{"id":1409,"date":"2023-11-14T05:52:47","date_gmt":"2023-11-14T05:52:47","guid":{"rendered":"https:\/\/economicherald.net\/?p=1409"},"modified":"2023-11-14T05:52:47","modified_gmt":"2023-11-14T05:52:47","slug":"monsters-of-rock-materials-sector-goes-hard-as-iron-ore-giants-lead-market-higher","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1409","title":{"rendered":"Monsters of Rock: Materials sector goes hard as iron ore giants lead market higher"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><strong>Iron ore miners lead ASX materials sector to a near 1.5% gain<\/strong><br \/>\n<strong>Battery metals stocks also ran hard as Azure shares pushed beyond $4<\/strong><br \/>\n<strong>De Grey Mining rose on drill results highlighting the underground potential at its Hemi deposit<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The big dawg triumvirate of <a href=\"https:\/\/stockhead.com.au\/company\/bhp-bhp\/\" target=\"_blank\" rel=\"noopener\">BHP (ASX:BHP)<\/a>, <a href=\"https:\/\/stockhead.com.au\/company\/rio-tinto-rio\/\" target=\"_blank\" rel=\"noopener\">Rio Tinto (ASX:RIO)<\/a> and <a href=\"https:\/\/stockhead.com.au\/company\/fortescue-metals-group-fmg\/\" target=\"_blank\" rel=\"noopener\">Fortescue (ASX:FMG)<\/a> were all well into the green as the stubbornness of iron ore prices and Chinese bond sales led optimism in the market.<\/p>\n<p>That led the Materials sector to a near 1.5% gain.<\/p>\n<p>Copper prices also surged 1.6% after a show of strength from China\u2019s refiners, who have hit a record high in output with three months of 2023 remaining, ANZ\u2019s Adelaide Timbrell said in a note.<\/p>\n<p>Fetching US$8167\/t, the red metal is back above US$8000\/t, though it remains well off the record highs of more than US$10,700\/t seen in 2021.<\/p>\n<p>But winners were found right across the commodity complex, with lithium players <a href=\"https:\/\/stockhead.com.au\/company\/mineral-resources-min\/\" target=\"_blank\" rel=\"noopener\">Mineral Resources (ASX:MIN)<\/a>, <a href=\"https:\/\/stockhead.com.au\/company\/igo-limited-igo\/\" target=\"_blank\" rel=\"noopener\">IGO (ASX:IGO)<\/a> and <a href=\"https:\/\/stockhead.com.au\/company\/pilbara-minerals-pls\/\" target=\"_blank\" rel=\"noopener\">Pilbara Minerals (ASX:PLS)<\/a> all up, while <a href=\"https:\/\/stockhead.com.au\/company\/neometals-nmt\/\" target=\"_blank\" rel=\"noopener\">Neometals (ASX:NMT)<\/a> ran 4% higher after exiting a trading halt to clarify a statement on a new spodumene discovery at the Spargos prospect in the WA Goldfields.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/allkem-ake\/\" target=\"_blank\" rel=\"noopener\">Allkem (ASX:AKE) <\/a>was the sole laggard among the major lithium stocks as doubts continue to swirl on where investors sit on a proposed merger with US lithium producer Livent ahead of a December 19 vote.<\/p>\n<p>At $8.62 its shares have now almost halved from a mid-July high of $16.73.<\/p>\n<p>Meanwhile, someone willing to pay even more than MinRes and Gina Rinehart has popped up in the trading spree over <a href=\"https:\/\/stockhead.com.au\/company\/azure-minerals-azs\/\" target=\"_blank\" rel=\"noopener\">Azure Minerals (ASX:AZS)<\/a>, which at $4.04 is now paying well beyond Chilean producer SQM\u2019s recent $3.52 scheme offer.<\/p>\n<p><a href=\"https:\/\/www.theaustralian.com.au\/business\/dataroom\/pibara-minerals-buying-shares-in-azure-minerals-sources\/news-story\/190afad9c2a47a6f2cf75dc4d694722c\" target=\"_blank\" rel=\"noopener\">Fingers over at<em> The Australian<\/em>\u2018s Dataroom section pointed to Pilbara Minerals, owners of the Pilgangoora mine. <\/a><\/p>\n<p>It all begs the question \u2013 what will kingmaker Mark Creasy do? He is not only a more than 13% holder of Azure, but also owns the other 40% of the massive Andover lithium discovery in the Pilbara, now valued at well over $1 billion.<\/p>\n<p>\u00a0<\/p>\n<h2>De Grey in De Green<\/h2>\n<p>Less sparkly was the gold sector, with the All Ords sub-index up a paltry 0.59%.<\/p>\n<p>The yellow metal has retreated slightly since it threatened the US$2000\/oz glass ceiling in the immediate aftermath of Hamas\u2019 attack on Israel and the start of Israel\u2019s bombardment of the Gaza Strip.<\/p>\n<p>That safe haven buying has chilled, but there was one stand out goldie today in the form of the hard drilling <a href=\"https:\/\/stockhead.com.au\/company\/de-grey-mining-deg\/\" target=\"_blank\" rel=\"noopener\">De Grey Mining (ASX:DEG)<\/a>.<\/p>\n<p>The Pilbara gold hunter confirmed the Tier-1 status of its Hemi discovery with a DFS in September, which projected the 9.5Moz deposit would take $1.3 billion of capital investment to turn into one of Australia\u2019s largest fold mines from the second half of 2026.<\/p>\n<p>It will deliver 530,000ozpa over its first decade of life and 553,000oz across its first five years from a 6Moz reserve at a grade of 1.5g\/t.<\/p>\n<p>But work is ongoing to extend and expand that further, with more deep drilling at the Eagle and Diucon deposits today ratcheting up its underground potential.<\/p>\n<p>Extensional drilling at Eagle included strikes of 38.8m at 3.6g\/t, 37.7m at 1.8g\/t and 67m at 2.1g\/t, along with a host of other wide intercepts.<\/p>\n<p>The results extended mineralisation by at least 250m down plunge and 300m down dip at Eagle.<\/p>\n<p>\u201cIn addition to potential resource increases, deeper drilling at Hemi will support our conceptual studies into potential underground mining in the future,\u201d De Grey GM exploration Phil Tornatora said.<\/p>\n<p>\u201cRC drilling at Hemi is continuing along the Diucon Thrust north of Crow and extending towards Scooby, aiming to define additional shallow resources.\u201d<\/p>\n<p>Those results will be some to keep a tab on.<\/p>\n<p>\u00a0<\/p>\n<h2>De Grey Mining (ASX:DEG) share price today<\/h2>\n\n<p><span class=\"mce_SELRES_start\"><\/span>\u00a0<\/p>\n<p><em>At Stockhead we tell it like it is. While De Grey Mining and Azure Minerals are advertisers at the time of writing, they did not sponsor this article.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/monsters-of-rock-materials-sector-goes-hard-as-iron-ore-giants-lead-market-higher\/\">Monsters of Rock: Materials sector goes hard as iron ore giants lead market higher<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u00a0 Iron ore miners lead ASX materials sector to a near 1.5% gain Battery metals stocks also ran hard as Azure shares pushed beyond $4 <a href=\"https:\/\/economicherald.net\/?p=1409\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1410,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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