Canadian and U.S. stock indexes are lower as strong U.S. jobs data reinforced the Federal Reserve’s cautious stance on interest rate cuts. Markets show traders have scaled back expectations for Fed rate cuts to just 25 basis points for rest of the year. Meanwhile, Canadian investors have been on edge as they wonder whether U.S. President-elect Donald Trump, set to take office on January 20, would stick with his plans of a 25% tariff on Ottawa. European shares slipped in a broader market selloff as investors turned wary of global rate outlook. China and Hong Kong stocks fell on concerns over the widening U.S.-China yield gap. The U.S. dollar surged as the recent data underscored the strength of the U.S. economy. Oil prices rallied, driven by wider U.S. sanctions on Russian oil and the expected hit to China and India’s supplies. Gold prices eased.
Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9) announces that its subsidiary Asante Gold Bibiani Ltd. (“Asante Bibiani”), which owns the Bibiani mine, has entered into an agreement with Fujairah Holdings LLC (“Fujairah”) for the forward sale of US$500 million in gold which will provide US$100 million of financing to the Company on a revolving basis over a period of approximately two years (the “Gold Forward Agreement”) on terms described below.
Dave Anthony, President and CEO stated, “We are pleased to announce this Gold Forward Agreement with Fujairah, a strategic and foundational partner for Asante. This Agreement will enable us to immediately accelerate the ramp-up of mining activities and completion of the sulphide treatment plant. We plan to increase gold production beyond 15,000 ounces per month at Bibiani by mid-year, while we work to complete our other funding initiatives.”
As an advance deposit (the “Initial Deposit”) toward future gold deliveries, Fujairah has paid US$100 million to Asante Bibiani. Under the Gold Forward Agreement, there is a three month grace period in respect of the Initial Deposit, following which the Company will deliver US$100 million of refined gold to Fujairah commencing March 28, 2025 through June 28, 2025, with such deliveries to be credited against the Initial Deposit.
Following the Initial Deposit, a series of four additional advance deposits and gold deliveries will be made in an aggregate amount of US$400 million over a period of 22 months. There will be a two month grace period in respect of each such US$100 million additional advance deposit, following which the Company will deliver US$100 million of refined gold to Fujairah over four months. All gold deliveries will be priced at a seven percent discount to the market price of gold at the time of delivery.
The proceeds of the Initial Deposit will primarily be used to advance growth initiatives at the Company’s operations, including accelerated ramp-up of mining activities and completion of a sulphide treatment plant at the Bibiani mine.
Asante Bibiani’s obligations under the Gold Forward Agreement will be secured by a parent guarantee from Asante and by a debenture in respect of Asante Bibiani’s assets. Fujairah has agreed to a subordinated position to senior lenders and bond holders following the effectiveness of an intercreditor agreement that is expected to be entered into in connection with the Company’s proposed financing package announced on October 30, 2024.
With regard to the previously announced US$100 million non-brokered private placement, the Company confirms that closing of the US$40 million third tranche has not as yet occurred. The Company is determining modification or cancellation of the third tranche of the private placement, and will provide an update when determination has been made.
Aura Minerals Inc. (TSX: ORA, B3: AURA33) announce that Aura has completed the previously announced acquisition of Bluestone Resources Inc. (“Bluestone”) by way of a plan of arrangement under Part 5 of Division 9 of the Business Corporations Act (British Columbia) (the “Transaction”).
Aura paid approximately C$26,255,313 in cash, C$0.287 for each Bluestone Share held, and issued 1,007,186 Aura shares, 0.0183 common shares of Aura for each Bluestone Share held. Bluestone shareholders also received contingent consideration in the form of contingent value rights (“CVRs”) providing the holder thereof with the potential to receive a cash payment of up to an aggregate amount of C$0.2120 for each Bluestone Share, payable in three equal annual installments, contingent upon the Cerro Blanco gold project achieving commercial production. The shares of Bluestone are expected to be delisted from the TSX Venture Exchange (“TSXV”) on or around market close on January 14, 2025. Aura will apply for Bluestone to cease to be a reporting issuer in each relevant jurisdiction under applicable Canadian securities laws. The listing of the Aura shares issued as consideration to certain former holders of Bluestone shares is subject to final approval by the Toronto Stock Exchange (“TSX”).
