Tempest Minerals (ASX:TEM) Managing Director Don Smith says investors in London appear to be rediscovering their investment interest in Australian resources players.
Smith is again heading to the Resourcing Tomorrow conference, formerly Mines and Money, in London next week to showcase Tempest’s exploration progress so far, including an interesting new iron discovery.
“Tempest has a history in London and has had many investors and shareholders through the years,” he tells Mining.com.au.
“Post Brexit and other global uncertainty drivers, London was depressed in investment but towards the end of last year there seems to be a warming up of one of the key financial districts in the world.”
According to the Australian Government, the United Kingdom is Australia’s second-largest source of total stock of foreign investment, worth $879 billion in 2023, and the country’s second-largest destination for total stock of investment abroad – valued at $732 billion.
This year’s trip, though, provides a global platform for Smith to shine a light on Tempest’s “high-grade” iron ore target uncovered at the Remorse Prospect, part of the Yalgoo Project in Western Australia.
Tempest was hunting for copper and zinc during a recent drilling program, which instead turned up 32m @ 30% magnetite-hosted iron from 96m, including 7m @ 37%.
The 1,000km2 Yalgoo Project, located in the Yalgoo Greenstone Belt near several large mines, is prospective for copper, gold, base and precious metals.
The company said in October when it announced the news that the “promising” iron grades intersected represent a “significant opportunity” for further iron-focused exploration in addition to base and precious metals.
Magnetite plays a crucial role in the production of ‘green steel’ due to its higher iron content and lower impurities, meaning it requires less iron ore and energy.
Resourcing Tomorrow runs from 3-5 December 2024 at the Business Design Centre in London.
This year’s spotlight is on breaking out of the echo chamber, urging miners to lead the charge in the global energy transition. Over 2,000 participants from more than 100 countries are expected to attend.
Write to Angela East at Mining.com.au
Images: Resourcing Tomorrow
