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Aurora Energy Metals Project Update
Uranium and lithium-focused advanced explorer, Aurora Energy Metals Limited (Aurora or the Company) (ASX:1AE) is pleased to provide a detailed update of project activities relating to the Company’s 100%- owned Aurora Energy Metals Project. These activities have been taking place in Oregon and in Nevada.
Highlights
- Transformational property purchase in Nevada, ideal location for plant infrastructure
- Additional claims staked in Nevada and in Oregon
- • Ranch house purchased in Nevada to serve as Project Operations Office
- • Phase 1 DOGAMI Drill Permit Assessment nearing completion
- • Phase 2 BLM Drilling Program Notice Submitted and under Assessment
- Final lithium assays received, results consistent with previous results
- Mineral Resource conversion of uranium deposit close to completion
Transformational Property Purchase for Plant Facilities
Key Points
- 410-acre Private Property purchased in Nevada, on the border with Oregon
- The site is considered an ideal location for plant and tailings facilities
- Easy access to the Aurora uranium deposit, approximately 12km by road
- Serviced by excellent infrastructure, sealed road and HV transmission line
- Offers tangible environmental, permitting and operational advantages
Click here for the full ASX Release
This article includes content from Aurora Energy Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Gallium Mineralisation Discovered in Rock Chip Samples from the May Queen South Bauxite Project, Queensland
Australasian Metals Limited (ASX: A8G, Australasian or the Company) is pleased to advise that a re-evaluation of data from the Company’s May Queen South Bauxite project has recognised significantly elevated levels of gallium (Ga) (see Table 1).
Highlights
- Significant levels of the semiconductor elements gallium (Ga) and germanium (Ge) identified within the May Queen South Bauxite resource.
- Significant elevated gallium results returned averaging 67.59 g/t Ga over 12 random samples with an assay high of 145.5 g/t Ga.
- The May Queen South Bauxite Project (EL 16260 and EPM 16261) has a JORC (2012) Inferred Mineral Resource Estimate of 54.9Mt at 37.5% total Al2O3 and 5.2% TiO2 and 7.9% Rx SiO2.
- The project is located <55km from existing rail infrastructure with connections to the Port of Bundaberg.
Market summary
Gallium prices have surged in recent years, primarily due to increased demand in the electronics and semiconductor industries (Graph 1). Uses of Ga include the manufacture of compound semiconductor wafers that are used in integrated circuits and optoelectronic devices including laser diodes, light-emitting diodes (LEDs), photodetectors, and solar cells. Gallium's unique properties, such as its low melting point and ability to form useful compounds, makes it a critical element with applications spanning various industries, particularly in advanced technology and electronics.
The global gallium market is heavily dominated by China, with other countries playing much smaller roles. Currently China produces approximately 98% of the world's supply of raw gallium1.
Recent market disruptions including the entry of price inelastic demand 2 and Chinese export controls in August 2023 has seen a doubling of prices since 2021 when gallium was priced at $422.70 per kg, the current price represents a 115.12% increase3
Graph 1. Gallium price worldwide from January 2018 to January 2024 (Source: www.statista.com)
May Queen South Bauxite project
The May Queen South Bauxite project is located in central Queensland, within a short trucking distance of a rail system leading north to the Port of Bundaberg. It is also located within close proximity of the main Queensland Rail network heading south towards the Port of Brisbane.
Figure 1. Location of EPM 16260 and EPM 16261 shown together with theCompany’s adjacent May Queen gold tenements (EPM19419 and EPM27746)
The Project has a JORC 2012 Inferred Mineral Resource estimate of 54.9Mt at 37.5% total Al2O3 and 5.2% TiO2 and 7.9% Rx SiO24 (refer to announcement dated 30 May 2023).