Rodrigo Barbosa, CEO of Aura, stated, “Cerro Blanco is a world-class deposit with over 3 million ounces in Measured and Indicated (M&I) resources. Over the next few months, we will be reviewing the feasibility study and exploring alternatives to optimize the size, risk, and return of the project while rolling out our Aura 360 concept with the highest environmental and social standards, preparing it to start construction. Moreover, the geothermal energy project, with a capacity to reach 50MW, gives Cerro Blanco a unique angle to use renewable energy and potentially sell the surplus to Guatemala. This acquisition exemplifies our ability to execute a growth strategy. Finally, we welcome one of the most reputable mining investors, the Lundin family, as our shareholders.”
Banyan Gold Corp. (TSXV: BYN)(OTCQB:BYAGF) announce analytical results from twenty-one (21) diamond drillholes collared within the Powerline Deposit located on the Company’s AurMac Project, Yukon Territory. This set of holes was drilled in the eastern portion of the Powerline Deposit (See Figure 1) as part of the 2024 AurMac definition drilling program.
“This year’s program has confirmed areas of consistent higher-grade mineralization within the Powerline Deposit, while strengthening geological controls on the Resource model,” stated Tara Christie, President and CEO. “We are excited that this year’s program has yielded valuable insights to the potential for broader scale mineralization beyond the Resource update anticipated in Q2, 2025. The validated correlation between mineralization and stratigraphy, along with our geophysical work (3D geophysical interpretation and ZTEM), has identified both proximate, distal and deep targets – emphasizing the significant growth potential for gold mineralization at AurMac”.
The Powerline Deposit is contained within a metasedimentary package which consists of predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian age Hyland Group. Gold mineralization here is chiefly associated with low angle quartz-sulfosalt-arsenopyrite veins seen crosscutting all lithologies and is interpreted to be associated with a large intrusion related gold system typical of the Tombstone Gold Belt and Selwyn Basin gold deposits. Instances of visible gold identified from Banyan’s logging of these drillholes are shown in Image 1.
Figure 1: Idealized section 467,100E, Looking west: Powerline Deposit on left and Airstrip Deposit on the right. Mineralization is interpreted to correlate with discrete lithological units. Note: The Powerline and Airstrip Deposits remain open to growth in all directions. View the original press release on accesswire.com
Barrick Gold Corp. (TSX: ABX) recommended that its shareholders reject an unsolicited offer by TRC Capital Investment to buy about 0.29% of the miner’s common stock. The gold miner said it had received notice of an unsolicited mini-tender offer made by TRC Capital to purchase up to 5 million of Barrick’s common shares, adding that it was at a below-market price of C$21.35 apiece.
Barton Gold Holdings Limited (ASX: BGD)(FRA:BGD3)(OTCQB:BGDFF) ad
Further to the receipt of these funds, Barton’s unrestricted cash balance (which excludes ~$4.5 million cash posted as security for rehabilitation bank guarantees) is approximately $9.2 million.
Barton has executed a range of R&D work programmes during fiscal year 2024, including trialling multiple technologies to develop new methodologies for exploration under cover in South Australia, and the development of new regional geological models. These work programmes have been completed in the vicinity of the Company’s Tarcoola ( Tarcoola ) and Tunkillia Gold Projects ( Tunkillia ). Several of these work programs remain ongoing and are expected to be completed during the 2025 and 2026 financial years.
In conjunction with funding awarded to Barton under the South Australian Government’s Accelerated Discovery Initiative ( ADI ), the Federal Government’s R&D Tax Incentive Program has directly contributed to the significant acceleration of exploration activity and efficiency in an emerging gold province.
Significant outcomes enabled by this support include the development of a new regional structural model for the Tarcoola Goldfield, new predictive models for alteration zones on the Yarlbrinda Shear Zone (which hosts the Tunkillia project), and the validation of multiple predicted structures and alteration zones. Among others these have resulted in the subsequent identification of the new Tolmer Gold System at Tarcoola and the Area 51, 223 North, 223 South and Area 191 gold zones at Tunkillia.
Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) announces that it will issue 491,807 shares of common stock of the Company (the “Interest Shares”) to certain holders of secured convertible notes (the “Notes”) in full satisfaction of the interest payable thereunder as of January 11, 2025in the aggregate amount of C$100,821.92(the “Interest Payment”). The Notes mature on October 11, 2025. Additional details regarding the Notes can be found in the Company’s news releases dated October 11, 2024, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
In accordance with the terms of the Notes, the Company will issue the Interest Shares at a price of C$0.205per Interest Share being the greater of (i) the volume-weighted average trading price per Share on the TSX Venture Exchange (“TSXV”) for the 20 consecutive trading days ending on the applicable Pricing Date, and (ii) the lowest price permitted under the policies of the TSXV. View original content to download multimedia:https://www.
Dryden Gold Corp. (TSXV: DRY, OTCQB: DRYGF) announce new samples collected during the 2024 summer mapping campaign at the Hyndman Property (“Hyndman”). In 2023, the Company expanded its land holdings at Hyndman based on favourable field results and added additional exploration targets. Hyndman is made up of over 6,000 hectares and lies approximately 45 km east of the Gold Rock Camp. It is part of the Tremblay option properties and enjoys excellent infrastructure, including the Trans-Canada Highway and extensive logging roads. The early exploration success at Hyndman is validation of Dryden Gold’s generative exploration pipeline and its “district scale” thesis.
Highlights:
This exploration campaign returned five samples over 1 g/t gold with the best sample grading 34.8 g/t gold and second-best sample grading 6.41 g/t gold(Figure 2).
The Hyndman Property now has confirmed gold showings on two of the nine geophysical anomalies highlighted by the geophysical study completed by Mira Geoscience (“Mira”).
Five of these geophysical targets remain under-explored and will be follow up in subsequent exploration campaigns.
Summary of 2024 Hyndman Work Campaign
The 2024 Hyndman summer program consisted of targeted mapping traverses based on exploration targets generated from a geophysical reinterpretation completed by Mira using the Company’s 2023 high resolution airborne magnetic survey. The prospecting and mapping campaign was defined by a 3D magnetic susceptibility inversion and subsequent models generated by Mira using the Company’s high resolution airborne magnetic survey, performed in 2023. Mira reprocessed the data to produce a 3D geological model of the Hyndman regional geology and a 3-D constrained magnetic susceptibility inversion. This model identified several high priority exploration targets including a validation of the showing that was discovered during the 2023 initial field program where three rock samples returned over 10 g/t gold. Using the Mira targets and drone footage of the area, four mapping traverses were performed to get detailed lithological and structural information to produce refined geological map. Samples were also collected in select areas based on field observations.
“I am very proud of our technical team and the success of their generative program at Hyndman. This area has seen very limited historical exploration due to heavy forestation. The advancement of Hyndman shows our systematic exploration process working to make new discoveries and show the “district-scale” potential of our 70,000-hectare property package. This project area has excellent infrastructure located just off the Trans-Canada Highway where the local forestry company recently “clear-cut” the area helping to provide access and expose the rocks for our exploration program. While our primary focus will remain expanding the known mineralization at the Gold Rock Camp, we are confident in the district-scale opportunity providing us with an excellent pipeline of regional targets,” stated Trey Wasser, CEO of Dryden Gold.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) announces assay results from the remaining eight drill holes for the Tatiggaq anomaly completed as part of the 2024 exploration program on its 100% owned Aberdeen property in Nunavut, Canada. These drill holes were designed to test sub-parallel structures within the Tatiggaq gravity anomaly at significant step out intervals, demonstrating the large- scale potential of the project with the identification of a potential new zone 300 metres north of the Main Tatiggaq deposit. Drillhole TAT24-021 intersected 0.79% U3O8 over 0.1 m in a strong alteration zone with significant geochemical pathfinder elements at a depth of 221 metres.
