Ethereum fails to hold on to the bullish trend on Tuesday

Ethereum fails to hold on to the bullish trend on Tuesday

The price of Ethereum rose above the $2500 level again on Monday

Ethereum chart analysis

The price of Ethereum rose above the $2500 level again on Monday. In two attempts, we tried to hold above, but both times, the price moved back below $2500. The second pullback was stronger, and the price dropped on Tuesday to a new weekly low at the $2403 level. We can say that we are testing the $2400 level. Ethereum finds new support there and recovers to new resistance at the $2447 level this morning.

We got additional pressure on the price in that zone in the EMA 50 moving average. Now we see another pullback to $2420. The bearish momentum is strengthening, and we expect to test this morning’s support zone at $2400. The picture looks bad for Ethereum as everything points to a further pullback to a new weekly low. Potential lower targets are $2380 and $2360 levels.

Monday’s pressure on the price pushes it to a new weekly low this morning

For a bullish option, Ethereum’s price would first have to return above the weekly open level of $2440. This would be the first positive move we need to get back on the bullish side. After stabilizing there, we expect to continue to $2460 and test the EMA 200 moving average. Then, it is necessary for the price to create an impulse above at least the $2480 level, which could signal a potential bullish recovery.

That could be enough room to consolidate above the EMA 200 and continue to the bullish side. Potential higher targets are $2500 and $2520 levels. Above these targets, we are going to a new weekly high, while the October one is at the $2657 level.

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Economy

Dogecoin is in retreat for the second day in a row

Dogecoin is in retreat for the second day in a row

On Monday, the Dogecoin price climbed to the 0.11547 level, forming a new high there
During the previous weekend, the Shiba Inu price managed to climb to 0.00001884

Dogecoin chart analysis

On Monday, the Dogecoin price climbed to the 0.11547 level, forming a new high there. Soon after, the price loses its previous momentum and initiates a pullback below 0.11500. We quickly pulled back to the EMA 200 moving average and the 0.11100 level. Already on Monday evening, a new hint that we could continue with the retreat to a new weekly low. That happened this morning, and Dogecoin fell to 0.10630, forming a new low there.

Potential lower targets are 0.10600 and 0.10500 levels. For a bullish option, Dogecoin would have to first move back above the daily open level of 0.10840. After stabilizing there, we expect to see the initiation of a bullish consolidation up to the EMA 200 and the 0.11100 level. Testing that zone is very important because crossing above gives us strong support for continuation on the bullish side. Potential higher targets are 0.11200 and 0.11300 levels.

Shiba Inu chart analysis

During the previous weekend, the Shiba Inu price managed to climb to 0.00001884. After that, we saw a short pullback to the 0.00001780 support level. From that level, we bounce back to 0.00001880 on Monday but fail to hold there. Shiba Inu is making another pullback from there and broke support at 0.00001780 last night. This morning, the price continued to fall below the EMA 200 moving average, which increases the bearish pressure.

With that move, Shiba Inu formed a new weekly low of 0.00001711. We are still in the support zone, and if the pressure on the price continues, we will go to a new weekly low. Potential lower targets are 0.00001700 and 0.00001650 levels. For a bullish option, we need a positive consolidation above the EMA 200 and 0.00001750. After we stabilize there, we expect the start of bullish consolidation and recovery to higher levels. Potential higher targets are 0.00001800 and 0.00001850 levels.

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Economy

ApeCoin and Akita Inu: Targets and Price Overview

ApeCoin and Akita Inu: Targets and Price Overview

The new weekly high price of ApeCoin was formed yesterday at the 0.769 level
Over the weekend, Akita Inu’s price struggled with resistance in the EMA 200 moving average

ApeCoin chart analysis

The new weekly high price of ApeCoin was formed yesterday at the 0.769 level. After that, the price goes on the defensive and begins bearish consolidation. This morning’s support at the 0.735 level did not hold, and we had to make a step below to the 0.720 level. A new weekly low was formed at that level. We saw a brief recovery to EMA 200 and 0.735, where we encounter new resistance. That could trigger another bearish consolidation below today’s low.

Potential lower targets are 0.710 and 0.700 levels. For a bullish option, we need a positive consolidation and a return above the 0.750 level. Then, ApeCoin should stay in that zone. If he succeeds in this, he will have the opportunity to start a bullish consolidation at higher levels. Potential higher targets are 0.760 and 0.770 levels.

