Majic Wheels Corp. (OTCMKTS: MJWL) is making an explosive move up the charts after the Company announced a big week coming this week with a new acquisition to be announced. The Company also reported a new agreement with $SRAX which trades on the Nasdaq and is involved in Sequire and LD Micro. Its Sequire provides users many features, which allow issuers to track their shareholders behaviors and trends, then use data-driven insights to engage with shareholders across marketing channels. Its LD Micro organize and host investor conferences within the micro and small- cap space, and plan to create several niche events for the investor community.
MJWL has been on the move since Shaw Cheng “David” Chong took over as CEO and positioned the Company as a player in the disruptive industries of Fintech and Software Development. Since than the Company has up listed to “pink current” and announced their plan to move to the NASDAQ. CGCX is already doing big revenues reporting $5,281,500 in sales for the 12 months ending on December 31, 2020. For the 6 months ending on June 30, 2021, revenues were USD 5,117,136. The Company is projecting significant revenue growth over the next few years. MJWL has emerged in recent days as an investor favorite and is currently among the most actively searched and talked about stocks in small caps. MJWL is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars – a break over $0.265 and its blue skies ahead for MJWL. Microcapdaily first reported on MJWL in May when the stock was sub $0.05 before it ran to 52-week highs of $0.265 on the CGCX acquisition.
Majic Wheels Corp. (OTCMKTS: MJWL) a Delaware holding corporation, intends to position itself as a player in the disruptive industries of Fintech and software development by means of multiple acquisitions. The Company’s first acquisition is the cryptocurrency exchange, cryptocurrency mining farm and custody services platform: Calfin Global Crypto Exchange (CGCX).
Majic has big plans; CEO David Chong recently stated: “Our plan is to continue to create shareholder value of investors of Majic through the acquisitions of synergistic candidates to complement the current offering of CGCX. As well our intention is to make CGCX a global player in the Crypto Currency Exchange Industry. Beyond the Exchange itself, we want to position CGCX as a provider of Blockchain solutions. We have received incredible feedback to the iChain Decentralized Blockchain platform so far.” Said David Chong, Chief Executive Officer of Majic Wheels Corp. Our objective to up list to the NASDAQ exchange remains on schedule with the engagement of auditors as our current next step. We are also undertaking several initiatives to increase the profile of Majic as a publicly traded company among institutional investors and investment bankers. To that end, the Company has already been in discussion with a renowned Investment Bank to act as the underwriter and advisor to the Company.
The Company recently signed an agreement with New York based Investment Bank Donald Capital, LLC. to provide M&A Strategic Advisory and Investment Banking services to the Company as a lead placement agent. Donald Capital will assist the Company to raise capital in a private offering of up to $50,000,000.
In June Majic acquired Calfin Global Crypto Exchange (“CGCX”). CGCX has built three business lines including the CGCX Exchange, Custody Services and Cryptocurrency Mining. The CGCX Cryptocurrency Mining operations encompass a large project to mine several different cryptocurrencies. Phase One of the mining operations will focus heavily on ETH mining and rely on Ethash and Etchash algorithms. CGCX’s ETH mining operations are scheduled to begin in the fourth quarter of 2021 and reach full scale by the second quarter of 2022.
CGCX is already doing big revenues; the Company reported: For the 12 months ending on December 31, 2020, revenues were USD 5,281,500. For the 6 months ending on June 30, 2021, revenues were USD 5,117,136. The Company is projecting signicant revenue growth over the next few years.
— Majic Corp (@MajicCorp) October 8, 2021
— Majic Corp (@MajicCorp) October 8, 2021
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Proof of concept machines have already been received and currently undergoing testing with positive results. Planned capacity is for 500 mining rigs with 12 GPUs per rig for a total of 6,000 GPUs ordered and a planned phased delivery within 6 months. Once all the miners are installed, the Company’s hash rate will be approximately 402,000 MH/s for less than 1 MWh power usage. The average mining cost for hosting services, electricity, data center management, and hosting related expenditure will be $0.07 per kWh. The Data center will be partly powered with renewable energy, with a target for a carbon neutral footprint of more than 50%.