Rick Mazur, CEO said, “Forum has the most advanced exploration property in the Thelon Basin right next door to an economically viable uranium deposit. This year’s drill program successfully expanded the footprint of our two basement-hosted discoveries, Tatiggaq and Qavvik and initiated our search for large unconformity contact-type deposits with drilling at the Ned, Ayra and Loki targets. With continued drilling of our numerous blue sky target areas and further resource delineation on the Aberdeen Project, we believe that a generational uranium mining district is unfolding.”
Dr. Rebecca Hunter, Forum’s VP, Exploration stated, “The objectives we had for the 2024 drilling at Tatiggaq were to expand within the proximal footprint but also to step out at significant intervals to identify potential new uranium zones. With this last series of holes, we intersected uranium mineralization outside of the current Tatiggaq deposit area. While the uranium intercept is small, this is significant as results from the other holes in the series included elevated levels of uranium and boron, an important pathfinder element for uranium mineralization in the Thelon Basin. We are encouraged for the potential of the area to host more zones of uranium mineralization to build the scale of the Tatiggaq deposit given half of the anomaly remains untested.” To view the source version of this press release, please visit https://www.
Golden Sky Minerals Corp.(TSXV: AUEN) announce the results of its 2024 geochemical rock sampling program at the Rayfield property, which yielded grades up to 5,107 ppm (0.51%) Cu and 79 ppb gold (Au). This sampling program was designed to follow-up on a chargeability anomaly outlined by the spring 2024 induced-polarization (IP) geophysical survey over the Rayfield target.
The ~52,000-hectare Rayfield property is located in the Quesnel terrane, British Columbia’s primary copper-producing belt, which hosts Teck Resources’ Highland Valley Mine, Imperial Metals’ Mount Polley Mine, Centerra Gold’s Mount Milligan Mine, and Kodiak Copper’s MPD Project. The road-accessible Rayfield copper-gold property is located approximately 20 kilometers east of the town of 70 Mile House, British Columbia, and is accessible year-round by well-maintained service and logging roads extending from BC Highway 97.
The Rayfield target is largely covered by glacial till; however, bornite, chalcopyrite and copper oxide minerals were identified in outcrop and scree rock samples. The highest copper grade was collected from sample 118891 (0.51% Cu and 79 ppb Au), which contained veinlets of chalcopyrite in a silicified hornblende syenite. This sample was collected in close proximity to several megacrystic alkali-feldspar porphyry boulders in scree. One of these megacrystic rock samples with mineralized potassic veinlets assayed 0.17% Cu and 24 ppb Au.
In the Quesnel Terrane, mineralization associated with a megacrystic porphyry may indicate a nearby potassic core of a porphyry system, particularly when paired with an elevated chargeability response from IP surveying, a geophysical signature often linked to disseminated sulfides. Megacrystic porphyry intrusions, with their rapid magmatic ascension through the crust, commonly result in fracturing and brecciation of surrounding rock. This enhances hydrothermal fluid flow, acting as both a source and pathway for mineralizing fluids. This fracturing increases permeability within marginal intrusive rock and proximal country rock, creating an ideal environment for metal sulfide deposition. Alkali-feldspar monzonitic magma has been postulated to have been a trigger for explosive brecciation at the Northeast Deposit within the Mount Polley property. Sulphide-rich hydrothermal brines then precipitated copper and gold within the megacrystic alkali-feldspar monzonite porphyry and proximal breccias.
John Newell, President and CEO of Golden Sky Minerals, states: “These promising results from the 2024 geochemical sampling program reinforce the potential of the Rayfield Copper-Gold Property as a significant copper porphyry system. The discovery of a rock sample returning 0.51% copper in a silicified hornblende syenite, combined with compelling geological indicators such as potassic alteration and chargeability anomalies, highlights the property’s potential for porphyry-style copper mineralization.
