Mining Discovery

“We curate top global news for you.” Morning Chatter April 8 2024


Canadian futures are flat as falling oil prices countered gains from rising gold, while investors awaited a busy week with the Bank of Canada’s rate decision. The U.S. stock index futures were flat as Treasury yields rose on bets of the Federal Reserve delaying policy easing. The U.S. dollar was little changed ahead of U.S. inflation print due this week. European stocks edged up, supported by strong industrial production data from Germany. Meanwhile, Japan’s Nikkei rebounded to close in the green.

The Bank of Canada is widely expected to keep its key overnight rate on hold Wednesday, as it gathers more evidence of cooling inflation before delivering its first interest rate cut in four years, which the money markets bet could come as early as June.

Alpha Exploration Ltd. (TSXV: ALEX) further to the Company’s press releases dated November 15, 2023, December 8, 2023, January 2, 2024, February 7, 2024, March 1, 2024, and April 1, 2024 Alpha is pleased to announce that due to strong demand it has increased its previously announced non-brokered private placement of units in the capital of the Corporation (“Units”) for proceeds up to $5,000,000 to $7,000,000 at a purchase price of $0.70 per Unit (the “Offering Price”), (the “Offering”) until April 15, 2024. The TSX Venture Exchange (the “Exchange”) has conditionally approved the upsize to the Offering and agreed to extend the closing of Offering until April 15, 2024. The first tranche of the Offering closed after market close on December 7, 2023, for total aggregate gross proceeds of $4,180,001.00 as previously announced by the Corporation. The principal use of the proceeds of the Offering will be for funding ongoing exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital and general corporate purposes.

Certain Insiders of the Corporation (as such term is defined under the policies of the TSXV) may participate in the Offering. The participation of Insiders in the Offering would constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation intends on relying upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the Offering, insofar as it involves the related parties, will not exceed $2,500,000.

Further details relating to the closing of the second tranche of the Offering will be provided in due course.

For more information concerning the Corporation, please refer to the Corporation’s profile on the SEDAR website at www.sedar.comor at the Corporation’s website at

XORTX Therapeutics Inc. (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANUA WKN: A3UNZ), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, announces that Dr. Allen Davidoff, CEO, is scheduled to participate in the following Spring 2024 investor and life sciences investment conferences:

LD Micro Invitational XIV in New York, April 8-9

Management will deliver a corporate update on April 9th at 2:00 p.m. ET and will be available for one-on-one meetings. Registration link:

Noble Capital Markets Emerging Growth Virtual Healthcare Equity Conference, April 17-18

Management will deliver a virtual presentation and will be available for virtual one-on-one meetings. Registration Link:

CEM Scottsdale Capital Event in Scottsdale, April 19-21

Management will deliver a corporate update and be available for one-on-one meetings. Registration Link:

BIO International Convention in San Diego, June 3-6 

Management will make presentations to prospective investors and partners during one-on-one meetings.

Additional information on how to listen to webcast presentations, where available, will be announced at a later date.

The Company also announces it has engaged LHA Investor Relations for investor relations services for a fee of US$15,000 per month. The LHA Investor Relations agreement is for a term of six months, renewable by mutual consent and can be terminated by XORTX on 30 days’ notice.

Asep Medical Holdings Inc. (CSE: ASEP) (OTCQB: SEPSF) (FSE: JJ8)  announce that its joint venture company with leading Chinese biotech company Sansure Biotech Inc. (“Sansure“), Hunan Sanway SepSMART Ltd. (“SepSMART“), which is based in Changsha, China, has obtained its business license and is now formally registered in China, which marks the final step for completion of the definitive joint venture agreement (the “JV Agreement”) signed on October 27, 2023.

Formal registration of SepSMART with the applicable regulatory body in China was a condition precedent of the JV Agreement and triggers the issuance of 3,000,000 performance warrants (the “Performance Warrants“) to Sansure or its designated nominees pursuant to the warrant purchase agreement, subject to the required approvals and compliance with applicable securities laws and stock exchange policies. Each Performance Warrant is exercisable into one common share of Asep at an exercise price of $1.00 per common share for a period of one year from date of issuance.  The Performance Warrants and underlying common shares are subject to a hold period expiring four months and one day from the date of issuance.

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Black Iron Inc. (TSX: BKI) announces that Ukraine’s Ministry of Economy has finalized all of its planned updates to the Investment Support Agreement (the “Investment Agreement“) legislation and is now accepting applications through Ukraine Invest.