VIA CGCX the Company launched iChain Advanced Decentralized Blockchain Platform. CGCX’s iChain is an ambitious Layer 2 scaling project dedicated to the establishment of a truly decentralized infrastructure. It provides one of the largest blockchain-based operating systems and offers public blockchain support of high throughput, high scalability, and high availability for all Decentralized Applications (DApps) on the CGCX iChain ecosystem. iChain is designed to be a complete platform for launching interoperable blockchains and offers significant transparency, security, scalability, performance, and low/no gas fees.
The first project – iBG (www.ibg.finance), a Smart DeFi Robo Advisory app that provides users with AI enabled asset management, has already gone live on CGCX iChain, with more than 3000 transactions logged in the first hour. The second project is CGCX token. CGCX is the world’s first fully insured hybrid trading platform and its native utility token will migrate from Ethereum blockchain to iChain blockchain. There are two further enterprise blockchain projects in the pipeline that are due to go live on the CGCX iChain.
CGCX recently signed a definitive agreement to provide custody services to iBG.Finance for assets valued currently at USD 121,500,000. A total of 45,000,000 tokens will initially be held under management of the CGCX Custody Solution. As of August 15, 2021, the iBG token was trading at USD 2.70 per token. The agreement signed between CGCX and iBG has a potential to generate an annual revenue of 0.5% of the average value of the Assets Under Management (AUM).
On October 1 the Company, by means of acquisitions, announces it has signed a letter of Intent (“LOI”) with Bamboo Wellness Holdings Limited. Bamboo Blockchain and Analytics Competency Center aims to create a holistic healthcare ecosystem that will drive a data-driven decision-making model. Supported by Artificial Intelligence and Machine Learning, the Bamboo ecosystem aims to drastically bridge the health protection gap and bring insurance to everyone.
Bamboo was born into an established insurance industry family: The Malayan Holdings, a Company with total assets reaching half a BILLION US dollars
Do you know about Bamboo’s sister subsidiaries, under the Malayan umbrella? pic.twitter.com/Pj85CLXGAN
— Majic Corp (@MajicCorp) October 5, 2021
For More on MJWL Subscribe Right Now!
MJWL is making an explosive move up the charts after the Company announced a big week coming this week with a new acquisition to be announced. The Company also reported a new agreement with $SRAX which trades on the Nasdaq and is involved in Sequire and LD Micro. Its Sequire provides users many features, which allow issuers to track their shareholders behaviors and trends, then use data-driven insights to engage with shareholders across marketing channels. Its LD Micro organize and host investor conferences within the micro and small- cap space, and plan to create several niche events for the investor community. MJWL has been on the move since Shaw Cheng “David” Chong took over as CEO and positioned the Company as a player in the disruptive industries of Fintech and Software Development. Since than the Company has up listed to “pink current” and announced their plan to move to the NASDAQ. CGCX is already doing big revenues reporting $5,281,500 in sales for the 12 months ending on December 31, 2020. For the 6 months ending on June 30, 2021, revenues were USD 5,117,136. The Company is projecting significant revenue growth over the next few years. MJWL has emerged in recent days as an investor favorite and is currently among the most actively searched and talked about stocks in small caps. MJWL is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars – a break over $0.265 and its blue skies ahead for MJWL. Microcapdaily first reported on MJWL in May when the stock was sub $0.05 before it ran to 52-week highs of $0.265 on the CGCX acquisition. We will be updating on MJWL when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MJWL.
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Disclosure: we hold no position in MJWL either long or short and we have not been compensated for this article.
Chinese EV Stocks: The Flying Car News That Has NIO, LI and XPEV Stocks Gaining
Today, Chinese electric vehicle (EV) stocks are seeing some rather impressive price action. Shares of Nio (NYSE:NIO), Li Auto (NASDAQ:LI) and XPeng (NYSE:XPEV)…
Today, Chinese electric vehicle (EV) stocks are seeing some rather impressive price action. Shares of Nio (NYSE:NIO), Li Auto (NASDAQ:LI) and XPeng (NYSE:XPEV) are all up between 6% and 12% at the time of writing.
These moves appear to indicate two things. First, U.S. investors are growing more bullish on Chinese equities.
Second, it appears a sector-specific catalyst is at play with Chinese EV stocks. Today, there’s some high-profile news that’s taking these emerging market EV stocks higher. Let’s take a look at what’s driving interest in the Chinese EV sector today.
Chinese EV Stocks Soar on Flying Car News
At XPeng’s annual 1024 Tech day, the company unveiled a number of new developments. However, among the key innovations investors are focused on is the company’s plans for a flying car.