Akita Inu chart analysis

Over the weekend, Akita Inu’s price struggled with resistance in the EMA 200 moving average. Finally, on Monday, we saw a break above the EMA 200 and a strengthening of the bullish momentum. This morning the price finds new support at the 0.00000008000 level. This prompted Akita Inu to make a brief bullish impulse to 0.00000009349, forming a new weekly high there. After that, the price pulled back to 0.00000008380 and is now trying to stay there.

If the pullback continues, we will have to retest this morning’s support at the 0.00000008000 level. Potential lower targets are 0.00000007800 and 0.00000007600 levels. For the bullish option, it is necessary for the Akita Inu to stabilize and turn to the bullish side again. Next, we will look at the initiation of a bullish consolidation. Potential higher targets are the 0.0000008600 and 0.00000008800 levels.

The post ApeCoin and Akita Inu: Targets and Price Overview appeared first on FinanceBrokerage.

Economy

SafeMoon and Litecoin: Targets and Prices for Tuesday

SafeMoon and Litecoin: Targets and Prices for Tuesday

The price of SafeMoon continued to consolidate below the EMA 200 moving average this week as well
The previous bullish trend of the Litecoin price was stopped on Monday at the $67.98 level

SafeMoon chart analysis

The price of SafeMoon continued to consolidate below the EMA 200 moving average this week as well. On Monday, we had a short break above the 0.00003100 level, after which we quickly returned below the moving average. Today’s trend is unchanged and we continue to move sideways in the 0.00002300-0.00002800 range. A new impulse below this level will form a new weekly low and thus confirm that the price is under pressure.

Potential lower targets are the 0.00002200 and 0.00002000 levels. For a bullish option, we need a positive consolidation and a return above the EMA 200 moving average and the 0.00003000 level. With that, we are moving to the positive side and need to stay up there. If we succeed, the price could start a bullish recovery. Potential lower targets are the 0.00003200 and 0.00003400 levels.

Litecoin chart analysis

The previous bullish trend of the Litecoin price was stopped on Monday at the $67.98 level. Shortly after that, the price initiated a pullback and fell below the $67.00 level. The price falling until last night, when it formed a new weekly low at $64.50. This morning’s consolidation is in the $64.50-$65.50 range. For now, the price resists the pressure and remains above the weekly low.

We need to move back up to the 200 EMA and the $66.00 resistance zone if we want to try to get back to the bullish side. With a breakout above, Litecoin has an opportunity to start further bullish consolidation. Potential higher targets are $66.50 and $67.00 levels. For a bearish option, we need a negative consolidation and a break below the $64.50 support level. Thus, we move to a new weekly low and confirm the bearish momentum. Potential lower targets are $64.00 and $63.50 levels.

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Economy

Super Micro Stock Soars 65%; TQQQ Fluctuates

Super Micro’s Stock Surges 65.43%, Amid $1B–$4B AI Revenue

Super Micro Computer Inc. is now counted as a very important player in AI infrastructure markets, especially in GPU shipments and the creation of cooling systems. The prices of the high-end AI GPUs in the market today cost from $10,000 to $40,000; therefore, Super Micro’s figures may vary between $1 billion and $4 billion according to their quarterly GPU shipment volumes.

This upcoming income is quite motivating if we consider that the company’s stock has been impressive, with a 65.43% increase in its yearly price, indicating its robust growth trajectory and investors’ trust in the company.

Advanced Cooling Solutions and 100,000 GPUs Deployed

The company’s cooling technologies improvements significantly affect its market position. According to CEO Charles Liang, using this solution to cool down not only helps the AI factories save money but they also achieve a high level of performance.

Super Micro has successfully used its liquid cooling solution in more than 100,000 GPUs at some of the biggest AI facilitators worldwide, showcasing its capability to fulfil the soaring demand for efficient AI infrastructure.

Super Micro Stock Plummets 22%

The company’s stock plunged by 22% in August following a short-sellers report from Hindenburg Research that accused Super Micro of manipulation. The case brought many serious questions, such as “accounting red flags” and undeclared transactions between related parties, which became questionable of the company’s financial practices. Super Micro also faced a setback in May when it reported third-quarter revenues of $3.85 billion, falling $0.1 billion short of analysts’ predictions. This was the time that the company had again doubled their revenue from the year before.

Super Micro Computer Inc. displays a strong future in the delivery of CPUs and coolers that they make more powerful. However, they will not miss facing inquiries about recent misconducts and at the same time, firms must consistently show good results to investors in order to win their loyalty and make profits in the prosperous AI market.

