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Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS) Update on the Lake Giles Iron Ore Project Update.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) outlining recent activities advancing the Lake Giles Iron Ore Project in the Yilgarn Region of Western Australia.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
Lake Giles Developments
- Diamond and RC drilling infill programme has commenced to support a resource category upgrade and obtain samples for metallurgical test work.
- Development of the Commercial and Technical capabilities in the Company to deliver the completion of a Bankable Feasibility Study.
- Application for in-principle advice seeking consideration from the Australian Stock Exchange (“ASX”) for a proposed dual listing of the Company.
- Discussions with commercial partners for power and water supply, mining services, road and rail haulage, port infrastructure development and process plant design and construction.
Macarthur will release more detailed information to the market on these key project developments as they are finalized.
The full Macarthur release can be found at: https://web.tmxmoney.com/article.php?newsid=5431321825042125&qm_symbol=MMS
Cadence CEO Kiran Morzaria commented; “The Cadence board remain enthused by the considerable scope of the Lake Giles iron ore project. We note CEO Cameron McCall’s comments regarding the proposed dual listing and completion of the Feasibility study, and look forward to further progress.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Half of all new cars sold in Australia by 2035 will be electric, forecast predicts – Guardian
New government analysis on electric vehicles suggests Labor’s election policy was not out of step with path country is already on
Half the new cars sold in Australia in 2035 will be electric vehicles even if there is no policy support to drive change, a new government analysis forecasts.
It will reinforce the expert view that Labor’s election pledge to set a target of 50% new car sales being electric by 2030 would not have been that significant a shift from a path the country is already on.
Labor’s commitment prompted the prime minister, Scott Morrison, to accuse the opposition of wanting to “end the weekend” by forcing people out of four-wheel drives and the minister for small business, Michaelia Cash, to tell tradies only the Coalition would “save their utes”.
The government has said it will introduce a national electric vehicle strategy to cut carbon dioxide emissions by 10m tonnes by 2030, but is yet to release details.
A report published by the government’s Bureau of Infrastructure, Transport and Regional Economies examines the uptake of electric vehicles in 22 countries. It found sales vary between nations but are expected to grow rapidly across the world in coming decades.
Modelling suggests the electric vehicle share of new car sales in Australia will rise from about 0.34% today to 8% in 2025. It is predicted to then leap to 27% of new car sales in 2030 and 50% in 2035 as prices of electric car technology fall.
Behyad Jafari, chief executive of industry group the Electric Vehicle Council, said the report showed the transition to electric vehicles would happen “no matter what” and Australia would not need to do much to accelerate a local industry.
“As this report shows, the destination for Australia is predetermined. The choice is how much value and benefit we capture in getting there,” he said.
“Globally, there is some $US300bn being invested in the EV sector. Surely Australia should be getting a piece of the action.”
The report says battery cost is expected to more than halve by 2025 and continue to decline, but battery size and vehicle range would both increase to more than double by mid next decade before peaking.
“This means that the outlook is for a fairly constant battery price for EVs out to 2025, before the price starts to decline,” the report says. It says a similar trajectory is expected for other manufacturing related costs.
The infrastructure and transport department said the report set out what would be expected under existing policy settings and did not assume any additional government support, but noted some government agencies invested in electric vehicle infrastructure.
A department spokeswoman said electric car uptake in Australia was slow compared with some of the countries examined. She said there would be a rapid change in new car sales once the technology became price competitive, but it would take some time for that to be fully reflected on Australian roads.
“There is usually a 10 to 15-year lag between new vehicle sales numbers and overall fleet numbers, so EVs are not expected to be a significant part of the passenger vehicle fleet until well into the 2030s,” the spokeswoman said.
The latest report is separate to government modelling discussed in Senate estimates in April. Environment department officials said they also had data prepared by consulting firm Energeia that suggested electric cars would account for 25-50% of new sales by 2030.
The government has committed $400,000 to develop its national electric vehicle strategy. It is expected next year.
Treasurer Josh Frydenberg last year compared the expected trajectory of EVs to that of the iPhone. He said changes in battery technology and recharging infrastructure were gaining momentum in Europe, Asia and North America and would inevitably be replicated in Australia, and predicted people who mocked EVs would one day be driving them.
