The S&P/ASX 200 materials index opened 1.24.% higher today, outperforming the ASX 200.
Tin has opened 4.33% higher, currently trading at $44,767 USD/t. The commodity hit an all-time high of $48,317 on March 8, and is currently up 15.20% year-to-date.
Rising tin prices have been driven by soaring demand from the electronics sector, where tin is a vital component of circuit boards.
SKY Metals (ASX: SKY) is up 11.11% at the open, after reporting strong broad tin mineralisation in early assays at the Tallebun tin project. Six more drill hole assay results are expected from this project in the next fortnight. Along with Tallebun, SKY are also awaiting the completion of three diamond drill holes at the Doradilla tin project.
Palladium spot prices opened 2.02% higher, rebounding from a 9-week low on March 29 amidst renewed Russian supply concerns. Russia currently produces 40% of the world’s palladium.
Palladium is one of the six platinum-group elements, alongside platinum, rhodium, ruthenium, iridium, and osmium, and is mostly used as a catalyst in car exhausts to lower pollution.
Australian Vanadium (ASX: AVL) is up 10% at the open. The company has described the Australian Vanadium project as “one of the most advanced vanadium projects currently being developed in the world.”
Agrimin (ASX: AMN) has opened 16.25% higher after signing a binding offtake agreement with Gavilon Fertilizer, a leading US fertiliser company.
The agreement will see Agrimin supply 50,000tpa of sulphate of potash to Gavilon. In sum, Agrimin has now secured offtake agreements for 70% of the Mackay potash project’s planned production capacity.
“The USA represents an important SOP market and we are delighted to secure an offtake partner which has one of the largest and most efficient wholesale fertiliser distribution networks in the country,” says CEO Mark Savich.
Dreadnought Resources (ASX: DRE) has opened 10.26% higher after intersecting “massive sulphide mineralisation” at the Nelson and Trafalgar prospects, located within the Illaara project, WA.
Managing Director Dean Tuck commented:
“Confirming an extensive fertile base metal VMS system at Nelson, with similarities to the early stage drilling results at Jaguar and Bentley, is a great start to the drilling program.”
The company plans to conduct follow-up drilling this month.
Golden Deeps (ASX: GED) has opened 15.38% higher after reporting an “exceptional” copper-vanadium-lead-silver intersection at the Nosib project, located in northern Namibia.
“The diamond drilling program at Nosib has been very successful,” says CEO Jon Dugdale.
“The high-grade zone, from surface, has an ideal geometry for open-pit mining and the project will now be fast-tracked with a maiden resource estimate, open-pit optimisation and metallurgical testing to be carried out prior to initial development and processing studies.”
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