• Glencore may make a grim call on its loss-making Aussie smelters shortly as the Quad condemns critical minerals market manipulation (Australian)

• Vale lowered its forecast for iron ore agglomerates production, as the market struggles with oversupply & reduced demand for high-quality products (Reuters)

• Trump’s flagship spending plan will cut support for US production of critical minerals, removing a 10% tax credit on miners’ production costs (FT)

• Traders that piled into precious metals (including platinum & silver) at the start of this year are the year-to-date winners, while those tempted by the spike in bauxite & alumina late last year have suffered a brutal reversal (AFR)

• French uranium miner Orano said its majority-owned JV with Niger, SOMAIR, is on the verge of bankruptcy as a result of export restrictions (Reuters)

• A Yukon Independent Review blamed the heap-leach failure at Victoria Gold’s Eagle mine last June on a saturated, low-permeability layer & poor drainage (NM)

• A production issue at ExxonMobil’s Gippsland facility sent gas prices to nearly $20/GJ, straining heavy users and the national market (Australian)

• BHP has signed contracts with COSCO for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers, to be delivered in 2028 (Reuters)

• Mineral smuggling from eastern DRC into Rwanda has reached "unprecedented levels" amid the occupation of the region by Rwanda-backed rebels (Bloomberg)

• Kinterra has escalated its battle for New World by applying to the Takeovers Panel to thwart the plans of its UK competitor, with market experts tipping a Kinterra win according to Dataroom (Australian)

• Dataroom wrote on a UBS note which explored the idea that Coronado may sell a stake in Curragh, which could free up US$100-150m (Australian)

• Many Peaks entered a binding earn-in agreement with a privately held Ivorian group, leading to a 125% increase in the mineralised corridor held at Ferké, requiring it to spend US$2m for 80% across stages (MPK)

• Alcoa announced the closing of the previously reported sale of its 25.1% interest in the Ma’aden JV for stock worth US$1.2B and $150m in cash (AAI)

• Antipa is raising $30m at 60c a share to fund drilling at Minyari Dome to a DFS (AZY)

• Overnight JPM sombered on their lithium price deck (dropped 2026 by 15%) which on their numbers, values MinRes’ share of Wodgina at $1.4B and their share of Mt Marion a mere $160m. Bald Hill gets a zero.

• We know MinRes is testing the market right now offering up to 49% of their lithium business to prospective bidders. If they can manage a firm offer from someone using a LT $1,350+ SC6 price deck, hats off to them - take the cash!

• We do wonder if there’s much appetite to be a joint venture partner with them right now. And if a serious bidder does get comfortable partnering with them at a reasonable price, then we suspect the CSI contracts have to be on the table

• Lithium business aside for a moment- the volumes out of Onslow in June are really strong and beat what we thought possible (2.27Mt shipped)

• Forgotten Precious - Part IV by Le Shrub (Shrubstack) Platinum

• Gina Rinehart’s adoration of the SAS runs in the family (AFR’s Rear Window)

• Anthony Bolton interview with Nicolai Tangen (IGC) Understanding the sentiment behind a stock, following insider buying & being contrarian 

• Met coal prices jump on Indian buying and China industry policy shift (Coal Trader Substack)

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