’s met coal producers.

But to be able to really reap the benefits of future developments in the global coal market, Australia has some homework to do. According to the report, the country needs to address issues such as the lengthy and costly approval processes of coal projects and the sheer volume of red and green tape that miners have to deal with. It also needs to add or expand mines and infrastructure – particularly rail – in a timely fashion.

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B.C’s historical Kootenay-Boundary district mining region gathers attention

Non-profit organization Geoscience BC recently published a series of maps and geological data whose main goal is to encourage mineral exploration in the Regional District of Kootenay Boundary in southern British Columbia.

Known as the Greenwood area, the site is well established since the 1880s as one of the most prolific areas for the exploitation of gold, silver, copper, lead, and zinc in the western Canadian province.

According to Geoscience’s archives, it hosted 26 mines whose combined production reached 1.2 million ounces of gold and over 270,000 tonnes of copper. Among those mines was the world-class, open pit copper-gold skarn deposit known as Phoenix, as well as the Mother Lode, Greyhound and Oro Denoro mines.

Rock Creek, British Columbia. Photo by Bob Cortright, Wikimedia Commons.

“More recently the Lexington copper-gold mine operated up to 2008 and efforts are currently underway to resume mining at it as well as the nearby Golden Crown, May Mac and Lone Star Mines,” Geoscience BC Vice-President of Minerals and Mining, Bruce Madu, told MINING.com.

Golden Dawn Minerals, KG Exploration Inc. and GGX Gold Corp. are among the companies setting foot and looking for opportunities in the terrains surrounded by the towns of Grand Forks, Greenwood, Midway and Rock Creek.

Madu said that based on the recently released Greenwood Map Area, which provides an updated understanding the relationships between different rock types and their ages around the district, more and more miners are paying attention to this place.

“A common axiom in the exploration sector is that the best place to look more ore is in the ‘shadow of the headframe’-the headframe being part of a mine’s infrastructure where ore is lifted to the surface, and a great starting point to start looking for more. The Kootenay-Boundary region has an abundance of ‘headframes’ and excellent infrastructure for developing a mine,” Geoscience BC VP said.

Greenwood area map by Geoscience BC.

According to Madu, this information is almost new because despite having had over a century of exploration and mining, some of the understandings of the geology in the region are poor. “The geology of BC is very complex, the province being built of scraps of old ocean floor, volcanic chains, continental sediments and other exotic ‘tectonic’ elements forced together by earth’s moving crustal plates. Scientists are left to explain this history with what they see today, the end of a story where most of the book’s pages are missing. In this region, emerging evidence is telling us that one of BC’s more prolific copper-bearing geological terranes, long thought to be exotic and far travelled, have actually been here all along,” he said.

The expert explained that modern techniques for determining a rock’s age are revealing that gold-bearing rock units in the area are relatively young and that a younger era of metal deposition in Greenwood might be an analogue for looking throughout British Columbia. “This area could hold the key to a better understanding of mineral deposits that formed during key geological events that span almost 200 million years,” …read more

US develops new gold-silver alloy for military use

Scientists with the U.S. Army Research Laboratory, the University of Maryland and the Paulista State University in Brazil created a new gold-silver alloy with the idea of lightening the load and enhance the power of devices used by soldiers on the battlefield.

In an article recently published in Advanced Optical Materials, the researchers explain how they are working on controlling the optical and plasmonic properties of gold and silver alloys by changing the alloy chemical composition.

“We demonstrated and characterized gold/silver alloys with tuned optical properties, known as surface plasmon polaritons, which can be used in a wide array of photonic applications,” David Baker, one of the authors of the paper, said. “The fundamental effort combined experiment and theory to explain the origin of the alloys’ optical behavior. The work highlights that the electronic structure of the metallic surface may be engineered upon changing the alloy’s chemical composition, paving the way for integration into many different applications where individual metals otherwise fail to have the right characteristics.”

U.S. Army Research Laboratory scientists Dr. David Baker and Dr. Joshua McClure pose in their lab at the Adelphi Laboratory Center, where they are working to lighten the load and enhance the power of Soldier devices used on the battlefield. Photo by Jhi Scott, U.S. Army.

According to the researchers, having discovered these properties allows them to optimize the optical dispersion and light-harvesting capability of the alloys. This means that these materials can outperform systems made of individual elements like gold.