Click here for the full ASX Release
This article includes content from Australasian Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
8500N Paleochannel Drilling Commences
Maximus Resources Limited (‘Maximus’ or the ‘Company’, ASX:MXR) is pleased to advise shareholders of the commencement of a ~3,000m Reverse Circulation (RC) drill program at the Company’s 100Å owned 8500N Paleochannel (8500N) (Eighty-five Hundred North), located 25km from Kambalda, Western Australia.
- ~3,000m Reverse Circulation (RC) drill program at the 8500N Paleochannel (8500N) has commenced targeting shallow high-grade mineralisation where legacy and recent drill intersections include:
- 2m @ 46.7 g/t Au from 13m incl. 1m @ 92.6g/t Au from 14m (SPRB0064)
- 3m @ 10.7g/t Au from 16m incl. 1m @ 29.0g/t Au from 16m (SPAC0204)
- 2m @ 22.4g/t Au from 15m incl. 1m @ 43.5g/t from 15m (SPAC0261)
- 1m @ 51.1g/t Au from 16m (SPAC0068)
- 4m @ 8.99g/t Au from 12m incl. 1m @ 34.7 g/t Au from 13m (SPAC0279)
- 13m @ 1.59g/t Au from 11m incl. 4m @ 3.49g/t Au from 11m (PCRC003)
- Staged infill RC drill program designed to improve geological confidence of the 8500N Paleochannel while testing along strike and mineralisation extending into the underlying saprolite zones.
- 8500N is located on granted mining tenements, with significant mine infrastructure and completed environmental Flora and Fauna baseline studies, reducing the mine approval timeline.
- 8500N Paleochannel represents a low-cost, low-risk production opportunity due to its shallow high-grade gold mineralisation (average 15m below surface) and free-digging qualities of the mineralised paleo gravels and overburden material.
The first stage of the drill program consists of ~100 RC holes (~3,000m) designed to improve the geological confidence of the shallow paleochannel, while testing for potential extension of mineralisation in the saprolite zone beneath the paleochannel, as identified during the initial drill program (ASX announcement 18 September 2024). Several drill traverses will also be undertaken to test for extension along strike to the south (Figure 1). The complete drill program is designed to be completed in several stages to ensure optimal drilling effectiveness.
8500N Paleochannel
The 8500N Paleochannel is located within a granted mining tenement, between the Company’s Wattle Dam Gold Mine and the underlying 8500N gold deposit (Figure 2). Paleochannels are remnants of ancient rivers or stream channels that have been buried by younger sediments. Paleochannels can contain concentrations of high-grade alluvial gold that accumulate over millions of years and are generally shallow and flat-lying with free-digging qualities (not requiring drill and blasting) of the mineralised paleo gravels and overburden material, which can provide significant economic advantages.
Maximus’ 8500N is situated within the Lefroy Paleodrainage System, a significant ancient drainage network in the Eastern Goldfields region that contains several well-known paleochannel gold deposits such as Neptune, Africa, and Mandilla. The mined Neptune and Africa paleochannel deposits, part of Gold Fields Limited (JSE:GFI) St Ives Gold Camp, had a reported mineralised thickness of 1-3 metres recovering ~87,000 oz at 3.32 g/t Au. Similarly, Astral Resources’ NL (ASX:AAR) Mandilla paleochannel, which is situated ~2 km east of 8500N (Figure 2), was mined between 2006-2007, producing approximately 23,000 oz at 7.5 g/t Au from a ~600-metre long paleochannel with a mineralised thickness of 1-4 metres. The proximity of the 8500N Paleochannel to these established deposits, highlights the prospectivity of the region, as paleochannels within the Lefroy Paleodrainage System have consistently proven to be productive sources of gold.
The shallow 8500N mineralisation is located between 5 and 20m below the surface, gradually dipping to the south along two separate interpreted trends, with a strike length of approximately 450m. Legacy drilling across the flat- lying paleochannel has shown known mineralisation thickness ranges from 1 to 4m, with several key markers of the paleo gravels to assist in effective mining.
