• Liontown boss Tony Ottaviano said “something has to change” in the way critical minerals projects are financed going forward, warning that new mines are too expensive to be built with cash only (The West)

• BHP’s COO Edgar Basto shared an op-ed in The Australian, describing how South Australia can become a mining powerhouse, playing host to nationally strategic infrastructure. We can’t help but read this as a veiled reminder to the government!

• Australian funds are fuming with NexGen’s $250 million convertible note issue (AFR)

• Karoon tried to ease concerns about poor capital management, announcing it was “not even close” to buying another asset before admitting a purchase could come by year’s end… (The Australian)

• Santos is open to M&A deals, with more global oil & gas deals expected by chief Kevin Gallagher (The Australian)

• Alliance Nickel’s NiWest project has been awarded ‘major project status’ by the federal government (The West) It’s laterite adjacent to Glencore’s Murrin Murrin if you also hadn’t heard of this one… Who hands these things out!?

• Orica’s boss warned soaring gas prices are a threat to industry and could further hinder Australian manufacturing (The Australian)

• Japanese steelmakers raised concerns with Australian authorities that BHP could become too dominant in the global supply of coking coal if it gets Anglo (Reuters)

• SA Premier Peter Malinauskas said the state’s multi-billion water program is a major investment in its future to ensure it benefits from the boom in critical minerals (The Australian)

• Billionaire Kumar Birla’s Hindalco is considering seeking about $1.2b in a planned IPO of US aluminium product maker Novelis (Bloomberg)

• India is reportedly considering launching incentives to bring in lithium processing capacity (Reuters)

• Evy Hambro, the manager of the world’s biggest mining fund, BlackRock’s, says it’s cheaper to buy mines rather than build now - encouraging major sector M&A (AFR)

• Anglo American’s key shareholders in South Africa who hold 15% have said they are open to an improved bid from BHP (FT)

• BHP teams up with Ivanhoe Electric to hunt for US copper assets in proposed 50:50 joint ventures (Mining.com)

• Mineral Resources has terminated its agreement to acquire Poseidon Nickel’s Lake Johnston processing facility (POS)

• The board of Metallica Minerals has reiterated its recommendation that shareholders reject the takeover offer from Diatreme Resources (MLM)

• S2 Resources C$7m sale of their Finland assets is on track, subject to the acquirer Outback Goldfields executing a C$5m raise (S2R)

• Gold producer Pantoro is unfortunately raising money again. A monster $88 million at 8cps. They are currently in a trading halt (PNR)

  • Just three days ago Pantoro announced that one of its directors had sold their entire shareholding on market…

• Manuka Resources completed an $8m raising for Mt Boppy (MKR)

• Comet Ridge has received a $5m grant from the QLD government for Mahalo East pilot (COI)

• Equinox Resources are in trading halt to raise capital (EQN)

• With a combined total of $473m remaining to be spent on Pilbara Minerals P680 and P1000 expansions, and $1.8b still in the kitty, we can’t help but wonder what sort of market reaction we’d see if the company were to announce a stock buyback. Is that what Dale Henderson meant by ‘I’d be shaking in my boots if I were short Pilbara”?

• Big Oil has boomed through the Biden presidency, yet big US energy producers are backing a Trump return. How come? (FT)

• The power industry is quickly becoming one big AI play. The vast power needs make the two deeply intertwined (Bloomberg)

• Anglo’s journey from industrial behemoth to takeover target reflects South Africa’s decline as a mining powerhouse. The country now ponders what’s next (FT)

• An anonymous frog has connected NexGen’s VP of Environment, Permitting & Licensing to Canada’s largest mining environmental disaster. The thread is worth reading in its entireity (Twitter)

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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.