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Morning News Bites – May 13

AS the Federal Treasurer Josh Frydenberg tests negative for Coronavirus after a coughing episode in Parliament here are todays headlines.

  • Tensions between Australia and China escalate with details on import bans on four Australian meat producers into China.  
  • Red 5 released a Final Feasibility Study Update, which shows FFS is set to be completed in September Quarter 2020. Early works design and procurement activities have commenced including bulk earthworks design, sourcing of transportable buildings for the accommodation village and office space and procurement plans for long-lead items, Managing Director Mark Williams said “We continue to make solid progress towards our objective of delivering the FFS, making a final investment decision and starting construction on one of Australia’s premier new mid-tier mining projects at King of the Hills. In addition to boosting KOTH’s satellite deposit Mineral Resources to over 300,000oz, the completion of these Mineral Resources estimates has allowed our team to commence mining studies for the inclusion of these deposits in our overall mine plan and schedule. “On other fronts, Pre-Feasibility pricing estimates for open pit mining costs and our energy requirements on the proposed “Build Own Operate” basis have been confirmed by Expressions of Interest from mining contractors and indicative proposals received from energy suppliers.”
  • Commonwealth Bank Q3 20 reveals an overlay provision of $1.5 billion due to impacts of COVID-19, Early trade showed(ASX:CBA) up 0.3%. While Westpac-Melbourne Institute Consumer Confidence Index for May is up 16.4%
  • Zenith Minerals has revealed a new copper prospect south of Zenith`s current JORC in Queensland. Snook returned promise in base metals and gold value of 7.58% copper and 0.48 g/t gold.
  • Field work has recommenced for Pioneer Resources. The pause in operations was due to COVID-19. Managing Director Simon Tim Spencer said  “Our team is pleased to be back in the field exploring, after adopting appropriate COVID-19 protocols. Drilling at the Dome North area yielded excellent lithium results last year and we are now aiming to add ‘low discovery cost’ tonnes and grade to the maiden JORC Resource Estimate of 8.2 million tonnes @ 1.23% Li2O to get to a development scale.” Pioneer is also taking on a staged, low cost air-core drilling campaign which will commence by the end of May around the Cade Spodumene Deposit (JORC Resource Estimate 8.2Mt @ 1.23% Li2O) and its surrounds.

 

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