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- Pembroke Secures $875m to Double Olive Downs
Pembroke Secures $875m to Double Olive Downs
Reported Jiangxi lithium mine restart, while Pilbara flags H1 net loss
The Pre-Start
Pilbara Minerals released estimated underlying H1 financial results of EBITDA $71m to $75m and net loss of $5m to $7m. They will also report a non-cash reduction to the carrying value of the group’s call option to increase its stake in the Posco JV (PLS)
Wildcat Resources advised PFS activities for the Tabba Tabba lithium project are ~50% complete and met test work is 75% complete, with process plant scenario analysis on various throughputs being evaluated (WC8)
Emerald increased the Okvau gold reserve by 245koz, now sitting at 700koz at 1.5g/t gold (EMR)
Patriot Battery Metals commenced its 2025 winter drill program at Shaakichiuwaanaan, on track to provide feasibility study & maiden ore reserve Q3 25 (PMT)
KGL announced an updated Jervois feasibility study and its intention to move ahead with project financing & operational readiness works. Outlined annual steady state production ~30ktpa Cu (plus some Au & Ag credits) over a Stage 1 10 year mine life for construction capex $352m, post-tax NPV8 $405m (KGL)
Firebird Metals signed a non-binding MoU with Eramet regarding manganese ore supply for China operations (FRB)
Terramin has lodged an appeal against the South Australian government’s decision to decline the mining lease for Bird in Hand (TZN)
Macquarie Group emerged as a substantial holder of Karoon Energy, holding ~5% (KAR)
Drill results in from BTR, GG8 (the old Labyrinth), JAV, BGD, KAU, KM1
High Grade It
Investors fear Chinese mine restart puts lithium resurgence in danger (AFR)
Anglo American expects De Beers impairment as demand falls, miner cut down diamond guidance by 10Mct (MNN)
Woodside says its ‘too late’ to avert a Victorian gas crisis after a decade of ideology over sensible policy (Australian)
BHP says it can double copper production in Australia without increasing uranium volumes, hosing down fears Olympic Dam expansion would create a flood of unwanted supply (AFR)
Tungsten miner Almonty says clients in shock as China chokes supply (Bloomberg)
Over 400 workers at Tahmoor Coal in NSW have been stood down and production curtailed as GFG Alliance’s debts mount (Australian)
Lynas Rare Earths, the prince, the heiress and a big Malaysian mess (West)
Twice bankrupt mining promoter David Catsoulis has another project on the go, but denies it even exists (Australian)
Diggers flips the format for a pro-nuclear keynote panel to tackle ‘explosive’ election year energy debate (MNN)
Legal test case against Freeport Papua mine targets LME (Australian)
Europe may get a rare Australian gas shipment in bid to quite Russia (Bloomberg)
Seven bidders battle for Chile’s lithium mining contracts (Mining.com)
Use the code MOM100 to get $100 off your AusIMM’s Underground Operators Conference 2025 tickets, grab them here!
Wheelin’ n Dealin’
Beach Energy is believed to be targeting QLD for acquisition opportunities in coal seam gas according to Dataroom (Australian)
Trump meets US Steel CEO to discuss deal with Nippon Steel (Reuters)
Vale takes full control of the Baovale iron ore project, purchasing the other 50% stake previously owned by its Chinese partner Baosteel (Mining.com)
Patronus Resources announced an on-market takeover for Matsa Resources at a price of $0.045/sh, valuing it at ~$33m, with PTR & its associates already holding 19.5% (PTR)
Moho Resources executed binding docs to sell its Empress Springs project in QLD for $1.258m of upfront & deferred consideration + 1% NSR (MOH)
The Supreme Court of WA approved the scheme for Poseidon and Horizon Minerals’ merger (POS)
Fortescue is up to an ~85% stake as part of its off-market takeover for Red Hawk (RHK)
Astral is up to a ~27% stake as part of its off-market takeover for Maximus (AAR)
Auric Mining advised the DD & exclusivity period to purchase the Burbanks plant has been extended (AWJ)
Rattlin’ the Tin
Pembroke secured $875m loan to double QLD coal development (AFR)
Rising small cap miners hit the road with non-deal roadshows amid gold price boom, with fundies anticipating a tick up in capital raising activity this year (Street Talk)
Polymetals raised $35m at $0.80/sh to progress Endeavor restart activities (targeting first Ag & Zn production Q2 25) and accelerating exploration. Also launching a $3.2m SPP (POL)
Mayur Resources executed binding docs with Pacific Unison for the construction and operation of the Orokolo Bay industrial sands project in PNG, including a commitment of up to US$11.2m from Pacific Union expected to fully fund the plant (MRL)
In the Weeds
Inside the EU’s controversial Rwanda minerals deal (MNN)
Fundie vs AI: One year on, who is the winner? (Livewire)
Future-focused students less than keen on mining careers fuel fears of industry shortfall (West)
Eveybody’s a loser from Labor’s energy policies (Australian)
'Disorderly': Why gold prices are being pushed to record highs (Livewire)
Another cobalt bust but this time its different (Reuters)
Chris Ellison’s ally says the quiet part out loud (AFR)
Today’s Top Tweet
If true, a few implications. 1) CATL thinks demand is growing fast enough to try to keep price down, now, while they still can. 2) they have enough market power not to worry about the bigger spike later from suppressing it longer today. 3) they have yet more #lithium supply.
— Energy Transition Investor (@usuallyYJLee)
8:23 AM • Feb 7, 2025
Devil’s in the Detail
Credit to @Pete_Panda for today’s Devil in the Detail on Cerro de Pasco’s recent investor preso.
The slide footnote reads “Economics are based on Internal Projections - Not NI 43-101 compliant and should only be used to gauge project potential.”
We’re asking ourselves the same question, Pete.
Wow, this even legal? $CDPR.cn
— 🅿🅴🆃🅴 (@Pete__Panda)
9:17 AM • Feb 6, 2025
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