Iron ore prices surge on renewed uncertainty over Brazilian and Australian supply
Article by Business Insider – April 1st 2019
- Iron ore spot markets rose strongly across the board on Friday.
- Uncertainty over supply disruptions in Brazil and Australia, along with firmer steel prices, likely explain the size of the gains recorded during the session.
- China’s official manufacturing and non-manufacturing PMIs both improved in March compared to the levels reported in February.
- The Caixin-IHS Markit China manufacturing PMI report for March will be released on Monday.
Iron ore prices rallied on Friday, supported by renewed uncertainty over Brazilian and Australian supply.
According to metal Bulletin, the spot price for benchmark 62% fines jumped 2.5% to $86.81 a tonne, logging its largest gain in two weeks.
The gains in higher grades were even larger with 65% fines soaring 3% to $99.30 a tonne, leaving it just below the multi-year highs struck in early February.
Lower grades also rallied with 58% fines adding 1.6% to $72.14 a tonne.
The across the board gains coincided with renewed uncertainty over the outlook for Brazilian and Australian iron ore supply, two of the largest seaborne exporters globally.
On Thursday, Brazilian miner Vale lowered its iron ore sales forecasts to a range of 307 to 322 million tonnes this year, down from an earlier estimate of 382 million tonnes.
“The price implications from Vale’s guidance and commentary are significant,” said Vivek Dhar, Mining and Energy Commodities Analyst at the Commonwealth Bank.
“Given the physical nature of iron ore markets, the impending physical tightness to face iron ore markets strengthens our conviction that iron ore prices will rise above to over $90 a tonne in the short term.”
Daniel Hynes, Senior Commodities Strategist at ANZ Bank, is another who expects iron ore prices will remain supported in the period ahead.
“We see a sizable disruption lingering over the market for the near future,” he said, referring to supply disruptions in Brazil.
“Supply-side responses are likely, but will be far short of what is required to meet the needs of the market in 2019. As a result, iron ore exports will fail to meet expected demand by around 35–40 million tonnes in 2019.
“This should keep prices well supported in 2019.”
Along with uncertainty over the outlook for Brazilian supply, news of operational disruptions at facilities owned by Rio Tinto in Western Australia was another factor that helped to propel prices higher during the session.
On Friday, the miner issued force majeure notices to some iron ore customers due to damage from tropical cyclone Veronica, which hit Western Australia earlier this week, according to Reuters.
Rio said that it was “currently assessing the impact of the damage sustained at the Cape Lambert A port facility and is working with its customers to minimise any disruption in supplies”.
A force majeure is invoked when a miner cannot perform an obligation under a contract due to circumstances outside of its control.
Like spot markets, the news helped to spark a rally in Chinese iron ore futures on Friday.
In Dalian, the most actively traded May 2019 contract jumped to as high as 638.5 yuan before closing the session at 631.5 yuan. That was well above the 613.5 yuan level it finished on Thursday evening.
Stronger steel prices also helped to support iron ore futures at the margin with rebar and hot-rolled coil finishing trade at 3,758 and 3,741 yuan respectively, up from 3,695 and 3,673 yuan on Thursday evening.
As seen in the scoreboard below, those moves were largely sustained in overnight trade on Friday.
SHFE Hot Rolled Coil ¥3,732 , 0.67%
SHFE Rebar ¥3,754 , 0.72%
DCE Iron Ore ¥632.50 , 1.85%
DCE Coking Coal ¥1,229.00 , -0.08%
DCE Coke ¥1,980.00 , 0.23%
Trade in Chinese commodity futures will resume at midday AEDT on Monday.
In news that will likely bolster sentiment across the steel and bulk commodity complex further, activity levels across China’s manufacturing and non-manufacturing sectors improved in March, driven in part by booming construction activity.
The government’s manufacturing and non-manufacturing PMIs rose to 50.5 and 54.8 respectively in March, up from 49.2 and 54.3 in February.
A reading above 50 indicates that activity levels improved from a month earlier. The distance away from 50 reveals how fast the improvement occurred.
The separate Caixin-IHS Markit China manufacturing PMI report for March will be released today. In the past, markets have tended to pay more attention to this report than the official government release.