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Pressure Mounts on Iron Ore Players after Steel Cuts
WA parliment shares gas inquiry results while Rio agree deal with QLD
The Pre-Start
It appears RCF was on the seller end of the Genesis block trade during the week, ceasing to be a substantial holder (GMD)
Black Cat’s $30m subscription agreement with Sundy Service Group won’t proceed following a general meeting (BC8)
Mike Spreadborough (Chair) and Henk Ludik (NED) have each resigned from the Evolution Energy board effective yesterday, to “focus on other commitments” (EV1)
First Sentier upped their stake in Base Resources, now holding 8.5% (BSE)
Auric Mining is on schedule to process 300kt at Greenfields in 2024 and is set to receive $3m within a month (AWJ)
Silver Mines is in a trading halt pending an announcement concerning judicial appeal proceedings (SVL)
Alex Eastwood joins Patriot Battery Metals as Executive Vice President - Commercial (PMT)
Perseus named Amanda Weir as its new COO from next week (PRU)
High Grade It
Albermale quashes Greenbushes sale rumours, company “not interested” in selling its stake in the mine (MiningNews)
Rio Boyne aluminium smelter would stay open until at least 2040 under a preliminary deal with the QLD government, which could require taxpayers to spend hundreds of millions (AFR)
Iron ore hit the lowest level since 2022 on concern that global supply is running ahead of demand (Bloomberg)
The Iron ore crash threatens Chalmers’ budget surplus hopes, as prices fall below US$93/t (AFR)
Gold prices gained on Thursday, helped by a weaker U.S. dollar and Treasury yields (Reuters)
Copper improved overnight on the back of the possibility of drawn-out discussion between BHP and union in Chile (MiningNews)
Chinese steelmakers slashed output last month as woeful demand forced steep cuts (Bloomberg)
WA’s onshore gas producers should be allowed to export – but only if it can address a looming domestic shortfall, a parliamentary inquiry found (AFR)
The President Serbia, Aleksandar Vučić, said that there will be no lithium mining until guarantees are received (Mining.com)
Norwegian oil and gas investments are expected to hit a record this year and to stay high in 2025 (Reuters)
About 50 jobs have been axed at GFG’s embattled Whyalla steelworks (The Australian)
A gain metal stockpile in Singapore has sparked a warehouse battle, with zinc & lead inventories jumping (Bloomberg)
China’s export-hungry car companies flocking to Australia, with 10 new brands expected (AFR)
South Africa’s abysmal rail performance that’s crimped miners is set to improve, according to coal producer Exxaro (Bloomberg)
Wheelin’ n Dealin’
Latin Resources Managing Director Chris Gale penned a letter to shareholders regarding the company’s deal with Pilbara Minerals (LRS)
Leonoil lodged their first supplementary bidder’s statement in relation to their proposed takeover of Sierra Rutile (SRX)
Macmahon have completed their acquisition of Decmil (MAH)
Australian Meat Industry Super up to 63.9% of Dynamic Group as part of their on-market takeover (DDB)
Rattlin’ the Tin
Bannerman had the second tranche of their $85m placement approved by shareholders (BMN)
Saturn Metals also had the second tranche of their $14m placement approved by shareholders (STN)
Belararox completed a $7.7m placement for drilling in Argentina (BRX)
Evolution Energy completed its $1.3m Tranche 2 placement to ARCH (EV1)
Another at-the-market raise for Galan for $1.1m to be put towards working capital (GLN)
Finder Energy opened its $6.1m entitlement offer (FDR)
Andromeda has launched a capital raise (ADN)
In the Weeds
Here’s a documentary series based on the most famous book on the history of energy, The Prize by Dan Yergin
Indonesia suffers the consequences of cosying up to China (AFR/Foreign Policy) A change in posture from this 2021 article
U.S. Battery Rush Spurs US$1.4b Sodium-Ion Factory in North Carolina (WSJ)
The lithium rout can’t seem to stop the ASX’s most shorted stock (AFR’s Chanticleer)
How Primed for War Is China? (Foreign Policy)
Today’s Top Tweet
$PLS $LRS $PMT
#Lithium Spodumene— Cyclops Trader (@Cyclops_Trader)
11:00 PM • Aug 14, 2024
Devil’s in the Detail
A young graduate from Euroz Hartleys copped the star treatment upon his promotion to dealer’s assistant from the Lord of Gold, Canaccord’s Tim McCormack and our very own Matthew Michael, well done mate 🚀🚀
Separately, Galilee Energy need to brush on their ASX listing rules…
Bit of weekend homework for Galilee
Catch up on our latest episode
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