Cyclone Zelia descends on the Pilbara

Ivanhoe goes hunting for copper in Kazakhstan, new board at GL1

The Pre-Start

  • Westgold generated $140m EBITDA with a net loss after tax of $27.6m for H1 FY25. Net profit was affected by a one-off transaction cost of $84m, hence no dividend has been paid (WGX) Trade payables sits at ~$233m, pretty much last half’s figure plus ~$82m trade payables assumed from KRR deal

  • Post Global Lithium’s AGM, the company’s new board will now comprise of Dianmin Chen as MD & CEO (founding director of GL1), and new directors Leon Zhu and David Sun. New Non-Exec Chair to be identified (GL1)

  • Tivan provided a progress update on its Sandover fluorite project in NT, including an exploration and approvals program (TVN)

  • The DOCA for Ten Sixty Four has now been effectuated (X64)

  • Everest Metals extracted first gold from bulk sampling commissioning phase at its Revere gold project in the Murchison (EMC)

  • L1 Capital increased its stake in West African to ~10% (WAF)

  • Paradice emerged as a ~5.1% holder of Bannerman Energy (BMN)

High Grade It

  • Australia’s iron ore hub faces strongest cyclone since 2007 (Bloomberg)

  • Vale set to announce a $12.2bn investment to expand its iron ore and copper mining operation in Carajas, Brazil, acording to the Brazilian gov’t (Reuters)

  • Worsley Alumina is shielded from Trump tariffs on aluminium according to South32’s Graham Kerr (West)

  • Northern Star will reap the rewards for fixing a problem global gold majors Barrick and Newmont put in the “too hard basket” (Australian)

  • China’s coal plant boom is undercutting clean energy push (Bloomberg)

  • Barrick Gold beats profit estimates, announces new $1bn share buyback program (Reuters)

  • Taxpayer cash revives $105m lithium refinery project, after the proponents PLS and Calix received gov’t funding (AFR)

  • South32 downplays interest in Anglo’s GEMCO share as profits surge (MNN)

  • '“Big Short” trader’s bet on gold puts US$3000/oz in sight (AFR)

  • Scrutiny on key mineral firm Global Lithium’s board stoush (Australian), while GL1 director Dianmin Chen disputes Chinese control claims (BN)

  • Southern Copper eyes 2027 start for $1.8bn Tia Maria mine in Peru (Mining.com)

  • China’s Ganfeng started lithium production at Argentina’s Mariana project (Reuters)

Wheelin’ n Dealin’

  • Ivanhoe Mines and Pallas Resources announced the formation of an exploration JV to explore the Chu-Sarysu copper basin in Kazakhstan, the world's third-largest sediment-hosted copper district (Junior Mining Network) Ivanhoe committing $18.7m over initial 2 year period

  • Swedish giant Epiroc is reportedly among bidders for Potentia’s Micromine (AFR Street Talk)

  • C3 Metals and Freeport execute earn-in agreement for up to US$75m on Bellas Gate project in Jamaica (Junior Mining Network)

  • Fortescue is just shy of the compulsory acquisition threshold as part of its off-market takeover offer for Red Hawk, now holding ~89.4% (RHK)

  • Astral is up to ~42% of Maximus as part of its off-market takeover offer (AAR)

  • EQ Resources provided an update on its proposed acquisition of ferrotungsten producer, Tungsten Metals Group. Exclusivity period expired 31 Jan & definitive agreements yet to be executed, but discussions still continuing (EQR)

  • Benz exercises option to acquire adjacent tenements to Glenburgh gold project via the issue of 500k shares and a 0.75% royalty (BNZ)

  • Sipa Resources completed their previously announced acquisition of Aussie gold exploration assets & Tranche 2 of their capital raising, with former Core Lithium MD Stephen Biggins joining the board (SRI)

Rattlin’ the Tin

  • World’s largest EV battery maker CATL files for Hong Kong listing (FT)

  • Tesla supplier CNGR reportedly targeting $400 - $500m raise as part of a Hong Kong listing (Bloomberg)

  • Ivanhoe Electric raises $60m to fund Arizona copper project (Mining.com)

  • TSX-V listed Rua Gold announced a C$5m capital raising (Junior Mining Network)

  • Asara raised $2.3m in a placement to Barbet to advance the Kada gold project, with current MD Tim Strong to move to Exec Director and Matthew Staples appointed as CEO (AS1)

Word on the Decline

  • Word on the Decline is two weary travellers are returning Down Under from a multi-week African mining extravaganza trip, what a Valentines Day treat

  • Be sure to keep an eye out for your two favourite analytical minds back on the Money of Mine podcast next week, just in time for half-yearly reporting!

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In the Weeds

  • “The Opec of nickel”: Indonesia’s control of a critical metal (FT)

  • Whitehaven, New Hope and Bowen dig deep to revive coal lobbying (AFR Rear Window)

  • EU red tape could strangle the bloc’s fragile lithium boom (MNN)

  • Earnings previews for the big ASX miners (Livewire)

  • Tariff threat opens up transatlantic rift in copper pricing (Reuters)

  • Ecuador mining bonanza for the next president (MNN)

  • Aussie gold funds burst out of the blocks in 2025 as returns rocket (AFR)

  • WA’s South West laden with resources and promise (BN)

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