Coronado Pummelled on Production Downgrade

Santos & Glencore sign deal, ERA request further delays

The Pre-Start

  • Coronado has downgraded production guidance for the second half of the year at Curragh to 15.4-16MMt following significant rainfall (CRN) Down 16% on the open

  • Santos signed a mid-term LNG supply contract with Glencore (STO)

  • Ivanhoe’s Kamoa-Kakula produced a record of over 40kt of copper in August (IVN.TO)

  • Burgundy Diamond Mines suggests the mine life at Misery will be well beyond the original 2026 closure date (BDM)

  • ERA confirmed that its minority owners have together sought interims orders to delay the entitlement offer, against the IBC position, though it has requested a further delay to the offer (ERA)

  • Westgold announced mining commenced at South Junction, targeting a 100kt/month run rate for the Bluebird-SJ mine by Q3FY25 (WGX)

  • Capricorn’s annual numbers were line with expectations, with the bottom line impacted by mark-to-market movements in hedging (CMM)

  • Metro Mining achieved a monthly record of 0.72Mwmt shipped, with the key expansion components operating at nameplate (MMI)

  • Royalty company, Ecora, is paying 1.7cps dividend to shareholders, 33% of free cash flow for the half year (ECOR.L)

  • Blackrock Silver put out a PEA on its Tonopah West project: after-tax NPV5 $326m, initial capex $178 million and IRR of 39% (BRC.V)

High Grade It

  • Trafigura struck the $400m iron ore pre-pay with MinRes (Bloomberg) but you read it here first over a week ago….

  • Lion Selection’s Hedley Widdup reckons dawn is breaking for down-trodden junior miners (MiningNews)

  • The LME is planning measures to boost electronic trading in its monthly contracts (Bloomberg)

  • China's primary aluminium smelters are producing record amounts of metal and the domestic market surplus is spilling out of the country (Reuters) Much to the delight of Western operators

  • Iron ore sank closer to its lowest since 2022 as it extended a selloff on fears for China’s crisis-wracked steel industry (Bloomberg)

  • The UN Nuclear Watchdog has extended its monitoring to Ukraine power grid (Bloomberg)

  • Gold prices extended declines to a two-week low as a sharp sell-off in equities forced a rush to cover margin calls (Reuters)

  • Environmental Defenders Office ‘offered to pay Santos’ costs in bid to end Barossa LNG court case’ (Australian)

  • WA iron ore miners rake in more profit than the banks, but Citi warns that is at risk with price seesawing (West)

  • Foreign investors have been granted access to Labor’s Future Made in Australia funding vehicle under the $1b Solar Sunshot program (Australian)

  • Shares in Andrew Forrest’s Fortescue were hammered to near two-year low, hitting $16.11/share (West)

  • EnergyAustralia secures taxpayer support for two large-scale batteries (Australian)

  • Chile's top court rejects Tianqi appeal to halt SQM-Codelco deal, a local newspaper has said (Reuters)

Wheelin’ n Dealin’

  • POSCO doubles down on graphite developer (Australian)

  • Rex Minerals provided their scheme booklet for their tie up with MACH Metals, scheme meeting booked for 10 Oct (RXM)

  • Leonoil’s offer for Sierra Rutile has automatically extended (SRX)

Rattlin’ the Tin

  • Far East Gold announced a conditional placement with Hsing Yip Gold Co., to invest over $14m via 3 tranches, all at 20c (FEG)

  • US-based natural graphite player, Westwater Resources says it has agreed a US$150m debt facility subject to due diligence (WWR.NYSE) the lender remains unnamed for now…

In the Weeds

  • The absurdity of high gas prices in Australia’s east-coast (OzGeo YouTube)

  • BHP’s Labor whisperer goes global (AFR’s Rear Window)

  • Foreign investors want clarity on retooled FIRB (AFR)

  • From the Archives: World Record breaking train from BHP’s WAIO (YouTube)

  • Will interest-rate cuts turbocharge oil prices? (Economist)

  • Real diamonds can’t cut it as cost crunch hits lovebirds (AFR)

  • The Influence of Rare Earth Prices on the Tech Industry (SMM)

  • Has Warren Buffett lost his touch? (Economist)

  • Lessons from the great inflation (FT)

  • Jindal Steel - The Steel Of India (YouTube) Maybe the best commodity related ad we’ve seen?

  • Is oil really headed for US$50-60/bbl or will rest-of-world growth surprise the bears? (PauloMacro Substack)

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Devil’s in the Detail

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