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- Liontown Makes First Shipment, China Sends Commodities Higher
Liontown Makes First Shipment, China Sends Commodities Higher
Emerald cutback alleviates wall slip, Predictive share big round of drill results
The Pre-Start
Liontown announced its inaugural shipment of spodumene, totalling 11.8kwmt @ 5.2%, left port. Its first uncontracted spod sold for US$802/t SC6 with Q4 shipment. Operations are performing as expected (LTR)
Emerald advised that access to the Okvau pit has been restored from a wall slip, with the cutback of the affected area finished (EMR)
Predictive Discovery shared drilling results for 458 holes (28km) at the Argo & Bokoro areas of Bankan (PDI)
Westgold has filed updated NI 43-101 technical reports for its Meekatharra gold operations (WGX)
Kingston announced a 6-year mine life at Mineral Hill, with an initial underground resource of 0.7Mt @ 0.8% Cu & 1.4g/t Au with further credits (KSN)
Black Cat reported that Paulsens refurbishment is on track for December completion, with low-grade stockpile commissioning beginning then (BC8)
Deep Yellow has appointed Jim Morgan as head of project delivery to help deliver Tumas (DYL)
High Grade It
Jim Chalmers said Chinese stimulus will be very very good for Australian exporters, while he ruled out tariffs on Chinese EVs (AFR)
Creditors swung behind the proposal by Mr Creasy’s West Coast Lending to pull Calidus’s six business units out of administration (West)
The Albanese government approved two small gas projects off the coast of Victoria, as the ACCC warned that a domestic supply buffer has shrunk (AFR)
The mining industry struggles with valuation gap amid shift to copper (Mining.com)
Mali's military-led authorities have arrested four employees of Canadian miner Barrick Gold, for alleged financial crimes (Reuters)
China stimulus should stabilise iron ore price, says resources minister (AFR)
WA Environmental Protection Authority assessment blowouts drag on approval timelines for new mines, though times improved on last year (West)
Iron ore’s ‘fundamentals’ still point to lower price: Goldman (AFR)
Oil edged lower after the killing of Hezbollah’s leader, Hassan Nasrallah, with traders waiting to see how Iran would respond (Bloomberg)
The annual report reveals the hefty price Liontown paid to swap out its debt funding, forking out $21.3m (West)
UniSuper faces uprising from scientists over its support of gas (AFR)
Kamala Harris has called for a US critical minerals reserve as well tax credits to insulate American industry (Mining.com)
MinRes’ shorts squeezed as iron ore bounces back to $US100/t and China ramps up lithium cuts (West)
Advisors to Resources Minister Madeleine King told her it was “doubtful” ERA would pursue legal action if she decided to cancel its mining permit (AFR)
The Fed’s preferred measure of underlying US inflation & household spending rose modestly in August, underscoring a cooling economy (Bloomberg)
Tanzania orders gold dealers to reserve 20% for purchase by Central Bank (Reuters)
Nvidia said nuclear power is a good option for the renewable energy needed for data centres, but it won’t be the only source (Bloomberg)
India's iron ore production rose by 7.4% through the middle third of this year, the government said, despite lower prices (Reuters)
The gold rally is sending a warning that is strongly related to the US national debt (Barron’s)
Wheelin’ n Dealin’
The Board of Calidus has withdrawn its support for the Director’s DOCA proposal, leaving no alternative to the West Coast DOCA proposal (Creasey group) (CAI)
Ora Banda have agreed to extend the repayment date of their unsecured loan with Hawkes Point (OBM)
Alchemy signed a lithium farm-in with the Japanese government agency JOGMEC, which can earn 51% of Roe Hills by spending $6m (ALY)
Rattlin’ the Tin
Word on the Decline
We gave a bit of air time on the podcast last week discussing our theories on why Delta Lithium would be looking to offload its gold project. There was one glaringly obvious theory we didn’t think of at the time which makes more sense…
Could there be a roll-up with Aurenne Group plus IPO of the combined assets in mind?
If so, there’d be two private gold producers in the ASX IPO pipeline. Aurenne + Ravenswood
Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.
In the Weeds
The Gamma Squeeze is On for Coal Stocks (Coal Trader)
What the market is getting wrong about nickel (Mining Journal)
Dutton’s nuclear policy put to the test (AFR)
Europe Can’t Seem to Kick Its Russian Energy Habit (Bloomberg)
Nuclear once may have made economic sense for Australia. Now it doesn’t (Australian op-ed)
"I Love it when a Plan comes Together" (Le Shrub)
Costco’s Gold Bars Are Flying Off the Shelves. Demand Is Pushing the Metal to Record Prices. (Barrons)
Xi’s Big Stimulus Week Aims to Draw a Line Under Slowdown (Bloomberg)
The ‘everything bubble’ is back. Here are five dangers to watch (AFR’s Chanticleer)
Today’s Top Tweet
Taking a week off in HK and Shenzhen so no serious #lithium posts this week. But just LOOK at the proportion of green EV carplates here in SZ. Also, the SHEER mass of EV scooters everyone is riding on! This is the future, folks, and China is living it.
— Energy Transition Investor (@usuallyYJLee)
11:41 AM • Sep 28, 2024
Devil’s in the Detail
We couldn’t help but notice a bit of a discrepancy between the purported Use of Proceeds from Magnetic Resources in their announcement today as they come back to trade versus the term sheet sent out to conduct the capital raising.

Sometimes it’s the omissions that say more than the words included. Can investors expect a maiden Reserve after this $10 million raise? Or will Magnetic continue to astound the market how it has a PFS but zero Reserves once these funds are spent?
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