• Iron ore futures have dropped after China stopped short of unveiling fresh fiscal stimulus to shore up its economy (West)

• China is locking in steps to shape the pricing of industrial metals, with moves to attract foreign firms to trade on Shanghai's futures exchange (Reuters)

• Rio & its Rhodes Ridge JV partner informed regulators they won’t push ahead with a long-awaited proposal to mine Giles Mini due to its impact on potential roosting sites for the vulnerable Ghost Bat (Australian)

• Iron ore miners gained as analysts mull China stimulus impacts (CB)

• Commodities prices steadied after China promised greater support for its stuttering economy (Bloomberg)

• Canada's aluminium & steel tariff surcharge on China is set to be effective from Oct 22, moving it “in lock-step with international partners” (SMM)

• South32 shares climbed on rising spot alumina price (CB)

• Copper production out of Chile climbed in August - but not enough due to Escondida strike action (MiningNews)

• A $5b desalination plant mooted for a remote patch of the Pilbara coastline has caught the eye of BP (BN)

• A squeeze in the LME aluminium market is drawing to a close, bringing relief to sellers (Bloomberg)

• Google said it signed the world's first corporate agreement to buy power from multiple small modular reactors (Reuters)

• Siren Gold received an NBIO from Aussie Super backed Federation Mining to backdoor list in a merger that would see Siren shareholders retain 10% of the pro format (SNG) Siren’s board rejected the proposal stating it was not superior to the existing deal with RUA Gold

• The Takveovers Panel declined to make a ‘declaration of unacceptable circumstances’ regarding ERA’s cap raise, leading the company to proceed (ERA)

• Macro Metals has completed its acquisition of an 80% interest in Firebird’s DSO manganese assets in the Pilbara (M4M)

• Both Mako Gold and Aurum Resources are in trading halts for a change of control announcement (MKG, AUE) assume a tie-up between the two will emerge

• The scheme booklet for the Alto and Brightstar tie up has been registered with ASIC, scheme meeting to be held on 19 Nov (AME) BDO unsurprisingly calling it “not fair but reasonable” like 80% of the reports we read out of them this year…

• Cygnus is completing an all-scrip “merger of equals” with TSX-listed Doré Copper Mining, where Doré shareholders will receive 1.83 CY5 shares for each DCMC share. CY5 shareholders will own 55% of the combined entity. Additionally, it’ll raise $11m (CY5)

• B2Gold is investing C$12.1m to take a 5% stake in Surinam gold explorer Founders Metals (MiningNews)

• Astron is in a trading halt, raising up to $13m (ATR)

• Mayur Resources entered into definitive transaction doc’s with investors over its US$10m con notes & subject to meeting conditions, the investors will provide US$40m in equity funding (MRL)

• Vision Blue-backed NextSource Materials has raised C$14.7 million including $8.2 million from the Mick Davis fund (NEXT.TO)

• Osisko Development has raised US$34.5 million to advance its Cariboo gold project and to partially repay its existing credit facility (ODV.TO)

• Australian Strategic Materials have been awarded a $5m government grant (ASM)

• Okay so circling back on an open question we put out in this newsletter over a week ago regarding the gold bullion on account at the Perth Mint for Rand Mining and Tribune… We think the correct number is ~120koz between the two, split 25% RND, 75% TBR

• That’s literally half a billion Australian dollars worth of gold bullion - a number that the companies make damn tricky to figure out

• And assuming our bullion estimate is ballpark correct, these companies currently trade with a negative EV…

• Combine that with the retained economic interest in a producing gold mine shared with Evolution - surely they have wanted to do a deal for a while?

• Why mining lies at the heart of Australia’s productivity problem (AFR op-ed)

• Dryblower: Rio Tinto plucks the Arcadium hothouse flower (MiningNews)

• Resources funds are making a comeback after a ‘long two years’ (AFR)

• Remember the 2021 spec stock Andromeda? Yes, the hallyosite kaolin one… Well a disgruntled shareholder is trying to get onto the Board (LinkedIn)

• Investors had different reactions to the latest stimulus pronouncements by Beijing… It's likely both groups are somewhat missing the point (Reuters op-ed)

• China's Economic Collapse Is Worse Than Anyone Knows (China Uncensored YouTube)

• Central Bankers Make Rare Comments in Favor of Bigger Gold Stash (Bloomberg)

• Australian Nickel Conference developer’s panel (YouTube)

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