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1) ArcWest Exploration announced an earn-in deal with Freeport-McMoRan on one of ArcWest's copper-gold properties in British Columbia's Golden Triangle, Todd Creek. Freeport will be able to earn up to 80% of the project located near Brucejack mine, Newcrest Mining's gold and silver project. Freeport will need to fund about $15 million of work over 5 years and make staged payments totaling about $650,000 to earn 51% of the project. In order to gain the 80%, Freeport will need to fund about $22 million over 5 years, and make staged payments of about $550,000. Tyler Ruks, the president and CEO of ArcWest said: “ArcWest looks forward to advancing our Todd Creek project in partnership with Freeport, one of the world’s largest copper miners and a team with a track record of global copper-gold discoveries that have proceeded to mine development.” ArcWest has a total of 7 copper-gold porphyry projects, which is in discussions with other companies on potential earn-in agreements.
2) According to a report by Darton Commodities, a UK-based cobalt trader, China is poised to increase its control over the world's cobalt supply. The report said that China's share of global output should reach about half of the global output, up from 44 percent currently. The price of cobalt hit a 2 year low this month as the production of the metal grew 42% between 2020 and 2022 with Covid-19 constraints easing, and several new mines opening up. Global supplies are expected to increase 24% from 2022, to about 210,000 tons this year and the demand is forecasted to rise 8% to 205,000 tons, according to the report. As China rushes to control the cobalt market, automakers are trying to move away from the metal when looking at batteries for their electric vehicles. Congo is the major supplier of cobalt for the world, as many mining giants have mines there, including China's CMOC.