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- US Data Chills Market with Metals Down
US Data Chills Market with Metals Down
Index changes roll through the market while Regis, Bellevue look forward
The Pre-Start
Regis said that the development of Havana underground has been approved by the Tropicana JV (RRL) targeting 55koz LOM
Bellevue announced the start of the Tribune decline, opening up a 6th mining area. Key vent upgrades commence Sept 18th (BGL)
Geopacific has deferred the repayment of its bearer bonds to 31 March 2025 agreed with Deutsche Balaton for a 4% fee (GPR)
Kingsgate provided a Chatree update, with both plants operating at nameplate and additional equipment received (KCN)
Rebalancing of the S&P ASX200 index will see Westgold and Yancoal added while Strike Energy is removed (S&P)
The ASX300 will see Capstone, Spartan, WA1 and Yancoal added while Core Lithium, Grange, Renascor, Talga and Terracom will be removed (S&P)
Euro Manganese has entered an offtake with FeMoCat for the sale of high-purity manganese sulphate and magnesium carbonate (EMN) quantity, price, terms are not provided
Cyprium shared a re-optimised Nifty mine study, with the strip ratio moving from 9.7 to 7.3:1 (concentrator feed only) (CYM)
High Grade It
ASX set for heavy sell-off after poor jobs figures hit Wall Street (AFR)
China-Africa ties “best in history” as Xi Jinping pledged $50b in financial support (CNN)
WA won’t stop leveraging its political and economic power to lobby Canberra into watering down environmental protection reforms (AFR)
Mercedes doubles down on China with a US$2b investment to compete local EV startups (CarNewsChina) Too little too late?
MG will launch an EV with a solid-state battery in the first half of 2025, claims SAIC (CNC)
Carbon offsets are a waste of money that don’t cut emissions, says Fortescue (Australian)
Australia’s largest African-focused gold miner, Perseus, has increased its bet on Predictive’s Guinean project (AFR)
China's central bank pauses gold purchases for a fourth month in August (Reuters)
Chile rejects Tianqi's appeal to stop SQM-Codelco deal (MiningNews)
France's Orano aims to enrich uranium in the US in early 2030s, says an executive (Reuters)
Western Australian exports to China hit lowest month since 2021 (West)
Italy inches towards reversing a nuclear energy ban (Reuters)
Flotation Energy earlier this year saw its application to develop offshore wind in Australia rejected, & is now launching legal action (Australian)
African Rainbow Minerals said profit in the last fiscal year fell 61% due to weak prices for platinum-group metals (Bloomberg)
Ascot halts Premier gold mine just months after first production (Mining.com)
Wheelin’ n Dealin’
Core Lithium has purchased a 9.8% in Charger Metals, who hold neighbouring tenements (CXO)
American Creek firms up C$207m sale to Cunningham Mining (Mining.com)
Rattlin’ the Tin
Word on the Decline
All eyes will be on the shareholder vote over at Fission Uranium which will determine the outcome of the proposed merger with Paladin. And with the meeting already postponed once with the numbers looking shaky, we won’t have an official count until 10am Pacific time (or 1am Perth time)
While the people close are keeping tight-lipped, we sense the deal in its current iteration could still be challenging to get voted over the line
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
Breaking Down the Cost of Solar Energy (Uncharted Territories) It’s no longer the panel cost that matters - but every other installation cost
PLV Met Back Down, but US Relativities Pulling Even (Coal Trader) At $200 PLV equivalent, roughly 7% of global production is underwater
The Negative Equity (NAV) Conundrum (Rock & Turner) One for the finance nerds
The Future Fund’s big hedge fund bets are paying off (AFR op-ed)
Thoughts on Buffett selling Apple (Base Hit) “He’s not timing, he’s simply evaluating risk and using value as his North Star”
The Aussie government released a new digital version of the Australian Critical Minerals Prospectus (Mining.com)
Chris Ellison’s private chopper goes dark (AFR’s Rear Window)
Australia’s China problem is bigger than we think (AFR)
Getting you primed for our next podcast guest with this Hidden Forces interview with Le Shrub and Paulo Macro from three months ago. Let us know any specific questions you want us to ask Le Shrub
Today’s Top Tweet
Have we checked whether it has been repossessed?
— Space Coyote (@_spacecoyote_)
12:08 AM • Sep 9, 2024
Devil’s in the Detail
Mount Gibson Iron provided an updated Resources and Reserves statement this morning. We certainly don’t read every R&R announcement on ASX. But with a small remaining mine life like at Koolan Island, we were pretty interested this time.
Both Resources and Reserves were downgraded on “design changes” and the remaining reserves are now less than two years mine life.
Hopefully, investors weren’t banking on decent resource-to-reserve conversion.
Catch up on our latest episode
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