China Stimulus Sparks Life into Miners

Anglo set date for coal bids + MINs bags $1.1b after haul road sale

The Pre-Start

  • Fortescue signed a US$2.8b equipment partnership with Liebherr to jointly develop a range of battery-powered gear, lifting the total number of supplied machines to 475 (FMG)

  • Bannerman updated on Etango progress, with key contracts awarded, plant components ordered and early works underway (BMN)

  • Core Lithium updated its reserves, growing BP33 to 8.7Mt @ 1.38% Li2O, while reducing Grants to 0.6Mt at 1.40%, while updating the modifying factors meant no reserves were reported at smaller deposits (CXO)

  • Turaco shared a further 5 drill results from Woulo Woulo, returning extensions to the recently released MRE (TCG)

  • Santana has progressed its 1-for-3 stock split, with the split coming into effect on November 6 (SMI)

  • Bowen Coking Coal has requested an extension to its suspension (BCB)

  • Agrimin announced the resignation of Richard Seville as Chair & Brad Sampson as director (AMN)

  • Van Eck lifted its Evolution Mining holding to 11.7% (EVN)

  • Stock buybacks continued at S32 & KAR, while WHC & DLI share annual reports

High Grade It

  • Commodities pushed higher after China announced a series of major measures to boost growth & shore up its beleaguered property market (Bloomberg)

  • ASX miners jumped on Tuesday following China's new growth measures (CB)

  • Over a dozen like-minded nations could fund Australian critical minerals projects after the US & allies vowed to establish a joint finance body (AFR)

  • Labor has approved three coal mine extensions in Hunter Valley (Australian)

  • Iron ore prices lifted by >5% as Beijing caves on stimulus (West)

  • Inflation to hit three-year low, but don’t expect a rate cut: Bullock (AFR)

  • The RBA kept the cash rate on hold at 4.35% (CB)

  • China’s Tianqi will keep fighting for a right to have a say in the SQM-Codelco deal (Bloomberg)

  • The Clean Energy Regulator upgraded its estimate of large-scale wind & solar power capacity likely to come online this year by nearly double (AFR, Australian)

  • Huayou Cobalt & Tsingshan are defying low lithium prices to develop a deposit with a Zimbabwean state company (Bloomberg)

  • The Canadian province of Saskatchewan has vowed to compete with China in processing and production of rare earths (Reuters)

  • Perth-based Viburnum launched a $300m mining industrials fund with new money from family offices (West)

  • Macquarie has been fined after failing to catch dodgy energy transactions (AFR)

  • Indonesia's Joko Widodo launched a US$941m smelter-grade alumina refinery run by state-backed Antam & Inalum (Reuters)

  • Woodside is facing investor dissatisfaction compelling some funds to exit the stock amid concerns over the stability of its dividend (AFR)

Mineral Mining Services

Wheelin’ n Dealin’

  • MinRes announced the completion of 49% of the Onslow haul road to MSIP, with $1.1b received and the $750m bridge facility cancelled (MIN)

  • Dataroom reported final binding offers for Anglo’s coal assets are due November 11, with Glencore the top contender (Australian)

  • Denison announced an option agreement with Foremost, granting Foremost an option to acquire up to 70% of 10 uranium properties for up to US$30m (DML.TO)

  • Takeovers Panel declines to conduct proceedings in relation to ERA entitlement offer. ERA intends to proceed with the entitlement offer ASAP.

Rattlin’ the Tin

  • Coronado priced its US$400m note offering paying 9.25%, due in 2029 (CRN, Street Talk)

  • Canadian copper-gold explorer FireFly Metals taps four brokers for $60m raise (Street Talk)

  • Astral completed a $25m capital raising, deeming itself fully funded to FID (AAR)

  • Cauldron Energy in trading halt for a capital raise (CXU)

In the Weeds

  • Here’s a blast from the past - an SMH article following Rio Tinto’s historic (infamous?) A$19b rights issue from mid-2009. The perils of leverage…

  • US nuclear plants won't power up Big Tech's AI ambitions right away (Reuters Analysis)

  • Australia must be wary of Beijing’s ears and hands in consumer goods (AFR op-ed)

  • Meet the Australian shaking up the global diamond industry (SMH) A deep dive into Michael O’Keeffee of Riversdale & Champion Iron

  • Xi’s Economic Adrenaline Shot Is Only Buying China a Little Time (Bloomberg)

China growth miss

China is expected to miss its growth target

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Devil’s in the Detail

If you’re interested in the New Found Gold short report saga (refer to yesterday’s podcast) here are some concluding comments from a thread on the matter from @Mark_IKN

New Found Gold

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