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Hedge fund sues LME for $456 million over nickel trade cancellations
By Selena Li and Eric Onstad
Reuters
Monday, June 6, 2022
U.S. hedge fund Elliott Associates is suing the London Metal Exchange (LME) for $456 million for cancelling nickel trades after chaotic trading in March that forced the exchange to suspend its nickel market, the LME said today.
The legal action piles more pressure on the exchange, which is being probed by regulators and is struggling to restore trust and volumes in its nickel market.
Elliott said the LME should not have halted trading and erased deals after prices more than doubled to over $100,000 a tonne in a matter of hours on March 8. read more
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Prime Mining Intercepts 62 gpt Gold and 978 gpt Silver over 3.6 Meters
in Step-Out Drilling at Guadalupe East Deposit in Mexico
Company Announcement
Wednesday, June 1, 2022
VANCOUVER, British Columbia, Canada -- Prime Mining Corp. (TSX-V: PRYM, OTCQB: PRMNF, Frankfurt: 04V3) announces additional Phase 2 drill results from 12 step-out drill holes at the Guadalupe East deposit in Mexico. Guadalupe East is one of eight known gold-silver deposits that comprise the current resource at Los Reyes.
22GE-53 has four intercepts:
-- 61.99 grams per tonne gold and 977.6 gpt silver over 3.6 meters estimated true width and 9.67 gpt gold and 314.0 gpt silver over 1.1 m estimated true width.
-- 9.67 gpt gold and 314.0 gpt silver over 1.1 meters etw.
-- 3.01 gpt gold and 220.0 gpt silver over 1.0 meter etw.
-- 5.90 gpt gold and 341.0 gpt silver over 0.7 meters etw. ...
Chief Executive Officer, Daniel Kunz commented: "The high-grade drill results reported today will continue to expand the resource potential at Guadalupe East considerably. We are encouraged by multiple intercepts of high-grade gold-silver mineralization being encountered in individual drill holes on the west end of this area. We await assay results from more step-out drill holes and expect to report these results as soon as they become available.
Ongoing drilling has now defined the Guadalupe East vein group length over 420 meters and the total strike length of the Guadalupe East vein system now over 1,000 metres.” ...
... For the remainder of the announcement:
The LME and LME Clear Ltd. were named as defendants in the judicial review claim filed in a British court by Elliott Associates and Elliott International last week, the LME's parent company Hong Kong Exchanges and Clearing Ltd said. ...
... For the remainder of the report:
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