The winner of the Anglo coal sale is...

MinRes faces the music at AGM, now what?

The Pre-Start

  • Cyprium has sold surplus generators, netting $9m (CYM)

  • Aguia’s restart of Santa Barbara remains on schedule, with commissioning of existing processing facilities occurring while underground rehab takes place (AGR)

  • West Virginia met coal producer, Ramaco Resources is paying its dividend in shares… (METC.N) huh?

  • Aurumin’s Brad Valiukas resigned as MD effective today, while existing NED Daniel Raihani has been appointed as the new MD and John Ingram and Ben Broom as new NEDs (AUN)

  • Some AGMs of interest next week: PLS, DLI, LTR, PNR, SYA, WGX, JMS, EMR, WC8, PDN

  • And if you really want to compare and contrast what good governance looks like - go no further than Robert Millner-chaired Soul Patts (AGM slides, webcast link 9:00AM Perth time)

High Grade It

  • Ellison shows remorse and pride at MinRes AGM: “I’ve built a great company” (West), “It’s a dark cloud in my life” (AFR) and “I hate what I’ve done” (West)

  • LG Chem and ExxonMobil signed a non-binding MOU for up to 100kt of lithium carbonate (EM)

  • Jake Klein reckons the geopolitical uncertainty gripping the world will create an opportunity for Australia to make itself an even greater jurisdiction of choice (BN)

  • BHP unveiled plans to boost copper production in Chile, deploying up to US$14bn to counteract grade declines and aging assets (MiningNews)

  • Gold Fields’ four WA gold mines boost production during Sep quarter (West)

  • D-day fast approaching for Iluka’s Eneabba play, as future of the rare earths refinery remains up in the air (MiningNews)

  • Outback Way highway big boost for development of Nico’s $2.9bn Wingellina nickel-cobalt project development (West)

  • Indonesia’s Prabowo vows to retire all coal plants in 15 years (Bloomberg)

  • MinRes insists its stake in a Bullsbrook industrial park was not a related party transaction (BN)

  • Long wait likely for Regis’ McPhillamys mine even if Liberals scrap heritage protection (West)

  • Australia snubs AUKUS partners’ nuclear invitation (MiningNews)

  • Northvolt filed for bankruptcy protection in the US after a desperate bid to secure rescue funding fell short (Bloomberg)

  • Why iron ore could fall 25pc next year, and it’s not Trump (AFR’s Chanticleer)

  • Who is Gautam Adani and why has the US charged him with bribery? (Bloomberg)

  • Battery start-up Northvolt files for bankruptcy protection in US (FT)

Grinding out mining comp books from scratch is the worst. Save yourself some late nights and hit up Kal at Mineral Metrics to make your life easier.

Wheelin’ n Dealin’

  • Anglo American’s coal sale turns into two-horse race (AFR Street Talk) Peabody & BUMA vs Stanmore, GEAR & M Resources. Yancoal has bounced 6%

  • Meteoric completed the sale of its Palm Springs gold project to WIN Metals (MEI)

  • Aurum have declared the takeover for Mako Gold unconditional, with a current relevant interest of 39.9% (AUE)

Rattlin’ the Tin

  • Ex Glencore traders outmanoeuvre Swiss juggernaut at True North Copper (AFR Street Talk) a pretty odd article… Glencore tipping in equity to retain the LOM offtake doesn’t mean they are ‘outmanoeuvred’

  • Silvercorp is raising US$130m via the issue of convertible bonds “for the construction of copper-gold mining projects outside of China (SVM.T) which project?

  • Ionic Rare Earths is in a trading halt pending a capital raise (IXR)

Word on the Decline

According to the coal industry gossip grapevine, Peabody will get the Anglo QLD met coal assets. Wowee.

koala tweet

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

  • Perennial’s Sam Berridge and AMEC’s Warren Pearce spoke at a recent uranium & lithium webinar hosted by RSM (RSM) Watch from 3 min mark

  • India is turning into an SUV country, as car ownership more than 2x in the last 10 years (Economist)

  • Chris Ellison remains MinRes’ big unanswered question (AFR Chanticleer)

  • New Zealand becoming a mining hot spot (MiningNews)

  • MinRes faithful hail King Ellison, but what is yet to come as board probe continues? (West Op-Ed)

  • MinRes sidesteps scrutiny despite Ellison’s mea culpa (AFR Analysis)

  • If you like yourself some NexGen memes, this YouTube parody from @HorribleDisgust is quality

  • Interesting article on discovery-investing: Exploration to mine- Risk-Reward evolution and asymmetry maximization (CrimsonCarp's GeoAlpha)

Were you forwarded this email from someone else?

Today’s Top Tweet

Have you ever seen the Chair’s AGM address call out a HotCopper username?? What universe are we living in?

Devil’s in the Detail

Good to see MinRes finally fix the convenient currency error in their Onslow iron ore project EBITDA slide yesterday… This had caused us serious headaches trying to backsolve..

MinRes

Plus, Resolution 3 from Bellevue’s AGM has to be one of the tighter votes we’ve seen this AGM season, 50.26%! Talk about just getting over the line by a whisker!

Catch up on our latest episode

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Ellison Speaks. What Really Matters for MinRes Now? (45 min)

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