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Callinex Mines Inc V.CNX

Alternate Symbol(s):  CLLXF

Metals & Mining Industrial Metals & Minerals
Callinex Mines Inc. is a Canada-based company. The Company is advancing its portfolio of base and precious metals-rich deposits located in Canadian mining jurisdictions. The focus of the portfolio is the Rainbow and Alchemist deposits at its volcanogenic massive sulfide (VMS) Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. Pine Bay hosts a high-grade copper, zinc gold and silver Rainbow deposit. The second asset in the portfolio is the Nash Creek Project located in the VMS-rich Bathurst Mining District of New Brunswick. The third asset, the 100% owned Point Leamington Deposit in Newfoundland, is located in the VMS and gold districts in Canada. It owns a 100% interest in the Gossan Gold Project and the Superjack Project. The Company’s other properties include the Sneath Lake property, Coles Creek property, Fox River property, Moak Lake property, Herblet Lake property, Headway property, Headway North claim and the Island Lake properties.


TSXV:CNX - Post by User

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Post by Goodtoreadthis1on Jun 16, 2022 3:59pm
190 Views
Post# 34762514

Zinc mkt takes a hit

Zinc mkt takes a hit

Zinc stocks slide as shortages in Europe persist

Reuters
 
Reuters  
 

Kitco News

LONDON, June 16 (Reuters) - Zinc stocks in London Metal Exchange (LME) approved warehouses are at their lowest in more than two years due to shortages in Europe where record-high power prices have led to production cuts of the metal used to galvanise steel.

 


European power prices have been rising since late 2020, but upward momentum picked up this year due to worries about gas supplies from Russia after it invaded Ukraine.

 


Reinforcing these concerns was a cut in Russian gas deliveries on the Nord Stream 1 pipeline into Germany on Wednesday.

 


"European zinc producers face more pain after reduced gas flows from Russia through the Nord Stream pipeline triggered a fresh surge in regional natural gas prices this week," said Tom Mulqueen, analyst at Amalgamated Metal Trading (AMT).

 


"Higher energy prices and June's pullback in zinc prices may squeeze margins and further constrain regional zinc smelter output. However, a sustained fresh spike in European energy prices would also exacerbate regional inflationary pressures, adding to fears of a regional demand slowdown."

 


Stocks in LME warehouses at 79,575 tonnes are at their lowest since April 2020, while cancelled warrants -- metal earmarked for delivery -- at 26% indicate more zinc is due to be delivered out.

 


This combined with large holdings of zinc warrants and cash contracts has again fuelled worries about supplies on the LME market and created a premium for the cash over the three-month contract.

 


The premium of around $59 a tonne is at its highest since April 28 and compares with $1 a tonne a month ago.

 


Benchmark zinc at around $3,600 a tonne is down more than 25% since hitting a record high of $4,896 a tonne in March.

 


Before producers such as Glencore and Nyrstar cut output, Europe typically accounted for 15% of global zinc supplies estimated at 14 million tonnes this year.

 


(Reporting by Pratima Desai; editing by Aditya Soni)

 
 
Disclaimer: The views expressed in this article are th

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