• Iluka confirmed it was the target of an attempted cyber hack, understood to be from China, not long after its boss accused China of “rigging the rare earth market” (The West) This is not the first “coincidental” cyber hack we’ve seen in recent weeks…

• The EU slapped tariffs on imported Chinese EVs, but it seems unlikely that it’ll deter China’s automakers from exporting to Europe (Reuters)

• The latest in a long line of senior execs to depart from FMG has one more, Julie Shuttleworth, after a decade at the group (AFR)

• Gold Fields fell almost 9% after saying the early onset of winter in Chile curbed the ramp-up of its key expansion project (Bloomberg)

• Allan Trench and John Sykes take a look at what the chances are for new tin supply from Australia (MiningNews)

• The US election may leave certain Inflation Reduction Act programs vulnerable to repeal, according to KKR’s Raj Agrawal (Bloomberg)

• The big overhang of copper in China is starting to work its way through the global market, with prices easing & flows adjusting (Reuters)

• Standard Bank said it’s set to move forward with US$5b of funding for Total’s planned East Africa Crude Oil Pipeline (Bloomberg)

• Deterra Royalties announced its first real deal yesterday since it floated on the ASX some 4 years ago, a recommended cash offer to acquire UK-based mining royalty co Trident Royalties for $276m (DRR) the deal sees them modifying their payout ratio from 100% of NPAT to 50% of NPAT from FY25

  • From Trident’s own investor materials, the RoyaltyCo traded at 0.5x NAV last month, suggesting Deterra are paying ~0.7x unrisked consensus NAV for Trident’s portfolio (which is weighted largely towards development assets such as Thacker Pass)

• Gina has crept up to a 7.5% stake in Vulcan Energy after participating in the recent placement (VUL)

• Anglo will avoid rushing the spin-off of its South African-based platinum division to ensure the best possible deal (FT)

• L1 has been busy buying some West African on-market, now holding 7.8% of the Burkina Faso gold miner (WAF)

• Regal paid US$16m to acquire the LP interests in the Taurus Resources Funds, nulling any deferred contingent consideration (RPL)

• Origin struck a new six-month supply agreement with Centennial Coal after inking an extension for its Eraring power station (The Australian)

• The Adani Group unit that controls a major Australian coal port has obtained a private credit loan of about $500m (Bloomberg)

• Eyes are on ASX debutant, Resouro Resources as they list on the Australian board this morning following an $8m offering (RAU)

• Gina-backed Brazilian Rare Earths upsized their placement to raise $80m, originally seeking bids for $66m, according to the AFR (BRE)

• True North Copper completed its retail entitlement offer, with just $1.3m in bids for the desired $16.7m. Underwriters soaked up the shortfall (TNC)

• Ausgold completed Tranche 1 of the $38m insto placement (AUC)

• Cast your mind back to late 2022 when the private-equity arm of Czech coal billionaire Pavel Tykač (which goes by Sev.en Global Investments) bought SO4 and its Lake Way project out of administration following the disastrous life the potash hopeful had on ASX boards

• Word on the decline is that less than two years later, and after sinking ~$100 million more into the project, Sev.en are sounding out appetite to divest the asset already

• Keep in mind the other potash hopeful that tried-and-failed, Kalium Lakes, is currently selling for scrap parts at auction….

• The technical word for these projects is money-pit

  

• “How Indonesia and China Cornered the Nickel Market” a podcast ep by Odd Lots

• Chinese EV stocks gained as the EU’s preliminary announcement of tariff increases was in line with expectations & manageable (Bloomberg)

• A state-owned Chinese commodities trader is nursing losses after copper from Russia worth ~$20m went missing (Bloomberg)

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