Teck's Copper Strategy Unveiled

Tenant Creek takeover as gold M&A escalates

The Pre-Start

  • Emmerson points out that its JV partner at Tenant Creek is being acquired (more below) (ERM)

  • Lundin Gold’s exploration hits at Fruta del Norte gold mine in Ecuador include 41.6m @ 22.67g/t from 26.4m (LUN.T)

  • Bravo released infill and extensional drilling at its Luanga PGM+Au+Ni project including 21m at 9.34g/t PGM+Au (BRVO.T)

  • Lotus insists it is fully-funded to restart Kayelekera (LOT)

  • Sibanye-Stillwater's operating results for the quarter disappointed with adj. EBITDA falling 23% QoQ to $184m. (SBSW) 2024 guidance, excl. New Century, is reiterated

  • Metal Bank and AuKing have both secured exploration licences for gold in Saudi Arabia (MBK, AKN) AKN soared 67% on open

  • Gold Royalty had record revenue in the Sep quarter of US$2.1 million (GROY.N)

  • Labyrinth Resources reported drilling results from Cheer, within the Comet Vale tenure (LRL). Highlights include 3m @ 27g/t Au (infill) and 8m @ 10g/t Au (extension)

  • Carnaby released drill results from the Greater Duchess project in Mt Isa, with an intersection of 40m (TW~20m) @ 1.9% Cu, 0.3 g/t Au around 270m below surface (CNB)

  • Other drilling hits from Great Boulder, Dreadnought, Core Lithium and Prodigy

  • A few upcoming AGMs of note this week: IGO, Spartan, Develop

High Grade It

  • Teck has announced a new copper growth strategy (Mining.com, Teck) “investment of US$3.2 to US$3.9 billion over 4 years to develop four key near-term copper projects is expected to increase copper production to about 800ktpa

  • MinRes board urged to name names in alleged tax racket from proxy adviser, Glass Lewis (AFR)

  • Tech giants looking to quickly power massive AI centers will need to come up with new strategies after US regulators quashed Amazon’s effort to tap a Pennsylvania nuclear facility (Bloomberg)

  • Brokers warn that Chris Ellison’s long exit clouds MinRes’ share price (AFR), while the MD has been spotted returning back to the office (West)

  • The NZ gov’t confirmed it’s reviewing misconduct findings against Ellison that could have repercussions for his role as the chief Kiwi diplomat (West)

  • Angela Bennett’s AMB Holdings, whose most notable assets is its half share Wright Prospecting, dishes out the dividends (West)

  • Fortescue executives face backlash from some of the world’s biggest pension funds over bonuses at the Nov 6 AGM (Australian)

  • Copper rose for a third day on positive Chinese economic data and hopes Beijing will unveil more economic support measures (Bloomberg)

  • AMEC’s Warren Pearce calls for more mining in WA’s south west to help the industry hit its net zero target (BN)

  • Senator Watt argues ­employer attacks on Labor’s multi-employer bargaining laws, suggesting just one authorisation has been granted in the mining industry (Australian)

  • China’s Premier Li projects confidence in economic recovery (Bloomberg)

  • Europe to crank up gas-fired output and emissions as winter sets in (Reuters)

  • Botswana’s new president, Duma Boko, has pledged to repair relations with Anglo’s De Beers diamond business after his surprise election win (FT)

  • The co-founder of Gunvor, one of the world's largest oil traders, said there’s little growth in oil demand and the industry is probably over-investing (Reuters)

Wheelin’ n Dealin’

  • The sale of Anglo American’s Australian coal portfolio is increasingly looking like a break-up play (Australian) the article suggests Peabody to buy Capcoal and Dawson while Glencore and the Stanmore-consortium battle it out for Grosvenor and Moranbah North. Finally admission that Yancoal’s bid will be tough going with the approvals board

  • On the same sale process, Street Talk suggests Nippon Steel may join the party in a bidding consortium as a minority shareholder in Moranbah North while Mitsubishi also hopes to be included as a minority (AFR)

  • Pan African is acquiring Tenant Consolidated Mining for US$54.2 million in mostly PAR shares in an announcement that reads like the acquirer has every intention of advancing development of the Tenant Creek Gold Field (ERM)

  • BofA analyst says MinRes is vulnerable to M&A or potentially a take private (AFR)

  •  enCore Energy has taken its shareholding in Nuclear Fuels to 19.9% (EU.V)

  • Spartan emerges as a 15.4% shareholder in Benz Mining after divesting its non-core projects to the company (BNZ)

Rattlin’ the Tin

  • Golden Horse (previously Altan Rio) is IPO-ing on ASX and raising $16-18 million to advance its Southern Cross gold projects (GHML.T)

  • Unico Silver raised $22.5 million to advance its resource growth at the Cerro Leon and Joaquin projects (USL)

  • STLLR Gold announced a C$25 million bought deal financing to advance its Canadian gold projects (STLR.T)

  • B2Gold invested C$12.2 million into Founders Metals, gaining a 5% stake in the company which is advancing the Antino gold project in Suriname (FDR.T)

  • Critical Resources in trading halt pending a capital raise and acquisition (CRR)

Word on the Decline

We’ll use this column for something a little different today. There’s a political battleground which has the big Australian miners concerned - and that’s the potential ‘unionisation of the Pilbara’.

Speak with actual employees that work in the West Australian mining industry. They don’t want unions in their workplace. Speak with the workers who have worked in both NSW coal (heavily unionised) and West Australian iron ore. They don’t want unions in their workplace. So if the employees who are supposed to benefit don’t want them, why on earth is their proposed legislation here?

Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.

In the Weeds

  • Andrew “Twiggy” Forrest in a 27-minute podcast interview with Equity Mates (YouTube)

  • Demand weakness helps cushion tin from supply problems (Reuters op-ed)

  • Strictly Boardroom: co-operating to compete in exploration and mining (MiningNews)

  • Six cities, one question: is China’s property market turning a corner? (FT)

  • What will the US election mean for metal and mineral markets? (MiningNews)

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