Newcore Gold's (NCAU.V) pre-feasibility study for its Enchi gold project in Ghana show strong project economics, the company said Wednesday.
The project will have a 24-month construction period at an upfront capital cost of US$351 million. Annual gold production is forecast at 130,000 ounces in the first three years, and at an average operating cost of US$1,399 per ounce of gold.
The PFS will be used to apply for a mining lease this year, Newcore said.
(Updates with index/price moves, macroeconomic data, and analysts' comments from the first paragraph.)US equity indexes traded mixed as plunging mega-cap semiconductor shares sent the Nasdaq Composite and the S&P 500 sharply lower ahead of Tuesday's close.The Nasdaq Composite slumped 2% to 25,648.8, and the S&P 500 dropped 1.3% to 7,376.1. The Dow Jones Industrial Average was little changed at 51,698.5 in the final leg of trading.Technology, industrials, and materials were the standout decliners, while consumer staples, real estate, and health care topped the gainers.In a category of stocks with a market capitalization of over $200 billion, 17 out of the 20 worst-performing stocks were technology firms. Sandisk (SNDK), Micron Technology (MU), and Arm (ARM) were the steepest decliners, sinking by at least 9.9% each ahead of the close. Within technology, semiconductors bore the brunt of investors' apathy.The sharp selling is likely profit-taking after market exuberance pushed tech stocks to record highs this year, Javier Correonero, Morningstar senior equity analyst, said in a news report published on the company's website. "There's a lot of froth in the markets."Tech stocks may face spillover impact from the selloff in South Korea, though the slide appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said in a note.Expectations that the Federal Reserve will raise interest rates later this year have weighed on stocks in recent sessions, according to the Morningstar news report. The CME FedWatch tool shows a 33% probability that the target rate for fed funds will be raised to 4% to 4.25% by December, from 3.5% to 3.75% currently, implying a 50-basis-point increase between now and the end of the year.In geopolitical news, President Donald Trump told reporters outside the White House that International Atomic Energy Agency inspectors will be heading to Iran, according to a report from Al Jazeera. In response to a journalist who said that Tehran claims that there are no scheduled IAEA visits, Trump said: "They're wrong, they know they're wrong. They told us inside, and we have it down 100 percent. If they were right, I'd cancel the meetings right now."Separately, Iran's President Masoud Pezeshkian said no negotiations will take place on the country's ballistic missiles, Al Jazeera reported.Front-month global benchmark North Sea Brent retreated 1% to $77.13 per barrel, and the US West Texas Intermediate slid 0.7% to $73.31 per barrel, off session lows.
(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed as a sharp sell-off in mega-cap semiconductor names weighed on the Nasdaq Composite and the S&P 500.The Nasdaq Composite slumped 1.4% to 25,794.7, and the S&P 500 dropped 0.9% to 7,402.5 in midday trading Tuesday. The Dow Jones Industrial Average rose 0.2% to 51,822.5.Technology and industrials were the standout decliners intraday.In a category of stocks with a market capitalization of over $200 billion, 17 out of the bottom 20 stocks were technology firms. Sandisk (SNDK), Micron Technology (MU), and Qualcomm (QCOM) were the steepest decliners, down by at least 10% intraday. Within technology, semiconductors bore the brunt of investors' apathy.In geopolitical news, the Strait of Hormuz will remain open "with no further naval blockade," and Iran has agreed to the "highest level nuclear inspections," Al Jazeera cited US President Donald Trump as saying. Tehran has no plans to allow international inspections of its nuclear facilities, the Middle East news agency cited Iran's Foreign Affairs Ministry spokesman Esmaeil Baghaei as saying.Front-month global benchmark North Sea Brent retreated 1.1% to $77.07 per barrel, and the US West Texas Intermediate slid 0.9% to $73.21 per barrel.
US equity futures were lower pre-bell Tuesday amid a sell-off in tech stocks and ongoing peace negotiations between US and Iran.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were down 1.2%, and Nasdaq futures were 2.6% lower.Micron Technology (MU) stock was down 6.8% in premarket activity, joining a broader sell-off in the technology sector.Technical discussions between the US and Iran in Switzerland have been completed, with negotiating groups to be set up focusing on nuclear issues and sanctions, AFP reported, citing Iranian state media.Iran's chief negotiator Mohammad Bagher Ghalibaf told state media that the country intends to retain control of the Strait of Hormuz after talks with the US. At least 35 vessels crossed the waterway on Monday, marking the highest level since the war in the Middle East began, AFP reported, citing data from maritime tracking firm Kpler.Oil prices were marginally higher, with front-month global benchmark North Sea Brent crude up 0.1% at $77.61 per barrel and US West Texas Intermediate crude 0.1% higher at $73.96 per barrel.The June S&P Global Composite Purchasing Managers' Index, due at 9:45 am ET, is seen coming in at 52.1, up from 51.5 previously, according to estimates compiled by Bloomberg. The Richmond Fed manufacturing index for June is scheduled to be released at 10 am ET.