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- No Hiding as Lithium Rout Rolls On
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)
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
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)
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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