We’re now in the 2020s, and the future envisioned in The Jetsons hasn’t materialized yet. That said, Xpeng aims to change that.
The company’s XPeng X2 will reportedly be available in 2024. XPeng is also reportedly working with HT Aero, an urban mobility company backed by XPeng, to build these vehicles. The company notes that HT already has 15,000 successful flights under its belt. Accordingly, the rollout of the company’s X2 model appears to be more realistic than other options elsewhere around the world.
Additionally, XPeng announced at this event a number of other technological innovations. Faster supercharging technology and new robotic tech anticipated to be used to boost autonomy were other key highlights. Additionally, a new “full-scenario advanced driver assistance” technology expected to be rolled out in the first half of 2023. This sounds a lot like “full self driving,” though investors will have to wait and see what is ultimately rolled out.
For now, XPeng and its Chinese EV counterparts appear to have a number of catalysts investors like right now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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The post Chinese EV Stocks: The Flying Car News That Has NIO, LI and XPEV Stocks Gaining appeared first on InvestorPlace.
Tesla Ditches Nickel and Cobalt in Move to Lithium Iron Phosphate (LFP) Batteries
China’s ongoing energy shortage starts to affect domestic battery materials production Tesla ditches nickel, cobalt as prices soar Pilbara Minerals’…
- China’s ongoing energy shortage starts to affect domestic battery materials production
- Tesla ditches nickel, cobalt as prices soar
- Pilbara Minerals’ (ASX:PLS) third spodumene auction unofficially scheduled for October 26
- Weekly small cap standouts include Arizona Lithium (ASX:AZL) and QX Resources (ASX:QXR)
Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, and vanadium.
All eyes on Pilbara Minerals’ lithium auction
Unofficially scheduled for Tuesday October 26 is Pilbara Minerals’ (ASX:PLS) third auction on the Battery Material Exchange (BMX) digital platform for 10,000t (SC5.2%) spodumene.
The second auction went off at an incredible $US2,440/t, singlehandedly sparking a historic 86.5% month-on-month increase for average spod pricing industry-wide.
Susan Zou, non-ferrous editor at Fastmarkets, says bids for the upcoming coming auction “will not be as aggressive”.
“While the market consensus is that spodumene tightness will not ease significantly in the short term – despite Pilbara Minerals now producing spodumene from the restarted former Altura lithium project – the bids for the upcoming auction will not be as aggressive as last time because the ascent of lithium prices in China has slowed after the week-long national holiday compared with September, while the shipment time is months away,” Zou said.
Tesla ditches nickel, cobalt as prices soar
Tesla posted record revenue and profits in third quarter.
Improved gross margins of 30.5% on its automotive business are an industry benchmark, but Tesla reckons it can do better.
Amid rising material costs, Tesla will switch all its standard range vehicles to lithium iron phosphate based (LFP) batteries.
LFP-based lithium-ion batteries are cheaper and safer than chemistries that use nickel and cobalt, but less energy dense.
— Joe Lowry (@globallithium) October 21, 2021
The switch comes as lithium-ion battery chemical prices are on the rise.
Argus says its minimum 22% nickel sulphate assessment rose by 31% in the last six months to $US4,450-4,650 per tonne today.
Meanwhile, prices for minimum 20.5% cobalt sulphate have increased by 23% over the same period to $US5.59-5.77/lb.
Energy-starved China throttles battery materials production
China’s ongoing energy shortage has begun to affect domestic battery materials production, with several companies forced to scale back anode and cathode production in late Q3, according to Benchmark Mineral Intelligence.
China is grappling with a shortage of coal – which fuels most of its electricity supply – due in part to its trade war with Australia.
“During China’s National Energy Commission meeting in mid-October, Premier Keqiang Li emphasised that extreme electricity cuts need to be corrected to ensure that the northern regions have secure usage of electricity for the winter, signifying that electricity restrictions within China might be relaxed at some stage in Q4,” Benchmark says.
“In the long-term, China seeks to guarantee resource security by addressing the structural issues behind the current electricity supply shortage.
“The government is pushing for an upgrade in coal-powered electricity infrastructure, diversification of energy sources, and mass adoption of energy storage technologies.”
