The S&P/ASX200 closed up Friday 14 April on the back of gains among mining companies, closing 37.50 points higher (0.51%) to 7,361.60.
The top performing stocks in S&P/ASX200 index were $1.16 billion market capitalisation company Silver Lake Resources (ASX:SLR) and $7 billion market cap company Allkem (ASX:AKE), which closed trade up 5.98% and 5.43% respectively.
Over the past 5 business days, the index has gained 1.98% and is currently 3.45% off of its 52-week high.
Over the past 5 business days the S&P/ASX200 index has gained 1.98% and is currently 3.45% off of its 52-week high
Silver Lake’s investment in capital projects and investment in new underground mining fronts during the first half of FY23, which the company says has it well positioned in a strong position.
The company has had a solid start to 2023 following strong December quarter that delivered significant progress on capital projects and continued transitioning of operational practices at the Sugar Zone, which are required to improve operating performance and margin.
At its Western Australian operations, the focus is on establishing new higher grade mining fronts has the operations at the inflection point of Silver Lake’s proven “invest” and “yield” strategy entering H2 FY23.
Allkem recently increased the Olaroz resource 27% to 20.7 million tonnes lithium carbonate equivalent (LCE), comprising 7.6Mt of measured resource, 7.1Mt of indicated, and 6Mt of inferred resource. Total resources in the Olaroz-Cauchari basin are now 27Mt LCE in all resource categories, which the company says confirms the basin’s status as hosting one of the largest lithium resources in the world.
Meanwhile, the All Ords also closed up Friday, gaining 39.70 points or 0.53% to 7,560.40.
The top performing stocks in this index were Lindian Resources (ASX:LIN) and Alpha HPA, up 19.23% and 10.16% respectively.
Over the past 5 business days, the index has gained 2% and is currently 4.58% off of its 52-week high.
Lindian last week reported its results from the initial orientation metallurgical testwork undertaken. The scoping testwork forms the basis for a more comprehensive testing program that has already started, which will further define the metallurgical metrics and process requirements for a stage one rare earths concentrator facility at its fully permitted, Kangankunde Rare Earths project in Malawi.
Earlier this month, Alpha HPA was awarded up to $21.7 million Queensland government grant to assist in the construction, commissioning, and operation of its HPA First Project at Gladstone.
The grant is payable as reimbursement of project expenditures over seven milestones within the agreement term of 6 years to 31 March 2029, subject to Alpha satisfying performance requirements. These include, among others, payment of a total of $367.5 million in project expenditure; incurring $58.2 million in Queensland supply chain expenditure; and scaling to a minimum production of 10,640 tonnes per annum of products.
