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Lynas Dips as Cash Tightens
Service business NRW remains on hold over Gupta debts, Allied Gold sell down Mali stake
The Pre-Start
Lynas’ first-half EBITDA came in at $38m, missing consensus expectations by 44%. Cash now sits at $308m (down $378m yoy) (LYC)
Ora Banda’s half-year saw it earn $91m in operational cash flow & $84m in EBITDA, with cash closing at $58m (OBM)
NRW provided an update on its mining services agreement with OneSteel (administrators appointed 19 Feb), advising ~$113m is owed (NWH)
Emerald’s half-year accounts saw it earn $130m in EBITDA (up 37% yoy) while it’s cash pile increased $73m over the half to $217m (EMR)
Paladin sold 1.1Mlb U3O8 over 1H generating US$30m in operating cashflow. It holds US$166m in cash & investments, with repayments on its drawn US$100m commencing this quarter (PDN) Down 6%
29Metals reported full-year EBITDA of $58m ($101m from Golden Grove). It closed with net drawn debt of $10m (with $262m of drawn debt) (29M)
Aurelia reported first-half underlying EBITDA of $50m, with closing cash of $97m. Guidance remains unchanged while Great Cobar FID is targeted for this half (AMI)
Sovereign Metals reported that medium to coarse Kasiya graphite concentrate has met specifications, allowing them to market & look at offtakes (SVM)
Brazilian Critical Minerals released a scoping study on Ema, with a US$55m capex and NPV8 of US$498m and 55% IRR (BCM)
A few on-market purchases from these board members:
High Grade It
Rio Tinto looks to water down London’s influence (MNN)
Woodside warns Australian gas plans at risk by delays to North West Shelf approvals (Australian)
The biggest outage in 15 years left millions of Chileans without electricity, shutting off power to major copper mines and sparking evacuations of businesses and panic buying (Bloomberg)
If WA Labor is re-elected, incumbent premier Roger Cook has promised royalty relief for vanadium products (MNN)
Kyiv has agreed terms with Washington on a minerals deal that Ukrainian officials hope will improve relations with the Trump administration (FT)
Iron ore futures prices faltered, weighed down by a recovery in iron ore shipments, with increasing levies and legislations on Chinese steel exports putting further pressure on sentiment (Reuters)
Lynas Rare Earths first-half profit slumped 85% from the year before following a decline in output prices (Bloomberg)
ASIC said it was ‘aware’ of an ‘unusual’ share price spike in the lead up to Fenix Resources’ $71m deal for Creasy’s CZR (West)
MinRes has again been forced to defend its disclosure standards after being hit with a long list of questions from the ASX (Australian)
Metals including aluminum and copper declined as moves by Trump to restrict Chinese investments undermined market sentiment (Bloomberg)
Gold prices declined on Tuesday, as investors booked profits after bullion hit a record high of US$2,956/oz (Reuters)
BHP will kick off a massive US$10.8b investment program in Chile with the overhaul of an aging copper plant as it battles grade declines (Bloomberg)
The DRC’s president is cautioning Western countries to avoid buying smuggled minerals from Rwanda (NM)
First Quantum is pressing to export copper concentrate from its shut mine in Panama, requiring gov’t approval to move the 120kt (Reuters)
De Beers and Botswana’s gov’t will jointly fund a marketing campaign to resuscitate demand for natural diamonds (Bloomberg)
Rock Solid Data, by Mineral Metrics
Tier 1 assets sell for a premium! Are charts or data eating up your time? Mineral Metrics has you sorted.
Wheelin’ n Dealin’
Billionaire Mark Creasy strikes third big Pilbara iron ore deal this month (AFR), while FIRB failed to meet its own deadlines in a year-long delay assessing previous Chinese deal (Australian)
The AFR has reported NGEx is eyeing up potential corporate action, with investors lined up for an Aussie roadshow in early April (AFR)
Matsa recommended to shareholders that they reject the unsolicited on-market takeover offer by Patronus in the recently released target’s statement (MAT)
The target statement also revealed Matsa entered into a tenement option agreement with AngloGold to acquire the majority of the Lake Carey gold project (excl. certain assets)
Wall St banks are racing for a slice in the action of battery maker CATL’s proposed US$5b Hong Kong exchange listing (Bloomberg)
Canada’s Allied Gold has started a process to apply for a listing on the New York Stock Exchange, joining an industrywide migration (Bloomberg). It also did a deal with UAE group Ambrosia, selling down Sadiola which will net it US$375m, while the group will also take a 12% stake in the miner for a further US$110m (AAUC.TSE)
Rattlin’ the Tin
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In the Weeds
Sanjeev Gupta’s largest creditor leads an Insta-rich life (AFR’s Rear Window)
Strictly Boardroom: Nostradamus on lithium price forecasting (MNN)
Fenix’s bid for CZR says a lot about investor confidence in the future of the Pilbara’s iron ore industry (BN)
Gold deal of the decade (Livewire)
Massive Simandou mine can end Australia's golden iron ore age, or start new one (Reuters op-ed)
Today’s Top Tweet
Devil’s in the Detail
For the 5 people that were as hooked as I (Trav) was to The Battle for Sierra Rutile (aka The Fumble in the Jungle) then hook into these two articles, sequentially. Honestly, someone could write a Netflix series at this point on the saga:
Kobi Walker, Leonoil & Sierra Rutile Refute Kamarainba’s Defamatory Allegations (The Calabash)
President Bio keeps cocaine lord in the family (Africa Confidential)
Catch up on our latest episode
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