• Madeleine King said the “most frustrating” part of her job is widespread “ignorance” of the importance of Australia’s resource sector (The West)

• Itochu missed a self-imposed deadline to exit its Australian thermal coal investments, becoming the latest major group to water down climate pledges (AFR)

• Chinese Premier Li Qiang will visit a WA lithium refinery in Perth during his three-day visit to Australia (The West)

• Genesis 2.0 IPO aims to complete unfinished business, with the Mike Fowler-led gold explorer hunting for Eridanus lookalikes near Mt Magnet (MiningNews)

• Gold stocks led declines on the ASX as reports of a Chinese pause on gold purchases saw global prices extend last week's fall (CB)

• MinRes’ iron ore monopoly at the Port of Esperance will be broken when, for the 1^st time, Esperance hosts 2 exporters (The West)

• Freeport’s new boss says she’s focused on unlocking a large mine’s worth of copper from vast stockpiles of waste rock (Bloomberg)

• The world’s top coal lobby group defended its relationship with Russian mining companies and execs, saying it’s an “agnostic” organisation (AFR)

• Australia must develop a “Plan B” to head off a looming gas shortfall because the hope that the market will be able to bolster supplies is not working, a widely watched industry group stated (The Australian)

• Woodside achieved 1^st oil at its Sangomar field in Senegal, an offshore project with an estimated cost of up to US$5.2b (BN)

• Nevada Copper, a miner backed by Pala Investments & Mercuria, filed for bankruptcy protection, despite record Cu prices (Bloomberg)

• Codelco attributed a sharp drop in production at its top mine to the lingering effects of a rock collapse last year (Bloomberg)

• Rio Tinto said on Tuesday it will buy Mitsubishi’s 11.65% stake in Boyne Smelters for an undisclosed sum (Reuters)

• Saudi’s Acwa Power is planning to raise US$1.9b by issuing stock to existing shareholders, capitalising on a more than sixfold increase in its share price since a 2021 listing (Bloomberg)

• The scheme booklet for the acquisition of Alumina by Alcoa was registered with ASIC yesterday, with IER Grant Samuel concluding the Scheme was “fair and reasonable” (AWC, The Australian)

• Critical Metals Corp agreed to buy a controlling interest in the Tanbreez rare earth deposit in Greenland (Bloomberg)

• Southern Cross Gold and Mawson Gold plan to unwind their separation (The Australian)

• Galileo has completed its tie-up with MinRes (not always guaranteed) with following-up exploration drilling commencing in August (GAL)

• Recently floated Brazilian Rare Earths is trading halt for a $65m capital raise (BRE, The Australian)

• With all the oil & gas M&A possibilities that are getting air time (see yesterday’s show), we thought it would be interesting to see what the giant industrial consumers of gas are expecting the long-term price to be. Lucky us, the Alumina / Alcoa scheme booklet dropped yesterday!

• The base case DCF model used in the valuation of Alumina assumes A$9/GJ (real) for WA domgas when their gas supply agreements expire in CY32

• The world has moved a bit in the last few years. I remember a well-respected energy analyst at a bulge bracket investment bank running flat $6/GJ for WA domgas just two years ago

  

  Wesfarmers complaining about domgas prices last month

• Alumina presumably guided the Independent Expert to $9/GJ, but we suspect that might still prove too low. At least they sensitised a $10/GJ scenario…

  

• The first long-form interview with Oskar Lewnowski, the man who built mining private equity firm, Orion Resource Partners, dropped yesterday (YouTube)

• While the South African government announced automakers will be allowed to claim a 150% tax deduction on EV facility investment, VW & Isuzu have expressed scepticism (Bloomberg)

• Improving investor appetite for risk is one of the signs Dryblower believes indicates a sustainable recovery in the mining sector is underway, as rate cuts start (MiningNews)

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