Divvie Delight for Yancoal Holders

Ramelius announces maiden interim payout; Market warms to Anglo & Ivanhoe's results

February 21, 2025

The Pre-Start

  • Newmont reported US$3.4b in net income and US$2.9b in free cash flow for 2024, while issuing a 4th quarter US25c/share dividend. 2025 guidance is set at 5.9Moz with AISC pegged at US$1,630, plus US$1.3b in growth capital (NEM)

  • Anglo American’s full-year numbers showed net debt flat at US$10.6b & free cash flow for the year of US$474m as it works to slim down. It’ll pay a final dividend of US22c a share. It impaired De Beers by US$2.9b (ALL.L)

  • Ivanhoe Mines posted a $625m adjusted EBITDA and $193m net profit for 2024, with Kamoa-Kakula delivering record copper production and Kipushi achieving commercial production in Q4 24 (IVN.TSX) Up 7%

  • Lundin produced record copper & zinc production, US$873m FCF from operations, net debt US$1.3bn, adding a regular quarterly dividend of CAD 9c/share dividend while it repurchased C$40m over Q4 (LUN.T)

  • Alcoa declared a US10c per share dividend (AAI)

  • Yancoal announced a $1.2b NPAT while declaring a fully franked dividend of 52c per share (56% payout ratio). 2025 guidance of ~37Mt @ $93/t cash cost plus $825m in capex (YAL) Stock up 7%

  • West African provided CY25 production guidance of 290 - 360koz from its Sanbrado & Kiaka gold mines, Kiaka on track to pour first gold Q3 CY25 (WAF)

  • Ramelius reported half-yearly revenue of $507m and an NPAT of $170m, while confirming a maiden 3c interim dividend (RMS)

  • Gold Road recorded $528m in top-line earnings for the full year, flowing down to a $140m profit after tax and $92m in free cash flow. It’ll pay a 1.5c/share dividend for the second half of CY24 (GOR)

  • Greatland Gold reported assay results from its maiden underground drill program at Telfer’s West Dome, including 14m at 9g/t Au and 8.6% Cu from 290m (GGP.LSE)

  • Sheffield Resources confirmed mining & processing ops at Thunderbird have resumed following temporary suspension due to Cyclone Zelia, forecast production for March Q remains unchanged (SFX)

  • Deep Yellow received notice that a group of applicants intend to make an application to the High Court of Namibia to challenge various rights of the company in respect to Namibian MLs and EPLs it holds (DYL) Fifth application for review the applicants have made since 2011

  • Piedmont shipped 56kdmt of spod concentrate for the 4th quarter, targeting ~120kdmt to be shipped in 2025. The Sayona merger is on track for a mid-25 close (PLL)

  • Founders Metals hit 28.5m at 7.12g/t gold at Van Gogh, in a 3.8km step-out from the nearest hole on the property (FDR.TSXV)

  • WA1 shared more assays from the east part of Luni including intercepts such as 28.5m @ 6.6% Nb2O5 from 50m, as it works towards an updated MRE (WA1)

  • Green Tech Metals shared an optimised study for Seymour Lithium in Ontario, delivering an NPV8 of US$251m and IRR of 33% for a 130ktpa SC5.5 project with C1 costs of US$753/t (SC5.5) (GT1)

  • Viridis Mining is in trading halt pending the release of a scoping study (VMM)

High Grade It

  • Trump says new China trade deal “possible” despite tensions (Bloomberg)

  • Barrick Gold reportedly signed a new agreement with the Mali gov’t to end an almost 2-year dispute, waiting for Mali to formally approve the deal (Reuters)

  • Investors dumped iron ore stocks as markets brace for a flood of supply (AFR)

  • More WA jobs are set to go at Rio with Pilbara iron ore belt-tightening a main priority (West)

  • Gold Fields profit jumps, boosts dividend amid price rally (Reuters)

  • Wesfarmers keeps faith in lithium, maintaining plans to invest heavily in the depressed sector (BN)

  • Lithium producer IGO reported a $782m loss for the half, largely driven by $525m Kwinana impairment charge (AFR)

  • PT Gunbuster, a US$3b nickel smelter in Indonesia, is close to shutting down completely as it’s unable to source ore, due to a lack of gov’t issued mining quotas (Bloomberg)

  • Anglo signed a pact with Chile’s state mining company Codelco to jointly develop their adjacent Los Bronces and Andina operations (Bloomberg)

  • Equinox Gold reported record results for 2024, including ~624koz gold sold, operating cashflows US$430m (JMN)

  • Forrest’s private mining company Wyloo will effectively forgo the $200m debt it is owed by Hastings, if all parts of Thursday’s 3-step deal complete (AFR)

  • Rio said “extremely expensive” power could seal the fate of its Tomago aluminium smelter in 2029 (AFR)

  • Pilbara Minerals said it sees lithium demand recovering on the restart of a large mine and refinery in China (Bloomberg)

  • Fortescue is reconsidering its US hydrogen timeline after Trump win (AFR)

  • Iron ore futures gained on Thursday as strong steel consumption data from top consumer China boosted sentiment (Reuters)

Wheelin’ n Dealin’

  • Ex-Glencore, Lundin execs launch Moranda Metals, a private mining shell company focused on acquiring gold, silver and copper assets across the Americas (Mining.com)

  • Whyalla steelworks gets $2.4bn government bailout (AFR), with Bluescope in box seat for Whyalla, InfraBuild rescue plan (Data Room)

  • Hastings and Wyloo signed an exclusive non-binding term sheet to form a JV on the Yangibana rare earths & niobium project (HAS, AFR) Key terms include:

    • 60% (Wyloo) / 40% (HAS) JV split, Wyloo to act as JV manager & operator

    • Wyloo has an option to increase its participating interest in the JV to 70%

    • Exchangeable notes owed to Wyloo cancelled

    • Wyloo to acquire HAS’ 19.99% interest in Neo

Rattlin’ the Tin

  • $1bn green iron investment fund was announced by Aussie gov’t, to be split between transforming the existing SA steelworks plant and investing in green iron ore and steel projects (West)

  • Mayur Resources upsized their $80m two-tranche placement to $100m to fund the development of their Central lime project (MRL)

  • Cavalier Resources signed a non-binding term sheet for US$11m of stream financing with Raptor Capital to progress its Crawford gold project towards production (CVR)

Word on the Decline

  • Is it really word on the decline to hear about the TSX companies trying to migrate their way to ASX? It feels like normality now…

  • In this instance, we’re pretty sure Robex Resources is set for an ASX listing as the West African gold developer races towards first production at its Kiniero gold project in Guinea

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In the Weeds

  • The real reason for Mitsui Japan’s $8bn iron ore grab (AFR)

  • UAE plans $6b battery-linked solar project (Bloomberg) A month old, but the sheer scale made us look again. 5GW w/ 19GW storage for a 90km2 project

  • Explorers need to pivot, change adapt…and stay the same (MNN)

  • World’s biggest miners pinched by iron ore’s China problem (Bloomberg)

  • Japan turns up to iron ore party as it winds down (AFR’s Chanticleer)

  • QLD copper region will drive the economy, PM says, yet mines stalling (ABC)

  • China Proposed Regulations on "Administrative Measures for the Total Control of Rare Earth Mining, Smelting and Separation" (Rare Earth Observer)

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