The Pre-Start

Barrick agreed to put an end to all of its disputes with Mali regarding Loulo-Gounkoto, with operational control to be handed back (B.NY)
Harmony approved the development of its Eva project, with project capital estimated at $2.3-2.6B for annual production of 60kt Cu & 19koz Au (HMY.NY)
Lynas reported power disruptions at its Kalgoorlie plant, estimating one month’s MREC shortfall this quarter that will affect Malaysian output, while it works with the WA gov’t and explores off‑grid power (LYC)
Snowline drilled 534m at 0.62g/t Au, while 10 of its reported 12 holes ended in mineralisation (SGD.V)
Aldebaran filed its Altar PEA, while announcing the termination of the option to JV with Nuton (a Rio subsidiary) (ALDE.V)
Pantoro reported Mainfield underground drill results at Norseman, including multiple high-grade intersections, while Bullen decline dewatering advances and early mine planning for O’Brien’s & Crown South commenced (PNR)
Magnetic reported drilling at Lady Julie North 4, hitting 149m at 1.24g/t from 146m within the proposed open pit (MAU)
Bougainville Copper said ABG signed a non-binding MOU with Lloyds Metals & Energy, undermining its Panguna partnering. BOC understands the MOU serves to establish a framework for project development (BOC) Stock down 45%
Golden Horse’s maiden regional RC program (20 holes, ~1,300m) returned multiple shallow gold intercepts, including 10m @ 6.8 g/t from 5m (GHM)
Felix Gold reported shallow drilling results at Treasure Creek, including 13.75m at 7.7 g/t Au from 3.3m, with gold in breccia associated with antimony (FXG)
Winsome reported assays from 29 holes at Adina, including 51m at 1.72% Li₂O and 38m at 1.81% Li₂O, confirming thick near-surface mineralisation (WR1)
Simon Hay will join Encounter’s board from Jan 1 (ENR)
Denise McComish will join Alkane as an independent NED from 1 Dec (ALK)
New presentations were shared by Ramelius, Macmahon, & Antipa

High Grade It

The strong rally in lithium reversed violently over the weekend amid reports of CATL’s mine restart (AFR)
The US EX-IM Bank will invest US$100B to achieve President Trump’s plan for global energy dominance (FT)
Gina Rinehart has called out resources giants, including her JV partner Rio, for sacrificing shareholder value in the pursuit of net zero policies (AFR, Speech)
A majority Chinese-owned plant at Indonesia’s most important nickel site is cutting back production as its tailings site is nearly full (Blomberg)
Smelter operator Nyrstar, owned by Trafigura, said a “domestic reservation” of minerals should be among the levers considered by the Albanese gov’t (AFR)
China’s Premier Li Qiang called for an international alliance for the development of rare earths, as Beijing steps up competition with Washington (FT)
Australian shares are set for a stronger year in 2026, according to UBS, which is tipping a resurgence in the mining sector (AFR)

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Wheelin’ n Dealin’

BHP abandoned talks to buy Anglo, but mining giants remain hungry for mega-mergers as they chase copper assets (Australian)
The 3 days when BHP tried to crash a copper mining mega deal (Bloomberg)
Queensland coal billionaire Chris Wallin launched an on-market, unconditional takeover for Venus Metals yesterday at 17cps ($33m mcap) via his entity, QGold (VMC) QGold owned 26.4% of the stock prior to the offer, which was made at nil premium to the prior close. Stock closed at 18.5c yesterday. Venus’ key assets are 55m RXL shares valued at $21m and a 1% NSR at Youanmi
Elixir Energy and Omega O&G have both been in trading halts since Friday, returned to market with OMA taking a 19.4% stake in EXR (EXR, OMA, AFR)

Rattlin’ the Tin

Canada Nickel raised C$12m via a bought deal (CNC.V)

Word on the Decline

Gold Fields’ Invincibles mine has been dealing with a recurring problem of late. Salt crystallisation keeps forming along the walls of one of its vent rises (the mine is underneath a salt lake after all…), gradually building up, then breaking off without warning
When it sheds, it creates a sudden pressure shift, effectively a small air blast. A few weeks ago the issue escalated to the point where contractors were sent home for a week

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In the Weeds

BHP looks just a little desperate after yet another Anglo rejection (AFR Chanticleer)
BHP’s abandoned Anglo takeover bid a major blow to copper ambitions (Australian)
Rio Tinto the favourite to win the Mining Ashes (Dryblower) Rio vs BHP
Grasberg Mud Rush (Freeport) A 9-min video depicting the block caving mining method and what went lead to the fatal accident in Sept
Why China wants to price more iron ore contracts in its own currency (AFR Analysis)
The dead hand of Chris Ellison’s cheating past (AFR Rear Window)
The bullish thesis for copper (BHP, 2016)