• Mineral Resources will reportedly shed 100 white-collar jobs from its Perth headquarters due to the Yilgarn hub shutdown (BN)

• Liontown Resources boss Tony Ottaviano has put his hand up for government assistance, pleading for royalty relief (AFR)

• Woodside had almost $2.6b wiped off its market value after it was dealt a harsh investor reception to its surprise $3.7b ammonia purchase (AFR)

• Newmont are in Federal Court to dispute a $133m tax claim dating back to 2011 restructure (The Australian)

• Pilbara hasn’t ruled out diversifying into other commodities, but Dale Henderson said he doesn’t see it stepping outside lithium soon (BN)

• Gold steadied after being pulled into Monday’s global rout (Bloomberg)

• ‘Too big to fail’ lithium to remain crucial amid market uncertainties, says IGO’s Vella (MW)

• The faltering nickel sector should jolt the iron ore industry out of its complacency, according to FMG boss Dino Otranto (AFR)

• Industrial metals found firmer footing on Tuesday, the day after commodities were swept up in a tumultuous global selloff (Bloomberg)

• The WA state government will take tighter control of the Perth Mint, bringing its operator Gold Corporation further in-house (BN)

• China’s flood of steel exports could ease in coming months, as trade partners seek to protect their domestic industries (Bloomberg)

• Glencore’s corruption probe drew to a close with a US$152m swiss fine (Bloomberg)

• Liontown boss Tony Ottaviano hit out at short sellers targeting his stock (The Australian)

  

  Not the first time this has been said by a producer in ramp up before…

• Mayur Resources updated on ACAM’s proposed US$50m investment, with an additional 8-week DD period provided (MRL)

• Australian Meat Industry Super are up to a 34% stake in Dynamic D&B as part of their on-market takeover (DDB)

• Yancoal hires RBC in its quest to buy Anglo American’s Queensland met coal mines, expected to sell for up to US$5b (DataRoom)

• OAR Resources signed an MoU with Indústrias Nucleares do Brasil to work on developing of OAR’s rare earth and uranium projects (OAR)

• Between the gossip we’ve been hearing at the pubs in Diggers and today’s article in DataRoom, the Gold Road M&A speculation continues to run rife

  • Bridget Carter reckons any discussions that may have been taking place between Gold Road and Regis are understood to have ended, but there are suggestions that Emerald and Capricorn have both run the ruler over Gold Road as well

  • Gold Fields has made it clear it isn’t a seller of its Gruyere operational rights and is committed to the Aussie market

  • A Money Miner reminded us of the details of the standstill arrangement Gold Road agreed with Goldfields back in 2017 when it increased its HeadCo holding to 10%

  • Our read of the terms is Goldfields can’t bid for Gold Road until:

    a) It’s 2 years after they cease to be part of the Gruyere JV (unlikely)

    b) Someone other than Goldfields bids for Gold Road, they could interlope (likely)

    c) When the Gold Road board announces an approved deal, they could interlope (also likely)

  • This makes structuring any prospective deal with Gold Road quite interesting. Could we see Gold Road act as the “acquirer” with no fiduciary out in an attempt to avoid a deal being frustrated by Goldfields?

  • And who would run this prospective MergeCo? Given Gold Road essentially operates as an expensive royalty company, it makes sense to have an actual operator at the helm…

• And on that note, the Money of Mine team are heading home after a long week at Diggers. That’s enough yarns, beers and 2am kebabs for now, until next time!

• Altech launched a $8.5m entitlement offer (partially underwritten), as well as a small $0.4m placement (ATC)

• Not sure if you caught the comments from Lynas boss, Amanda Lacaze in the press yesterday:

• Those comments came after Kim Beazley called for national stockpiling of rare earths…

• Word on the Decline is that when Peter Dutton left the Diggers & Dealers conference, he went to a meeting with the Shire council to talk turkey on nuclear rollout in Kalgoorlie…

• While on the topic of Lynas, we noticed gas coming out from the top of the WGT Stack at their Kalgoorlie facility when driving past yesterday afternoon.

• But when we drove into town just two days earlier, we are sure there was just as much gas coming out of the top of the plant as can be seen coming from the World’s Tallest Bin!

• We wonder if Lacaze would point to power blackouts as the reason for the disparity. Or maybe it has more to do with the fact that Lynas’ site visit was Monday?

Were you forwarded this email from someone else?

All information in this newsletter is for education and entertainment purposes only and is of general nature only. The Money of Mine team 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.