Happy hump day!
The state of Minas Gerais has the largest lithium resources in Brazil and is looking to leverage this with the launch of the Lithium Valley Brazil initiative to generate jobs and income for its population.
This initiative seeks to transform the Jequitinhonha Valley into a technology hub for battery production and other value added products by formulating public policies to attract companies and investments, qualify the workforce, promote technology, and provide the necessary infrastructure for the region’s growth.
As one of the companies with existing resources in this region, Latin Resources (ASX:LRS) is understandably keen to play a key role in this effort and is looking to follow in the footsteps of lithium producer Sigma Lithium Resources.
The market is certainly starting to take an interest in the area with ASX:OZM flying on the back of their lithium acquisition.
Whats your next Brazilian Lithium play?
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Australian shares are poised to open lower. Shares were modestly lower in New York, off session lows. Instacart surged more than 40 per cent on its debut; it ended the day up 12 per cent.
The focus is squarely on the Federal Reserve’s policy statement, scheduled for 4am AEST Thursday. While no rate change is expected, markets are keen for any hint of what lies ahead for November’s meeting.
ASX futures were down 14 points or 0.2% to 7186 near 7am AEST.
- On Wall St: Dow -0.3% S&P -0.2% Nasdaq -0.2%
- In New York: BHP -0.7% Rio +0.2% Atlassian +0.2%
- Tesla +0.5% Apple +0.6% Amazon -1.7% Meta +0.8%
The highlight of New York’s day was the debut of Instacart, the latest company to spark hopes of a revival for IPOs.
Instacart’s shares opened trading at $US42 each after selling for $US30 — the top of a marketed range — to raise $US660 million for the company and selling stockholders in the year’s fourth-biggest US IPO. The shares, which jumped as much as 43 per cent, closed at $US33.70 in New York, giving the company a market value of $US9.3 billion.