Black Iron’s management and legal counsel are currently reviewing the legislation updates with the plan to resubmit the Investment Agreement application and supporting documentation as soon as possible.

This is very important legislation in support of Black Iron because it provides:

1. Government (Ministry of Defence) land transfer at preferred lease rates – critical for construction of Black Iron’s processing plant, tailings and waste dumps

2. Locks in current tax and royalty rates over the 15 year term of the Investment Agreement, to not increase future rates but allows Black Iron investors to benefit from any reductions

3. Exemption of import duty and VAT for new equipment purchased for project construction – saves tens of millions of dollars in project construction costs

4. Provides a Ukraine Government formal project support commitment as required by MIGA (World Bank) to potentially secure political risk insurance

Further details on the benefits of this legislation are contained in this presentation: STATE-SUPPORT-FOR-INVESTMENT-PROJECTS-WITH-SIGNIFICANT-INVESTMENTS-IN-UKRAINE-LAW-NO.-1116-1.pdf (

Black Iron’s CEO, Matt Simpson commented, “although it has taken Ukraine’s government much longer than they indicated to finalize this legislation update, it is a major milestone to have this update completed and the acceptance of applications reopened. Black Iron has been trying several routes to secure land essential for project development with the Ministry of Defence for years, and this has become even more difficult during the ongoing war. Applying to secure this land through the signing of an Investment Agreement is showing significantly greater promise as these agreements are being championed by Ukraine’s Ministry of Economy and Ukraine Invest whose primary focus are to attract investments for the rebuilding of Ukraine.”

BacTech Environmental Corporation (CSE: BAC, OTC: BCCEF, FSE: 0BT1), a well-established environmental technology company specializing in environmentally friendly bioleaching and remediation solutions for the recovery of precious metals and critical minerals, today announces it has filed an expanded provisional patent application introducing new Intellectual Property (IP) and methods capitalizing on the inherent mechanisms of bioleaching. This process, aside from effectively extracting valuable metals like nickel, copper, and cobalt from pyrrhotite or pyrite tailings, uses eco-friendly technology and sustainable power sources to eliminate all waste during tailings reprocessing operations, delivering a first-ever zero-waste, low-carbon liberation, and extraction approach for valuable metals recovery.

BacTech’s IP development path specifically aligns with broader trends across mining and steel industry operations, consistent with continued public and policymaker calls to shift processes and reduce carbon emissions,” said Ross Orr, President, and CEO of BacTech. “Furthermore, it is appropriate to the commercial interests of non-ferrous metal production, steel making and fertilizer production which are all traditionally siloed as separate industries. We believe our zero-waste metals recovery IP will emerge as a defining solution. By diversifying the range of products derived from these projects, BacTech aims to reduce dependence on long-term metal prices as the primary drivers for investment in remediation efforts while treating pyrrhotite and pyrite waste streams from current operations. BacTech plans to capitalize on fostering both sustainability and profitability in the industry by creating land value previously occupied by a legacy of mining industry waste.”


Original Link



BacTech Environmental Corporation published this content on 05 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2024 20:05:49 UTC.

Chesapeake Gold Corp. (TSXV: CKG) Eric Sprott announces that today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, purchased 100,000 common shares (Shares) of Chesapeake Gold Corp., over the TSX Venture Exchange (representing approximately 0.15% of the outstanding shares on non-diluted basis) at a price of approximately $2.4447 per share for aggregate consideration of approximately $244,470.

Prior to the acquisition of Shares, Mr. Sprott beneficially owned 8,758,399 Shares representing approximately 13.0% of the outstanding Shares on a non-diluted basis. As a result of the acquisition of Shares, Mr. Sprott now beneficially owns 8,858,399 Shares representing approximately 13.1% of the outstanding Shares on a non-diluted basis. The acquisition combined with prior treasury issuances of Shares resulted in a decrease in holdings, on a partially diluted basis, of approximately 2.4% since the date of the last filing of an early warning report.

The Shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Chesapeake Gold, is located at #201 – 1512 Yew Street, Vancouver, BC V6K 3E4. A copy of the early warning report with respect to the foregoing will appear on Chesapeake Gold’s profile on SEDAR+ at www.sedarplus.caand may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, ON M5C 3C5).