Our findings, including the identification of mineralized megacrystic intrusions and brecciated syenites, point to a robust porphyry system with excellent exploration potential. Rayfield’s location within the Quesnel Terrane, one of British Columbia’s most productive copper belts, further underscores its strategic importance. We are excited to advance this project and unlock its value through continued comprehensive exploration in 2025.” www.goldenskyminerals.com
Mkango Resources Ltd. (AIM: MKA)(TSXV: MKA) announce that pursuant to a non-binding (the “Term Sheet”), HyProMag Limited (“HyProMag”) is collaborating with Areera Limited (“Areera”) on the recovery and recycling of rare earth magnets embedded within speaker assemblies associated with a range of display equipment. HyProMag is 100% owned by Maginito Ltd, a subsidiary of Mkango (79.6%) and CoTec (20.4%)
Nick Mann, Managing Director of HyProMag, stated: “This collaboration unlocks an additional feed source for HPMS and allows HyProMag and Areera to recycle critical materials that are currently lost in traditional recycling routes. It is very encouraging that Areera sees the benefit of the technology developed by Inserma and RISE as well as the solution that the HPMS process presents. HyProMag is looking forward to further developing this supply chain.“
Craig Thompson, Chief Executive of Areera, stated: “Areera is excited to have partnered with HyProMag on the recovery of critical rare earth materials from speakers in televisions and monitors, an EU and UK first. This demonstrates one of the benefits of Areera’s unique separation process for recycling of display equipment without shredding of whole screens.“
Pursuant to the collaboration, HyProMag partners, Inserma and RISE have developed an automated sorting system, combining AI Vision and magnetic imaging, which successfully sorts and separates speakers containing NdFeB magnets for recycling from those containing ferrite magnets. This system is currently being trialled on speaker assemblies supplied by Areera. Speakers containing NdFeB magnets are then further processed by Inserma using a bespoke pre-processing technology to provide a concentrated feed for HyProMag.
The ultimate objective is to deploy automated sorting and pre-processing units, developed by Inserma, to Areera sites in the UK to provide speaker derived NdFeB feedstock to HyProMag. This enables Areera to capture more value from its scrap streams, unlocks a new source of NdFeB feedstock supply for HyProMag, and is aligned with both companies’ visions for development of sustainable, circular supply chains.
Although there can be no certainty at this stage given the non-binding nature of the Term Sheet, the Directors remain confident that the Term Sheet will lead to a binding definitive agreement between the parties and in the meantime, the collaboration is already underway. Further announcements will be made as appropriate. View the original press release on accesswire.com.
Stillwater Critical Minerals Corp. (TSXV: PGE)(OTCQB:PGEZF)(FSE:J0G)
Recognizing the increasing geopolitical risks to global supply chains of critical minerals, the U.S. government has steadily expanded its mandate to build domestic supply chains. Priority has been given to securing U.S. inventories and processing capacity for 50 critical minerals that have been recognized as being essential to the economy and security of the USA which are currently sourced primarily from other countries. Recent federal initiatives, including the establishment of the Strategic and Critical Materials Board of Directors by the Department of Defense (“DoD”), demonstrate bipartisan commitment to addressing supply chain vulnerabilities for listed materials.
Stillwater is uniquely positioned to contribute significantly to U.S. supplies with a world-class inventory of critical minerals in the historically productive Stillwater Complex in Montana. The Company’s flagship Stillwater West project in south-central Montana is immediately adjacent to Sibanye-Stillwater’s (“Sibanye”) operating mines and processing complex. Mining and processing of critical minerals in the Stillwater district dates back to the 1880s and includes the production of chromium in the 1940s and 50s, at times with government subsidies. At present, Sibanye is the largest global producer of platinum group metals outside Russia and South Africa. Building further on the importance of the Stillwater Complex, the Stillwater West project hosts nine metals that have been listed as critical in the U.S., including the largest nickel resource in an active U.S. mining jurisdiction, along with substantial inventories of copper, cobalt, palladium, platinum, rhodium, and chromium, in addition to as yet unquantified amounts of ruthenium and iridium. As such, Stillwater West is considered by the Company to be central to the strategy of securing domestic supply of critical minerals in the USA and reducing the reliance on foreign imports of these metals. View the original press release on accesswire.com
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX), a developer and investment partner specializing in advanced diagnostic and medical device technologies, is pleased to announce that the Company has secured an initial purchase order for 100 Venowave VW5 units from a new national distribution partner Valor Medical Solutions of San Antonio, Texas. The initial purchase order is based on the success of the distributor’s pilot tests around the HCPCS code reimbursement program. Valor Medical is just one of the Company’s national distributors who have experienced successful pilot trials.
