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- Cash Bleed Confirmed as BGL Suspension Drags On
Cash Bleed Confirmed as BGL Suspension Drags On
Markets tumble with resources no exception; Global miners hold their hands out for gov't aid
The Pre-Start
Bellevue extended its suspension, adding that 25.7koz were produced over the Q. Cash fell from $81m to $49m. Mining rates exceeded processing rates, resulting in a stockpile build and a lower-than-anticipated head grade, also partly a result of mining at the edges of the ore body, according to the company (BGL)
SSR Mining’s CDIs on the ASX will be suspended from the close of today to facilitate the company’s ASX removal (SSR)
Gorilla Gold updated on Mulwarrie drilling, with mineralisation of 5m @ 14.9g/t from 248m intercept, 200m down plunge from a recent hit (GG8)
Benz Mining released initial results from maiden drilling at the Zone 126 target at its Glenburgh gold project, including 11m at 19.9g/t Au from 274m (BNZ)
Havilah shared DHEM survey results from Mutooroo, while discussions with JX Advanced Metals are underway to fund a PFS & an option to buy (HAV)
Maple Gold provided assays from Douay, Québec, returning an intercept of 2.05g/t over 108.6m, including 4.93g/t over 17m (MGM.TSXV) Up 36%
Elementos released a DFS and maiden ore reserve on its Oropesa tin project in Spain (ELT)
The Takeovers Panel received an application from Emu NL concerning an alleged association in the context of an upcoming board spill meeting (EMU)
Tolu Minerals provided an exploration update on its Mt Penck project (TOK)
Paradice increased its shareholding in Bannerman Energy to ~7.2% (BMN)
Vulcan shared a new presentation
High Grade It
Investors braced for further pain across global markets as US stocks and the dollar suffered their worst day in years after the latest tariff measures sparked a global flight to haven assets (Bloomberg) S&P down 4.9%, Nasdaq down 5.5%
Glencore set July deadline for Mt Isa underground copper ops shutdown (MNN)
Glencore has demanded a gov’t handout for its struggling Mt Isa copper smelter and Townsville copper refinery, making it the latest global company seeking a bailout following a rescue of the Whyalla steelworks (AFR)
Commodity prices posted their biggest one-day collective slump in more than 2 years after tariffs ignited speculation that a slowing global economy (Bloomberg)
Albanese will use Australia’s sought-after critical minerals to push for Trump to lift tariffs on the country as the PM battles toughness perceptions (West)
Markets brace for severe economic shock from Trump’s tariff storm (AFR)
Peter Dutton’s has a $100m pitch to WA’s junior miners, proposing to reinstate the Junior Minerals Exploration incentive (West)
Gold stocks surge as US tariffs push bullion to record high (CB)
The US is in talks to invest billions in the DRC and wants to help end a conflict raging in the country's east, Trump's senior adviser for Africa said during a visit on Thursday (Reuters)
Activist Palliser has hearkened back to the disastrous Alcan deal as investors vote on scrapping Rio Tinto dual-listing (West)
The US remains committed to funding the Lobito rail corridor, to help transport critical minerals out of the central African copperbelt, despite Trump's aggressive spending cuts, a US diplomat said (Reuters)
Wheelin’ n Dealin’
The second court hearing for Northern Star’s proposed acquisition of De Grey has been scheduled for April 16 (DEG)
Asara Resources completed the sale of its non-core Kouri and Babonga gold projects in Burkina Faso to BIC West Africa (AS1)
Mining consolidation to speed up as Chinese demand growth slows (Reuters)
Rattlin’ the Tin
Word on the Decline
The more we ask around about Ravenswood, the more we are sceptical that the sale process will attract a bid close to the value expectations of EMR, at least from any Australian miner
Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.
In the Weeds
Rio Tinto’s fresh deck arguing against the unification of the DLC structure is worth reading (Rio Tinto)
Also worth reading, Larry Fink’s 2025 annual Chairman’s Letter (Blackrock) lots on nuclear within!
Trump’s tariff shock is smashing markets. The worst could be yet to come (AFR Chanticleer)
Commodity traders snap up assets and tighten grip on global supply chains (FT)
What the new US$3,000 era for gold means for investors (Livewire)
Rio Tinto’s agitator sneaks payment in the fine print (AFR’s Rear Window)
Tin, an overlooked critical metal, is enjoying a boom (Economist)
Today’s Top Tweet
Time after time again, Chinese miners have acquired marginal resources counter-cyclically & opportunistically and put said resources into production cheaper and faster than any western miner would have ever expected.
There is not dark art to how Zijin does this, they publicly
— Daniel Rau (@drauwsy)
1:02 AM • Apr 3, 2025
Devil’s in the Detail
Getting a bit hopeful there, Gold Road!

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