“The insights of the paper are useful to soldiers because they can be applied to a variety of applications including, but not limited to photocatalytic reactions, sensing/detection, and nanoscale laser applications,” co-author Joshua McClure said. “When tuned properly, the integrated alloyed materials can lead to reductions in the weight of energy harvesting devices, lower power requirements for electronics and even more powerful optical sensors.”

As a follow-up to this work, the scientists are now looking at other metallic alloys and anticipate that their combined experimental and computational approach may be extended to other materials, including nonmetallic systems.

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Silver's Time Is Coming

Source: Clive Maund for Streetwise Reports 10/14/2018

Technical analyst Clive Maund charts silver and discusses the factors that he believes will lead silver upward.

Unlike gold and precious metals stocks, silver did not break out strongly on Thursday – although it rose, it did not break out at all, nor was volume exceptional, as we can see on its latest 6-month chart below. However, this is not a cause for concern, because in the early stages of sector bull markets gold leads, so we can expect silver to “follow suit” shortly. This is worth knowing, because it means that it is still possible to pick up a lot of silver stocks (and ETFs) at knock down silly prices before it really starts to move.

Silver’s latest COT chart, like gold’s, is most encouraging too, with the dumb and wrong Large Specs emboldened to try shorting it again – good luck with that.

Click on chart to pop-up a larger, clearer version.

Meanwhile the silver Hedger’s chart is showing record bullish extremes.

Click on chart to pop-up a larger, clearer version.

Chart courtesy of sentimentrader.com

On silver’s latest 10-year chart we can see that the pattern may have morphed from what we earlier – and erroneously – thought was a downsloping Head-and-Shoulders bottom into a potential Double Bottom. It should turn up, especially given what gold and PM stocks did late last week. While this chart viewed in isolation doesn’t look too inspiring, you will feel a lot better about it after you take into consideration the powerfully bullish COTs and Hedgers charts that we looked at above.

The conclusion is that it is time to take positions in silver, silver futures, ETFs and stocks before everyone else gets the same idea. Speculative short positions in silver are huge and could drive a big spike once silver really starts to move against them.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years’ experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

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Disclosure:
1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in the content preparation. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By …read more

'Another Prospective Oxide Gold Target' Identified at Nevada Project

Source: Streetwise Reports 10/13/2018

This discovery further expands the Canadian company’s pipeline of exploration opportunities in the Railroad District.

Gold Standard Ventures Corp. (GSV:TSX.V; GSV:NYSE) delineated another oxide gold target with further exploration potential at its Railroad-Pinion project in Nevada’s Carlin Trend.

The new LT target, 3 kilometers north-northwest of the company’s Pinion deposit, was revealed in the results of 70 surface rock samples taken from a 400 meter by 200 meter area.

Assay highlights included 12.9, 11.2, 6.65 and 4.5 grams per ton gold. The values overall spanned from less than 0.005 to 12.9 grams per ton gold. In comparison, previous rock sampling in the area ranged from less than 0.005 to 4.99 grams per ton gold.

“LT is further evidence of the robust, district scale of the Railroad-Pinion mineral system. . .we believe that LT is not the last new target we will find this year,” CEO and director Jonathan Awde commented in the news release.

He noted LT is located further north and west than any areas Gold Standard has explored on the property to date. It bears the same characteristics of discoveries at Dark Star, Jasperoid Wash and Dixie “but with better surface gold exposure.” The release explained that “gold mineralization is hosted in decalcified, silicified and oxidized multilithic dissolution collapse breccia proximal to a north-striking igneous dike.”

Read what other experts are saying about:

Gold Standard Ventures Corp.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Gold Standard Ventures. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell …read more

Canadian Metals Explorer Now Offers 'Attractive Entry Point'

Source: Streetwise Reports 10/13/2018

A Fundamental Research Corp. report relayed this company’s investment highlights.

In an Oct. 9 research note, Fundamental Research Corp. analyst Siddarth Rajeev indicated that Golden Arrow Resources Corp.’s (GRG:TSX.V; GAC:FSE; GARWF:OTCQB) recent share price drop represents a current buying opportunity. Fundamental has a CA$0.98 per share fair value estimate on Golden Arrow; the company’s stock price is now around CA$0.29 per share.

