• Brokers say Glencore’s shift of $30B in coal & other “unattractive” assets into an Australian subsidiary opens the way for a local listing and a mega-merger (AFR)

• Trump and Xi are likely to speak soon on minerals trade dispute, aides say (Reuters) while Trump said he planned to increase tariffs on imported steel & aluminium to 50% from 25% (Reuters)

• The ATO has conceded defeat in its $1B+ tax dispute with Alcoa following a 6-year battle with the aluminium giant, leaving it owing $107m in tax refunds (AFR)

• BHP said Chinese blast furnaces have a long way to run, while unveiling a break-through with Baowu, which would benefit the Pilbara golden goose (Australian)

• Rio Tinto finds its OT mine stuck between two Mongolian strongmen, with a confidence vote looming for the PM while bribery allegations persist (AFR)

• Panama approved First Quantum’s maintenance plan for at Cobre Panama, clarifying that this does not signal a restart of operations (Mining.com)

• The ATO has alleged a Queensland couple embroiled in a fake mining operation owes hundreds of millions of dollars, following an elaborate scam (Australian)

• The Ravenswood sale has been called off by EMR & GEAR after bids fell short of expectations. They now plan to spend $100m in capex this year, followed by a potential sale attempt in 18-24 months (AFR)

• Fresh off its agreement to buy MAC Copper, Dataroom has reported that South African Harmony Gold is keen to buy more miners in the Cobar (Australian) Peel, Aeris, Aurelia and Kingston all named

• Anglo’s US$11B platinum spin-off, dubbed Valterra, will make its London market debut today, with Anglo maintaining a 19.9% holding (FT)

• EV Resources has agreed to sell its Yanamina gold project in Peru for US$6m to TSX-listed Daura Gold (EVR)

• Australian Pacific Coal increased its existing senior debt facility from US$109m to US$113m to provide additional working capital for the Dartbrook JV (AQC)

• Challenger Gold is in halt to raise capital (CEL)

• Golden Horse Minerals raised $15m to advance the Southern Cross gold project, with major shareholder Emerald Resources tipping in (GHM)

• Green Critical Minerals raised $7m (GCM)

• Antipa now has a $365m market cap and a market expectation of being acquired by Greatland Gold, given Minyari’s proximity to Telfer (whether right or wrong)

• But why is all the attention solely on Antipa?

• Does no one think there’s any benefit from the more modestly valued Cyprium?

• Taking My Ball And… (Kuppy’s Corner) ~40% cash: “You need cash to buy the panic” 

• The Capital Cycle Podcast: Platinum Bombed - Making the case for PGMs

• How to break China’s stranglehold on critical minerals (FT) Free markets will not help us

• Australia’s Phosphate risk (Apple, Spotify) includes commentary on QLD copper junior dynamics

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