May 17, 2020

Drake Resources Steps Up Norwegian Copper, Zinc and Gold Programmes

Drake Resources
European Mining
Copper Mining
gold mining
2 min
Norway is famed for the visibility of the Northern Lights
Australian-listed mineral exploration specialist Drake Resources has announced promising progress in its central Norwegian projects involving the drilli...

Australian-listed mineral exploration specialist Drake Resources has announced promising progress in its central Norwegian projects involving the drilling for copper, zinc and gold.

It has concluded drilling with its joint venture partner Panoramic Resources at the Nordgruva Copper Zinc prospect. The single 456m drill hole targeted two significant, strong off-hole conductors identified from drilling and down hole EM 2013.

A visual log has identified lenses of disseminated sulphide mineralisation ranging from a few centimetres up to two metres wide at several locations throughout the 50m wide target zone. The company expects to reveal more by the end of July.

Drake also announced that drilling has commenced at Løkken, another JV with Panoramic Resources. The 900m diamond drill program will target five anomalies that could represent massive copper sulphides north south and west of the old Løkken copper mine. Results are expected in August.

A third in central Norway, the Seimana Gold Project, is at the halfway stage of drilling. The 1,500 metre programme is targeting seven significant gold anomalies which were brought to light from recent field studies.

Drake’s CEO Jason Stirbinskis, said: “Our field Geologists have noted significant widths of quartz veining and vein clusters in the RC drilling similar to surface mapping observations during our Q1 field programs, we eagerly look forward to assay results in late July.”

More information on all of Drake’s Norwegian projects can be found at:

Share article

May 6, 2021

Copper, iron ore surge as Chinese investors unleash demand

Iron ore
3 min
Iron ore broke $200 a tonne for the first time, while copper approached a record high as Chinese investors unleashed fresh demand following May holiday

The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 on Thursday.

In the wake of mounting evidence of inflation fuelled by higher raw materials prices, investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.


Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.

“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries, which include switching to electric vehicles and expanding wind and solar power, are likely to generate additional demand for metals.”

Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.

Copper rose as much as 1.6% to $10,108.50 a ton on the London Metal Exchange before trading at $10,080 as of 4:07 p.m. in London.


Iron Ore

Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.

The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.

Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.

Erik Hedborg, Principal Analyst, Steel at CRU Group commented: “Recent production cuts in Tangshan have boosted demand for higher-quality ore and prompted mills to build iron ore inventories as their margins are on the rise. Iron ore producers are enjoying exceptionally high margins as well, around two thirds of seaborne supply only require prices of $50 /dmt to break even.”


Still, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.

The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.

Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best performing metal on the LME.



Share article