To view the source version of this press release, please visit

Electrum Discovery Corp. (TSXV: ELY) | (FRA:R8N) provide an update on its exploration and corporate activities. With an extensive, highly prospective  property portfolio in eastern Europe, Electrum intends to solidify its position as a leading European Cu-Au exploration company. 

Current exploration program focused on testing historic copper anomalism in soils at the Timok East Project, which shows a strong spatial correlation with outcropping Jurassic and Cretaceous limestones over a strike length of ~6 kilometers; 

This is considered a target for skarn and/or porphyry-style mineralization and is the subject of further mapping and sampling; 

Broader prospecting of the greater Timok East Project reveals further targets of interest – including potentially mineralized stockwork within Palaeozoic metasediments – with a historic rock chip assay result of 3.1% Cu1 obtained in the past by First Quantum Minerals, and potential orogenic gold occurrences similar to those at the neighbouring Deli Jovan project2.  

At present, the Company’s exploration focus is its Timok East Project (“Timok East”, and/or the “Project”), located on the prolific copper-gold Western Tethyan Belt, in the Republic of Serbia. Timok East is composed of 3 mineral exploration permits: Luka, Makovište and Bukova Glava, covers a total of 123 square kilometers of exploration ground and is adjacent to the world-class mining operations of Bor, Veliki Krivelj, Čukari Peki and Majdanpek, each owned and operated by Zijin Mining Ltd (Figure 1). 

Current exploration is centred on the contiguous Luka and Makovište permits (74 square kilometers combned), portions of which were previously held and explored by First Quantum Minerals Ltd. (“FQM”) between 2016 and 2020.

Nicola Mining Inc. (TSXV: NIM) (FSE: HLIA) (OTCQB: HUSIF) has commenced construction of a cement plant along with its partner Lower Nicola Site Services Ltd (“LNSS“), which is a partnership between the Lower Nicola Indian Band Development Corporation and Infracon Construction Inc. The Company announced on March 14, 2022, that it had entered into a Rock and Gravel Extraction and Preferential Engagement Agreement with LNSS, and subsequently that on March 29, 2022, that it successfully received a Notice of Departure (“NoD“) at the New Craigmont Project from the Ministry of Energy, Mines and Low Carbon Innovation (“EMLI“) to operate a rock quarry. Under the NoD the Company can extract of up to 3.0 million tonnes (“Mt“) of inert available rock material that may be used for the infrastructure reconstruction efforts at a production rate of approximately 1500 tonnes per day.

The cement plant is to be located on a gravel pit owned by the Company (Permit G1519) that is operated by LNSS. The gravel pit is adjacent the Craigmont Mine Site, located near Merritt, British Columbia. Given that Nicola and LNSS (together, the “Partners“) are already active in supplying riprap, sand and gravel to the region and infrastructure projects, the vertical integration was a logical development.

The Partners have also submitted a five-year mine extension permit application for the gravel pit operations.

Peter Espig, Chief Executive Officer, commented, “The ability to be creative and work closely with LNSS, as we support First Nations, local communities, and numerous infrastructure projects is more than just a revenue generation opportunity; it is a chance to contribute. Supplying cement will not only augment our revenues, but it will also benefit communities and bridge relationships.”

Tethys Petroleum Limited (TSXV: TPL)  provide an update on the Company’s operations in the Republic of Kazakhstan.

Regulatory update

Tethys has received the permit from the Ministry of Ecology which will allow for test oil production from the KBD-10 and KBD-11 wells. Production is scheduled to start on April 8th. Regarding the commercial license, the Ministry has not yet issued the official minutes of the Working Group, and the Company is trying to determine the reason for the delay.

Gas Marketing update

The Company has been continuing to work on a resolution with QazaqGaz over the dispute on the payment of gas produced by the Company. We have been unable to come to an agreement and gas production has been shut in. Due to the shutdown of gas production, a significant number of employees may be forced to take a temporary furlough and are at risk of permanent dismissal. Sixteen employees have been put on furlough. In an effort to reduce the number of staff laid off, Seventeen employees have been transferred from TethysAralGas to KulBas in order to assist with the oil production on KBD-10 and KBD-11.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.

