Another exit from the Australian gold industry is underway with Mincor looking to get rid of its assets to concentrate on nickel after winning a big supply contract with BHP’s Nickel West.
That contract, revealed several months ago is enough for Mincor to look to quit gold, long the mainstay of small and medium WA miners and hopefuls.
Iron ore, the centrepiece of the last mining boom is now a mature, low-cost operation dominated by BHP, Rio, and Fortescue.
Now the likes of lithium (already oversupplied and heading for a shakeout), nickel, cobalt, and copper are in vogue.
And gold is on the back burner as producers switch overseas (Newcrest, St Barbara, Evolution Mining, Saracen and Northern Star Resources) primarily to the US (Alaska) and Canada.