• The US Senate passed a Russian uranium import ban, sending the bill to Biden (Bloomberg)

• There was a very interesting update from Poseidon Nickel regarding the sale of Lake Johnston to Mineral Resources (Business News). Check the “Devil’s in the Detail” below.

• Mining analysts have chimed in on the likelihood of a Anglo takeover, stating a £29/share BHP offer would get the deal over the line (The Australian)

• Activist funds Samuel Terry and Sandon Capital have teamed up to push for an overhaul of the board at Karoon Energy (AFR)

• There’s potential that deal complexity and South African hassles may still be a better investment against the risk and expense of attempting to build new mines for BHP (FT)

• Jian Weiiping, the founder of Chinese lithium producer Tianqi, resigned as chairman after the battery-material producer reported its biggest-ever quarterly loss of US$538m (Bloomberg)

• IGO said the criticism of its relationship with Tianqi was unfair following the Chinese company order a large shipment at “favourable” pricing (AFR)

• Azure Minerals’ $1.7b buyout received the green light from FIRB following a few nervous weeks (The West)

• Glencore expects another bumper year of trading profits. It’s on track to hit the top end of guidance on the back of buoyant commodities prices (Bloomberg)

• Tietto Minerals begrudgingly rolled over into Zhaojin Mining’s $768m takeover bid (The West)

• Several of Glencore’s largest shareholders believe the company should retain its coal assets, adding to a recent activism campaign (Bloomberg)

• Australia’s biggest coal power station may stay open for four more years, with the NSW government working on the safety net solution to head off the threat of blackouts (The Australian)

• China overtook Japan in April as Australia’s top coal shipment destination, for the first month in more than four years (Reuters)

• Gold dropped as markets see hawkish Fedspeack at the US Rate Meeting, still up 4% over April (Bloomberg)

• The International Copper Study Group (ICSG) has cut its forecast supply surplus for this year due to much lower-than-expected mine production (Reuters)

• Copper smelters are weary of a BHP-Anglo tie-up and the market power it would provide (Mining.com)

• Lithium Energy announced the sale of its 90% interest in the Solaroz Lithium project to Chinese company CNGR for A$97m. The Argentinian asset will require numerous regulatory approvals before a Q4 completion (LEL)

• Zhaojin’s ownership in Tietto has increased to more than 50%, leading to an automatic 2-week offer period extension (TIE)

• Mosaic is selling its Saudi JV stake in $1.5 billion deal to Ma’aden (Mining.com)

• NexGen Energy, the dual-listed uranium developer, has upsized a raising to A$250 million according to Street Talk (NXG, AFR) we’re keen to see if the “use of funds” is simply two years of corporate costs…

• Turaco Gold completed a $18m raising to continue advancing its Afema gold project in Cote d’Ivoire (TCG)

• Hot Chili is in a trading halt as it executes a capital raising (HCH)

• Silica Sand hopeful, VRX, is in a trading halt pending an update to its rights issue (VRX)

• One of the late quarterly offenders yesterday aftermarket was True North Copper (again). Between the quarterly and the company’s response to ASX’s staggering 43 questions two weeks ago, there’s plenty of eyebrow-raising happening on our side

• Is True North’s largest shareholder, Tembo Capital sniffing around Rocklands with a view of consolidating Cudeco’s old project into the company? An adage about throwing good money after bad comes to mind here…

• Xi Jinping is on a mission to drive a wedge between Europe and the US, as the EU has grown tougher on China and closer to the US recently, Bloomberg reports

• Hyundai is planning for hybrid cars in India in a strategy shift, as the company sees a surge in sales of the technology in India (Reuters)

• “How BHP’s ‘Meticulous Mike’ planned his Anglo American approach” (FT). The title alone makes us wonder who wrote this. The FT or the BHP’s media team?

• China’s EV and solar exports are powering ahead as prices slide, spurring complaints worldwide about overcapacity (Bloomberg)

Were you forwarded this email from someone else?

Disclaimer

All information in this newsletter is for education and entertainment purposes only and is of general nature only. The hosts of Money of Mine are not financial professionals. Money of Mine are not aware of your personal financial circumstances. Before making any investment decision, you should consult a licensed financial, legal or tax professional, along with considering any relevant Product Disclosure Statement. Money of Mine does not operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given. Money of Mine strives to ensure the accuracy and currency of the information contained in this newsletter but we do not make any representation or warranty that it is accurate, reliable or up to date. Any views expressed by the hosts of Money of Mine are their opinion only and may contain forward looking statements that may not eventuate. Money of Mine will not accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of information in this newsletter.