Super Micro Computer Stock Chart Analysis

SMCI/USD Stock Chart

Super Micro Computer, Inc. (NASDAQ: SMCI) has been moving fast for stock markets recently, just as we can tell from the 15-minute chart. When it was around $41 on October 2, there were some tiny fluctuations, but it really started taking off on the 7th. We witnessed a rise in the stock from around $41 to its peak at $48.40 because of the very noticeable and high trading volume, which signalled a strong buying breakout.

Although SMCI rose to $48, it could not maintain the momentum at that level and thus saw a marginal pullback. Now, it is trading at $47.76, which is a decrease of 0.58% for the day. Yet the long-term picture still looks bullish, owing to the support delivered from the recent bounce.

The substantial trading volume of 786.55K indicates a higher degree of interest; thus, the expected source of volatility in the market is said to be increasing. Monitoring if SMCI could succeed at $48.40 or stay in the $47-$48 gap will be interesting. The stock could receive a boost at $45 and a breakthrough of $48.40.

The first step is to pay attention to Super Micro Computer, Inc. (SMCI) stock. Whether you are a day trader or an investor who keeps stocks for a longer period, trying to get in at a better price should be done under a watch of the price action and the volume!

ProShares UltraPro QQQ (TQQQ) Stock Chart Analysis

TQQQ/USD ETF Chart

While analysing the ProShares UltraPro QQQ (NASDAQ: TQQQ) on a 15-minute chart, we can see the ETF’s recent session range between $69.15 and $69.90, the price played between the two ends in the last session. Currently, it’s sitting at $69.57 and has gained 0.45% (+0.31 points), showing a modestly high behaviour. The chart is the reflected view of the period with high volatility over the last couple of days.

At the beginning of the session, we spotted a remarkable volume growth that was squiggly in nature, i.e., very unsteady trading. Several steep upward moves were seen, but there was also a sharp adjustment from the benchmark near $72, which made the markets hazardous. At the chart end, we can find some stabilisation very close to $70, with attempts to go up.

It is noteworthy, in addition, that trading volume is likely to rise when prices fall.

In our point of view, in case TQQQ stays above the $69 support level, it may be a short-term buying opportunity. But if it weakens, we will probably see downside risks as well. All in all, the chart portrays market uncertainty, particularly on tech-focused assets like TQQQ.

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Investing

Top 4 Largest Lithium Reserves by Country (Updated 2024)

Those interested in the lithium sector and investing in lithium stocks are often curious about which countries produce the most of the battery metal, but they may not stop to consider the top lithium reserves by country.

Major lithium-producing countries are, of course, home to a large number of lithium companies. Many of the world’s top lithium producers also hold significant reserves, and their reserves can give an idea of how much room those countries have to grow. At the same time, nations with high reserves may become more significant lithium players in the future.

Looking forward, lithium demand is expected to continue increasing. That’s because, together with metals such as cobalt, lithium is a key raw material in the lithium-ion batteries used to power electric vehicles; it is also essential for the energy storage sector. However, lithium supply to meet that increasing demand is still uncertain.

On that note, here’s an overview of lithium reserves by country, with a focus on the four countries that hold the most lithium. Data is based on the most recent information from the US Geological Survey.

1. Chile

Lithium reserves: 9,300,000 MT

Chile was the second biggest producer of lithium in 2032 at 44,000 metric tons (MT), but it has the most reserves in the world by a large amount. The country reportedly holds most of the world’s “economically extractable” lithium reserves, and its Salar de Atacama hosts approximately 33 percent of the world’s lithium reserve base. SQM (NYSE:SQM) and Albemarle (NYSE:ALB) are the key lithium producers in Chile, with operations in the Salar de Atacama.

In late April 2023, Chilean President Gabriel Boric announced plans to partially nationalize the country’s lithium industry in a bid to bolster the economy and protect the environment. “This is the best chance we have at transitioning to a sustainable and developed economy,” he said at the time.

Chile’s state-owned mining company Codelco has negotiated for much larger stakes in both SQM and Albemarle’s lithium assets in the country, and will have controlling interests in all operations in that salar going forward.

2. Australia

Lithium reserves: 4,800,000 MT

Interestingly, while Australia was the largest lithium-producing country in the world in 2023, it’s a distant second in terms of reserves of the important commodity. Unlike those found in Chile and Argentina, Australia’s lithium reserves are in the form of hard-rock spodumene deposits. The majority of the country’s reserves are found in Western Australia.

