Perseus' Buyback Sends it 5% Higher

Fortescue and Lynas have ramp-up wrinkles as expected

The Pre-Start

  • Fortescue’s FY24 NPAT was US$5.7 billion and it is paying out a A$0.89 half-year dividend (FMG) guidance for Iron Bridge in FY25 is a measly 5-9Mt which is well shy of the 22Mt nameplate…

  • Apparently Lynas was profitable in FY24 to the tune of $85 million while net cash flow decreased by $495 million (LYC) we wonder what Kalgoorlie’s ‘total capex’ is now if we’re captitalising more opex?

  • Perseus had a record FY24 delivering net operating cash flow of US$430 million seeing it pay a 3.75c dividend and launch a $100m buyback (PRU) the stock is up ~5% on open

  • Karoon produced 5.08 MMboe in 1H24 and are paying a maiden dividend of 4.5 cents (21% payout ratio) (KAR)

  • Spartan’s Pepper infill drilling hits 27m @ 39g/t gold from 606m down-hole (SPR)…1cm of visible gold in core

  • Bowen Coking Coal has put a Notice of Meeting to shareholders following a 249D request (BCB)

  • MRE updates:

    • Xanadu’s Kharmagtai resource has been updated to 3.8Mt of contained copper and 9.3Moz of contained gold (XAM)

    • Southern Palladium’s Bengwenyama UG2 is 2.3Moz at 10g/t 7E with total resource 35 Moz (SPD)

High Grade It

  • Zijin said it’ll miss its production guidance for lithium this year as prices continue to languish (Bloomberg)

  • BYD said the timing of its lithium project in Chile remains up in the air as it continues to negotiate with authorities (Bloomberg)

  • Anglo was never “plan A” for BHP according to Mike Henry (MiningNews)

  • Chile’s copper-mining industry is emerging from an intense period of wage negotiations, signalling a diminished disruption risk (Bloomberg)

  • Gold prices were little changed, but held above the $2,500/oz psychological level on investor optimism (Reuters)

  • NSW Premier Chris Minns said there could be an “expedited” approval process for any changes to Regis’ existing plans at McPhillamys (West)

  • BHP offered a cautious near-term outlook for copper, while sticking to the widely-held view that we’re headed for shortages (Bloomberg)

  • Power generators in NZ lifted output from fossil fuels to the highest in 3 years so far in 24’, as they struggle to offset a drop in hydro (Reuters)

  • Same job same pay industrial relations laws are all cost and no productivity gains, said BHP (The Australian)

  • Woodside will return 80% of its revenues to shareholders, a move designed to show it can grow organically & through M&A and still reward shareholders (The Australian)

  • Fortescue shrugs off China downturn as profit edges up (Bloomberg)

  • BHP said an “uneven recovery” in the Chinese economy, sluggish industrial demand & higher rates will cause commodity volatility (FT)

  • First Quantum seeks damages for ~$300 million copper trapped at Panama mine (Mining.com) lets hope they have CRE insurance!

  • Poland commits $1.2bn for maiden nuclear power plant (Power Technology)

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Wheelin’ n Dealin’

  • Yancoal could target Kestrel met coal mine, owned by EMR Capital, if its Anglo coal ambitions fail to fly, Dataroom reported (The Australian) the article also names Glencore, Stanmore, Golden Energy and BUMA

  • Burkina Faso will nationalise two gold mines for ~$80m that Endeavour agreed last year to sell to Lilium for more than $300m (FT)

  • Once-acquisitive Chinese oil giant CNPC is looking to revive global dealmaking, eyeing gas liquefaction & deepsea drilling (Reuters)

  • Meteoric is selling its Palm Springs gold project near Halls Creek for up to $5 million in cash and shares to WIN Metals (MEI)

  • Leonoil edges to 24% of Sierra Rutile but remains a distance from full control (SRX)

  • The independent expert on the Base and Energy Fuels tie-up reckons the deal is “fair and reasonable”, scheme meeting on 5 Sep (BSE)

  • PNX shareholders approved the scheme to merge with Kin Mining yesterday, second court hearing this Friday (PNX)

Rattlin’ the Tin

  • Bellevue’s SPP which was penned to raise up to $25 million only brought in $837k as its share price stayed below the offer price (BGL)

  • Junior ASX mining companies are being funded by Quinbrook Infrastructure Partners: drilling campaigns of critical minerals (Australian)

In the Weeds

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Today’s Top Tweet

Is the long-awaited supply curtailment of Chinese lepidolite production finally here?

Devil’s in the Detail

From the Dataroom article out last night:

Can someone tell us how we throw in a bid for $1??? Would happily pay that…

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