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 1 December, 2023

Happy Friday!
It’s the 1st of December already.. *rubs eyes*

Market highlights

ASX futures down 9 points or 0.1% to 7085 near 7am AEDT

  • AUD -0.2% to 66.03 US cents
  • Bitcoin -0.3% to $US37,766 at 6.58am AEDT
  • On Wall St at 3.17pm: Dow +1% S&P -0.1% Nasdaq -0.7%
  • In New York: BHP +0.3% Rio +0.2% Atlassian -3.1%
  • Tesla -1.8% Apple -0.2% Amazon -1%
  • Stoxx 50 +0.3% FTSE +0.4% DAX +0.3% CAC +0.6%
  • Spot gold -0.5% to $US2034.16/oz at 1.49pm in New York
  • Brent crude -0.3% to $US82.86 a barrel
  • Iron ore +1% to $US129.75 a tonne
  • 10-year yield: US 4.36% Australia 4.41% Germany 2.44%
  • US prices as of 3.14pm in New York

Australian shares are poised to open lower. Shares were fluctuating on Wall Street in the final hour of the last day of November.

US bonds reversed direction on the day. The yield on the US 10-year note was 10 basis points higher to 4.36 per cent at 3.14pm in New York.

Oil was lower even after OPEC + agreed to cut output because the group provided few details on what individual producing nations’ agreed to do. A short time later, Angola rejected its new output quota, saying it planned to breach it, a rare challenge to the cartel that heralds more infighting ahead.

Tesla slid ahead of the long-awaited release of its Cybertruck. In a note, Wedbush Securities Dan Ives said the release “is another historical moment for Tesla and [Elon] Musk”.

Source: AFR

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Closer to Home
  • Peak reveals lower costs for Tanzanian rare earths development ahead of AGM in Sydney
  • Chinese rare earths giant Shenghe Resources wants all of the concentrate from the Ngualla mine, and could negotiate a stake in the project
  • Miners down as gold, battery metals and uranium stocks cool off

Who ever heard of costs going down with a study update?

Magnet metals hopeful Peak Rare Earths (ASX:PEK) appears to have done just that, though as with all of these things the proof of the pudding will be in the eating if it finally gets to develop its Ngualla project in Tanzania.

It now says its capital cost has come down from US$320.7m to US$286.9m, with operating costs to fall 17.8% from US$93.3m to US$76.7m.

The new numbers are contained in a FEED study to follow up the Ngualla BFS, updated last in October last year. Typically costs rise in this stage, as miners fiddle with the scope and convert the theoretical into something more real, with contractors and suppliers putting the hard numbers on their services and materials.

Among the factors lowering operating costs for the project, one of the highest grade undeveloped rare earths developments globally, include a longer term power deal and lower forecast Tanzanian diesel prices.

Those are important given Peak — which plans to sell its concentrate to Chinese major and 19.8% shareholder Shenghe Resources — needs to demonstrate the mine can work at times of lower neodymium-praseodymium prices. Currently you’ll pay around US$68/kg for NdPr oxide in China.

Early last year, when the BFS update was in full swing, those prices soared past US$130/kg and ran as high at one point as US$175/kg.

At US$60/kg, Peak assumes it will make US$5.53 on each keg shipped as a margin, rising to US$37.96 should prices double to US$120/kg.


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Recent Peak Deals

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Company: Paradigm Biopharma (ASX:PAR)
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Company: Sabre Resources (ASX:SBR)
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Company: ECS Botanics Holdings Ltd (ASX:ECS)
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If you would like more information on future Peak deals, please don’t hesitate to get in touch.

The trustee for Peak Asset Management Unit Trust (“Peak”) is a corporate authorised representative (#1295491) of Dayton Way Securities Pty Ltd (AFSL #382585).
Peak accepts no responsibility for any views expressed and marketing material contained in this email except where the message specifically states otherwise and the sender is authorised to state them to be the views of Peak. Information provided in this email is general advise only and does take account your objectives, financial situation or needs.  Before acting on any advice in this email, Peak recommends that you consider whether it is appropriate for your circumstances.  If this email contains reference to any financial products, you should obtain the current Product Disclosure Statement (PDS) or other disclosure documents for the particular products and consider this information before making any decisions regarding the products. The Financial Services Guide (FSG) can be found at  or by telephoning
Peak on 1300 304 460



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