Here’s how a basket of ASX stocks with exposure to lithium, cobalt, graphite, nickel, and vanadium are performing>>>
|CODE||COMPANY||1 WEEK RETURN %||1 MONTH RETURN %||6 MONTH RETURN %||1 YEAR RETURN %||SHARE PRICE [INTRADAY MONDAY]||MARKET CAP|
|AZL||Arizona Lithium||94||138||132||692||0.095||$ 137,622,511.52|
|BUX||Buxton Resources||72||72||62||28||0.115||$ 9,387,824.81|
|TNG||TNG Limited||52||60||30||14||0.125||$ 131,197,189.20|
|QXR||Qx Resources Limited||50||125||50||59||0.027||$ 19,990,869.63|
|LKE||Lake Resources||49||43||181||1375||0.87||$ 1,062,055,777.22|
|PNN||PepinNini Minerals||42||24||100||177||0.54||$ 21,431,426.68|
|INF||Infinity Lithium||40||75||11||119||0.21||$ 72,254,428.58|
|PVW||PVW Res||40||115||200||180||0.42||$ 30,479,625.00|
|AGY||Argosy Minerals||33||84||210||448||0.285||$ 312,567,926.00|
|CAE||Cannindah Resources||32||133||302||1014||0.245||$ 121,937,265.54|
|EUR||European Lithium||29||29||90||186||0.12||$ 111,424,488.42|
|LOT||Lotus Resources||28||26||171||301||0.3525||$ 318,108,500.16|
|PAM||Pan Asia Metals||26||22||311||259||0.575||$ 42,722,013.52|
|VUL||Vulcan Energy||21||3||96||1107||13.94||$ 1,658,145,468.07|
|BOA||Boadicea Resources||20||17||-23||0||0.21||$ 15,539,979.00|
|ARR||American Rare Earths||20||24||121||75||0.21||$ 67,237,623.57|
|GLN||Galan Lithium||19||29||57||819||1.24||$ 325,297,652.63|
|RLC||Reedy Lagoon Corp.||19||7||35||138||0.031||$ 14,040,680.32|
|IXR||Ionic Rare Earths||16||26||-9||207||0.043||$ 132,303,581.05|
|AAJ||Aruma Resources||16||9||33||-15||0.096||$ 10,706,727.76|
|NTU||Northern Min||15||23||29||47||0.053||$ 242,375,398.30|
|MNS||Magnis Energy Tech||13||24||10||108||0.385||$ 357,832,300.21|
|LPI||Lithium Pwr Int||13||56||59||121||0.43||$ 153,458,733.12|
|COB||Cobalt Blue||12||36||13||295||0.435||$ 122,383,707.27|
|LIT||Lithium Australia NL||10||6||6||160||0.1325||$ 124,888,951.75|
|ARN||Aldoro Resources||10||2||26||344||0.44||$ 37,133,707.38|
|JRV||Jervois Global||8||17||42||112||0.6075||$ 901,491,557.89|
|AUZ||Australian Mines||8||13||18||77||0.026||$ 107,588,977.85|
|BRB||Breaker Res NL||8||25||38||57||0.33||$ 105,898,301.93|
|NIC||Nickel Mines Limited||8||9||-15||9||1.065||$ 2,653,355,648.81|
|LTR||Liontown Resources||8||30||355||595||1.695||$ 3,210,779,681.76|
|IGO||IGO Limited||8||7||41||125||9.78||$ 7,231,907,614.15|
|CLA||Celsius Resource||7||12||-28||-17||0.029||$ 30,369,614.35|
|TKL||Traka Resources||7||15||-12||-35||0.015||$ 9,331,618.41|
|GME||GME Resources||7||7||19||53||0.075||$ 43,955,316.39|
|ARL||Ardea Resources||7||14||0||7||0.525||$ 73,158,136.07|
|MRD||Mount Ridley Mines||7||50||7||150||0.0075||$ 39,246,503.66|
|JRL||Jindalee Resources||7||0||-16||298||2.59||$ 128,226,399.42|
|TLG||Talga Group||7||8||14||61||1.555||$ 460,909,457.12|
|RNU||Renascor Res||6||-5||47||1225||0.1325||$ 245,247,740.92|
|ASN||Anson Resources||6||0||20||143||0.09||$ 88,448,243.17|
|QEM||QEM Limited||6||24||-23||64||0.18||$ 20,416,199.94|
|AOU||Auroch Minerals||6||9||-5||19||0.185||$ 53,901,539.10|