The average enterprise value:resource ratio of the other junior silver companies in Fundamental’s coverage universe has decreased to CA$1.63 per silver equivalent ounce from CA$2.29 since May, when the research firm initiated coverage on Golden Arrow, due to the decrease in silver prices. Golden Arrow’s shares are trading at CA$0.54 per ounce, much lower than the average.

Aside from its current valuation, Golden Arrow is an attractive investment, in part, Rajeev pointed out, due to its joint venture partnership, with SSR Mining, in Puna Operations Inc., which is composed of the Chinchillas and Pirquitas projects. Golden Arrow owns 25% of Puna; SSR owns 75%.

This year, 3 to 4.4 million ounces of silver are to be produced at Chinchillas, according to SSR Mining estimates. “GRG will receive a 25% share of the net profit,” Rajeev emphasized. Ore from Chinchillas will be processed at Pirquitas, and that should begin soon.

Also, Golden Arrow owns the Antofalla project in Argentina, which recently yielded “encouraging” drill results, indicated Rajeev. They included 3 meters of 191 grams per ton silver, 1 meter of 283 grams per ton silver and 2.1% zinc.

Rajeev reiterated that Golden Arrow is rated Buy.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation …read more

New corporate alliance aims to bring better efficiency and ethics to cobalt mining industry

When Henrik Fisker joined First Cobalt’s (TSX-V: FCC) board of directors in September, it was like a marriage of the minds between the global automotive design entrepreneur and the company’s president and CEO, Trent Mell.

Both Fisker and Mell are focused on providing cobalt to the American EV market efficiently, and also on maintaining stringent ethical mining practices.

First Cobalt is operating domestically within a global supply chain that has been so rife with concerns over child labour in the Congo that cobalt has been dubbed the ‘blood diamonds’ of the mining industry. But cobalt is on the US critical minerals list – and is a key component in next-generation batteries.

Fisker is also Chairman and CEO of Fisker Inc., and in the automotive sector he has provided leadership in premium electric vehicle development. Fisker Inc. holds pending patents on the Fisker Solid-State Battery, which the company says delivers 2.5 times the energy density of lithium-ion batteries. This is a potential  game changer in charging electric vehicles and consumer electronics. Fisker Inc. holds pending patents on the coming Fisker Solid-State Battery, which the company says delivers 2.5 times the energy density of lithium-ion batteries. This is a potential  game changer in charging electric vehicles and consumer electronics

“When we started Fisker Inc. in 2016, one of my goals was not only to redo the business model for a car company, but also to really get involved in what is essentially the most important and most expensive part of an electric vehicle, which is the battery.” Fisker said. “What is so important to this technology is, it not only has a much higher efficiency [but] a much longer range.”

Cobalt is the mineral that brings stability to the battery technology, Fisker said.

“That is why everybody wants to make sure they have access to it…as we have this rise in demand for batteries over the next seven to ten years. I want to make sure we have access, but that it is ethically mined.”

On the safety side, the technology has the capability to cool batteries more efficiently, and it is also carries a lower cost, Fisker said.

Fisker said joining the board at First Cobalt was a good fit because he felt the company’s values are in line with his in terms of ethical practices.

First Cobalt has three North American assets: the Iron Creek project in Idaho, with inferred mineral resources of 29.6 million tons grading 0.11% cobalt equivalent; the Canadian Cobalt Camp, and the only permitted cobalt refinery in North America capable of producing battery materials.

Fisker also said it is exciting that the market can get cobalt from North America, when a majority of the material and mines are owned by foreign interests.

Trent Mell said First Cobalt walks its talk by ensuring every worker at the company’s mine sites is outfitted with personal protective equipment, and that the local environments are protected.

“Where Henrik and I are aligned, it starts in the Congo. What people forget is that we are trying to clean up the supply chain,” Mell said. …read more

World’s top copper producer faces lengthy smelter halt at major mine

Chile’s state miner Codelco, the world’s No.1 copper producer, has revealed its smelter at Chuquicamata, its second largest operation by size, will be running at reduced rates until at least the end of the year, as it hurries to complete a planned overhaul ahead of stricter emissions standards coming in effect.

Chile’s Codelco is in the midst of upgrading its smelter at Chuquicamata, its second largest operation by size.