Currently, no JORC-compliant gold resources are defined for the 8500N paleochannel. However, recent drilling has revealed gold mineralisation extending beyond the limits of legacy drilling, indicating strong potential for significant expansion of the previously defined mineralised zone (ASX announcement 18 September 2024).
Figure 1 – Maximus’ 8500N Paleochannel mineralisation wireframes with the phase 1 (Black) and planned phase 2 (Grey) drill collars.
A third party has held the 8500N Paleochannel area under a Special Prospecting License (SPL) (Figure 2), which has restricted Maximus from assessing the potential of the 8500N gold resource and 8500N paleochannel. No exploration work, excluding a small scout drill program, has taken place in the 8500N area since 2014. On the surrender of the SPL (ASX announcement 5 September 2024), Maximus can now progress unencumbered to re- evaluate the mineral resources of both the Paleochannel and 8500N deposit.
Click here for the full ASX Release
This article includes content from Maximus Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Highly Anomolous Samples Confirm Drill Ready Targets
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to confirm that the Company has received its latest surface sample assay results from the Company’s 100% owned Wabli Creek Project, in the Gascoyne of Western Australia.
HIGHLIGHTS
- Highly anomalous values have been returned across the majority of areas sampled. Significantly, neodymium, praseodymium (magnetic rare earth elements) as well as niobium and titanium, are well above background values.
- Importantly, geological analysis of the surface samples, including all the previous work undertaken at Wabli Creek, has confirmed that niobium and REE mineralisation has been determined to occur within the alkaline granite and its contact with associated N/S trending pegmatites/dykes.
- A total of 74 surface samples have been returned from the Company’s latest detailed mapping and sampling program and provides the final step toward defining priority drill targets.
- Mapping and surface sampling focused on granite/dyke contact zones and identified large anomalous zones of total rare earth oxides (TREO) with values up to 7060 ppm from surface samples (Figure 1 & 2, Table 4).
Surface samples were taken specifically to refine the Company’s understanding of granite/dyke contact zones identified by geochemical and geophysical analysis previously completed. As mineralisation has been established in the Pelops zone, the purpose of this exercise was to confirm anomalous mineralisation exists in additional zones, prior to the definition of priority drill targets.
Approximately 7 km2 of the 15 km2 E 09/2377 tenement has now been geologically mapped.
FIGURE 1: Niobium current & historical, Wabli Creek (ASX Announcements 18 March, 28 May, 12 June, 7 August, 2024)
FIGURE 2: TREO current & historical, Wabli Creek (ASX Announcements 18 March, 28 May, 12 June, 7 August, 2024)
Reach CEO, Jeremy Bower stated,
“These latest surface sample results have certainly enhanced our confidence at Wabli Creek. The key for the exploration team has been to understand and try and replicate the Pelops Prospect, where rock chip samples from bedrock have returned assays up to 17.65% Nb2O5.
Our exploration team led by Nick Revell and Principal Geologist, David Tsiokos, now have a strong understanding regarding the genesis of mineralisation which has enabled them to confirm drill ready targets. The confirmation of anomalous mineralisation in other zones in addition to Pelops is the final confirmation we needed to de-risk the next stage of exploration.
Not only is there the potential for niobium and titanium but also significant levels of magnetic REE particularly neodymium and praseodymium. Of major importance is the thesis that the central alkaline granite is host to much of the rare earth mineralisation, in addition to its contact with the N-S trending dykes. This provides a much larger target area which is very exciting”
Click here for the full ASX Release
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Step Out Drilling Confirms High-Grade Cobalt & Associated Copper at Bald Hill
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that initial drill assay results have confirmed high-grade cobalt sulphide mineralisation (with strong associated copper anomalism) in the first diamond drill hole completed at the 100% - owned Bald Hill Cobalt Copper Prospect as part of a larger 5 hole (~1,000 metre) step out diamond drilling program.
