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The ASX has rebounded more than 1.1 per cent and is following the US lead with the tech sector charging ahead by about 2.3 per cent.
In breaking news, Alumina (ASX:AWC) has announced parent company Alcoa will stop alumina production from the old and high-cost Kwinana refinery near Perth.
At least 550 employees will lose their roles by the September quarter when Kwinana production is set to cease. Alcoa reports the move could cost close to A$300 million but would realise savings of more than A$100 million in that quarter alone.
The company also has refineries in Pinjarra and Wagerup.
Alumina has been up nearly 0.3 per cent to about 91 cents.
Meanwhile, operations at ASX-listed nickel producer Panoramic Resources’ (ASX:PAN) Savannah nickel project in the Kimberley have been stopped by administrators. Low nickel prices are blamed for the decision which will see about 140 staff made redundant and shares – which are now suspended – last traded at 3.5 cents in November.
Also trending on HotCopper today is news that Kingrose Mining (ASX:KRM) has finally received approval from the Norwegian Ministry of Trade and Fisheries to begin drilling for nickel, copper and platinum group elements.
Kingrose applied for the permit in April 2022 but was challenged by parties including the local ‘reindeer herding’ district. The permit is bound by terms and conditions including that drilling can only be done between December and mid-February and Kingrose must allow for two reindeer herding representatives to be present.
Kingrose has been down 2.5 per cent to 3.9 cents, as drilling won’t begin until the end of this year.
Diamond drilling has begun at Wildcat Resources’ (ASX:WC8) Tabba Tabba lithium project near Port Hedland, with four rigs due to be working by the end of the month.
During the Christmas break, the site camp was upgraded to accommodate 80 staff.
Wildcat has been down three-quarters of a per cent so far today at 67 cents.
And Si6 Metals (ASX:SI6) is trading up after shareholders approved the acquisition of a 50 per cent stake in four Brazilian projects, which are prospective for lithium, rare earths, gold and other minerals.
The deal and joint venture with seller Foxfire Metals Pty Ltd, covers 10 exploration licenses, over about 17,000 hectares. It requires SI6 to spend $1 million in the first year of the JV and free-carry Foxfire until the Bankable Feasibility Study is done.
SI6 is up more than 11 per cent off a very low base, to be trading at point five of a cent.
