Monsters of Rock: Lithium FOMO is in full swing
There’s lithium FOMO galore today with large cap players coming out on top in late arvo trade.
The steelmaking ingredient was down US$13.10 or 7.2% to US$170.05 per tonne today driven by demand concerns linked to China’s proposed steel production cuts in the second half of the year.
Gold also dropped slightly overnight, down 0.3% to $1808.90 amid concerns the US Fed could begin tapering its asset purchases later this year – and WA player Northern Star Resources (ASX:NST) responded with a 3.5% fall.
HCH is set to take full control of the world-class Cortadera copper-gold discovery in Chile after raising $40 million for the growing Tier 1 deposit.
It comes hot on the heels of news the world’s largest commodities trader Glencore will take a 9.99% stake in the ASX-listed company, which is preparing to tap North America’s bountiful capital markets via a listing in Toronto.
Hot Chili will rake in $35 million in a private placement and an additional $5 million via a share purchase plan – with the goal to use US$15 million to secure 100% of the massive Cortadera discovery.