• Anglo American rejected BHP’s proposal within 24 hours of details emerging, setting the stage for an improved bid (The Australian)

• Sources say BHP is considering an improved proposal for Anglo (Reuters)

• Anglo American shareholders will hear from the board at Tuesday’s AGM, and are expected to appeal to their chair to extract a better price from suitor BHP (AFR)

• Famed activist investor Elliott has built a US$1b stake, or 2.5% of the company, in Anglo American via derivatives, putting it among the top 10 shareholders. Shares jumped 6.3% on the news (Bloomberg)

• Lithium miners are betting on a greener second act for Australian mining, following decades of booming iron ore sales (Mining.com)

• Olive Downs, perhaps Australia’s last new open-cut met coal mine, has been opened by privately held Pembroke. The asset was bought from Peabody in 2016 & will initially produce 6mtpa (The Australian)

• BHP’s bid for Anglo has cast clouds over the US$9b Woodsmith fertiliser project in England (Bloomberg)

• Investors remain confident Anglo will be bought or broken up, with one top-10 shareholder stating “I cannot see Anglo existing as an independent company by year-end” (FT)

• Codelco is battling to emerge from a years-long slump, with Q1CY24 production down 10% from a year prior, at 295kt (Bloomberg)

• Rehabilitation for Alcoa’s South West mines and manufacturing plants have lifted more than $200m to $1.1b (The West) 

• The copper price hit US$10,000/t for the first time in 2 years following BHP’s bid sparking a new wave of interest (AFR)

• Saudi Arabia is reportedly set on securing lithium from overseas to produce EV batteries, whilst exploring exploration nationally (Reuters)

• The independent expert has deemed the takeover by silica sand company Diatreme of Metallica “not fair and not reasonable” (The Australian)

• After failing to land OreCorp, Silvercorp announced an all-stock deal valued at C$200m for Adventus Mining and its 75% interest in the El Domo copper-gold project in Ecuador (Mining.com)

• Silver Lake has lodged the scheme booklet for their merger with Red 5 with ASIC (SLR)

• Zhaojin now control voting rights over 38.6% of Tietto’s stock (TIE)

• Image Resources signed an at-the-money facility totalling $12.5m of stand-by equity, available until early 2029 (IMA)

• Geopacific Resources raised $8m for its Woodlark Gold project in PNG (GPR)

• Ioneer is in a trading halt, pending a capital raising (INR)

• To the best of our knowledge, this one important detail regarding the BHP - Anglo news is yet to be reported. We have it on good word that the jewel in the portfolio, Collahuasi, has a cost basis of near zero. And Chile has capital gains tax. That means BHP (and any potential interloper such as Rio or Glencore) cannot bid for the copper assets, as the tax is too prohibitive. The only way to get the crown jewel is to merge with Anglo.

• There’s potential, should BHP get its hands on Anglo, that the Big Australian will be in a far stronger negotiating position with regards to Australian regulation on nuclear (for industry) and industrial relations, argues Robert Gottliebsen (The Australian)

• BHP’s deal for Anglo has been years in the making. Whether it goes the of previous deals such as their bids for Rio Tinto or Potash Corp, time will tell (Bloomberg) - Whilst a good read, this one reeks of BHP’s media machine

• New battery recycling advancements are shrinking EVs environmental footprint. Assuming no recycled materials, it takes a new EV in the US 41,000km to break even on emissions. New recycling plants have halved this. (Bloomberg) Obviously, your source of electricity is vital

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