Eyes on Serbia as Thousands Protest Rio's Jadar

Whitehaven's Narrabri draws closer, Galan not proceeding with deal

The Pre-Start

  • Predictive shared drill resource definition results from Gbengbeden & BC, plus from 800W which aims to establish a new deposit (PDI)

  • Whitehaven Coal provided an update on Narrabri Stage 3 legal proceedings, with development drawing closer (WHC)

  • Beach Energy shared FY24 results with NPAT down 11% to $341m, while FY25 guidance is for 17.5 - 21.5MMboe & $750m capex (BPT)

  • Lotus Resources has appointed Greg Gittar as CEO amongst a management restructuring (LOT)

  • Sarytogan Graphite released a PFS for its Kazakh project, with a cumulative capex of US$344m for a pre-tax NPV US$514m (SGA)

  • Kingrose received an appeal against its exploration permit for drilling at its Penikat project (KRM)

  • Regal now holds 5.2% in Red 5 (RED)

  • Apollo Global has built its stake in Lynas to 7.2% (LYC)

  • Lion Selection emerged with a 6.7% stake of Brightstar (BTR)

  • Jingtao Chi became a 9.9% holder of Geopacific (GPR)

  • Alligator Energy is in a trading halt pending the release of exploration results from its South Australian project (AGE)

  • Manuka updated the market on Mt Boppy, with first gold targeted for Q4 2024 and mill relocation currently underway (MKR)

  • Impact Minerals has lodged a mining lease application for its Lake Hope high-purity alumina in WA (IPT)

High Grade It

  • Hedge funds are the most bearish on commodities prices in at least 13 years as fears of a deeper economic slowdown cast doubts (Bloomberg)

Funds short commodities

Funds net position on commodity basket

  • In a new round of protests, tens of thousands of activists protested in Belgrade to demand a halt Rio’s Jadar lithium project (Bloomberg)

  • Unions have forced BHP to the negotiating table and are demanding Rio Tinto do the same (AFR)

  • The UK intends to charge two more people concerning its long-running investigation into allegations of bribery by Glencore’s oil division (FT)

  • Rio Tinto's Serbia lithium project could take two years to approve, minister says (Reuters)

  • France is likely to cut production at more nuclear reactors as a heat wave intensifies in the coming days (Bloomberg)

  • Coal industry heavyweights have formed a new peak body this week to garner grassroots support for the beleaguered sector (The Australian)

  • Win for Whitehaven, MACH as court rejects climate bid to block coal mine approvals (The Australian)

  • Mt Cattlin mine is in a “good position to ride out” depressed prices & will stay open for the foreseeable, according to LTM’s Australian lead (West)

  • Chinese mining firm Jinteng has filed a judicial review against Ottawa regarding the sale of a gold mine in Peru (Mining.com)

  • Ghana opens new gold refinery with 20% government stake (Reuters)

Auralia Mining Consulting

Wheelin’ n Dealin’

  • Galan Lithium advised that it won’t proceed with the non-binding indicative proposal it received for its Argentinian assets (GLN)

  • An update on the Dynamic Group takeover:

    • Harvest Lane has picked up more of Dynamic Group, now holding 14.85%

    • Australian Meat Industry Super is now up to 61.6%

    • The board advised the on-market takeover from Australian Meat Industry Super was best and final last week, will be interesting to see what happens from here…

  • Vedanta has put a plan to sell its steel business on hold after a $1b share sale gave the company more breathing room (Bloomberg)

  • TerraCom has entered a cooperation agreement with Wintime Energy to develop & operate Moorlands jointly (TER)

  • St George released a clarifying announcement regarding the proposed acquisition of the Araxa niobium-REE project due to “misinformation circulating in online chat rooms and social media” (SGQ)

Rattlin’ the Tin

  • Minbos advised the Angolan Sovereign Wealth Fund received board approval to invest US$10m in the company to support the construction of its Cabinda phosphate fertilizer project (MNB)

  • Talga launched its $5m SPP (TLG)

  • Medallion confirmed its $5m placement following its exclusivity deal with IGO (MM8)

  • Vertex raised $3.8m to advance its Reward gold mine into production (VTX)

  • Great Western raised $3.5m to fund its copper-gold projects (GTE)

  • Jindalee Lithium raised $2.5m from its entitlement offer (JLL)

  • Aurum Resources placed $2.3m of its SPP shortfall (AUE)

Word on the Decline

  • A spicy thread from our very own Travis Ricciardo on trying to pick the next gold M&A deal

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In the Weeds

  • Nero Resources Fund’s Russell Delroy reckons Diggers & Dealers should consider moving to Perth (West)

  • ‘Cash is king’: Why Glencore kept faith with coal (FT)

  • Gold saves the day as Diggers deals with the nickel and lithium rout (AFR)

  • Copper Mining and Manufacturing From the Largest Deposits in the World (YouTube)

  • How uranium is made - Cameco video (YouTube)

  • Union iron ore claim poses risks for green superpower hopes (AFR’s Chanticleer)

  • A Lot Was Riding on This Wind Farm. Then Giant Shards Washed Up in Nantucket. (WSJ)

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Devil’s in the Detail

Kudos to Future Metals to cutting back on corporate expenditure during the current period of low PGM prices. Plenty of juniors could learn from the team here!

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