Ellison to Transition out, MinRes tanks 10%

Rio Tinto aiming to scoop up Mongolian tenure for Oyu Tolgoi

The Pre-Start

  • MinRes says Ellison will remain as Managing Director for the next 12-18 months as a succession plan is accelerated (MIN) Additionally:

    • Board-imposed penalties of $8.8m applied to Ellison

    • Chair James McClements will step down by the AGM next year

  • 29 Metals says that an order from the regulator removes limits on the max volume of treated water able to release at Capricorn and imposes monitoring requirements (29M)

  • Westgold reported 13.7m @ 18g/t Au at Bluebird-South Junction (WGX)

  • Metro Mining provided an operational update for its Bauxite Hills mine, with a new monthly shipment record of ~793kWMT achieve in October (MMI)

  • Rand Mining declared a 10cps dividend (RND)

  • Cooper Investors increased their stake in Iluka to ~9.4% (ILU)

High Grade It

  • MinRes paid a 70pc mark-up to rent Chris Ellison-owned properties (AFR)

  • Fortescue’s Iron Bridge mine near Marble Bar has been rocked by issues with deadly silica dust, with activity curtailed & safety inspectors involved (West)

  • Miners paid more corporate tax than all other sectors of the economy combined in 2022-23; Rio, BHP and FMG paying a combined $43bn (AFR)

  • Codelco’s copper production down 5% this year (MiningNews)

  • Colombia is attracting increasing interest as a new frontier for copper companies (MiningNews)

  • 3 senior MinRes exec’s who report to Chris Ellison personally bought shares in Kali Metals, prior to MINs aggressively buying on-market (AFR)

  • Mark Creasy has more than doubled annual profits at his flagship private company, thanks mostly to Gina Rinehart’s takeover of Azure Minerals (AFR)

  • Botswana's new president aims to clinch De Beers diamond sales pact soon (Reuters)

  • Iron ore heiress Angela Bennett reaps a $277m profit as ruling on Rinehart legal battle looms (Australian)

Wheelin’ n Dealin’

  • Rio Tinto is in a race to tie-up a deal with $370 million TSX-listed Entree Resources which has a minority interest in a tenement at Oyu Tolgoi that Rio intends to accelerate in its mine plan (AFR) Rio CEO Jakob Stausholm flew into Mongolia over the weekend

  • Doubts are starting to emerge about Yancoal’s prospects of taking Anglo coal, with uncertainty over its backing from the Chinese government (Australian) C’mon Dataroom, how about uncertainty over Australian approvals?? FIRB hello??

  • Rio Tinto closed its acquisition of Sumitomo’s 20.6% interest in New Zealand Aluminium Smelters (RIO)

  • Siren Gold was queried by the ASX regarding the NBIO received from Federation Mining and related Street Talk articles (SNG) meanwhile its second-largest shareholder and MD have disclosed selling of shares since the vote

  • Strike Energy is strumming up the merit of its Perth Basin acreage on a look-through basis based on Hancock’s deal to acquire MinRes assets (STX)

  • Spartan signed a binding agreement to sell its Glenburgh and Egerton gold projects to Benz Mining for a combination of cash & scrip consideration valued up to $15.6m (SPR)

  • Labyrinth has agreed a binding option to acquire Olympio’s Mulwarrie project with a milestone payment upon JORC-compliant MRE 250koz gold at >1.40g/t Au

  • FireFly signed a binding agreement to acquire the Tilt Cove copper-gold project in Newfoundland from Signal Gold for upfront consideration of C$3.07m + non-guranteed milestone payment of C$1m (FFM)

  • Future Battery Minerals has sold its Nevada lithium project for $4m cash to Austroid (a Dallas HQ cleantech company) (FBM)

Rattlin’ the Tin

  • WIA Gold is raising $30m at 15c a share to progress its Kokoseb discovery (AFR)

  • Unico Silver is in the market to raise $20 million at 27c a share to fund drilling on its Argentinian projects (AFR)

  • NGEx closed an upsized placement for C$177 million (NGEX.T)

  • Alara Resources is raising $15m via a rights issue to replace the tailings filter press at the Wash-hi copper mine and repay debt (AUQ)

  • Sky Metals raised $6m to advance its Tallebung tin project in NSW (SKY)

  • Meeka Metals completed its $35m equity raise to avoid the need for its gold loan and gold stream at Murchison (MEK)

  • Bellavista raised $5m (BVR)

  • Blackstone launched an accelerated partially underwritten entitlement offer to raise $4m (BSX)

Word on the Decline

  • Remember The Australian reporting that Metals Acquisition passed on Portugese copper and zinc mine, Neves-Corvo? Well, we aren’t so sure that they won’t be back at the end…

Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.

In the Weeds

  • Structural macro drivers transcend elections (Super-Spiked)

  • Evolution Mining founder Jake Klein isn’t finished yet (WSJ)

  • 6 questions you asked yourself about solar (Uncharted Territories)

  • How one of the tiniest oil markets cost Trafigura over US$1B (Bloomberg)

  • How Thai-owned Centennial Coal burnt Origin and fuelled Australia’s energy crisis (Australian)

  • Fortescue exec sheds light on miner's high-stakes green gamble (CB)

  • Why China may be saving its bazooka for Donald Trump (Economist)

  • Here’s why gold has so much further to run (AFR op-ed)

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Today’s Top Tweet

Devil’s in the Detail

Of all the content in the MinRes governance update this morning, this paragraph seemed the most explosive. None of this was reported in the media anywhere beforehand…

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