Canada Deficit to Hit $100 Billion, More Than Double Forecast
A leading bank economist expects Canada’s federal deficit to reach C$100 billion this fiscal year, more than double what the government forecast in December. Stefane Marion, chief economist at the National Bank of Canada, said the deficit would represent about 3% of the country’s gross domestic product. The projection significantly exceeds the C$42 billion deficit […]
Gold Hits Record $4,000 As Shutdown Fuels Market Uncertainty
Gold prices crossed the historic $4,000-per-ounce threshold during Tuesday’s trading session before settling back, marking an unprecedented achievement for the precious metal. Futures contracts for gold started Tuesday’s session at $3,983 an ounce, representing a nearly 1% gain from the prior day’s closing figure of $3,948.80. During early market activity, prices pushed beyond the $4,000 […]
McEwen Copper’s Los Azules Feasibility Study Pegs $2.94B NPV8%, 19.8% IRR
McEwen Copper, a subsidiary of McEwen Inc (TSX: MUX) released a feasibility study for its Los Azules copper project that delivers an after-tax NPV8% of $2.94 billion, an IRR of 19.8%, and a 3.87-year payback at a modeled copper price of $4.35 per pound. The plan outlines a 21-year operation averaging 204,800 tonnes of copper […]
Endeavour Silver Reports Q3 Production Of 3.0 Million Silver Equivalent Ounces
Endeavour Silver (TSX: EDR) this morning released third quarter production results, with the company reporting 1.77 million ounces of silver, and 7,286 ounces of gold were produced in Q3. Silver equivalent production, which includes base metals, totaled 3.0 million ounces. Silver production is said to have been in line with plan, and 102% higher than […]
Teck Resources Slashes Guidance Across Operations Following Operational Issues
The copper market continues to get tighter. Teck Resources (TSX: TECK.b) this morning became the latest copper producer to reduce copper production guidance, with the reduction coming amid operational issues at their Quebrada Blanca mine in Chile. QB continues to face constraints in connection with the development of their tailings management facility, with the copper […]
Cenovus Bumps MEG Energy Offer To $29.80 A Share
Cenovus Energy (TSX: CVE) evidently was getting nervous that it did not have the required shareholder support for the proposed acquisition of MEG Energy (TSX: MEG). The company early this morning elected to revised their offer to acquire MEG, bumping total consideration up to $29.80 per share. The revised offer represents an increase of $2.35 […]
xAI Raises $20 Billion in Funding Round Backed by Nvidia
Elon Musk’s artificial intelligence startup xAI is raising $20 billion in one of the industry’s largest funding rounds, with chipmaker Nvidia (Nasdaq: NVDA) investing up to $2 billion, Bloomberg News reported Tuesday. The deal brings together roughly $7.5 billion from equity investors and as much as $12.5 billion in debt financing, according to people familiar […]
Jericho, Smartkem To Merge As US-listed AI Infra Firm
Jericho Energy Ventures (TSXV: JEV) and Smartkem (NASDAQ: SMTK) signed a non-binding letter of intent for an all-stock business combination that would create a US-owned AI infrastructure company, with Jericho stockholders owning 65% and Smartkem stockholders 35% at closing. Under the LOI, the transaction would be effected via share exchange or statutory merger with Smartkem […]
Artemis Gold Reports Q3 Production Of 60,985 Ounces
Artemis Gold (TSXV: ARTG) has finally seen a full quarter of production for their flagship Blackwater Mine in British Columbia. The company yesterday evening indicated that the mine produced 60,985 ounces of gold in the third quarter. The third quarter saw an average throughput of 16,618 tonnes per day at the mill, representing 101% of […]
China Uses Hidden Network to Fund Iranian Oil Purchases —WSJ
China has developed a covert payment system to purchase Iranian oil while evading US sanctions, using a barter-style arrangement where Beijing builds infrastructure in Iran instead of making direct cash payments, The Wall Street Journal reported Saturday. The system relies on Chinese state insurer Sinosure and a little-known financial firm called Chuxin, according to current […]