Karora Resources Inc. (TSX: KRR) Australia’s Westgold Resources said it had agreed to acquire Toronto-listed Karora Resources in a cash-and-stock deal worth about A$1.23 billion, seeking its gold assets in Western Australia. The deal will propel the combined group to become a mid-tier gold miner producing around 400,000 troy ounces of gold a year in the state and with a market capitalisation of around A$2.2 billion. Karora shareholders will receive 2.524 Westgold shares, with A$0.68 in cash and 0.30 of a share in a new company to be spun off from Karora, which will include its shareholding in lithium explorer Kali Metals and a 1% lithium royalty on certain mining interests. The deal implies an offer price of A$6.60 per Karora share, or C$5.90 a share, based on Westgold’s last closing price and the Australian dollar to Canadian dollar exchange rate on April 5, representing a 10.1% premium to Karora’s closing share price.

Perpetua Resources Corp The company has received a letter of interest from the U.S. Export-Import Bank (EXIM) for a loan worth up to $1.8 billion to develop an antimony and gold mine in northern Idaho, part of Washington’s evolving strategy to offset China’s critical minerals sector dominance. The loan, if approved, would be one of Washington’s largest investments ever in a mine and reflect the Biden administration’s growing comfort using the federal government’s balance sheet to fund extractive projects at terms more favorable than those available with private lenders, a practice that Beijing has deployed for years. Perpetua said EXIM, which acts as the U.S. government’s export credit agency, has told the company that it qualifies for two loan programs designed to support those that compete with China. 

Royal Bank of Canada. (TSX: RY)  Friday said it appointed Katherine Gibson as interim Chief Financial Officer, effective immediately, following the departure of Nadine Ahn. The bank said it became aware of “allegations” against Ahn and launched an investigation that found she violated the bank’s code of conduct by having an “undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases.” Both employees had their employment terminated as a result, the bank said in a statement. Ahn could not immediately be reached for comment.

Toronto-Dominion Bank: Amount C$1.02 
World Markets
Euro STOXX 50 futures were up 2 points at 4,966, FTSE futures added 8 points to 7,926, and German DAX futures gained 10 points at 18,418 by 0430 GMT.

Japan’s Nikkei share average climbed as investors scooped up beaten-down stocks on the dip, with risk sentiment running high after markets caught the tailwind from a bounce on Wall Street.

Oil prices slid, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.​

S&P 500 Index Mini Futures: 5,247.75; down 0.1%; 5.25 points
DJIA Mini Futures: 39,203; down 0.05%; 20 points
Nikkei: 39,304.73; up 0.8%; 312.65 points
MSCI Asia, Ex-JP: 538.14; up 0.2%; 1.07 points
EUR/USD: $1.0833; down 0.04%; 0.0004 point
GBP/USD: $1.2629; down 0.07%; 0.0009 point
USD/JPY: 151.79 yen; up 0.11%; 0.17 point
Spot Gold: $2,341.79; up 0.53%; $12.29
U.S. Crude: $85.60; down 1.51%; $1.31
Brent Crude: $89.76; down 1.55%; $1.41
10-Yr U.S. Treasury Yield: 4.4238%; up 0.046 point
10-Yr Bund Yield: 2.4060%; up 0.006 point
(07:43 EDT)
The major averages closed in the green Friday on a down week for the markets. The Dow Jones Industrial Average rose 0.8%, a day after its worst session in over a year. The S&P 500 and the Nasdaq Composite climbed 1.11% and 1.24%, respectively. All three indexes posted a losing week despite Friday’s bounce. The Dow sank 2.27%, its worst weekly performance in 2024. The S&P 500 dipped 0.95%, while the Nasdaq lost 0.8%. Friday’s jump came after the Labor Department reported job growth of 303,000 in March, much greater than the expected increase of 200,000.
The central bank may not be done hiking interest rates, according to Federal Reserve Governor Michelle Bowman. Bowman said in remarks Friday that rates may have to increase to control inflation. “While it is not my baseline outlook, I continue to see the risk that at a future meeting, we may need to increase the policy rate further should progress on inflation stall or even reverse,” she said in prepared remarks for a New York speech. Bowman’s comments come as markets are on edge about future Fed policy. Statements last week from several officials, including Fed Chair Jerome Powell, showed a cautious approach to cutting rates.

Apple Inc: The iPhone maker urged a U.S. appeals court on Friday to overturn a U.S. trade tribunal’s decision to ban imports of some Apple Watches in a patent dispute with medical-monitoring technology company Masimo. Apple told the U.S. Court of Appeals for the Federal Circuit that the U.S. International Trade Commission’s decision was based on a “series of substantively defective patent rulings,” and that Masimo failed to show it had invested in making competing U.S. products that would justify the order. Representatives for Apple and Masimo did not immediately respond to requests for comment on the filing. Separately, Apple announced measures on Friday to make it easier for music streaming apps on its App Store in the European Economic Area to inform users of other ways to purchase digital services, as it looks to comply with a European Union mandate.

