Ora Banda Costs Jump, Coronado Bleeds

MAC copper output sees seasona dip; IGO shares in Greenbushes dividend

April 30, 2025

The Pre-Start

  • Perseus grew its cash and bullion balance to US$801m (+ US$111m in investments), on production of 122koz at US$1,209/oz AISC (PRU)

  • Alcoa’s San Ciprián complex was hit by power outages across Spain, with the impact assessed (AAI)

  • Regis produced 90koz at an AISC of $2,538/oz, increasing cash & bullion by $138m to $367m, while spending $72m on capex (RRL)

  • MAC produced 8.6kt of copper at total cash costs of US$2.47/lb (up 7%). TCRCs reduced 70%, strongly benefiting costs. Group net debt stands at US$150m (MAC)

  • Capricorn produced 31koz at $1,390/oz, leaving it on track for the mid-point of guidance. $81m in operational cashflow saw it close with $405m (CMM)

  • Ora Banda revised FY25 guidance, with costs up $375/oz to $2,425/oz (midpoint). It closed with $81m in cash, up $23m, after producing 23koz at $2,470/oz (OBM)

  • IGO reported underlying free cash of $49m, as the Greenbushes JV paid a US$110m dividend (100%). CGP3 expansion on track for Dec production (IGO)

  • Champion Iron produced 3.2Mwmt at cash costs of $80/dmt, seeing cash lift by $24m. Its DRPF project is planned for commissioning in Dec (CIA)

  • Deterra saw portfolio revenue of $62m for the quarter, up 4% on last quarter (DRR)

  • Jupiter produced 858kt of manganese at US$2.06/t from Tshipi for EBITDA of $44m, though cash reduced as it paid out a dividend (JMS)

  • Westgold added $80m in cash and liquid investments in the quarter from the sale of 78.4koz gold in the period, maintaining guidance for FY25 (WGX)

  • Coronado’s cash declined by US$110m in the quarter on 5.8Mt ROM coal production (CRN) liquidity is now a concern over the coming periods

  • Piedmont shipped 27kt of spodumene concentrate, with NAL producing 43kt in total. Recoveries reached 69%, though plant utilisation was down to 80% (PLL)

  • Zimplats reported 6E production of 135koz, down 15% quarter-on-quarter, while unit costs lifted to US$1,026/oz. The Mupani & smelter expansion capital projects are nearing completion (ZIM)

  • St Barbara produced 14koz at $4,169/oz AISC, while it published PFS work for Simberi, lifting output to 220kozpa from FY28 & reducing AISC to <US$1,300/oz. Initial capex of US$235m for a NPV8 of US$717m and 62% IRR (SBM)

  • Burgundy sold 1.2m carats over Q1 for proceeds of US$73m. It spent US$44m in capex while net debt dipped to US$66m, excluding inventories (BDM)

  • New Murchison shared visible gold results which it claimed show the underground potential at Crown Prince (NMG)

  • Hot Chili’s projects (Costa Fuego & Huasco Water) have been registered for priority status, indicating they meet the govt’s criteria for strategic projects (HCH)

  • Bellevue shared a new presentation as it welcomes analysts to site today (BGL) lots of mine detail within

High Grade It

  • A decade of inflationary pressures in the mining sector appears to be over, with bulk commodity producers Fortescue, Whitehaven & Stanmore telling investors their unit costs were tracking lower (AFR)

  • Former WA Premier Colin Barnett has been scathing of Albo’s rare earths stockpile plan, arguing it’ll offend China (West)

  • Resources Minister Madeleine King hit back at criticism from Lynas over the govt’s plan to create a critical minerals stockpile, pointing out the company has received cash from international govt’s to support its growth (AFR)

  • Peter Dutton had to cancel a campaign stop in NSW after interruptions from protests against the Coalition’s plan to build nuclear power plants (AFR)

  • Fundies are betting on more gold producers rewarding shareholders with chunky dividends as soaring prices buoys company profits (AFR)

  • A gauge of strength in China’s copper market has jumped to the highest since late 2023 as buyers scramble to secure supplies (Bloomberg)

  • MinRes cut its iron ore guidance, but investors took comfort from assurances that a highly dilutive equity raise was off the table (AFR)

  • Miners in Indonesia are warning of lower profits and output cuts after the government increased the royalties on numerous minerals (FT)

  • Alcoa of Australia’s profit has more than tripled amid the shutdown of the Kwinana alumina refinery and broader moves to slash costs (West)

  • Korea's LG group remains committed to Indonesia and will increase its investment in a battery cell factory by US$1.7B, now totalling $2.8B (Reuters)

  • European battery companies are scaling back their ambitions & striking deals with Asian competitors after Northvolt’s collapse cast doubt on their efforts (FT)

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Wheelin’ n Dealin’

  • Delta Lithium will spin out its Mt Ida gold assets into a separate listed company following a strategic review (AFR, DLI)

Rattlin’ the Tin

  • Southern Cross Gold is undertaking a C$120m raising at a price of A$5.10 per CDI (SX2)

Word on the Decline

  • What if this photo from MinRes’ release yesterday wasn’t a particularly recent photo? Could the photo (and/or the repairs on that section of the road) date back to last year? 🤔

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In the Weeds

  • Heroes or Villains? The Shrinking World of Shorting: Carson Block, Founder of Muddy Waters (YouTube) Discusses resource investing late on

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Today’s Top Tweet

Devil’s in the Detail

At current gold prices, Regis is adding +$70m FCF every month to its balance sheet. With parts of the market still uncertain about production outlook beyond FY28, is there a gold producer that would have as much temptation as Regis to do a deal right now?

RRL March quarter

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