The country is home to the Greenbushes lithium mine, which is operated by Talison Lithium, a subsidiary jointly owned by lithium producers Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466) and Albemarle, as well as Australian nickel-gold miner IGO (ASX:IGO,OTC Pink:IPGDF). Greenbushes has been producing lithium since 1985, and it has been the subject of multiple expansions in recent years.

3. Argentina

Lithium reserves: 3,600,000 MT

Argentina is the fourth largest lithium producer in the world, and last year it put out 9,600 MT of the metal. It ranks third in terms of global lithium reserves at 3,600,000 MT. It’s worth noting that Chile, Argentina and Bolivia comprise the “Lithium Triangle,” which hosts more than half of the world’s lithium reserves.

In May 2022, the Argentine government committed to investing up to US$4.2 billion in its lithium industry over the next three years with the goal of increasing lithium output. More recently, in April 2024, the government greenlit Argosy Minerals’ (ASX:AGY,OTC Pink:ARYMF) expansion of its Salta site to raise annual lithium production from 2,000 MT to 12,000 MT.

4. China

Lithium reserves: 3,000,000 MT

China holds lithium reserves of 3,000,000 MT, and last year it produced 33,000 MT of the mineral, a 7,400 MT increase from the previous year. The country has a mix of deposit types; lithium brines make up the majority of its reserves, but it has spodumene and lepidolite hard-rock reserves as well.

While it does have significant production and is working to increase it, the Asian nation currently still imports most of the lithium it needs for its battery cells from Australia.

China’s lithium usage is high due to its electronics manufacturing and electric vehicle industries. It also produces more than two-thirds of the world’s lithium-ion batteries and controls most of the world’s lithium-processing facilities.

Other lithium reserves by country

Total worldwide lithium reserves stand at 28,000,000 MT. While Chile, Australia, Argentina and China are home to the world’s highest lithium reserves, other countries also hold significant amounts of the metal.

Here’s a quick look at these other nations:

United States — 1,100,000 MTCanada — 930,000 MTBrazil — 390,000 MTZimbabwe — 310,000 MTPortugal — 60,000 MT

As the lithium industry continues to grow, production has followed, and many of these countries with high reserves are becoming significant producers as well.

FAQs for lithium reserves

Where in the world are the best lithium reserves?

Chile has the largest lithium reserves, and the three countries that make up the Lithium Triangle — Argentina, Bolivia and Chile — together account for more than 63 percent of the world’s lithium reserves.

How should India use its newly found lithium reserves?

In 2021, India’s first lithium deposit was found in the Mandya district of Karnataka. More recently, a much larger amount of lithium has been uncovered in India. In early 2023, the Geological Survey of India reported the discovery of 5.9 million MT of the material in the Salal-Haimana area of the Reasi district in Jammu and Kashmir.

The Indian government hopes to develop its newly found lithium reserves in order to reduce its lithium imports and build out its domestic zero-emissions technology industry. The first step involve changes to mining laws that will allow private firms to mine lithium in India. ‘To leverage the deposits, the government has eased the mining process by allowing the auction of lithium mines,’ reported the East Asia Forum.

What are the biggest lithium reserves in Europe?

Portugal has the biggest lithium reserves in Europe, coming in at 60,000 MT. The Southern European country produced 380 MT of lithium in 2023, the same as the previous year.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investing

Infill Soil Sampling at Dundas to Further Define Lithium Drill Targets

Lightning Minerals (L1M or the Company) is pleased to announce the start of a targeted infill soil sampling program at its Dundas lithium project in Western Australia. The program is designed to infill the existing geochemistry program which was completed on a grid spacing of 400m x 400m and will consist of approximately 500 samples.

A number of areas of interest were identified in the previously completed regional soil sampling program, particularly on Dundas North tenements E28/3027 and E28/3028 where broad lithium in soil anomalism was identified across an area of 35km2 and up to 147ppm Li1.

HIGHLIGHTS

Infill soil sampling program of ~500 samples to further test previously identified lithium in soil anomalism of up to 147ppm Li1Dundas North tenements to be tested across three large lithium targets up to 35km2, as identified in March 2023. Sampling to be completed down to granularity of 200m x 100m in some areasOn-ground works at the Company’s Brazil lithium projects in Lithium Valley is in progress with results expected imminently

Lightning Minerals Managing Director Alex Biggs said, “It’s good to be getting back to our works at Dundas following a period of review. We are focusing on areas of interest that have been previously identified as containing lithium in soil anomalism. Our work program is focused and targeted and will allow us to identify appropriate drill targets for a future exploration program. The infill soil sampling on our Dundas North tenements is of particular interest as it allows for us to develop higher confidence drill targets across the project areas. As much as our focus is on Brazil and our accelerated exploration on those projects it is important that we further our efforts at Dundas also particularly as we have gained significant knowledge of the region since our works began there in 2022. The Company now possesses lithium exploration potential in three of the strongest jurisdictions globally for the commodity which sets us up well for success as we move forwards.”