Unions expect production at the facility to be suspended for at least 60 days, while the company said some processes are likely to be affected for as many as 80 days, starting Dec. 13. That day, Bloomberg reports, is when the new rules will begin to be enforced.

Century-old Chuquicamata is running out of profitable ore and has to switch to a modern underground operation. The new mine, this time underground, will need 1,700 fewer workers, the company has said, partly because conveyor belts will replace trucks.

Codelco, which hands over all of its profits to the state, holds vast copper deposits, accounting for 10% of the world’s known proven and probable reserves and about 11% of the global annual copper output with 1.8 million metric tonnes of production.

The company handles nearly 4 million tpy of concentrates at its four smelters – Ventanas, Chuquicamata, Caletones (El Teniente division) and Potrerillos (El Salvador division).

Last year, Chuquicamata produced 330,900 tonnes of copper, out of Codelco’s total of 1.734 million tonnes and the miner contributed nearly $3 billion to Chile’s coffers.

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Canada’s Rusoro Mining reaches $1.3B deal with Venezuela

Canadian junior Rusoro Mining (TSX-V: RML), which in March scored a major victory in its international arbitration complaint against Venezuela, has accepted the almost $1.3 billion offered by the country’s government as settlement for the seizure of the company’s gold projects.

The deal gives Venezuela Rusoro’s mining data and forces it to fully release the arbitral award issued in favour of the miner in August 2016.

Settlement creates partnership that could lead to restarting production at Rusoro’s former mines in the South American country.

It also creates a partnership between the parties that will assess the current status of Rusoro’s former gold projects and consider options of restarting production at two mines. A decision of the future of those assets will be made by the end of January, the company said.

The dispute between Rusoro and the South American nation goes back to 2011, when former president Hugo Chávez nationalized the gold industry and seized the company’s 95%-owned Choco 10 mine as well as its 50%-owned Isidora mine.

The Vancouver-based company attempted a series of negotiations with Chávez’s left-wing government but after they all failed, its legal team took the matter to the International Center for the Settlement of Investment Disputes Expropriation (ICSID).

That Tribunal upheld Rusoro’s claims that Venezuela had breached its obligations under the Canada-Venezuela Bilateral Investment Treaty. It also order the country’s government, in addition to pay compensation for damages, to contribute $3.3 million towards Rusoro’s costs in the arbitration.

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Lynas jumps after its critic in Malaysian Gov't leaves review team

Shares in rare earths producer Lynas Corporation (ASX:LYC) climbed on Friday, closing 9.2 percent higher, after the Malaysian minister in charge of a committee reviewing the miner’s plant offered to step down following criticism that she would not be impartial.

Deputy Minister to the Prime Minister’s Office Fuziah Salleh, a long-standing critic of Lynas’ plant, said she didn’t want  to be used by the company to divert attention from the effects of the plant’s radioactive waste on people and the environment.

Fuziah Salleh, a long-standing critic of Lynas, said she didn’t want  to be used by the company to divert attention from the effects of the plant’s radioactive waste.

“If I remain in the committee, I will not be able to provide comments to the media and the public,” Salleh said according to local paper New Straits Times. “When I am no longer chairman [of the review committee], it will be easier for me to make comments and fight from the outside.”

Earlier this month, the Sydney-based miner raised concerns about the impartiality of Salleh and committee member Wong Tack, both long time opponents of having Lynas’ refinery in Malaysia.

The six-year-old facility — known as the Lynas Advance Material Plant (LAMP) — was the centre of relentless attacks from environmental groups and local residents while under construction in 2012. They feared about the impact the low-level radioactive waste the refinery generates could have on the health of those living nearby and the environment.

Lynas is the only major rare earths miner outside China. The metallic elements, crucial in the production of magnets, are extracted in Western Australia, but processed in Malaysia.

The company’s operating license in the country is up for renewal in September next year.

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A big graphene industry breakthrough out of Arizona

In what the company calls an industry breakthrough, Arizona based Urbix Resources has produced the first economically viable graphene-enhanced lightweight concrete.

Urbix’s research and development team created what they call a ‘Graphenesque’ additive that provides a 33% increase in compressive strength, a 32% reduction in CO2 emissions, and at a cost that is over 16% lower than the next best lightweight concrete alternative on the market.

