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- Eyes on Serbia as Thousands Protest Rio's Jadar
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 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)
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
Trying to read the tea leaves on the next Gold M&A deal
A brief thread on my non-consensus deal theory 🧵
No position in any of the stocks fwiw. Also I am an idiot so do not trade based on any of this
1/— Travis Ricciardo (@TRAVmoneyofmine)
10:37 AM • Aug 10, 2024
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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)
Today’s Top Tweet
#BREAKING - A large protest is taking place in Belgrade, Serbia, against the lithium mining project by Rio Tinto and BlackRock. #Serbia#protest
— Global Dissident (@GlobalDiss)
5:33 PM • Aug 10, 2024
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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