CHARTS: EV battery metals bill sets new low as lithium, nickel, cobalt price slump continues
The raw materials bill for the average EV is now down to $510 compared to a peak of more than $1,900 at the beginning of last year.
Shares of Randgold Resources, a pure-play gold mining company focused on west and central Africa, soared 7.4% Wednesday after announcing third quarter production increased 80% and sales jumped to $309.6 million from only $116.3 a year ago.
Despite a once-off drop in gold sales from the previous quarter following instability at its Tongon mine in the Ivory Coast where it has been producing for one year and what it described as once in a century rainfall at its Loulo/Gounkoto operations in Mali, third-quarter income increased more than four-fold to $106.8 million.
Shortly before the close in London, Randgold (LON:RRS, NASDAQ:GOLD) was trading up 7.42%. The company is worth 6.57 billion pounds. Randgold also owns a stake in the Massawa project in Senegal and another mine in Mali called Morilo in addition to exploration permits and licenses, covering areas in Burkina Faso, Cote d’Ivoire, Democratic Republic of the Congo, Mali and Senegal.
As of December 31, 2010, it had proven and probable reserves of 16.39 million ounces attributable to its percentage ownership interests in Loulo, Morila, Tongon, Gounkoto, Massawa and Kibali.
Gold on Wednesday was trading up 1.5% at $1,737/oz, consolidating October’s gains. Bullion hit a low just above the $1,600 level late in September.
Image by Hector Conesa / Shutterstock.com
Comments
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