Dundas North Infill Soil Sampling

Phase 1 soil sampling was completed during Q1 and Q2 of CY2023 with samples collected on a nominal 400m x 400m grid across the tenements, with analysis completed by LabWest Minerals Analysis (LabWest). Analysis utilised the Ultrafine + (UFF+) method with chemical analysis for a suite of 62 elements including lithium and associated pathfinders typically used for identification of lithium-caesium-tantalum (LCT) mineralisation.

The tenor of background lithium level within the project area and the Mt Belches lithological unit appears to be approximately 40-60ppm lithium. The elevated zones returning multiple samples with values above 80ppm lithium and up to a peak result of 147ppm lithium. Results are thought to provide sound vectors toward potential mineralisation as the elevations are clustered and are proximal to suitable granitic protoliths within the ‘goldilocks zone’ for LCT pegmatite mineralisation. The ‘goldilocks zone’ is typically estimated to be between 2km and 10km from the source granitic body.

This geological setting therefore requires follow up exploration works to ascertain the source of the anomalies and forms the basis of the infill soil sampling program as shown in Figure 1. Infill sampling will be completed down to a granularity of 200m x 100m.

Dundas South Infill Soil Sampling

Soil sampling will also be undertaken at the Dundas South project area following up zones of interest identified by the regional soil program. Grids of differing resolutions will be completed across tenements E63/2028, E63,1932, E15/1748 and E63/1993 down to a minimum of 200m x 200m. Targeting criteria in these areas focus mainly on existing results for lithium and its pathfinder elements identified during the reginal program (as reported in ASX Announcement 23 March 2023), but also aim to assess gold/nickel potential as the genetic models can share attributes regarding lithologies, geochemistry and rheology. The planned sites are shown on Figure 2 below, modifications may be undertaken in the field as guided by the supervising geologist.

Click here for the full ASX Release

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Investing

Strong Drilling Results from Tarraji-Yampi (80%, 100%)

Dreadnought Resources Limited (“Dreadnought”) is pleased to announce results from a diamond drilling program and down hole EM (“DHEM”) surveys at Tarraji-Yampi, located in the Kimberley Region of Western Australia.

HIGHLIGHTS

Assays from a diamond drilling program (6 holes, 1,524.8m) at Tarraji-Yampi have been received. These holes were designed to test 6 Cu-Au volcanogenic massive sulphide (“VMS”) targets around the Orion deposit and to identify potential off-hole conductors.
Significant results were returned from the Orion, Orion Repeat, Orion Offset and OR1 targets:

Orion and Orion Repeat: KMDD001: 3m @ 4.5% Cu, 2.2g/t Au, 46.0 g/t Ag, 0.15% Co from 58.3m

And: 16m @ 0.7% Zn, 0.7% Pb, 12.7g/t Ag, 0.1g/t Au from 162m
Including:2m @ 2.6% Zn, 1.1% Pb, 26.8g/t Ag, 0.1g/t Au from 173m

Orion Offset: KMDD004: 5m @ 0.4% Cu, 0.5 g/t Ag from 11m

And: 1m @ 1.3% Zn, 0.7% Pb, 32.2g/t Ag, 0.1g/t Au from 23m

And a 50,000S conductor spanning ~150m x 150m, located ~100m down dip

And: 2m @ 0.9% Zn, 0.2% Pb, 3.8g/t Ag from 106m

And a 15,000S conductor spanning ~90m x 140m located ~80m down dip

OR1: KMDD006: 6m @ 1.2% Cu, 0.08% Co from 27m

Including: 2m @ 2.0% Cu, 0.19% Co from 28m

And a 24,300S conductor spanning ~80m x 200m, located ~180m down dip

Additionally, a strong 14,500S off hole conductor spanning ~335m x 350m was defined at OR2.Results from the regional IP survey are expected in October 2024.

Dreadnought’s Managing Director, Dean Tuck, commented: “This drilling program was designed to identify new zones of mineralisation within and around the same feeder structures as Orion to better understand the Cu-Au VMS system. This program has delivered 6 new zones of mineralisation and four off-hole conductors that warrant follow up drilling. This is a successful outcome for the program and validation of the VMS model of mineralisation. As part of this program, an EIS co-funded IP survey was undertaken to test the effectiveness of IP at identifying Grant’s Find style Epithermal / Mesothermal Cu-Au mineralisation. The significant intersection of this style of mineralisation at OR1 underscores the importance of this work and we expect the results of that survey in October 2024.”

