Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Atlantic Canada-focused gold juniors are driving an exploration boom in provinces not previously noted for their gold production. The increasing sentiment has one analyst calling for caution as the market froths up.
“Beware the arm wavers as momentum sweeps the provinces,” Joe Mazumdar, editor and analyst at Exploration Insights, says in an interview.
“Beware the arm wavers as momentum sweeps the provinces.”
Joe Mazumdar, editor and analyst at Exploration Insights
“Many of the juniors that had made discoveries recently are trading at very high market caps while they still have no resource statements underpinning anything. That’s where we’re at right now. Newfoundland landholders are suddenly getting a premium for just having ground near prospective areas. Anyone who has got ground has the ability to raise capital due to their location and, in addition, Eric Sprott and the retail market are very keen on the area.”
Mazumdar says the region could play host to more consolidation. “Companies like Newfound Gold with a market cap of $1.77 billion would probably look to consolidate. So that might be a good use of paper,” he says.