|HAS||Hastings Tech Met||6||21||54||119||0.285||$ 469,383,100.56|
|CXO||Core Lithium||6||42||125||1050||0.575||$ 969,599,098.13|
|GW1||Greenwing Resources||5||-3||-16||97||0.295||$ 32,355,260.85|
|ADD||Adavale Resource||5||-9||7||88||0.06||$ 19,231,521.12|
|SYA||Sayona Mining||5||-12||288||1576||0.1625||$ 1,098,609,343.52|
|DEV||Devex Resources||5||6||14||32||0.33||$ 98,506,869.44|
|LEG||Legend Mining||4||12||-39||-44||0.073||$ 206,635,179.08|
|G88||Golden Mile Res||4||6||-46||-21||0.05||$ 8,892,953.06|
|BEM||Blackearth Minerals||4||-11||-11||136||0.125||$ 26,087,432.04|
|ILU||Iluka Resources||3||4||30||84||9.59||$ 3,990,798,085.06|
|ESR||Estrella Res||3||-8||-29||-75||0.036||$ 41,833,574.64|
|ATM||Aneka Tambang||3||10||10||10||1.1||$ 1,434,013.90|
|CTM||Centaurus Metals||3||13||59||76||1.11||$ 384,976,538.24|
|LYC||Lynas Rare Earths||3||3||34||145||7.13||$ 6,172,495,029.36|
|VML||Vital Metals Limited||3||-1||-1||105||0.0595||$ 245,763,501.96|
|REE||Rarex Limited||3||5||-2||-24||0.1025||$ 44,256,133.99|
|HXG||Hexagon Energy||2||21||-25||69||0.086||$ 37,465,161.47|
|PAN||Panoramic Resources||2||12||52||114||0.235||$ 481,964,790.94|
|AML||Aeon Metals .||2||0||-35||-55||0.056||$ 47,410,992.26|
|RFR||Rafaella Resources||1||-12||-28||-37||0.079||$ 14,877,908.60|
|S2R||S2 Resources||1||2||-43||-67||0.089||$ 31,717,362.10|
|OZL||OZ Minerals||1||13||4||58||25.29||$ 8,324,691,576.35|
|CHN||Chalice Mining||1||-2||4||135||6.9||$ 2,424,685,296.60|
|PLS||Pilbara Min||0||-3||87||454||2.09||$ 6,205,808,124.56|
|MLS||Metals Australia||0||0||-33||0||0.002||$ 10,477,114.72|
|SLZ||Sultan Resources||0||6||-5||-33||0.18||$ 12,516,190.02|
|TON||Triton Min||0||-3||-26||-36||0.032||$ 36,302,978.14|
|WKT||Walkabout Resources||0||0||-43||11||0.195||$ 82,954,311.77|
|MRC||Mineral Commodities||0||3||-36||-55||0.15||$ 77,573,641.93|
|AJM||Altura Mining||0||0||0||0||0.07||$ 238,056,602.28|
|LML||Lincoln Minerals||0||0||0||0||0.008||$ 4,599,869.49|
|AQD||Ausquest Limited||0||-6||-15||-39||0.017||$ 13,994,227.13|
|ALY||Alchemy Resource||0||-5||-17||-42||0.013||$ 10,923,956.10|
|TMT||Technology Metals||0||-8||6||9||0.37||$ 71,816,002.34|
|SYR||Syrah Resources||0||-3||1||135||1.115||$ 558,582,889.76|
|CWX||Carawine Resources||0||5||-22||-41||0.2||$ 23,411,328.93|
|VRC||Volt Resources||0||0||55||182||0.031||$ 84,728,868.96|
|BKT||Black Rock Mining||0||17||50||289||0.21||$ 183,003,319.24|
|FGR||First Graphene||0||17||-25||31||0.21||$ 121,026,616.92|
|NWC||New World Resources||0||11||-21||61||0.079||$ 126,920,495.68|
|AZS||Azure Minerals||0||4||13||-14||0.36||$ 113,053,538.17|
|VIA||Viagold Rare Earth||0||852||2339||10426||2||$ 166,624,808.00|
|MIN||Mineral Resources.||0||-7||-4||72||43.21||$ 7,436,921,309.18|
|STK||Strickland Metals||-1||81||335||-22||0.087||$ 96,212,112.39|
|PEK||Peak Resources||-1||-6||-12||129||0.08||$ 155,053,661.96|
|VR8||Vanadium Resources||-1||22||55||204||0.079||$ 37,013,989.92|
