Regis: McPhillamys 'Not Viable' after NSW Ruling

Further resources jobs cut while BHP agrees to end Chilean strike

The Pre-Start

  • Regis received a notice that a declaration of protection over part of McPhillamys has been made, leading it to declare the project not viable (RRL) It must now assess its reported reserves & the asset-carrying value

  • St Barbara has selected a saleable concentrate flowsheet for its Simberi sulphides expansion project (SBM)

  • Silver Mines successfully defended challenges to the development consent for the Bowdens Silver project late Friday (SVL)

  • Imdex & Boart Longyear have resolved a long-running IP dispute (IMD)

  • EQ Resources are transitioning their Mt Carbine tungsten mine to owner-operator this month (EQR)

  • Dreadnought reported results from 4 RC holes at its Stinger niobium prospect, hitting 50m @ 0.9% Nb2O5 from 49m (DRE)

  • Santana Minerals shared results from RAS, hitting 41.6m @ 8.6g/t from 164m, with a true width from 38.8m (SMI)

  • Southern Cross reported mineralisation 150m down dip at Rising Sun West, hitting further narrow high-grade gold intercepts (SXG)

  • Euro Manganese announced an offtake with Wildcat Discovery Tech for the sale of high-purity manganese from its Czech project (EMN)

  • Mount Gibson increased its ownership of Fenix to 10% (FEX)

  • Cyprium provided the resource estimate for the existing above surface material stacked on heap leach pads at 12.7Mt grading 0.43% Cu (CYM)

High Grade It

  • Whitehaven cuts 192 jobs from the Daunia and Blackwater coking coal mines it acquired from BHP earlier this year (AFR)

  • The repair bill at Groote Eylandt has climbed beyond $171m S32 & Anglo quietly pumped more money into the damaged operation (AFR)

  • Environment Minister Plibersek has blocked Regis’s plan for McPhillamys gold project (West)

  • The main union at BHP’s Escondida mine agreed to management’s sweetened wage offer, leading the union to suspend its strike (AFR)

  • AMEC’s boss has lashed out at Tanya Plibersek’s decision to rip up Regis’s plan for a $1b gold mine, labelling it absurdity (West)

  • Gold topped US$2,500 an ounce for the first time (Bloomberg)

  • Andrew Forrest shrugged off a fall in iron ore, arguing lower steel production was a normal part of the long-term cycle (The Australian)

  • Europe’s first big LFP battery factory has opened amid a surge in demand from the storage market (Bloomberg)

  • China adds antimony to global trade war, with exporters needing licences as of September (The Australian)

  • Saudi Arabia is expected to put less money into the oil industry than initially predicted in its goal to invest US$1T by 2030 (Bloomberg)

  • Lithium royalty relief in WA looking more likely as spodumene prices continue collapsing to three-year lows (West)

  • Declining iron ore demand due to Chinese property rout threatens profit squeeze for producers, wiping US$100b in market value (FT)

  • Andrew Forrest said $US80 a tonne ‘natural floor’ for iron ore (West)

  • ERA’s boss was sidelined in meeting Madeleine King, while Albanese met Peter Garrett (AFR)

  • A final investment decision in Britain’s next large-scale nuclear power plant, Sizewell C, risks getting pushed into next year (Bloomberg)

  • Pure Battery Technologies’ $460m Goldfields battery materials refinery hub put on the backburner (Kalgoorlie Miner)

Model Answer

Wheelin’ n Dealin’

  • Metallica Minerals and Decmil are officially off the ASX boards as both of their respective takeovers completed

  • Street Talk reported St Barbara as the seller of 12.7m Catalyst shares at $2 a piece before Friday’s open (AFR)

  • Charger Metals shared that Core Lithium made an NBIO for the company, valuing it at $6.4m, which the board turned down (CHR)

Rattlin’ the Tin

  • Green Technology Metals is in trading halt to raise capital (GT1)

  • Neometals has announced a US$3m placement (NMT)

  • Ecograf updated on its US$105m proposed loan relating to import cover, receiving non-binding confirmation that Epanko is eligible (EGR)

In the Weeds

  • The documentary series The Ascent of Money, based on Niall Ferguson’s book. A few years old now, but a cracker for those interested in the world’s financial history 

  • It’s not just iron ore. China is a ‘prisoner’ of a broken economy (AFR’s Chanticleer)

  • China's BYD plans car plant in Karachi as part of Pakistan entry (Reuters)

  • Ban on nuclear power holding Australia back (The Australian op-ed)

  • Clean Fuel Startups Were Supposed to Be the Next Big Thing. Now They Are Collapsing. (WSJ)

  • 30 Years of Perpetual Transition (Super-Spiked)

  • Choke in gas supply makes imports, once unthinkable, almost inevitable (AFR)

  • Can the West Afford to Build Its Own Copper Industry? (OilPrice)

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Devil’s in the Detail

A warm welcome was extended to Pilbara Minerals by their new Lithium Valley neighbours, Sigma Lithium over the weekend, good vibes all round.

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