“As the world continues to apply IOT-enabled smart materials, we are creating and opening new market potentials for graphite, directly, positively, impacting graphite demand in the world,” Cuevas said.

The team has been working on the project since 2014, with the simple intent of commercializing graphite out of a mine in Mexico, Urbix Chairman Nicolas Cuevas told Mining.com.  With carbon atoms 200 times stronger than steel, it’s pretty much the plastic of now, Cuevas said. It’s pretty much a new revolution in materials

Urbix worked with the University of Arizona’s optical science department on methods of purifying graphite without using high temperature ovens or hydrofluoric acid. Through a trial and error purification process, they were able to make graphene through a microwave reactor the company developed.

Cuevas said graphene is a ‘wonder material’, derived from graphite. Defined as a layer of carbon atoms, global demand for graphene is expected to increase as it has been shown to improve battery technologies.

“With carbon atoms 200 times stronger than steel, it’s pretty much the plastic of now,” Cuevas said. “It’s pretty much a new revolution in materials.”

“The material performance of our solution for lightweight concrete is great,” Urbix Chief Marketing Officer Adam Small said in a statement. “But the low costs and large-scale capabilities are what makes this achievement so profound. By leveraging our existing global graphite mining relationships, we offer near vertical integration, an aspect that is almost mandatory for any company entering the graphene space.”

Testing continues, and Cuevas anticipates that they will bring the technology to market in 2020.

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Unloved gold sector regains shine with mergers, price spike

Merger and acquisitions in the precious metals sector are gaining momentum following Barrick’s recently announced $6.1 billion-deal to acquire Randgold Resources.

Shortly after, Canada’s Americas Silver (TSX:USA) announced it was buying Pershing Gold (Nasdaq:PGLC) for $50.78 million in an all-stock deal.

“This transaction aligns with our stated initiative of building a profitable and low-cost precious metal company in the Americas by operating and building low risk, low capital, high return projects,” Darren Blasutti, President and Chief Executive Officer of Americas Silver tells MINING.com.

Low precious metal prices had led to low trading volumes and corresponding share prices as generalist investors looked elsewhere for returns, resulting in a lack of interest in the sector from the capital markets.

At the same time, production among the world’s largest gold producers has declined by around 5 percent on average over the past three years as they focused on cutting debt and costs, selling off operations that were expensive to operate, and reducing investment in exploration, projects and acquisitions.

The lack of significant capital sources has impacted good projects as they wait for funding, and Pershing Gold’s Relief Canyon project is a good example of that, says Darren Blasutti, President and CEO of Americas Silver. 

“We expect this situation to turn around in the near-to-midterm as producers will inevitably have to replace their precious metal resources,” Blasutti says.

The lack of significant capital sources has impacted good projects as they wait for funding, says the executive, adding Pershing Gold’s Relief Canyon project is a good example of that. “[The asset] is a great multi-year, low capital, shovel-ready  project with advanced permitting in Nevada, one of the world’s best locations for precious metals mining,” he say.” We believe it will provide further leverage to precious metals for our investors.”

Pershing’s feasibility study estimated a pre-tax net present value of approximately $120M (5% discount), capable of producing approximately 90,000 ounces of gold annually and generate post-tax cash flow of $30-35M per annum over the 6 year life (at $1,290 /oz Au).

By acquiring Pershing, Americas Silver is expected to increase precious metal production by five times and silver equivalent production to about 14 million AgEq ounces by 2020.

While mergers and acquisitions have become cheaper than expanding reserves of gold through exploration, Americas Silver does not see further acquisitions in the horizon. “The company’s philosophy has been to find value through better execution, but not event-type risk so the strategy is to remain Americas focused,” Blasutti says.

Currently, Americas Silver expects to produce between 1.6 million and 2 million ounces of silver and between 7.2 and 8 million silver equivalent ounces this year. The company, which owns multiple producing assets in Mexico, has also focused on zinc and lead as silver prices have been lackluster through most of the year.

The deal, expected to close in early 2019, comes at a time when gold prices are on their way up, hitting their highest in two months Thursday.

Spot gold gained 0.8 percent to $1,203.30 an ounce by 0947 GMT, while  US gold futures added 1.1 percent at $1,206.20 …read more