Will Purcell - more coverageThis is from Will Purcell’s Blog on Stockwatch today:
Jim Cambon's Hudson Resources Inc. (HUD), up one cent to 40 cents on 73,000 shares, is pleased that the MV Happy Dragon is loaded with the company's anorthosite product from its White Mountain mine in western Greenland for a trip to Charleston, South Carolina, where 14,400 tonnes of general material and 56 tonnes of high-quality product for the paints and coatings sector will be split up for shipment to the company's customers. Mr. Cambon, who replaced the company's founder, Jamie Tuer, as president early this year, says that he was excited to have loaded the first shipment. He will be happier still once the Happy Dragon reaches Charleston, which is normally a 10-day trip.
Meanwhile, Mr. Cambon has not yet officially blown the dust from Hudson's Sarfartoq rare earth project, but with rising rare earth prices and the not-so-happy Chinese dragons tightening supply in response to Donald Trump's tariffs, Sarfartoq's resurrection, or at least its promotion, seems imminent. The presence of rare earth and other strategic metals in Greenland are presumably why President Trump tweeted recently that he would like to buy Greenland, only to hear from Denmark's prime minister, Matte Frederiksen, that the idea was "absurd."
Absurd or not, the idea was more than a late-night musing by Mr. Trump. Mr. Cambon hosted officials from the U.S. State Department at his White Mountain mine late last month, where they discussed Sarfartoq and "our joint desire to see this project advanced." Indeed, Mr. Cambon noted at the time that the United States "has become quite active in Greenland, as issues around Arctic sovereignty and strategic mineral resources come to the forefront."
In any case, Sarfartoq was big news during the last rare earth price bubble, thanks to its 5.9-million-tonne indicated resource at 1.8 per cent total rare earth oxides and 2.5 million tonnes inferred at 1.6 per cent. Mr. Tuer had pushed the project to the preliminary economic assessment stage near the peak of the last cycle, deriving a discounted net present value of $616-million (U.S.) for a $343-million (U.S.) mine that would run at 2,000 tonnes per day. Most of the rare earths were the less desirable light oxides, but among those were significant amounts of neodymium and praseodymium, which are in high demand by magnet makers.
This is from Will Purcell’s Blog on Stockwatch today:
Jim Cambon's Hudson Resources Inc. (HUD), up one cent to 40 cents on 73,000 shares, is pleased that the MV Happy Dragon is loaded with the company's anorthosite product from its White Mountain mine in western Greenland for a trip to Charleston, South Carolina, where 14,400 tonnes of general material and 56 tonnes of high-quality product for the paints and coatings sector will be split up for shipment to the company's customers. Mr. Cambon, who replaced the company's founder, Jamie Tuer, as president early this year, says that he was excited to have loaded the first shipment. He will be happier still once the Happy Dragon reaches Charleston, which is normally a 10-day trip.
Meanwhile, Mr. Cambon has not yet officially blown the dust from Hudson's Sarfartoq rare earth project, but with rising rare earth prices and the not-so-happy Chinese dragons tightening supply in response to Donald Trump's tariffs, Sarfartoq's resurrection, or at least its promotion, seems imminent. The presence of rare earth and other strategic metals in Greenland are presumably why President Trump tweeted recently that he would like to buy Greenland, only to hear from Denmark's prime minister, Matte Frederiksen, that the idea was "absurd."
Absurd or not, the idea was more than a late-night musing by Mr. Trump. Mr. Cambon hosted officials from the U.S. State Department at his White Mountain mine late last month, where they discussed Sarfartoq and "our joint desire to see this project advanced." Indeed, Mr. Cambon noted at the time that the United States "has become quite active in Greenland, as issues around Arctic sovereignty and strategic mineral resources come to the forefront."
In any case, Sarfartoq was big news during the last rare earth price bubble, thanks to its 5.9-million-tonne indicated resource at 1.8 per cent total rare earth oxides and 2.5 million tonnes inferred at 1.6 per cent. Mr. Tuer had pushed the project to the preliminary economic assessment stage near the peak of the last cycle, deriving a discounted net present value of $616-million (U.S.) for a $343-million (U.S.) mine that would run at 2,000 tonnes per day. Most of the rare earths were the less desirable light oxides, but among those were significant amounts of neodymium and praseodymium, which are in high demand by magnet makers.