No Hiding as Lithium Rout Rolls On

Energy majors eye Woodside, cashed-up Mt Gibson launch buyback

The Pre-Start

  • Iluka’s half-year results revealed $606m in revenue at a 42% EBITDA margin, with NPAT of $134m. Net cash fell $66m to $305m (ILU)

  • Zimplats full-year results saw profit down 96% as it endures a tough PGM market, while still paying US93c in dividends (ZIM)

  • Mt Gibson’s cash/investments lifted by $162m to $442m while it launched an on-market buyback of up to 5% of its stock (MGX) Not bad for a $395m market cap (short mine life & complex registry aside)

  • Metals X’s numbers showed 1.05m shares have been repurchased between 34.5c-37c, with $182m of cash on the balance sheet (MLX)

  • Perseus updated its resources/reserves, with a total of 64.9Mt at 1.39g/t for 2.9Moz in proven & probable reserves (PRU)

  • Meteoric signed an MoU with Ucore Rare Metals for offtake of 3kt of Caldeira MREC for USA oxide production (MEI)

  • Westgold shared results from the Fletcher Zone at Beta Hunt from its stage 3 resource definition program, with assays from 8 holes (WGX)

  • Imdex reported $445m in revenue & $112m in EBITDA while declaring a 1.3c dividend, closing with net debt of $35m (IMD)

  • Santos reported free cash flow of US$1.1b and a US13c dividend for the half year. Guidance remains unchanged (STO)

  • APAC increased their stake in iron ore producer Fenix to 10.8% (FEX)

  • FTI commenced a sale process for Aeon Metals after no resolutions were passed at the first creditors meeting (AML)

  • Silver Mines reiterated its commitment to Bowdens, working toward submitting a new development application (SVL)

  • Meeka Metals announced a drill-for-equity deal with Topdrill, with a 7.5km RC program and a final RC grade control program of 15km (MEK)

  • Xanadu increased the Kharmagtai resource to 3.8Mt Cu & 9.3Moz Au of contained metal (XAM)

  • Aussie Super is now a substantial shareholder in AlphaHPA at 5.02% (A4N)

High Grade It

  • Yancoal withholds dividends to hoard cash for M&A spree (AFR)

  • Opposition Indigenous Minister Jacinta Price sounded the alarm on the Environmental Defenders Office in light of the Regis gold mine rejection (West), while the Liberals push to overturn Plibersek’s ruling

  • Yancoal’s 20% crash is about more than a missing dividend (AFR’s Chanticleer)

  • Positive FY24 results for contractor trio Monadelphous, Macmahon and Mader Group (BN)

  • Global Lithium shareholder Sincerity vowed to “keep up its fight” to replace directors Lilleyman & Lawrance with experienced miner Barry Mitchell (AFR)

  • A coal-rich Indian state passed a bill imposing mining taxes, in a move set to inflate the prices of minerals (Bloomberg)

  • ERA has fully impaired its holding in the Jabiluka uranium mine and warned it will run out of cash by Christmas (AFR, West)

  • Chinese consumers continued to pull back gold purchases last month, as record prices & an economic slowdown curbed demand (Bloomberg)

  • Brent likely to take a hit from soft demand in China, says Goldman (Reuters)

  • Vedanta’s Hindustan Zinc will pay about US$958m as a mid-year dividend for the financial year that started on April 1 (Bloomberg)

  • Gold prices extended their record run on Tuesday, holding firm above the key US$2,500 level (Reuters)

  • Fortescue says spying on rival’s families was a standard court requirement and not in bad faith (The Australian)

  • BHP is reportedly in discussions with the Indonesian government regarding the nickel industry, considering a potential investment (West)

  • Chinese tin imports continued to rise, with imports from the DRC & Australia reaching historical highs (SMM)

Auralia mining consulting

Wheelin’ n Dealin’

  • Unico Silver entered into a binding letter of intent with Pan American Silver to acquire 100% of the Joaquin and Cerro Puntudo projects in Argentina as part of a broader consolidation strategy in the region (USL)

  • Alkane became a major shareholder in WA gold junior Medallion Metals post its IGO deal and capital raising (MM8)

  • Jervois agreed a further extension of waiver & interest deferral on its ICO bonds (JRV)

  • AMIS are now 65.5% shareholders in Dynamic Group (DDB)

  • Sierra Rutile’s board reaffirmed its recommendation that shareholders accept the Leonoil offer (SRX)

  • Energy giants eyeing Woodside, as energy consolidation may be evolving (The Australian)

Rattlin’ the Tin

  • SRG completed a $60m equity raise (SRG)

  • Toubani are raising $10m to advance the Kobada gold project (TBR)

  • Andromeda launched a placement & entitlement offer to raise up to $6.3m (ADN)

In the Weeds

  • Strictly Boardroom: Lithium is Dead, Long Live Lithium, is the comeback on for Australia’s white gold? (MiningNews)

  • Hindenburg widens its attack on Adani (Economist) One for those intrigued by short-selling

  • China's rare copper export boom signals more than weak demand (Reuters op-ed)

  • July import / export data for Chinese lithium (SMM)

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Today’s Top Tweet

Devil’s in the Detail

Get excited Harry Potter fans, Patronus Resources is moving its HQ to mining’s equivalent of Hogwarts School of Witchcraft & Wizardry, West Perth.

Also, we don’t think we’ve ever seen a chairman’s comment (longer than the announcement itself?!) accompany an office move announcement?

In any event, go West Perth!

Patronus is long West Perth

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Was it Worth it, Yancoal? (55 min)

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