Technical Discussion of Diamond Drilling

In the Phase 1 drill program (6 holes, 1,640m), 5 of the 6 targets were located along the same interpreted feeder structure as the Orion deposit and were defined by highly conductive, magnetic anomalies associated with elevated pathfinder geochemistry. These targets include the depth extension of Orion. The 6-hole Phase 1 drill program targets are discussed and summarised below.

Click here for the full ASX Release

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One year after the October 7th attack, violence rages on. Here’s how to help civilians caught in the conflict

It’s been a year since the deadly fighting between Israel and Hamas began, and the dire humanitarian crisis is getting worse. In addition to ongoing bloodshed in Gaza, the fighting between Israel and Hezbollah has intensified across swaths of Lebanon.

Israel’s ambassador to the UN said 70,000 Israeli civilians have evacuated the northern part of their country after an onslaught of Hezbollah rockets and drones. The UN reported that 90,000 Lebanese civilians have fled their homes to avoid Israeli airstrikes.

Meanwhile, hospitals in Gaza continue to struggle with overwhelming casualties and a lack of resources amid Israel’s ongoing operations there. Gaza’s Ministry of Health reported more than 40,000 Palestinians have been killed since the fighting began in the aftermath of the Hamas incursion into Israel one year ago. At least 1,200 people were killed in that attack. 250 were taken hostage.

Impact Your World has gathered a list of vetted organizations that are on the ground responding. You can support their work by clicking HERE or using the form below.

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New Zealand loses first naval ship since WWII; vessel threatening oil spill off Samoan coast

New Zealand’s navy lost its first ship since World War II after the HMNZS Manawanui sank on a reef off the coast of Samoa on Sunday creating a potential environmental disaster in waters used for fishing and tourism.

The specialist dive and hydrographic vessel lost power and ran aground on Saturday evening while conducting a reef survey one nautical mile off the southern coast of the Samoan island of Upolo, according to New Zealand authorities.

By Sunday morning, the vessel was “listing heavily,” the navy said. Smoke was spotted around 6:40 a.m., and by 9 a.m. the ship had slipped below the surface.

It’s the first unintentional sinking of a New Zealand naval vessel since the Second World War, authorities said, as they opened a court of inquiry into what happened.

Local businesses and conservationists now fear the potential environmental impact of the accident, which occurred in waters off Samoa’s most populated island.

New Zealand Defense Minister Judith Collins told Newstalk ZB that authorities’ first priority was assessing the depth of the vessel and the risk of a spill.

“It’s got a lot of oil on board. …. It’s got lubricating oil, hydro oil, diesel, urea. It’s got a lot of stuff in it. And I don’t think we can just sort of leave it like that,” she said.

Divers were sent to the scene on Sunday night, she said. “They’ll be having a look to see what they can, but it’s going to be quite a big job,” she added.

Acting Samoan Prime Minister Tuala Tevaga Iosefo Ponifasio said in a press statement Sunday that an oil spill was highly probable.

“The HMNZS Manawanui is not recoverable and has sunk into the ocean,” he said.

A reef emergency

Samoan police received a distress call just before 7 p.m. on Saturday night, according to local authorities. Small boats were dispatched with the warning that the ship was taking on water and its crew would likely need evacuating.

Numerous vessels and aircraft were sent to help, including a Royal New Zealand Air Force P-8A Poseidon and C-130J aircraft, the New Zealand navy said.

By 5 a.m. Sunday, all 75 passengers and crew had been rescued, but witnesses said they soon saw smoke rising from the sinking wreck.

“It took 15 minutes for the boat to be fully ablaze and then sink,” he said, adding that local villagers left a Sunday church service to watch the ship.

“They were visibly upset and concerned for their beach, reef, marine reserve and income as fishermen,” Poole said.

New Zealand Prime Minister Chris Luxon said that “environmental spill kits” had been sent from New Zealand to help mitigate and minimize the effects.

The HMNZS Manawanui was a relatively new addition to the New Zealand navy, having been purchased in 2018 for around $100 million NZD ($61 million), though it was built in the early 2000s.

According to the navy, the ship was designed to “survey harbours and approaches prior to larger support ships landing support equipment and personnel whether for combat or disaster relief.”

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