• Gold jumped to a record high after comments from Federal Reserve officials cemented expectations of a U.S. interest rate cut (Reuters)

• The U.S. approached Indonesia regarding a multinational partnership to boost the Asian nation's environmental standards (Reuters)

• Rio’s iron ore exports inched up, while stating China was supported by a recovery in manufacturing and “more resilient exports” (Bloomberg)

• The Ivan Vella-led IGO said on Tuesday that it expected to write down the value of its exploration portfolio by up to $275m (AFR)

• BHP posted another record annual iron ore production, helped by improved weather & higher contribution from its South Flank (Reuters)

• The world’s biggest copper buyer, China’s State Grid Corp, slowed copper purchases while ramping up aluminium orders (Bloomberg)

• Argentina tripled its lithium carbonate equivalent (LCE) production capacity in the last two years (Reuters)

• Climate groups called a decision to open the UK’s first deep coal mine in more than 30 years unlawful, with cases going to court (Mining.com)

• Battery metal giant Ganfeng plans to build a $1.1b trading desk to hedge against extreme volatility and geopolitical tensions (Bloomberg)

• Peak Rare Earths received a non-binding term sheet from a consortium of lenders to provide US$176m debt to fund the Ngualla project (PEK)

• Kingsgate has entered into definitive loan docs with Nebari for a US$35m term facility to refinance its existing bridge facility, get new equipment & expand reserves (KCN)

• Venture Minerals completed the sale of its Riley iron ore mine for $3m (VMS)

• Hancock’s share in the Mt Bevan magnetite JV increased from 30% to 51% following the completion of an initial study (AFR)

• Montage Gold launched a C$170m raise to advance its Koné gold project in Côte d'Ivoire cornerstoned by Zijin (C$57m for a 9.9% stake) and Lundin Trust (C$49m taking them to 19.9%) (MAU.to)

• Assore has made a strategic investment of C$68m into Marimaca Copper, buying Tembo’s C$42m stake and the balance in newly issued shares (MARI.to)

• Labyrinth Resources is raising $3m to buy the Vivien gold mine, an ex-Ramelius asset (LRL, AFR) Somehow we only ever see Evolution Capital or Sternship deals sub $5m making their way into Street Talk…

• Tesoro Gold is in a trading halt to raise at least $8m to fund exploration and drilling at its El Zorro project (TSO)

• At an all-time high share price, it must be tempting for Genesis to use their scrip for more regional M&A

  

• We know all the external messaging has focused on telling the market it’s all about delivering on the assets they already have

• But with a $2.4bn market cap today, they could cough up a 30% premium to Magnetic Resources, pay $400 million in GMD scrip and only dilute shareholders ~14% in the process

• In return, they’d get 1.9Moz at 1.8g/t ~15km from their Mt Morgans mill which is one year away from restart

• And with Gold Fields active once again in WA, would Genesis be concerned the relatively high-grade dirt could find its way to feeding their under-utilised mill around the corner, instead?

• TBA on all fronts, but this possibility is one we are now watching

• Resources sector’s No.1 health indicator flashes red (AFR’s Chanticleer)

• The head of AMEO has heightened pressure on the Coalition’s energy policy by ruling out nuclear as a solution (The Australian)

• Can Xi keep a lid on China’s mounting social strains? (FT’s Big Read)

• L1 Capital’s quarterly report is worth a read (L1) Resource sector underperformance is highlighted on p. 2, with goldies discussed on p. 5

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