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Albemarle Incident Sends Lithium Futures Limit Up
L1 trims its MinRes stake, Evolution hits record profit of $926m
The Pre-Start
Evolution reported net profit of $926m and a final fully franked dividend of 13cps. Gearing reduced from 25% to 15% over the year (EVN) Asset level guidance shared. Up 6%
De Beers announced the discovery of a new kimberlite field in Angola, the first discovery of this kind in over 3 decades (AAL.L)
Orla produced 78koz (Musselwhite 52koz, Camino Rogo 26koz) at US$1,421/oz for US$103m in operational cash flow. A pit wall event at Camino Rojo in late July saw guidance reduced (OLA.TO)
New Murchison released an update, with ore on the ROM pad and sale expected in Sept, with operations reportedly ahead of plan (NMG)
Drilling at Saturn’s Apollo Hill has returned several higher grade results, including 5m at 15g/t from 51m (STN)
Global Lithium signed a native title mining agreement with Kakarra Part B Native Title Group (GL1)
L1 Capital has trimmed its position in MinRes from 9.2% to 7.8% (MIN)
Zijin has picked up an additional 20m shares in Strickland (STK)
Lion Selection shared a new presentation (LSX)
High Grade It
The federal gov’t will take an equity stake in Arafura Rare Earths’ mining project, bringing taxpayer support to over almost $1.2B (Australian) The first govt equity stake seems like a very slippery slope
A growing chorus of fund managers are taking on hedge funds targeting lithium stocks, betting that a resurgence will force the short sellers to cover (AFR)
Albemarle’s La Negra lithium processing plant in Chile is operating normally after an “incident” last week (Reuters) See WotD
South Africa's gov’t is in crisis talks with ArcelorMittal South Africa to decide the fate of the company's loss-making construction-steel mill (Bloomberg) The same conversation being had by every steel mill/govt
The US announced sanctions against an armed group aligned with Congo's military as well as a Congolese mining company and two Hong Kong-based exporters, over armed violence and the sale of critical minerals (Reuters)
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Wheelin’ n Dealin’
EMR Capital is after buyers for its US$3B Kestrel stake (Australian) Stanmore, Yancoal, & Whitehaven named as interested parties
Navoi Mining & Metallurgical has picked banks to lead a potential IPO in London and Tashkent, where it’s seeking a US$20B valuation (Bloomberg)
Tanzania gave its approval to the Shenghe-Peak takeover (PEK)
Rattlin’ the Tin
In the Weeds
Rio CEO says farewell with a warning for bosses who want to talk tough (AFR’s Chanticleers) “A ’harsh culture’ does not drive high performance”
From cultural overhaul to a $10.3B lithium bet (Australian)
Mining misallocation is the blindingly obvious productivity problem (AFR op-ed) “Stop subsidising the resource sector and reintroduce a significant resource rent tax”
Today’s Top Tweet
Devil’s in the Detail
You don’t see this every day. Turning C$400k into C$562m on an investment....
Altius may be truly the most successful quasi-mining private equity fund in the industry's history. Only total 46m shares outstanding since Altius was incorporated in 1997.
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