SolGold shares dive despite raising $36m with Jiangxi backing
The miner is said to be at the centre of a bidding war between Jiangxi, China’s largest copper miner on the one side, and a possible BHP-Newcrest alliance on the other.
The release of state metal reserves is one of a number of attempts by Beijing to cool a stellar rally in commodity prices that has squeezed manufacturers’ margins.
Shares in Western Copper and Gold declined Tuesday despite a rally in copper prices and the release of a positive PEA for its $3.3 billion Yukon project.
While prices of industrial metals have rocketed as the world moves away from fossil fuels, future price rises are likely to be limited to a select few energy transition ingredients.