• BHP reached a preliminary wage agreement with union leaders in Chile, signalling the company will avert a costly strike at Spence (Bloomberg)

• Kamoa-Kakula is now the world’s third-largest copper mining complex (Mining.com)

• Origin Energy will return a minimum of 50% of its free cash flow to investors, an increase on its previous policy (The Australian)

• Chinese miner MMG Ltd will invest US $700m to double production at Botswana’s Khoemacau copper mine (Mining.com)

• Vale & BHP presented a new offer to settle reparations for the Mariana disaster of US$26.1b (Mining.com)

• Mining and Energy Union launches same job, same pay fight for 1700 labour-hire workers at BHP coal mines (The West)

• More pain is tipped for iron ore as traders turn increasingly pessimistic about a revival in China’s property market despite Beijing's efforts (AFR)

• WA’s Environment Minister will make a commitment to miners that legislation simplifying approvals will be tabled this year (The West)

• Manganese, an essential steel-making ingredient, has outstripped copper, gold and many other commodities this year (Bloomberg)

• Element Fuel will spend between US$3 - $4b building Houston’s largest new refinery in 50 years to produce 160k barrels per day (Chron)

• Commodity trading house Gerald Group said it paid almost US$49m for tin that turned out to be faked (Bloomberg)

• US imposes sanctions on Guyanese mining magnate over alleged fraud (Mining.com)

• Zambia will set up a new entity for investment and trading in minerals as it seeks to earn more from its natural resources (Mining.com)

• Indonesian gold developer Sihayo continued to tell its shareholders to “take no action” as their potential acquirer Provident lodged and dispatched their bidders statement yesterday (SIH)

• The Australian reported that Carnarvon has reached an impasse over its sale process, with its future in the hands of Santos

• Galena Mining, which has voluntary administrators KordaMentha already appointed, revealed Sternship is on board to pursue sale and recapitalisation options… (G1A)

• Winsome Resources raising A$20.2m comprising a charity flow-through placement of ~C$12m and an institutional placement of A$7m

• Is something going on with the private mining investment group, AMCI? We have noticed the group, which is headed by Hans Mende and Fritz Kundrun, has been involved in two substantial block trades at juicy discounts in the last month:

  1. Last month, they sold $47.4 million of Jupiter Mines at an 8.5% discount to last close

  2. Yesterday afternoon it was disclosed they sold $22.7 million of Red Hill Minerals at $5.60 per share. On our math, that’s 18% lower than the stock’s closing price of $6.80 yesterday.

  

• The latter is the sort of discount that seems unusual in capital markets… unless you had to sell?

• Chinese solar panel manufacturers said they’re seeking immediate government intervention to curb investment & industry collaboration to arrest a plunge in prices of solar cells and modules (Reuters)

• “Experts weigh in on the cheap and easy ways to stay warm this winter” (ABC)

• The BRICS group economies emitted a record 1.98b metric tons of CO₂ from power generation during the first quarter of 2024 (Reuters)

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