De Grey Denies Takeover Bid as Gold Jumps

Paladin tense on takeover while Anglo tells suitors to pay up

The Pre-Start

  • De Grey has pushed back on takeover rumours from Agnico (more below)

  • ERA will update the entitlement offer timetable following a review application being put to the takeovers panel (ERA)

  • Red 5 is officially becoming Vault next week (RED)

  • Strickland shared drill hits from Rogozna, extending mineralisation from the Medenovac prospect (STK)

  • American West shared further copper hits from its Storm project (AW1)

  • Encounter has regained a 100% interest in its Carrara project after S32 dropped its interest (ENR)

High Grade It

  • CBA says another wave of China stimulus is imminent (AFR)

  • Zijin Mining is considering an expansion of Kamoa-Kakula beyond its current 600ktpa production capacity (Bloomberg)

  • Australia is being left behind on mine electrification with tax incentives needed, the industry has said (Australian)

  • Indian gold demand looks set for a strong few months as a cut to the import tax drives consumers (Bloomberg)

  • BHP to test Caterpillar's new energy transfer system on its mining trucks (Reuters)

  • Santos’ preliminary Narrabri works approved after report clears it of improper landowner negotiations (Australian)

  • Australian IPO market slumps to lowest since global financial crisis (FT)

  • Newmont’s Telfer gold mill back in action after tailings dam fiasco ahead of handover to Greatland Gold (West)

  • Twiggy throws down the gauntlet with Fortescue “real zero” plan (MiningNews)

  • Adani’s $1.2b copper smelter will face a slow ramp-up to reach its nameplate capacity as a global shortfall of ore restricts supply to processors (Bloomberg)

  • Peru gold miner Poderosa has said a fresh criminal attack left one person dead (Reuters)

  • Japan’s seeking to broaden the scope of anti-dumping duties to cover Chinese steel among other products (Bloomberg)

  • Chile's government has selected six priority areas for new lithium extraction projects to be led by private companies (Reuters)

MMS

Wheelin’ n Dealin’

  • De Grey is back in focus, with the latest talk being that Agnico Eagle has submitted a buyout proposal for the $3.2bn gold play (Australian) An article to which De Grey didn’t take a liking! (DEG) the wording in DEG’s response is interesting - we believe DEG would have to disclose if Agnico had made an offer, our interpretation of the DEG’s response is that Agnico likely have not

  • The court hearings regarding Paladin-Fission’s Plan of Arrangement concluded yesterday, with the court to rule in the coming weeks (PDN)

    MBK Partners sweetened its unsolicited bid for control of Korea Zinc by about 14%, to US$11.6b (Bloomberg)

  • Panoramic shareholder Zeta Resources has lobbed a rescue bid to potentially pull the shuttered nickel miner out of admin (ZER, BN)

  • The chief executive of Anglo American has called on potential suitors for the mining giant to “pay the right number” as he defended his strategy (FT)

  • The scheme timeline for the tie-up of Alto and Brightstar has been extended (AME)

Rattlin’ the Tin

  • Vulcan Energy agreed a €10m short-term facility with BNP as it works toward completion on project financing, while agreeing to buy well operator Geox (VUL)

Word on the Decline

  • For those of you who keep tabs on ASX-listed Mount Gibson Iron, you would have noticed their disclosure last quarterly that they are buying stakes in listed juniors ($14 million worth last quarter alone!)

  • We can’t figure out the listed companies that are allocating towards buy we did get some word on the decline that Galena Mining’s Abra (in VA) is one of the project opportunities that has been of particular interest to the company

MGX screenshot

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In the Weeds

  • China’s accelerating green transition (FT’s Big Read)

  • China's bumpy expansion into EVs may provide relief for lithium investors (Brad Potter)

  • Here’s the updated link to yesterday Rio Tinto dual listing explainer (Rio)

  • The Chinese iron ore cost of production according to Kingsley Jones (Livewire)

  • Buy Hold Sell: Gold soars to new highs - but fundies are selling these 2 stocks (Livewire) Hosted by Matty Michael

Livewire

Were you forwarded this email from someone else?

Today’s Top Tweet

We focussed on the VRIFY validation but pg 48 of the presentation was the juicy info

Devil’s in the Detail

Is there a bit happening behind the scenes in the tie-up of Alto and Brightstar? Today the timeline has been extended. But the interesting thing on our radar is the party that popped up with a substantial holding since the tie-up was announced.

Deutsche Balaton (DELPHI) picked up 9.2% in short order and have form blocking deals (Remember Kin’s wedge in Dacian for Genesis’ takeover?)

They’ll need more than 9.2% to block this deal though - its a scheme this time, not a takeover…

Catch up on our latest episode

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Why are 3 billionaires in the shadows of these two gold projects? (52 mins)

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