Highlights
- Hole FI2612 - the first of 5 diamond holes testing cobalt - copper mineralisation at Bald Hill returns high grade cobalt;
- 29m @ 0.12% cobalt from 66 metres, and
- 18m @ 0.16% cobalt, 0.16% copper from 110 metres
including 5m @ 0.21% cobalt, 0.23% copper
- All 5 drill holes have intersected sulphide mineralisation 100- 300m away from the currently defined high-grade cobalt footprint - remaining assays due in 3-4 weeks.
- Rimfire’s drilling to date indicates that Bald Hill hosts some of the highest-grade cobalt mineralisation in the Broken Hill district
- Strong copper anomalism associated with the cobalt upgrades the substantial copper prospectivity at Bald Hill
- South 32 (S32.ASX) and Red Hill Minerals (RHI.ASX) have recently farmed into leases immediately adjoining Rimfire’s project tenements (see Figure 1)
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “This step-out diamond drill program has substantially expanded the known sulphide hosted mineralised footprint at Rimfire’s 100%-owned Bald Hill cobalt-copper prospect which now extends over a 500m by 200m area.
Assays from hole FI2612 have confirmed that Bald Hill hosts some of the highest cobalt grades in the Broken Hill district. We are encouraged by the presence of copper in these results which highlights the strong potential to find significant copper mineralisation at Bald Hill.
The Rimfire team eagerly awaits assay results from the remaining 4 holes in the program which have all intersected sulphide mineralisation visually similar to that observed in hole FI2612 with results of a similar tenor widely anticipated.
With exciting scandium focused exploration potential also at Rimfire’s Lachlan Orogen assets, the company is eying outstanding upside across our portfolio of critical minerals projects.”
Latest Bald Hill drilling results
Rimfire’s 100% - owned Bald Hill Cobalt Copper Prospect is located approximately 30 kilometres west of Broken Hill, NSW – Figure 1).
Cobalt copper mineralisation at Bald Hill occurs within a folded and faulted sulphide-bearing quartz - albite psammopelitic composite gneiss unit which broadly dips to the east and is underlain by a barren quartz – potassium feldspar gneiss.
Cobalt and copper mineralisation is associated with disseminated to semi massive sulphides (pyrite – pyrrhotite +/- chalcopyrite) that are locally brecciated, and silica altered.
5 diamond holes (FI2612 – FI2616 / 974 metres) were drilled through August and September 2024 to test for extensions of previously drilled high-grade cobalt (Co) mineralisation at Bald Hill, e.g.; 33m @ 0.11% Co from 58 metres in FI2469 including 4m @ 0.23% Co and 2m @ 0.21% Co, and 125m @ 0.13% Co from 198 metres in FI2470 including 97m @ 0.15% Co (see Rimfire’s ASX Announcement dated 8 Augst 2024).
Each of the new drillholes intersected multiple broad zones (downhole widths) of sulphides 100 – 300 metres away from Rimfire’s previous high-grade drill intercepts (see Table 2 for sulphide descriptions) with assay results for the first hole, FI2612 returning (Figures 2 and 3);
- 2m @ 0.37% Cu from 63 metres,
- 29m @ 0.12% Co from 66 metres, and
- 18m @ 0.16% Co, 0.16% Cu from 110 metres including 5m @ 0.21% Co, 0.23% Cu.
The assay results confirm that the sulphides intersected in the drilling are both cobalt and copper- rich and given the similarities between the sulphides interested in FI2612 and the remaining drill holes completed in the program, further drill intercepts of similar tenor are expected.
Significance of the drilling results
The FDI2612 assay results are significant for several reasons as outlined below.
Rimfire’s Bald Hill Prospect represents one of, if not the highest-grade cobalt sulphide occurrence in the Olary and Broken Hill domain (as part of the mineralised Curnamona Province) with other examples typically showing equivalent and significantly lower grades, i.e.; Havilah Resources’ (HAV.ASX) Mutooroo Copper Cobalt Gold Deposit and Cobalt Blue’s (COB.ASX) Broken Hill Cobalt Project respectively (Figure 4).