As a new national distribution partner of Therma Bright, Valor Medical looks to fill immediate needs of its current network of medical practitioners and their patients. The distributor, and its partners, receives upwards of 100 doctor referrals per day for vascular compression therapy solutions, and has seen great success in securing HCPCS code reimbursements within a normal 30- to 60-day timeframe. Valor Medical and its partners look to place orders on a regular basis of every few weeks, as they build greater awareness of the Venowave VW5 solution with their end clients. This initial purchase order for 100 Venowave VW5 units offers HCPCS code reimbursements that total a minimum of $81,955 USD, which equates to $117,952 CAD.
“We are excited to partner with Therma Bright in offering the Venowave VW5 to our national distribution network,” shared Cindy Sebek Quick, Partner of Valor Medical Solutions. “This initial 100 unit purchase will fill the immediate demand on our partners, who anticipate early adoption of this special vascular compression therapy solution. We anticipate increasing our purchase order amounts every few weeks, as we build more product awareness of this device and the HCPCS code reimbursement program. Our own business sales team, and those of our partners, receive upwards of 100 doctor referrals per business day for vascular compression therapy solutions, and this solution fits many of their immediate needs.”
“It’s been an exciting journey for Therma Bright and its Venowave VW5 solution,” shared Rob Fia, CEO of Therma Bright. “Furthermore, it has been a pleasure working with Cindy, who has been very successful in growing her business. Our team looks forward to being part of her further growth, along with our other national distributors; helping them market, sell and distribute our device within their medical communities. We anticipate great success of Venowave VW5 sales during 2025, and will provide the market updates on our progress as required.”
Tudor Gold Corp. (TSXV: TUD) (FSE: H56) announce the Company has initiated the permitting process for the construction of approximately 3,000 meters of underground development to provide an exploration ramp for targeting the Supercell Cell One Zone (SC-1) with infill and expansion drilling, at their flagship Treaty Creek Project, located in the heart of the Golden Triangle of Northwestern British Columbia.
Ken Konkin P.Geo, President & CEO commented,“We are excited to move forward with plans to explore the high-grade underground Supercell One targets at the Treaty Creek Property through the construction of an underground exploration drift. This initiative is expected to substantially reduce both the cost and time required to drill and define the Supercell One Zone by utilizing underground drilling stations compared to conventional surface drilling. In addition to assisting the exploration goals, once completed, management believes that the underground infrastructure should provide long-term benefits to the project, potentially serving as a Fresh Air Raise or Return Air Raise to support future production mining of the high-grade Supercell One Zone and/or the CS600 Zone.Additionally, the underground development will be important in the selection of optimum material required for a 10,000-tonne test for a pilot process which would be required for a Feasibility Study. The advantages of driving an exploration development ramp are significant and this initiative is expected to bring substantial value to our Project.” To view the source version of this press release, please visit https://www.
InvestorTalk this Week.
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Stocks slid broadly in Asia while the dollar hit 14-month peaks in the wake of an unambiguously strong payrolls report that pushed up bond yields and tested lofty equity valuations just as the earnings season gets under way.
Oil prices extended gains for a third session, with Brent rising above $81 a barrel to its highest in more than four months, as wider U.S. sanctions are expected to affect Russian crude exports to top buyers China and India.