Boeing Co & Southwest Airlines Co: An engine cover on a Southwest Airlines Boeing 737-800 fell off on Sunday during takeoff in Denver and struck the wing flap, prompting the Federal Aviation Administration (FAA) to open an investigation. No one was injured and Southwest Flight 3695 returned safely to Denver International Airport around 8:15 a.m. local time (1415 GMT) on Sunday and was towed to the gate after losing the engine cowling. The Boeing aircraft bound for Houston Hobby airport with 135 passengers and six crew members aboard climbed to about 10,300 feet before returning 25 minutes after takeoff.  Passengers arrived in Houston on another Southwest plane about four hours behind schedule. Southwest said maintenance teams are reviewing the aircraft. The plane entered service in June 2015, according to FAA records. Boeing referred questions to Southwest. Separately, the 2023 pay package of Boeing’s CEO, who recently announced his departure in the midst of a safety crisis, rose about 45% to nearly $33 million, the U.S. planemaker said on Friday. 

Catalent Inc & Novo Nordisk A/S: The parent of Wegovy producer Novo Nordisk has refiled an application to the U.S. Federal Trade Commission (FTC) for approval of a $16.5 billion deal to buy manufacturing subcontractor Catalent, a spokesperson said.  Novo Nordisk Foundation said last month it had agreed to buy Catalent to boost output of the weight-loss drug Wegovy. After the deal closes, it would sell three of Catalent’s fill-finish sites on to Novo Nordisk for $11 billion. An application was submitted to U.S. anti-trust authorities on March 4. But “following informal discussions with the FTC staff”, the company withdraw and filed a new application on April 2, a Catalent SEC filing dated April 3 showed.

JPMorgan Chase & Co: The bank’s CEO Jamie Dimon hailed U.S. leadership and economic power in an annual letter to shareholders that invoked “liberty and justice for all.” Dimon, who runs the largest U.S. bank, celebrated American exceptionalism in his yearly message, which is widely read by investors. In it, he underscored the importance of the nation’s military might — and its support for Ukraine — alongside its economic strength. Public policy recommendations accounted for about a quarter of the document, a larger share than last year. “Even America, the most prosperous nation on the planet with its vast resources, needs to focus its resources on the complex and difficult tasks ahead,” he wrote. Dimon reiterated his opposition to stricter bank capital rules proposed by U.S. regulators. The draft regulations could make markets less transparent and hurt consumers by making loans more expensive, Dimon wrote. He also called for simpler rules and better collaboration between banks and regulators. Federal Reserve Chairman Jerome Powell said last month that regulators will make significant changes to the contentious plan. Dimon also advocated for more merger approvals at a time when lenders are facing increased competition from fintech firms and private credit companies.

Morgan Stanley: The banking giant nominated former UK financial regulator Megan Butler to its board of directors, the bank said in a filing on Friday. Butler, 59, previously served as executive director at the UK Prudential Regulation Authority and the Financial Conduct Authority. Shareholders will vote on director nominees at Morgan Stanley’s virtual annual meeting on May 23. Morgan Stanley in January agreed to pay $249 million to settle a government investigation into its block trading practices in the fourth quarter. The bank also on Friday laid out details for executive pay for the shareholder vote, reflecting an average increase of 13% for its top five executives. The board awarded Executive Chairman James Gorman, who served as CEO until the end of last year, a 17% pay bump to $37 million. 

Perpetua Resources Corp: The company has received a letter of interest from the U.S. Export-Import Bank (EXIM) for a loan worth up to $1.8 billion to develop an antimony and gold mine in northern Idaho, part of Washington’s evolving strategy to offset China’s critical minerals sector dominance. The loan, if approved, would be one of Washington’s largest investments ever in a mine and reflect the Biden administration’s growing comfort using the federal government’s balance sheet to fund extractive projects at terms more favorable than those available with private lenders, a practice that Beijing has deployed for years. Perpetua said EXIM, which acts as the U.S. government’s export credit agency, has told the company that it qualifies for two loan programs designed to support those that compete with China. 
 in a statement. Ahn could not immediately be reached for comment.

