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Investors are discussing Core Lithium (ASX:CXO) on HotCopper today as the company shed more than 10.5 per cent. That’s because it’s stopped mining at its Finniss Lithium project in the Northern Territory.
Cost pressures and the declining lithium price are blamed for the suspension of mining, with the value of spodumene concentrate dropping more than 85 per cent over the past year.
Core Lithium will process existing ore stockpiles.
The company has been trading around 23 cents.
ASX200 update: Trading flat
The ASX200 has been sitting quite flat, hovering just below 7500 points.
Financials, real estate and healthcare sectors are making gains of around half a per cent, but following US leads, Information technology is continuing its poor performance, losing nearly 1.8 per cent today and over five per cent for the week.
Analyst downgrades of Apple (NASDAQ:AAPL) has had strong ripple effects for Australia’s tech sector.
Calima climbs on $83.3 million Blackspur deal
Calima Energy (ASX:CE1) has soared more than 50 per cent on news it’ll sell its wholly-owned subsidiary in Canada, the Blackspur Oil Corp, to the privately-owned Astara Energy Corp in an $83.3 million cash deal, equating to a share value of 13.5 cents.
Calima plans to distribute 85 per cent of funds generated from the sale to its shareholders in ‘the most tax effective form’. While the Board supports the bid, it is subject to shareholder approval.
Calima will continue to be a listed company producing from the Paradise well in British Colombia.
The company has been trading at 10 cents today.
Telix up on Nasdaq listing plans
Also doing well on market is cancer imaging tech company Telix Pharmaceuticals (ASX:TLX), which is up close to a per cent after announcing plans to dual list on the Nasdaq.
It has been trading around $9.61.
Magellan reports December outflows
Magellan Financial Group (ASX:MFG) has picked up 2.7 per cent despite reporting it had $200 million in outflows last month.
Retail investors withdrew $300 million from Magellan’s Funds in December, but this was offset by institutional investors investing $100 million dollars. Its average funds under management have fallen to $36.9 billion for the six months to the end of the year, from about $53.8 billion for the same period in 2022.
The company will pay distributions of $300 million this month.
Magellan Funds has traded at around $9.64 today.
Kingsgate reports high grade gold from Chatree
Gold explorer Kingsgate Consolidated (ASX:KCN) has gained about .8 per cent on high-grade gold intercepts from drilling at its Chatree Gold mine in Thailand.
It reported gold in five of six holes which were drilled to a 20-metre depth. Key results included 4.5 metres at 16.96 grams of gold per tonne, with 1.5 metres of that reading 44.7 grams of gold per tonne.
The company reports the mineralisation at the A West Pit remains open to the north and at depth.
Kingsgate shares have been trading at $1.27.
That’s market news for now, we will see you again after Market Close
