A dream team of business leaders in WA are ready to battle other states over the multi-billion dollar GST carve-up, with a message for Victoria (Australian)

Gold hit a fresh record, bolstered by an unexpectedly weak US employment report that saw wagers increase on the Fed cutting interest rates (Bloomberg)

A Kwinana pilot plant for green steel will likely be one of the first projects to be fast-tracked under sweeping changes to State development laws announced by Roger Cook (West)

Surging lease rates for silver are upending the precious metals market due to fears of possible US tariffs that could squeeze already tight supplies in London (Bloomberg)

Anglo American is reportedly nearing a deal to acquire Canada’s Teck Resources in what could be the biggest mining deal in more than a decade (Bloomberg) Teck shares up 24% in after-hours trade, more in Word on the Decline

BHP has hired investment banks Macquarie Capital and UBS for its Nickel West sale, which carries $900m in rehab costs (Australian)

Nutrien will sell its 50% equity stake in Argentina-based Profertil for US$600m (NTR.NY)

Both Street Talk and Dataroom have written about Regis’ interest in picking up the other 70% interest in Tropicana (AFR, Australian) both columns are drumming up the prospects of a Regis equity raise should a deal occur. Street talk calls it $2.5B and Dataroom $2.6B…

Jindalee signed non-binding LOI with SPAC Constellation Acq. to list McDermitt in the US, with a planned merger of HiTech minerals at an equity value of US$500m to Jindalee’s assets (JLL) stock is up 50%!

Almonty Industries is considering buying a US tungsten asset, while holding supply talks with the DoD (Bloomberg)

Merdeka Indonesian gold subsidiary Merdeka Gold is looking to spin out via US$300m IPO later this month to develop the 7moz Pani Mountain project (Mining.com)

Nova Minerals will take a 9.4% stake in Adelong Gold and get a first right of refusal over any antimony offtake (NVA)

Rumble secured $9m capital raise for Western Queen (RTR)

Vizsla Silver has entered a US$220M project finance mandate with Macquarie to fund development of the Panuco project (VZLA.TO)

Bloomberg’s story on a potential Anglo American-Teck deal is massive news. But before you take it at face value, here’s a different perspective on the story:

Here’s a trick you can use next time you see a big deal rumour in Bloomberg: click the first-named journalist on the story

Take a look yourself, we cannot see a single other story covering the mining sector attributed to the journalist, Crystal Tse. But she does very frequently write stories about activist investor Elliott.

And remember, Elliott has a +$1B stake in Anglo American…

So we think Koala’s perspective is worth mulling

Thungela: hidden value or value trap? (Coal Trader Substack)

Ferg's Finds (Trader Ferg) Thoughtful charts showing tech outperformance vs metals/energy