United Airlines Holdings Inc: The airline postponed on Friday its investor day which was scheduled for early next month, amid a review by the U.S. Federal Aviation Administration following multiple safety incidents. The legacy carrier now expects to hold the conference in early fall, it said in an email to the invitees seen by Reuters. The FAA had initiated a review of the carrier in March to check its compliance with safety regulations after a series of incidents. “Right now, our entire team is focused on cooperating with the FAA to review our safety protocols,” the company said. “It would simply send the wrong message to our team to have an exciting investor day focused primarily on financial results,” United added.

1000 Employment Trends for Mar: Prior 112.29
Europe / Asia
U.S. Treasury Secretary Janet Yellen is set to wrap up four days of meetings in China with a visit to the central bank as she presses her case for Chinese leaders to rein in excess industrial capacity and boost domestic demand.

Two key U.S. lawmakers said on Sunday they struck a deal on draft bipartisan data privacy legislation that would restrict consumer data that technology companies can collect and give Americans the power to prevent selling of personal information or compel its deletion.

Slovak nationalist-left government candidate Peter Pellegrini won the country’s presidential election on Saturday, cementing the grip of pro-Russian Prime Minister Robert Fico over the country.

Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said.

Canadian Airbus A220 assembly workers on Sunday rejected a second company offer, raising concerns over production of the money-losing jet.

Paris-based Butler Industries is joining a consortium to rescue distressed IT consulting firm Atos, the company’s leading shareholder Onepoint said on Sunday in a statement.

Bristol-Myers Squibb Co: The company said on Saturday data from late-stage studies of its experimental schizophrenia drug showed it helped reduce symptoms of the disorder without the common side effect of weight gain tied to other antipsychotics. The drugmaker gained access to the treatment, called KarXT, through its $14 billion deal to buy Karuna Therapeutics last year. Long-term data of the drug reinforced the findings that were seen in previous short-term studies, the company said. In a one-year follow-up, the drug helped curb symptoms such as delusions and reduced speech by more than or equal to 30%, as seen on a disease measurement scale, in over 75% of patients. KarXT is expected to drive sales through late-2020s and into the next decade, at a time when two of Bristol Myers’ top drugs, blood cancer treatment Revlimid and blood thinner Eliquis face generic competition.

Taiwan Semiconductor Manufacturing Co Ltd: The U.S. Commerce Department said on Monday it would award Taiwan Semiconductor Manufacturing Co’s (TSMC) U.S. unit a $6.6 billion subsidy for advanced semiconductor production in Phoenix, Arizona and up to $5 billion in low-cost government loans. TSMC agreed to expand its planned investment by $25 billion to $65 billion and to add a third Arizona fab by 2030, Commerce said in announcing the preliminary award. The Taiwanese company will produce the world’s most advanced 2 nanometer technology at its second Arizona fab expected to begin production in 2028, the department said. TSMC had previously announced plans to invest $40 billion in Arizona. TSMC expects to begin high-volume production in its first U.S. fab there by the first half of 2025, Commerce said. The $65 billion-plus investment by TSMC is the largest foreign direct investment in a completely new project in U.S. history, the department said. 
UBS Group AG: The Swiss bank said its Japanese wealth management joint venture with SuMi TRUST Wealth Management Co, will acquire Credit Suisse’s wealth management business in Japan following the Swiss bank’s absorption of its stricken rival in 2023. Following addition of Credit Suisse client assets in Japan, the partners will rebalance their investments in the joint venture so that the original UBS 51%/SuMi TRUST Holdings 49% ownership structure is maintained, UBS said in a statement. UBS SuMi envisages that all of Credit Suisse’s advisors and the wealth management assets they manage in Japan will be transferred to UBS SuMi following the merger of UBS and Credit Suisse, which is due to be completed by the end of June.

0600 Germany Industrial Output mm for Feb: Expected 0.3%; Prior 1.0%
0600 Germany Industrial Production yy SA for Feb: Prior -5.35%
0600 Germany Exports mm SA for Feb: Expected -0.5%; Prior 6.3%
0600 Germany Imports mm SA for Feb: Expected -1.0%; Prior 3.6%
0600 Germany Trade Balance SA for Feb: Expected 25.5 bln EUR; Prior 27.5 bln EUR
0645 France Reserve Assets Total for March: Prior 225.601 bln EUR
0830 Euro Zone Sentix Index for April: Expected -8.5; Prior -10.5
Source (but not limited too) Reuters, CNBC, Financial Post, Financial Times, Globe & Mail, InvestorIntel, Kitco, Refinitiv

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