Investment

Australia's Wesfarmers defers lithium project investment decision – Kitco NEWS

Published

5 years ago

January 23, 2020

(Reuters) – Australia’s Wesfarmers Ltd has delayed its final investment decision on the Mt Holland lithium project by a year to the first quarter of 2021, it said on Thursday, as it focuses on cost-cutting amid weakening prices of the metal.

The decision follows a review in November of a feasibility study run by Covalent Lithium, a joint venture between Wesfarmers and Sociedad Quimica y Minera de Chile SA, one of the world’s largest producers of lithium products.

Wesfarmers Managing Director Rob Scott in a statement that the deferral would help to optimists project design, leading to a clearer decision-making process next year.

“Once completed, the project is expected to play an important role in the global lithium hydroxide market, with a long-term outlook that remains attractive,” he said.

Australian lithium miners faced severe pressure last year from plummeting prices of the metal, as demand from Chinese customers fell after a cut in the country’s electric vehicle subsidies amid Sino-U.S. global trade tensions.

In May last year retail conglomerate Wesfarmers acquired the now de-listed Kidman Resources, deepening its exposure to high-tech minerals, and bought a 50% stake in the Mt Holland project as a part of the acquisition.

Earlier in the day, another Australia-based lithium miner Galaxy Resources said it would scale back operations by about 60% at its flagship Mt Cattlin mine in 2020, focusing on cost reduction.

Reporting by Shruti Sonal in Bengaluru; Editing by Jan Harvey

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

6 days ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

2 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

2 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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