Greetings Contrarian,

This is The Next Big Rush, your daily drop of mining/energy investing news. Where we come together and drink together.

Here are the highlights:

👀 Colombia Cooks Up New Mining Policy

😩 Hedge Funds Turn Bearish Copper

😀 Cartier PEA C$388M

👀 Colombia Cooks Up New Mining Policy

Colombia's Minister of Mines and Energy, Irene Vélez, announced that the country's new mining policy will prioritize the conservation of water resources and reorganize development areas accordingly.

The policy's elements are being developed through consultations with the private sector, artisanal miners, and local communities impacted by mining operations.

Vélez also mentioned plans to create a geoscientific knowledge plan to guide decision-making in the extractive industry.

Meanwhile, the Minister of Environment and Sustainable Development, Susana Muhamad, criticized Colombia's current mining code for its lack of environmental protection and favoritism towards international companies.

She emphasized the need to redefine permissible mining areas and address the negative impacts on local communities and water access.

That last part should have you watching this space VERY closely.

😩 Hedge Funds Turn Bearish Copper

Hedge funds have changed their stance on copper, shifting from bullish to bearish positions on the London Metal Exchange (LME) due to China's disappointing recovery and weakening demand.

LME data shows a net short position in copper for the first time since June 2020 as bearish bets increase and long positions are unwound.

Chinese demand has fallen short, leading to increased stockpiles and decreased long bets.

While copper was seen as a promising investment for the energy transition, concerns over economic growth, banking sector turmoil, and tighter monetary policy have dampened risk appetite.

Alright, is it time to be a contrarian yet?

😀 Cartier PEA C$388M

Cartier Resources Inc. (TSX-V: ECR) has just published a PEA for the Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada.

Highlights:

• Post-tax NPV_5% of CAD$388M and IRR of 20.8%

• Capex of CAD$341M

• Average all-in sustaining cost of US$755/oz

This seems decent, even though we get the heebie-jeebies at NPV5 for a PEA.

Current market cap: C$36m.

This is not a bull market, ladies and gents.

😆 Meme of The Day

Happy speculating,

The Editor

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.