The Pre-Start

Burkina Faso has adopted a new mining code, lifting the state’s free carried interest to 15%, while the term of existing permits may be reduced by 5 years (WAF) The stock is off 9%
Adriatic announced late yesterday that CEO Paul Cronin will step down on August 9^th, with Laura Tyler becoming interim CEO (ADT)
Red 5 has sold 412m shares of its own stock, which it acquired via the Silver Lake combination, for c. $137m (RED)
Vulcan announced the start of commissioning on its lithium hydroxide optimisation plant in Germany (VUL)
Receivers have been appointed at Chinova, the North West QLD copper & gold miner (IQ QLD)
Pilbara Minerals COO Vince De Carolis has resigned, one week of expansion project P680 was completed (PLS)
Arcadium Q2 results show a company in survival mode, with cost savings in motion, capital spending reduced by ~US$500m (James Bay related) & Mt Cattlin closure discussed (LTM)

High Grade It

Glencore says ESG mood has ‘evolved’ and it will keep coal mining, while maintaining its London listing (AFR) Any surprises here?
Arcadium Lithium CEO Paul Graves said its Mt Cattlin mine may have to shut if weak lithium prices persist at a time (AFR)
Mark Zeptner has taken a swipe at the tardiness of the Takeovers Panel (West)
Ramelius said its acquisition of an 8.9% stake in Spartan in June provided a “seat at the table” (The Australian)
Why Jabiluka going to court may not be the last twist (AFR’s Chanticleer)
Glencore, the world’s 2^nd biggest cobalt miner, said oversupply in the market may stretch into 2026 as new output overwhelms (Bloomberg)
FMG investigated its former chief scientist and found he misrepresented his qualifications and experience, according to an affidavit (AFR)
Boss Energy CEO Duncan Craib, has defended his move to offload more than half his shares in May (The Australian)
Greatland Gold is still keen on the ASX listing it postponed last year, pending progress on a potential buyback of Newmont’s stake in the project (BN)
Implats said its upcoming financial results will include impairments of US$1.08b and warned it will swing to a full-year loss (Bloomberg)
Glencore to pay US$152m to settle Swiss investigation to resolve the last of bribery allegations (MiningNews)
Ken Brinsden said the West’s competitive advantage over China is having the best mines in the world & downstream opportunities would flow (The Australian)
De Grey refused to comment around M&A speculation, saying they’re focused on developing Hemi (BN)
Namibia said less than half of the mining projects it’s approved are operating, prompting a tougher stance on issuing permits (Bloomberg)
Steel & iron ore producer Cap plans to close its mills, saying tariffs on Chinese products weren’t enough to save Chilean steelmaking (Bloomberg)
Gold prices pared gains on Wednesday as the U.S. dollar and Treasury yields edged higher (Reuters)
Metarock offices were raided by Resources Safety and Health Queensland following two coal worker deaths in two years (ABC)

Wheelin’ n Dealin’

BHP is planning to sell Brazilian copper and gold assets it acquired with the takeover of Oz Minerals (Bloomberg)
Medallion & IGO entered an exclusivity deed over Forrestania, where MM8 will acquire the Cosmic Boy plant & gold + silver rights (IGO)
Itochu bought a minority stake in Javelin Global Commodities, the historically coal-focused firm that’s fast expanding into oil, metals and renewables (Bloomberg)
AMIS has become 35% owners of Dynamic, while Harvest Lane has also emerged as substantial, holding 12.8% (DDB)
Deutsche Balaton has emerged as 7.9% shareholders in Alto (AME) Kin merger disruption, take two?

Rattlin’ the Tin

Medallion Metals in trading halt pending a capital raising off the back of their deal with IGO (see above) (MM8)
Vertex, Sarytogan Graphite, Great Western and Woomera Mining are all in trading halt pending a capital raising (Market Index)
Finder Energy launched a non-underwritten entitlement offer to raise up to c. $6m (FDR)

In the Weeds

From the Archives: Olympic Dam, from mine to market (1995) (YouTube)
Qatar has invested in a US-backed initiative designed to loosen China’s dominance of minerals critical to clean energy (FT)
Legacies defined in golden games, a special report on WA gold M&A (BN)
What's a Carry Trade? (Capital Gains blog) Given the Japan-US rates trade unwind, this one’s particularly relevant