• Rio Tinto chair Dominic Barton has fast-tracked its hunt for CEO Stausholm’s replacement (Australian) “ Bold Baatar is a leading candidate” - those outside odds are shortening!

• Australia cut its forecast earnings from commodity exports due to weakness in iron ore and natural gas (Bloomberg) with gold set to become Australia’s third-biggest export by value in the next year (AFR)

• MinRes Air delivers VIP perks and hot breakfast in the early hours of the morning at Perth Airport for its fly-in fly-out workforce (Australian)

• First Quantum has started shipping stockpiled copper from Cobre Panama, 19 months after it was shut down by the country's top court (Bloomberg)

• The threat of mass shutdowns across the automotive supply chain is fading as Chinese rare earth magnets begin to flow, though automakers and suppliers say production plans still face uncertainties (Reuters)

• The new head of Vale has laid out one of the Brazilian company’s biggest ambitions - becoming the world’s largest metals producer by market cap (Bloomberg)

• MinRes has offloaded its idle Yilgarn hub for an “immaterial” amount after closing the mine at the end of last year (MIN, West) No information provided about the buyer, Yilgarn Iron Pty Ltd. We had noticed a lot of Koolyanobbing gear being moved on Ross’ Auctions in the last two weeks

• Rack Attack in Arizona:

  • After CAML bought a further line of stock in New World at 6.2c, they amended the scheme consideration to 6.2c (NWC)

  • Kinterra increased their takeover offer price to 6.2c with an update this morning, arguing that its offer is superior based on lesser conditionality (NWC) offer is on-market bid at 6.2c

  • Neither CAML nor Kinterra has provided a ‘best and final’ offer yet…

• US rare earths refiner Phoenix Tailings eyes IPO within 3 years (Bloomberg)

• Strickland has agreed to sell its Yandal gold project to Gateway Mining for $45m, allowing it to focus on its Rogozna project (STK)

• Brightstar & Aurumin have agreed to non-binding indicative terms whereby Aurumin shareholders would receive 1 new BTR share for every 4.6 shares held, implying a 26% premium to the 20-day average (BTR) mutual due-dilligence is now underway

• Theta Gold Mines has completed a US$4m placement while announcing its decision to mine at TGME (TGM)

• Estrella has raised $5m via the exercise of options (ESR)

• Terra Uranium is in a trading halt pending announcement of a material acquisition and capital raising (T92)

• West Wits has executed final agreements for a ~US$50m senior loan facility to develop its Qala Shallows gold project in South Africa’s Witwatersrand (WWI) facility to cover 55% funding requirement with equity signposted for the balance

• We took a good look at Barrick in a recent episode, arguing the gold major’s underperformance vs peers and even the gold price left it vulnerable to an activist like Elliott

• We now think this isn’t as far-fetched as it might seem. Note that two ex-Randgold board members recently stepped down from the board. The activist break-up play would look something like splitting the business into three:

  1. Nevada Gold Mines standalone, US-listed

  2. Emerging country growth copper: (Lumwana + Reko Diq + potentially Zaldivar if not rationalised)

  3. Emerging country growth gold: rest of portfolio after divestments

• Note that Tongon is actively being divested already, and a process to sell Hemblo has been signposted too. Together these could deliver +$2B in cash proceeds

• We tend to think the sum-of-the-parts would command a superior valuation to the current, underwhelming enterprise value of the business…

• And with Bristow’s eventual departure finally flagged with a search process underway, the timing is opportune if Elliot wants to get their hands dirty with another resources name

• Rare Earth elements deep dive with Sustainabledude (Spotify, Apple)

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