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High Grade Shallow Resource to Unlock Value at Burns Central
Lefroy Exploration Limited (“Lefroy” or “the Company”) (ASX:LEX) is pleased to provide an update to the Resource Estimate (MRE) for the Burns Central prospect located in the Eastern Goldfields of Western Australia. The update is based on the original MRE statement (refer ASX release 4 May 2023) which was prepared by consultant, Mr Chris Grove, of Measured Group Pty Ltd in accordance with JORC 2012 guidelines.
HIGHLIGHTS
- A significant shallow high-grade Au zone has been delineated within the existing Burns Central Mineral Resource Estimate (MRE).
- The Burns high grade zone totals 4.22Mt @ 1.18 g/t Au for 15G,285 contained ounces (applying a 0.5g/t Au cut-off grade) which includes:
- 46,538 oz of gold (Au) in oxide,
- 8,154 oz gold (Au) in transitional; and
- 104,5G3 oz gold (Au) in fresh rock
- Burns Central displays a consistent high-grade corridor extending over 650m strike length, and open to the northeast and southwest, with significant previously reported intersections including:
- 61m@ 2.G6 g/t Au (from 120m), including 37m @ 4.23 g/t Au (from 126m) in LEFR320
- 3Gm @ 3.87 g/t Au (from 26m) in LRR003; and
- 30m @ 2.43 g/t Au (from 27m), including 17m @ 3.G g/t (from 38m) in LRR004
- The MRE is drilled to G8% Indicated status and 2% Inferred for gold, with 34% of the gold resource contained within oxide and transitional material.
- The deposit is contained within a well-defined structural control with additional targets located along-strike.
- The Company is in the final stages of preparing an MRE update for the Mt Martin deposit located elsewhere on its tenure.
LEFROY CEO GRAEME GRIBBIN, COMMENTED:
“We are pleased to be revisiting the deposits across our tenure to update the diverse Lefroy Resource base and unlock the value of our landholding. “The reporting of the Company’s maiden MRE at Burns Central in May 2023 demonstrated the expansive size and potential of the Au and Cu system at Burns. Applying a higher grade (0.5g/t) Au cut-off to the existing resource, we have now been able to demonstrate the significance high-grade gold potential of the Burns Central resource, with this higher-grading zone containing 15S,000 near surface ounces grading 1.18g/t Au.
“The definition of this structurally controlled, shallow, high-grade core at Burns Central represents a remarkable opportunity for the Company to explore for and grow its existing portfolio of shallow mineral resources, currently totaling 1.1Million ounces.”
AN EVOLVING BURNS RESOURCE STORY
The Burns Central Deposit forms part of the Burns Gold-Copper Project (‘Burns’ or ‘Project’), 70km southeast of Kalgoorlie in the highly prospective Kalgoorlie Terrane of Western Australia. Burns is located within the broader Lefroy Gold Project, proximal to the St Ives gold camp (Gold Fields Ltd JSE: GFI) and the Daisy Milano and Mt Monger gold operations (Red 5 Limited ASX: RED).
The previously reported mineral resource estimate (MRE) at Burns Central (refer ASX release 4 May 2024) consisted of two volumes: "Min Enriched" for near-surface oxide and saprock enrichment, and "Min" for fresh rock sulphide mineralisation. Applying a nominal 0.1 cut-off value for each metal, this reported a total MRE of 42.95 million tonnes grading 0.36g/t Au and 0.14 % Cu.
REALISING VALUE WITH BURNS HIGH-GRADE CORRIDOR
In keeping with Lefroy’s focus to progress and commercialise the Company’s portfolio of shallow advanced gold deposits (refer ASX release 27 March 2024) an internal review of the high-grade potential of the Burns Central resource has now been completed.
