I'd have thought the cognoscenti would view CLoncurry East as shaping up rather handsomely, particularly given all the plant and infrastructure extant in the district.
Certainly the current backdrop of Copper-Gold-Cobalt basket prices is encouraging. I note Cobalt in particular demand.
I had this from Peak Asset Management's broker report this very morning:
Cobalt stocks have become highly sought after because of the anticipated growth in supply needed to satisfy demand from electric vehicle makers.
One recent example is Taruga Gold (ASX:TAR), which saw its share price spike 212 per cent to a peak of 39c at the start of March after it told the market it had picked up an option to acquire high-grade cobalt-copper projects in the DRC.
According to BMO Capital Markets, even without the battery market, the market for cobalt is tight and the forecast is for an increase of 60 per cent in cobalt demand to 2025.
The LME cobalt price recently hit a decade long high of US$94,500 ($122,398) per tonne, up 26 per cent since the start of the year.
Canaccord Genuity recently revised its long-term (from 2025) forecast for cobalt pricing upwards by 32 per cent to around $US108,000 per tonne.
.
MGU Price at posting:
7.0¢ Sentiment: Buy Disclosure: Held