|EGR||Ecograf Limited||-2||-12||6||274||0.635||$ 285,707,746.47|
|PRL||Province Resources||-2||9||-23||1089||0.1575||$ 175,097,270.71|
|SRI||Sipa Resources||-2||-15||-18||-33||0.056||$ 11,229,754.09|
|MCR||Mincor Resources NL||-2||7||42||38||1.375||$ 653,823,670.50|
|POS||Poseidon Nick||-2||3||68||18||0.1025||$ 321,715,750.23|
|BHP||BHP Group||-2||-2||-20||4||37.93||$ 111,076,964,984.10|
|RBX||Resource Base||-3||-7||459||459||0.19||$ 7,590,041.15|
|RXL||Rox Resources||-3||0||-32||-56||0.38||$ 60,678,931.39|
|PGM||Platina Resources||-3||13||31||42||0.071||$ 32,144,293.31|
|PUR||Pursuit Minerals||-3||-29||-55||150||0.035||$ 31,858,473.14|
|PSC||Prospect Res||-3||6||178||271||0.445||$ 168,750,355.40|
|ARU||Arafura Resource||-3||45||21||107||0.2175||$ 333,238,676.38|
|HYM||Hyperion Metals||-3||-14||3||205||0.99||$ 139,112,491.00|
|GED||Golden Deeps||-4||14||-4||-22||0.0125||$ 9,310,217.28|
|GAL||Galileo Mining||-4||-11||-14||4||0.24||$ 42,025,301.25|
|AVL||Aust Vanadium||-4||9||4||100||0.024||$ 78,739,811.54|
|SGQ||St George Min||-4||3||-21||-47||0.071||$ 42,421,747.46|
|MOH||Moho Resources||-5||-3||-25||-50||0.058||$ 6,506,350.33|
|PLL||Piedmont Lithium||-5||17||-4||104||0.805||$ 438,791,187.00|
|AXE||Archer Materials||-6||-28||76||199||1.51||$ 368,447,115.96|
|ESS||Essential Metals||-6||-8||106||110||0.1975||$ 43,959,695.19|
|FRS||Forrestania Resources||-6||0.38||$ 10,378,500.00|
|IPT||Impact Minerals||-7||-18||-22||-36||0.014||$ 30,356,923.79|
|EMH||European Metals Hldg||-7||-8||-4||198||1.34||$ 171,721,393.80|
|MLX||Metals X||-8||8||69||354||0.3725||$ 335,688,444.79|
|VMC||Venus Metals||-8||6||-9||-36||0.17||$ 25,683,376.11|
|NVA||Nova Minerals||-9||7||3||-18||0.155||$ 277,455,821.34|
|CHR||Charger Metals||-9||-25||0.41||$ 13,132,724.35|
|SBR||Sabre Resources||-9||0||-17||-44||0.005||$ 8,446,568.25|
|QPM||Queensland Pacific||-10||-2||147||503||0.235||$ 325,347,151.44|
|MAN||Mandrake Resources||-10||14||-61||7||0.064||$ 31,511,737.62|
|RMX||Red Mountain Mining||-10||-10||-18||-40||0.009||$ 13,180,124.72|
|GBR||Great Boulder Resources||-10||20||400||144||0.18||$ 69,660,982.76|
|A8G||Australasian Gold||-10||66||0.58||$ 27,027,640.86|
|BAR||Barra Resources||-11||0||32||-26||0.025||$ 20,569,575.34|
|AVZ||AVZ Minerals||-11||16||73||268||0.32||$ 1,045,906,121.00|
|AR3||Australian Rare Earths||-13||-19||0.8||$ 36,274,494.87|
Weekly Small Cap Standouts
The recently rebranded lithium play is now up 94% over the past five days on no news.
In response to a recent price query from the ASX, AZL also noted that lithium carbonate prices in China are trading at record highs in October.
The $163m market cap stock has gained an impressive ~850% year-to-date.
Gold focused QX has officially acquired a lithium project in the Pilbara, the hard rock capital of the world.
The explorer exercised an option to buy the ‘Turner River’ lithium project early, in advance of the due diligence period lapsing.
This reflects QXR’s confidence in the project’s prospectivity, QXR says.