S&P 500 Index Mini Futures: 5,840; down 0.45%; 26.25 points
DJIA Mini Futures: 42,076; down 0.2%; 84 points
MSCI Asia, Ex-JP: 550.75; down 1.56%; 8.75 points
EUR/USD: $1.0214; down 0.31%; 0.0031 point
GBP/USD: $1.2139; down 0.57%; 0.0070 point
USD/JPY: 157.43 yen; down 0.17%; 0.27 point
Spot Gold: $2,683.89; down 0.21%; $5.74
U.S. Crude: $78.02; up 1.89%; $1.45
Brent Crude: $81.13; up 1.72%; $1.37
10-Yr U.S. Treasury Yield: 4.7633%; down -0.011 point
10-Yr Bund Yield: 2.5760%; up 0.008 point
| Metals | Price | Day | % | Weekly | Monthly | YTD | YoY | Date |
|---|---|---|---|---|---|---|---|---|
| Gold USD/t.oz | 2671.05 | 14.56 | -0.54% | 1.39% | 0.74% | 1.79% | 30.02% | 07:41 |
| Silver USD/t.oz | 29.716 | 0.659 | -2.17% | -0.84% | -2.72% | 2.77% | 27.93% | 07:41 |
| Copper USD/Lbs | 4.2777 | 0.0032 | 0.07% | 3.64% | 3.22% | 7.30% | 13.56% | 07:41 |
| Steel CNY/T | 3178.00 | 40.00 | 1.27% | -2.22% | -3.37% | -3.99% | -16.35% | Jan/13 |
| Iron Ore CNY CNY/T | 769.00 | 16.00 | 2.12% | 1.85% | -3.88% | -1.28% | -17.58% | Jan/13 |
| Lithium CNY/T | 75950 | 250 | 0.33% | 0.46% | -0.07% | 1.20% | -20.47% | Jan/13 |
| Platinum USD/t.oz | 964.50 | 17.6 | -1.79% | 3.80% | 2.80% | 7.90% | 5.40% | 07:41 |
| Iron Ore USD/T | 98.09 | 0.00 | 0.00% | -1.36% | -7.04% | -5.33% | -29.36% | Jan/10 |
| Titanium CNY/KG | 44.50 | 0.00 | 0.00% | 0.00% | 2.30% | 0.00% | -2.27% | Jan/13 |
| HRC Steel USD/T | 700.06 | 3.94 | -0.56% | -2.50% | 3.71% | -1.26% | -24.32% | Jan/13 |
BlackRock Inc: The Federal Deposit Insurance Corporation gave a fresh deadline of Feb. 10 to the firm to resolve an issue regarding oversight into the asset manager’s investments in FDIC-regulated banking organizations, Bloomberg News reported on Sunday, citing three people with knowledge of the matter. The FDIC may open an investigation into BlackRock and demand more information from the company if it fails to make sufficient progress toward resolving the issues, the report said. BlackRock had asked the FDIC to extend its deadline to reach an agreement on how the agency would oversee the asset manager’s investments in FDIC-regulated banking organizations until March 31, according to a letter the firm sent to regulators on Thursday and seen by Reuters.
CVS Health Corp, Elevance Health Inc, Humana Inc & UnitedHealth Group Inc: The U.S. government on Friday proposed 2026 reimbursement rates for Medicare Advantage plans run by private insurers that will result in a 2.2% increase in payments, compared with a decline of 0.2% last year. The total increase in payments is estimated at 4.3%, or over $21 billion, when factoring in a 2.1% “risk score”, an adjustment that accounts for potentially higher payments for patients with more severe health conditions. The payment rate is used by companies such as UnitedHealth, Humana, Elevance and CVS’s Aetna unit to prepare bids for contracts for Medicare Advantage plans they will sell in 2026.
Gilead Sciences Inc: The biotech firm said on Saturday that it entered into a partnership with Denmark’s LEO Pharmato develop programsto treat patients with inflammatory diseases. The Danish company will be eligible to receive up to $1.7 billion in payments which include an upfront payment of $250 million from Gilead. In return, Gilead will have global rights to develop, manufacture, and commercialize the small molecule oral STAT6 (signal transducer and activator of transcription 6) program. The transaction is expected to reduce Gilead’s GAAP and non-GAAP 2025 earnings per share by approximately $0.15 – $0.17.
Howard Hughes Holdings Inc & Pershing Square Holdings Ltd: Billionaire investor Bill Ackman’s firm said it has offered to buy the remaining stake it does not already own in real estate developer Howard Hughes for $85 per share. Howard Hughes’s shareholders can elect to receive the entire payment in cash or “roll over” all or a portion of their shares into the post-merger company, Pershing said in a letter. Howard Hughes has a market capital of $3.6 billion.
