Macmahon to acquire Decmil at 82% premium

Reports indicate Gold Road as last Greenstone bidder, excluding JV-partner Equinox

April 16, 2024

G’day GC #

The Pre-Start

  • Mining service provider Macmahon is acquiring Decmil at an 82% premium (to the 30-day VWAP), implying an EV of $127m for Decmil (MAH). This will expand Macmahon’s civil capabilities.

  • Pantoro accelerated production through the March quarter, producing 19koz at $2,561 AISC. Cash & bullion retreated to $47m, with $65m in debt (PNR)

  • Westgold has increased its Bluebird-South Junction Mineral Resource to 6.4Mt at 3.1g/t for 827koz of contained gold (WGX)

  • Spartan’s drill hole peppering has yielded a new discovery, with a headline drill intersect of 17.5m at 15.8g/t gold. Assays up-dip from the intersection are pending. It’s not the thickness of Never Never (sub-100m strike) but potentially provides another mining front (SPR)

New Pepper discovery at Dalgaranga

New Pepper discovery at Dalgaranga

  • WIA Gold has updated its Kokoseb Mineral Resource Estimate to 66Mt at 1.0g/t for 2.1Moz, using a 0.5g/t cut-off grade (WIA)

  • Group 6 Metals had a record month of production in March at its Dolphin Mine, producing 97 dry tonnes of tungsten concentrate (G6M)

High Grade It

  • Russian aluminium giant Rusal fears as much as 36% of its sales may be at risk as a result of sanctions imposed by the UK & US (Bloomberg)

  • North Carolina approved a mining permit for Piedmont Lithium’s plan to mine its deposit near Charlotte (Reuters)

  • Codelco, the Chilean copper giant, is set to marginally increase copper production this year (Mining.com)

  • Talga upped its capital estimates for the aproposed Vittangi anode project in Sweden (Miningnews.net)

  • Chinese battery maker CATL, supplier to Tesla, VW & Toyota, has seen its first-quarter net income rise 7%, cementing its dominance in a weak overall market (Bloomberg)

CATL’s China & global battery dominance

CATL’s China & global battery dominance

  • Barrick is under increasing pressure from Mali’s ruling military junta, who are said to be tightening their grip on mining (Mining.com)

  • Oceanagold obtained preliminary regulatory IPO approval for its Philippines subsidiary, which holds the Didipio mine (Mining.com)

  • Tesla is laying off over 10% of global workforce amid EV deliveries falling for the first time in 4 years (The Guardian)

Wheelin’ n Dealin’

  • Gold Road is reported to be the only real bidder left for Orion’s stake in Greenstone, except for JV partner Equinox (The Australian)

  • Tigers’ Realm sells Russian coal assets to oligarch mining tycoon (The Australian)

  • Mining equipment rental company National Group is reportedly in the final stages of a $250m debt refinancing. Its next focus is selling a slice of equity in the business (AFR)

  • Solstice Minerals has received its $10m from the sale of Hobbes (SLS)

Rattlin’ the Tin

  • New World Resources has raised $20m for drilling and development work at its Antler copper project (NWC)

  • Fellow US copper hopeful Eagle Mountain Mining raise a further $1.1m via the residual shortfall placement from the recent entitlement offer (EM2)

  • South American-focused Challenger Gold is in a trading halt pending a capital raise (CEL)

In the Weeds

  • Opportunity from supply disruption in global manganese markets (Emanuel Datt)

Today’s Top Tweet

Does the Twitter strategy from Tivan’s Executive Chair, Grant Wilson, seem eerily familiar? Take for example his latest tweet last night.

Four of Grant’s last five tweets included a rocket emoji 🚀. The last time we saw that same statistic from a mining MD, it came from none other than Tony Swiericzuk.

In Tony’s case, the above tweet came only seven weeks before SO4 stopped trading on ASX and never returned. Shareholders ended up with zilch. We want to see MDs engaging with shareholders in innovative ways. But can we please eliminate all pumpamental emojis from tweets? Thanks.

Devil’s in the Detail

What on earth is going on with this comment from PNX Metals on their own post on Linkedin?

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.

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