It will also acquire the adjoining tenements for an extra $6000, which brings the total tenement position at Turner River from 45sqkm to 84sqkm.
“Following the recent site visit and after further reviews of the project’s geology and the surrounding prospects, we have taken the decision to not only exercise the Turner River option early but to expand our tenement holdings in the area by applying for some adjoining ground which looks equally as prospective,” QXR chairman Maurice Feilich says.
That recent site visit identified contained “numerous pegmatite dykes”. Encouraging start.
“Further site visits are planned, and we look forward to keeping shareholders updated on progress here and with respect to the ongoing work in Queensland,” Feilich says.
The post High Voltage: Tesla ditches nickel and cobalt, spotlight on Pilbara Minerals’ third spodumene auction appeared first on Stockhead.
EU Could Run Out Magnesium by November End Forcing an Aluminum Alloy Supply Crisis
Countries from the Western Hemisphere to the Eastern hemisphere are now focusing on economic recoveries from the pandemic. That means spending is up, manufacturing…
Countries from the Western Hemisphere to the Eastern hemisphere are now focusing on economic recoveries from the pandemic. That means spending is up, manufacturing is up, and industry is refiring.
But some European leaders worry about a shortage of magnesium and what kind of effects that might have on an industrial recovery from the pandemic. The European Union gets 95% of its magnesium from China, and so talks have opened between the EU and China to ensure the supply of the silvery-white metal used to make aluminum.
One of the challenges facing Chinese magnesium smelters is the electricity shortages sweeping the nation. The power cuts due to challenges generating sufficient energy from current power sources mean that China has ordered some smelters to close.
Factories have had to be powered down, and rationing is in effect in many regions as the country tries to manage its electricity supply. The talks are of particular importance since China has ordered approximately 35 out of 50 magnesium smelters to close until the end of the year. The reason was to conserve electricity, but the effect has been a supply shift that has EU leaders worried.
A Fast-Approaching Deadline
Germany’s association of metals producers, WVM, warned that the current European inventories will be exhausted by the end of November – a fast-approaching deadline. The price of magnesium has spiked in recent months as uncertainty surrounding a supply dearth creates chaos in the markets.
It is also difficult to store, and this has been a worrying point of contention as well. It begins to oxidize after three months, and global stocks could run critically low before the end of 2021 if China does not restart production soon.
Magnesium is used to make aluminum, which has become a critical metal for the industrial sector, especially for the auto industry. Aluminum alloys are used in auto parts that include gearboxes, steering columns, fuel tank covers, and seat frames. Its lightweight nature means it can be formed into the necessary shapes while maintaining strength and lightness.
As a result of aluminum used in cars, fuel efficiency has skyrocketed in the past decade. The lighter, more efficient cars are also cheaper to produce thanks to affordable aluminum. However, with the price of magnesium up from approximately $2000 per tonne at the beginning of the year to approximately $4700 per tonne now, the certainty that affordable aluminum can continue to be made is in doubt as well. Industry groups have said that the remaining stocks in Europe are selling for $10,000-$14,000 per tonne in Europe.
The issue was raised on Thursday during an EU leaders’ summit, and a dialogue was opened with China by the European Commission.
On the other side of the world, North American is having its own issues with magnesium. Canada’s Matalco Inc. produces aluminum billet. Last week it had to tell clients that magnesium availability had “dried up” and if it continued then the company may have to cut output. Additionally, it may need to ration deliveries beginning in 2022 to ensure that some are prioritized and every client gets the minimum needed.
Magnesium as a Critical Metal
Magnesium is a light metal used as an alloy for hardening aluminum used in beverage cans and light car parts. The most commonly used magnesium castings do not contain more than 90 mg of alloyed aluminum. Magnesium compounds are used for various purposes.
Magnesium castings are used in the automotive industry, aerospace components, defense applications, and consumer goods (especially laptops, tablets, and mobile phones covers). Aluminum alloys contain an average of 0.8% magnesium and are used in a wide variety of industries with packaging (35% of magnesium used in aluminum alloys), transport (25%), and construction (21%) being the three most important.
China has a quasi-monopoly on the production of magnesium, which is a key component of the production of aluminum alloys. About 95% of the world’s magnesium production comes from China, most of it from the city of Yulin in Shaanxi Province. Worldwide production of magnesite (Sitmate) is 596 Mt, of which China is the largest producer.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
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