Henderson Buys the Pilbara Dip

Ramelius runs the numbers on Rebecca-Roe while Syrah calls force majeure in Mozambique

December 12, 2024

The Pre-Start

  • Ramelius has released a PFS on their Rebecca-Roe gold project, indicating an after-tax NPV5 of A$332m at A$3,500/oz gold (IRR 26%) including $225m of pre-production capital, building a 3Mtpa processing plant at Rebecca (RMS)

  • Syrah has declared a force majeure event concerning its Balama operation in Mozambique as a consequence of political unrest in the country (SYR) The events have triggered a default on loans with the US DoE

  • Pilbara Minerals CEO Dale Henderson spent $1.1m buying 500k PLS shares on market (PLS) Average price of $2.23/share 

  • Brazilian Rare Earths announced that Brazil’s mining agency has approved its final exploration report, commencing the formal mining permit process (BRE)

  • Sarama has commenced arbitration against Burkina Faso relating to the expropriation of the Sanutura project, seeking A$180m (SRR)

  • Catalyst Metals has six exploration drill rigs mobilised at Plutonic, initial step-out of Hermes has returned hits including 16m @ 10.6g/t Au (CYL)

  • Patriot shared CV13 drill results, including a hit of 31m @ 3.35% Li2O (PMT)

  • Great Boulder claimed a new discovery at Mulga Bill North, with RC drilling returning results including 29m @ 3.15g/t Au from 91m (GBR)

  • Viridis has produced a sample of mixed rare earth carbonate from its Southern Complex at Colossus (VMM)

  • Encounter shared air-core results from Emily, with multiple holes ending in mineralisation and a hit of 24m @ 2.0% Nb2O5 (ENR)

  • Medallion Metals has received in-fill assays from Kundip including 3m @ 20.8g/t gold and provides an update on pathway to FID (MM8)

  • Westgold and New Murchison Gold have entered an ore purchase agreement for Crown Prince which will be mined from mid-2025 (WGX, NMG)

  • Zenith Minerals has updated its inferred resource at Dulcie Far North to 5.1Mt @ 1.3g/t for 210koz gold near Southern Cross (ZCN)

  • EMR Capital is not a 25.5% shareholder in 29Metals (29M)

  • Lotus Resources CEO Greg Bittar has now been appointed MD (LOT)

High Grade It

  • Inside the ‘unending chaos’ at Andrew Forrest’s Fortescue (AFR)

  • Squadron Energy & BP’s renewables arm Lightsource are among 11 companies to get federal gov’t revenue guarantees for renewable projects (AFR)

  • The Rio board is poised to green-light another big investment in lithium, Argentina’s Rincon, at the urging of Jakob Stausholm (Australian)

  • Anglo American faces sanctions over environmental breaches at its El Soldado copper project (MiningNews)

  • Spending on mineral exploration has slumped to the lowest level in three years as the most represented sector on the ASX goes into cash preservation mode (AFR)

  • Resources sector worries about hung parliament mining tax while PM labels it “fiction” (West)

  • AustralianSuper’s graphite pet Syrah defaults on US government debt (AFR)

  • BHP & Rio are facing class actions alleging widespread and systemic sexual harassment at Australian mine sites, law firm JGA Saddler said (Reuters)

  • The EPA has waved through Agrimin’s Mackay potash project after five years in the approvals process (BN)

  • Newmont's Mexican division said it sees an "openness for dialogue" from the Mexican gov’t, amid the proposed increase in mining royalties (Reuters)

  • 2 former employees at a gold project accused of insider trading over share purchases ahead of positive drill results have pleaded not guilty (West)

  • Australia’s LNG industry is on edge that the federal gov’t may use emergency powers to limit exports (Australian)

  • As part of a multi-year agreement, Cyclic Materials will sell copper scrap to Glencore, which will process and refine the metal (Reuters)

Wheelin’ n Dealin’

  • SSR Mining shared further detail on its purchase of Cripple Creek & Victor gold mine for up to US$275m earlier this week (SSR)

Rattlin’ the Tin

  • Minbos is in a trading halt pending a capital raise (MNB)

  • Eagle Mountain Mining is in a trading halt, undergoing a capital raising (EM2)

  • Comet Ridge has raised $12 million to advance their Mahalo JV (COI)

Word on the Decline

  • Is anyone really going to unveil a giant deal this late in the year? Maybe we should just retire this column for the last week…

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In the Weeds

  • Rio Tinto emerges as unabashed lithium bull (MiningNews)

  • Fortescue executive chairman Andrew Forrest in his own words (AFR) An interview following the AFR’s investigative deep dive

  • Mercurial Forrest is approaching a vital moment at FMG (AFR’s Chanticleer)

  • Some mining memorabilia in BHP’s 100-year anniversary doc

  • Scott Bessent - Macro Maven: Capital Allocators Pod (Apple, Spotify) One for the investing inclined, with Treasury Secretary in waiting

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We then cover two stories, both involving commodity trader Trafigura, with Boab Metals signing a prepayment and offtake deal and Develop finalising their facility.

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