Johnson & Johnson: The pharmaceutical firm said it would buy drugmaker Intra-Cellular Therapies for $14.6 billion, boosting its presence in the market for neurological disorder treatments. J&J will buy all of Intra-Cellular’s shares for $132 apiece, representing a 39% premium to their Friday closing price
Nvidia Corp: The chipmaker criticized a new effort by the Biden administration to tighten Washington’s grip on artificial intelligence chip flows around the world, saying the regulation would jeopardize current U.S. leadership in AI. The new rule, which is expected to be published as soon as Monday, “threatens to derail innovation and economic growth worldwide,” and would “undermine America’s leadership,” Nvidia Vice President of Government Affairs Ned Finkle said in a statement. Finkle argued America’s leading role in AI would be hurt because the rule “would impose bureaucratic control over how America’s leading semiconductors, computers, systems, and even software are designed and marketed globally.” The company also said the rule would not improve U.S. national security and it would control technology that is already widely available in gaming and consumer hardware.
Occidental Petroleum Corp: The producer said the prices it received for oil produced during the fourth quarter were lower than the preceding three months, as global demand for the commodity weakened. Occidental said its realized price was $69.73 a barrel, compared with $75.33 per barrel during the third quarter. However, a 30% rise in U.S. natural gas NGc1 prices during the quarter is expected to cushion some of the impact. For the fourth quarter, Occidental’s average realized prices for total natural gas production were $1.41 per thousand cubic feet (Mcf). In the preceding quarter, it was 76 cents per Mcf. Analysts expect Occidental to post a profit of 72 cents per share for the fourth quarter and $3.42 per share for the full year. The shale producer will release its results on Feb. 19, according to the company website.
United States Steel Corp: The Biden administration delayed until June an order for Nippon Steel to abandon its $14.9 billion bid for the steel firm, the companies said on Saturday, giving them some time to revive the politically contentious deal. The delay will give the courts time to review a legal challenge the steelmakers brought against Biden’s order. The parties previously had 30 days to unwind their transaction. June 18 is the expiration date of the current acquisition contract between Nippon Steel and U.S. Steel, according to a spokesperson for the Japanese company. Separately, Japan Prime Minister Shigeru Ishiba asked U.S. President Joe Biden to allay concerns in the Japanese and U.S. business communities over the status of Nippon Steel’s planned acquisition of U.S. Steel
ECONOMIC DATA
1000 Employment Trends for Dec: Prior 109.55
1400 Federal Budget for Dec: Expected -$62.00 bln; Prior -$367.00 bln
The U.S. job market again defied an anticipated slowdown, with firms adding more than a quarter of a million jobs in the last full month of Joe Biden’s presidency and leaving Federal Reserve policymakers to puzzle over the need for more interest rate cuts in a strong economy.
Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow’s top customers, traders and analysts said.
Zambia’s Securities and Exchange Commission (SEC) has sanctioned Standard Chartered for mis-selling a Chinese property company’s bonds to one of the bank’s local wealth clients at the height of the Asian country’s real-estate crisis, according to a source.
British outsourcer Serco will unveil a succession plan that will see CEO Mark Irwin retiring after two years in the job, Sky News reporter Mark Kleinmansaid in an X post on Sunday.
Large British businesses plan to cut hiring this year at the fastest pace since the COVID-19 pandemic and scale back investment due to big tax rises announced in the government’s October budget, a survey showed.
UBS Group AG: The Swiss bank could be seen as being too big for Switzerland following its takeover of Credit Suisse, former Swiss Finance Minister Ueli Maurer said on Saturday, with measures needed to reduce the risks of the enlarged bank. “If you look at the numbers alone and compare UBS with the Swiss economy, it is too big,” Maurer told newspaper Tages-Anzeiger. “Therefore, the risk must be reduced.” Reducing risks was primarily the responsibility of shareholders via their choice of board members, Maurer said. “Legislative measures must also be examined,” said Maurer, who also defended himself after a recent parliamentary report raised questions about his actions as the Credit Suisse crisis worsened at the end of 2022.