The Company is pleased to report that a significant high-grade zone has been delineated within the existing Burns Central MRE. Reporting only blocks within 200m of surface and applying a cut-off grade of 0.5 g/t Au, this zone reports 4.22Mt @ 1.18 g/t Au for 15G,285 contained ounces (Table 1), reported across oxide, transitional and fresh mineralisation categories.
Significantly, this high-grade zone is reported at over 98% Indicated resource classification, with combined oxide and transitional material representing over 34% of the total resource.
Furthermore, the contained gold ounces (159,285 oz) within this recently calculated high grading central core represents 32% of the entire gold ounces (497,472 oz) reported in the May 2023 original MRE. Expressed differently, 32% of the contained gold ounces at Burns Central are contained within 10% of the defined tonnes (159,258 oz within 4.2Mt versus 497,472 oz within 42.95Mt).
Click here for the full ASX Release
This article includes content from Lefroy Exploration Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Supply Chains Disrupted as US East and Gulf Coast Ports Face Worker Strike
A large-scale dockworkers' strike has commenced at major ports along the East and Gulf coasts in the US, halting container traffic and disrupting a significant portion of the nation’s trade.
The walkout, initiated by members of the International Longshoremen's Association (ILA) early on Tuesday (October 1), is expected to impact US imports and exports, and could send ripple effects through global supply chains.
According to Bloomberg, ports from Maine to Texas have effectively ceased operations as a result of stalled negotiations between the ILA and the US Maritime Alliance (USMX) after months of discussions.
The ILA, which represents approximately 45,000 dockworkers, is demanding better wages and a rollback of provisions on port automation. Primary points of contention between the parties center around the automation of port terminals, which the union argues threatens job security for its members.
ILA President Harold Daggett has been vocal in opposing automation, stating that workers should not bear the burden of technological advancements that could lead to job losses.
“We are prepared to fight as long as necessary, to stay out on strike for whatever period of time it takes,” he said.
The union is also seeking higher wages and better working conditions in the face of inflation and rising living costs.
The strike affects 14 major ports that handle roughly half of all US containerized trade, making it one of the largest recent disruptions to US port operations. Additionally, it's the first major strike of its kind in almost five decades.
While the USMX has proposed wage increases and enhancements to worker benefits, including contributions to pension plans and healthcare options, the union has rejected these offers, calling for more substantial increases in pay and greater protections against the introduction of automated technologies in port operations.
The strike follows months of warnings from the union, which had threatened to take action if no deal was reached by the Monday (September 30) deadline.
White House intervention potentially on the table
The Biden administration has been closely monitoring the situation, but has not yet intervened.
President Joe Biden, known for his pro-union stance, has refrained from invoking the Taft-Hartley Act, a federal law that would allow him to order the striking workers back to their jobs for an 80 day cooling-off period.
While the government has encouraged both sides to return to the negotiating table, there has been no direct involvement in the labor dispute so far. Some business groups, including the US Chamber of Commerce, have called on the president to take action, citing the potential damage to the economy.
Suzanne Clark, CEO of the chamber, expressed concerns about the economic fallout, stating that "it would be unconscionable to allow a contract dispute to inflict such a shock to our economy."
The immediate impact will be felt in industries that rely heavily on imported goods, such as retail, manufacturing and automotive. The pharmaceutical and electronics sectors are also likely to feel the effects of the action.
Retailers in particular are bracing for potential shortages of goods, especially as the holiday shopping season approaches. Aside from that, it's possible that the strike could have a knock-on effect on international trade as goods destined for US markets are delayed or rerouted through other ports.
The economic cost of the strike could reach as much as US$4.5 billion per week, depending on the duration. A week-long strike could take up to a month to recover from, with cascading delays in the shipping industry. Some experts predict that the strike could last for several weeks if negotiations remain stalled.
As the strike enters its second day, attention is focused on whether the White House will step in to prevent further disruptions. For now, both the union and port operators appear entrenched in their positions.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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