The Pre-Start
Glencore’s 2H saw production of 507kt Cu, 16.8Mt met coal, 49.7Mt thermal coal, 504kt Zn and 303koz Au. Copper guidance is down from last year to 840kt, as a Rio-related announcement looms (GLEN.L) Up 3%
Antofagasta lifted copper production 9% to 179kt for the quarter, with unit costs holding flat at US$1.05/lb. FY25 costs recorded a 5-year low on strong by-product revenues (ANTO.L) Up 8% - tearing copper helps
Pilbara reported production of 208kt (down 7%), sales of 232kt (up 8%), a realised price of US$1,336/t (SC6; up 59%), unit operating costs CIF of US$470/t (up 11%) and an increase in cash of $102m to $954m (PLS) Ngungaju restart being assessed. Up 4%
Ganfeng ceased to be a substantial holder in PLS after selling $161m stake via block trade (PLS)
Emerald produced 25koz at an AISC of US$1,032/oz. Cash & bullion grew to close at $335m (up $58m), with listed investments and January cashflow lifting this figure to $390m as of today. FY26 Guidance reaffirmed (EMR)
Kingsgate's Chatree produced 21koz Au and 157koz Ag, cash and bullion rose to $179m, with an AISC (pre-royalties) of US$1,328/oz and FY26 guidance maintained; all in line with expectations (KCN)
Toubani executed a binding agreement with the State of Mali, with the State's interest in Kobada capped at 35% (TRE)
Lotus reported the first high-grade ore was delivered to the ROM pad, processing has recommenced since acid disruptions, TSF lift construction continues and its grid connection project is gaining momentum (LOT) 11.5-for-1 consolidation done
Brightstar’s updated DFS for the Goldfields gold project forecasts NPV8 $606m, 74% IRR, 457koz recovered and $188m pre-prod capex with a 1.5Mtpa Laverton plant (BTR)
SSR Mining reports Hod Maden NPV5 of $1.7B and 39% IRR, rising to $2.9B and 58% at spot, with $910m remaining capex (SSRM.TO)
Red Hill reported $7.8m royalty revenue for the quarter, cash $61.3m (RHI)
Bathurst maintained FY26 consolidated EBITDA guidance of $35–45m after reporting H1 consolidated EBITDA of $16m and consolidated cash (including restricted deposits) of $156m (BRL)
Horizon Minerals ended the quarter with $37.5m cash, quarterly gold receipts of $28m, neutral operating cashflow, and a $10m Lake Johnston deposit received (HRZ)
Peninsula ended the quarter with US$32m cash, net operating outflow US$10m, investing outflow US$3.6m, financing inflow US$9m (PEN)
Kaiser Reef produced 7.6koz, lifted cash by $14m to $43m, and increased Henty’s reserves 29% to 199koz over the quarter (KAU)
Manuka’s updated PFS for the Cobar Basin forecasts NPV8 of $805m, IRR 1,092%, 10-year recovered production of 13.2Moz silver and 35koz gold, with pre-production capital of $27m (MKR)
Horizon Gold appointed Scott Williamson as CEO and MD effective 2 Feb (HRN)
High Grade It
Uranium prices surged past US$100/lb for the first time in two years after the world’s largest physical uranium fund ramped up purchases (AFR)
Bullion recommenced its rise in early trading, having swung wildly in the previous session, falling 5.7% at one point (Bloomberg)
Copper surged by the most in more than 16 years as metals extended a dramatic run, fueled by a wave of intense speculative trading in China (FT) 8% move… it’s getting crazy
Shares in rare earths stocks sank after reports emerged that U.S. officials told mining bosses the the govt didn’t support mandated price floors (AFR)
The WA mining body has put the federal gov’t on notice about its policies, which it believes will drive investment offshore (Australian)
Australian taxpayers have made a fast profit on their $50m investment in Liontown, after the NRF seized on a rally to sell a portion of its stake (AFR)
BHP could face up to US$2B hit from pricing pressures after China restricted its Jimblebar iron ore, according to Goldman’s (Bloomberg)
Wheelin’ n Dealin’
Rio’s British investors are believed to be driving a push for the giant to merge with Glencore, say sources, amid fears that Rio will abandon its LSE listing (Australian) Feb 5 deadline
Chinalco & Rio Tinto will acquire Votorantim’s controlling 69% stake in Brazilian aluminium producer Companhia Brasileira de Aluminio (CBA) through a JV owned 33% by Rio. The stake is valued at ~US$902m (Yahoo)
Wiluna’s planned $400m listing proves even the most troubled gold mines can find new life (Australian)
Alkane & Nagambie announced a JV whereby Alkane can earn up to an 80% interest in tenements east of its Costerfield mine, via staged expenditure of $27m (ALK)
OR Royalties buys the remaining 1% NSR on Shandong’s Namdini for up to US$103m, doubling its royalty to 2% on a 360koz per year Ghana gold mine (OR.TO)
Nickel Industries reported the completion of Sphere’s acquisition of a 10% interest in the ENC project, at a US$2.4B valuation (NIC)
McEwen offers $0.12 per share, a 60% premium, to acquire Golden Lake and consolidate the Jewel Ridge ground into its Gold Bar complex (GLM.CN)
Rattlin’ the Tin
Zijin is seeking US$1.5B from the sale of convertible bonds (Bloomberg)
Versamet Royalties announced a C$125m bought deal financing (VMET.TO)
Lucara Diamond closes an upsized C$165m private placement at $0.16 to fund its Karowe underground project and bridge its liquidity shortfall (LUC.TO)
Aura Energy has requested a trading halt pending capital raising (AEE)
Cannindah is raising $10m at 4.5c (CAE)
Silverco upsized its bought deal to C$62.5m at $12.50, including a $10m Sprott order, to fund Cusi exploration and restart work (SICO.V)
Word on the Decline
Seeing Kingsgate add $65m cash in the quarter from the Chatree gold mine in Thailand, we’d be amazed if they don’t spin-out or sell their Nueva Esperanza silver project in Chile while silver continues to blow the lights out.
Like most projects, Nueva Esperanza has its obstacles to overcome should it march forward into development. But at US$118/oz silver…
It’s worth much more in a standalone listed ASX SilverCo than in Kingsgate’s portfolio
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
"More bullish than ever" - the rise and rise of uranium (Livewire)
The Trump and China metals rally extends beyond gold and silver (Reuters op-ed)
‘They’re selling the family cutlery’: Silver joins gold in retail mania (AFR Chanticleer)
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