The Pre-Start
BHP confirmed it’s no longer considering a combination with Anglo American, saying it prefers its organic growth strategy, while reserving rights to set aside the statement under the UK Takeover Code (BHP)
During trade on Friday, Genesis shared that rail agreements have been signed for Tower Hill, which would shorten the line, allowing GMD significantly more space. TH remains on track for first ore in FY28 (GMD)
Santana’s Fast‑track Approvals application for the Bendigo‑Ophir project in Central Otago has been accepted by the EPA, advancing the proposal to assessment with an expert panel decision expected in about 6 months (SMI)
Gorilla Gold reported an average 93% gold recovery from Mulwarrie metallurgical testwork, with a maximum recovery of 98.5% and an average gravity recovery of 44.5% (GG8)
Lotus completed the first blast at its Kayelekera open pit, will deliver ROM ore to the ROM pad in the coming weeks, and targets steady‑state production of 200klb U3O8 per month by Q1 CY26 (LOT)
Sunstone’s Bramaderos MRE increases 33% to 3.6Moz AuEq, including 600koz AuEq Indicated, with exploration targets expanded and a scoping study to be commenced for open‑pit development (STM)
Southern Palladium fast-tracked Stage 1 development at Bengwenyama as metallurgical and geotechnical drilling commenced (SPD)
Yandal reported first Arrakis diamond results, including 56.5m @ 1.3 g/t Au from 108m and 37m @ 0.6 g/t from 180m, with a 5km RC program underway (YRL)
St George reported assays from 6 diamond holes at Araxá, confirming TREO and Nb2O5 mineralisation from surface (SGQ)
Black Cat appointed James Bruce as MD effective 1 April 2026, with founding MD Gareth Solly to step down and transition to be a NED (BC8)
New presentations were shared by Brightstar, Aeris, & Strickland
High Grade It
A key Chinese lithium mine, Jianxiawo, run by CATL, is preparing to reopen as early as December (Bloomberg) Regulatory approval required, mine accounts for 3% of global supply
The average all-in sustaining costs of Australian gold mines continued to increase in the Sept quarter, up 16% on one year earlier (KB)
Zambia initiated a US$1.4B overhaul of a key railway linking the country's copper region to the Indian Ocean, also marking the first visit by a Chinese premier to the country in 3 decades (Bloomberg)
The Albanese gov’t is poised to underwrite Tomago Aluminium by investing billions of dollars through the taxpayer-owned Snowy Hydro (AFR)
Britain rolled out a critical minerals strategy designed to reduce dependence on foreign suppliers by 2035 (Reuters)
Barrick is in “promising” negotiations with Mali's government to end a two-year dispute over the Loulo-Gounkoto gold mine (Bloomberg)
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Wheelin’ n Dealin’
BHP made a renewed attempt to takeover Anglo American (broken by Bloomberg) in a proposal that included both shares and cash, 3 weeks before Anglo and Teck shareholders are set to vote on the Anglo-Teck deal
BHP has ruled out a bid for Anglo American after holding renewed talks with directors (AFR) no details of the value of the bid
Banks advising Rio Tinto on its non-core asset sales are understood to have started reaching out to prospective suitors (Australian) Mineral sands, borates, diamonds
Dataroom reported that Agnico Eagle is circling Northern Star, as high gold prices fuel massive takeover speculation (Australian)
Rattlin’ the Tin
Word on the Decline
As Dataroom writes for the 13th time Agnico-Northern Star rumours (that we still struggle to believe), we’re reminded by one of the column’s stories last week which is more mayo than substance
We don’t think EMR is readying for an imminent sale process of Ravenswood again like Dataroom reported. We think they are currently running a refinancing process. But a sale is not coming back for another ~12-18 months
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In the Weeds
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Devil’s in the Detail
We encourage you to read BHP’s “walk away” announcement out this morning carefully.
BHP’s statement sits under Rule 2.8, which normally locks a bidder out for six months. But the same rule provides several exceptions, and BHP kept all of them. That means if Anglo restructures, raises capital, brings in a strategic investor, or attracts another bidder, BHP is legally free to return immediately.
The other point we will make is this: there is probably another +12-18 months until any Anglo-Teck deal completion. With BHP moving this early in the piece, they surely still have plenty of time to have another crack at Anglo in six months time.