Cobalt — An Intense Blue Flash in the Pan?

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The Alchemist, Issue 31: Cobalt has had a meteoric rise in 2017. In this issue of The Alchemist, we delve into the cobalt market and try to piece together the demand story for the metal in order to try and understand what is driving demand and whether existing or likely supply could match it. Our investigations have led us to…

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Where are we in the mining capital cycle?

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The mining industry is cyclical. Sir John Templeton famously said that the four most expensive words in the English language are: “this time it’s different”. Taking this into account, it’s worth having a look at the capital cycle in relation to the mining industry to get some pointers as to where we are in the cycle and what we could…

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Uranium – Is this a turnaround or has the moment gone?

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The Alchemist, Issue 30: In January 2017 we finally saw a significant pick-up in spot market uranium prices. This commodity has been on a downward trend since a 2007 peak of US$136.22/lb; the current price sits at US$25.50/lb, a fall of 81%. Increasing supply, the devastating Japanese tsunami of March 2011 and advances in alternative energy supply continue to plague…

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Zinc – An Attractive Investment Destination

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The Alchemist, Issue 29: The Alchemist looks at how zinc should benefit from rising commodity prices, production cuts, minimal new mine development and growth in demand. There is only limited opportunity for equity exposure. The zinc market ended 2016 in deficit, with its spot price having risen 61% over the course of the year; this represented a dramatic turnaround for…

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Neodymium (Nd) & Praseodymium (Pr) Primer

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The Alchemist, Issue 28: This issue of The Alchemist examines the outlook for two rare earth elements with applications in modern energy technologies that are forecast to experience improved demand over the coming years. Neodymium and Praseodymium, collectively known as NdPr, are metallic elements that belong to the lanthanide group of the periodic table. Long-term success for NdPr is linked…

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