mh

Mining - Know a lot of the management in the sector. Visited a lot of projects. Views are my own. Do your own DD. Weekend tweets - Old House Music

[mh @miningbase]

@AVFCOfficial Sponsored by a country that openly supports M23 terrorists. Great well done Villa. You have just sunk to a new low

[mh @miningbase]

@wmiddelkoop Yep and gold mining will be massive as well as Terrance and I found out at Founders.

[Robert Friedland @robert_ivanhoe]

As we have highlighted before, U.S. mining schools collectively graduated about 300 mining engineers last year, according to @washingtonpost. China, by contrast, is home to about 45 mining engineering programs and churns out about 3,000 graduates every year, according to 2024 estimates.

Rapid upskilling and training is needed to catch up and this a good step in the right direction.

https://t.co/ehDgaQ0O2C

[Teo @Teo_Sinamin]

There was never a tungsten deficit. Not up to today.

Until Beijing starts handing out jail time or wrecking personal credit scores due to violations,Chinese operators will ALWAYS find ways to produce when prices spike. That's just reality.

Rare earths doesn’t belong to the same bucket. Heavy acid usage makes small-scale production nearly impossible. But tungsten behaves almost the same as any other minerals I’ve come across.

My research is telling me that there is a permanent disconnect between China's annual tungsten quota and actual downstream production.

The 2025 numbers prove it.

China produced 136ktpa APT. Up 6% vs 2024.

At 90% recovery, that's 233kt of 65% WO3 consumed to produce that APT.

The 2025 1st quota? Only 58kt 65% WO3. Does that mean the second quota came around 100kt? Not a fucking way.

Run the math at 85% or 90%, the narrative stays.

I know I know, you’re thinking imports? Yeah nah, they imported ~20kt of WO3 concentrates. Still doesn’t explain the gap.

China has consistently produced above quota. I stand firm on it. The deficit narrative was always fiction.

You can argue with my thesis, but what has been produced, is produced. It’s for the world to consume to make downstream products.

This is how China operates. Prices go up, and suddenly the "impossible" production happens.

Legally, illegally, nobody cares until the punishment is real.

Would you if you can produce and sell WO3 at RMB700k/t and only be fined for RMB5m?

But.

Downstream demand is definitely there.

We're seeing unprecedented demand shock from the AI infrastructure boom. And the US-Iran war is driving military demand.

China is doing something about this. It may not appear obvious for now because they’re taking small steps, one at a time. Always.

Chinese is still actively looking for quality #Tungsten projects, anywhere everywhere.

If you understand how Beijing actually thinks, you can connect the dots while the market is still basing all assumptions on the quota headline.

Happy to hear opposite views on my thesis. If you think I'm wrong, show me why. Back it up with numbers & facts.

[Don Durrett - goldstockdata.com @DonDurrett]

I own the top 4. Incredibly, they remain cheap.😉

[mh @miningbase]

@RealRickRule What do you think of the below ?

[Reuters Business @ReutersBiz]

BYD was added to Brazil's registry of employers who have subjected workers to conditions similar to slavery after Chinese workers at the automaker's operations were allegedly subjected to human trafficking and abusive contracts https://t.co/ncgXreGjL6

[Phillips P. OBrien @PhillipsPOBrien]

If this is actually the new set of strategic goals, the Trump administration is admitting that they have strategically failed and this has been a disaster.

[Mark Thompson @METhompson72]

15 straight months of #tungsten APT price increases.

[unusual_whales @unusual_whales]

Qatar expects all Gulf energy producers to shut ​down exports within weeks and drive ‌oil to $150 a barrel, the country's Energy Minister Saad al-Kaabi said, per FT

[George Conway ⚖️🇺🇸 @gtconway3d]

Look, it's just purely a coincidence that Donald Trump started a war just days before the release of FBI 302s of interviews of a victim claiming he raped her when she was 13 years old.

[mh @miningbase]

@OfficialPDC Shame John McDonald has retired. The new guy isn’t nearly as good.

[mh @miningbase]

@AcornStairlifts Shame you won’t remove the stairlifts in a hurry. My father has passed away and you want me to wait over two months. What a joke of a company.

[mh @miningbase]

@AcornStairlifts Terrible company. They are refusing to take the stair lift away now it’s now needed for 2 months.. Acorn are very happy to sell/rent and install and don’t want them back. Go somewhere else

[mh @miningbase]

@TheWealthMiner I agree it doesn’t work.

[mh @miningbase]

@Slipmatt https://t.co/sZJHivg7X8

[mh @miningbase]

@wmiddelkoop Etosha ?

[mh @miningbase]

@RealRickRule What does it look like compared to the gold price?

[mh @miningbase]

Tungsten up today.

[mh @miningbase]

@TraderPamplona The buying seems to be speculative rather than physical demand driven. The end users aren’t buyers here. The futures market is taking the lead.

[Goldsky Resources @goldskyir]

Goldsky Resources is pleased to announce terms to acquire the remaining 55% interest in the Barsele Gold Project from Agnico Eagle.

Goldsky will have 100% ownership of Barsele, located at the centre of its existing exploration licence area on Sweden's Gold Line greenstone belt.