The Pre-Start
Genesis produced 73koz gold in the quarter, ending with $363m cash (up $77m QoQ) and indicating rail user agreements at Tower Hill are still on track for end of the year (GMD) stock up 6%
Robex announced that mining has commenced at Kiniéro in Guinea, leaving it on track for first gold this quarter (RXR)
Orezone produced 23koz while closing with $104m of cash & bullion plus $90m in debt. Hard Rock construction is on budget & schedule to pour first gold this quarter (ORE)
AIC Mines produced 3.3kt copper and 1.7koz of gold in concentrate from Eloise in the quarter, closing with $68m cash (A1M) stock up 5%
Alkane shared Costerfield reserves of 431koz of gold & 39kt antimony grading 8.7g/t & 2.0%, Björkdal reserves totalled 543koz at 1.29g/t and Tomingley reserves of 621koz at 1.9g/t gold (ALK) all the antimony action and Alkane quietly producing some
VHM updated the R&R statement for Goschen, with reserves sitting at 220Mt at 3.6% THM for 7.8Mt total heavy minerals (VHM)
Mt Gibson announced sales of 0.55Mwmt of 64.3% Fe, resulting in a cash outflow of $3m. Cash and investments sit at $473m (MGX)
Santana has agreed to pay NZ$50 million in stages for the freehold land encompassing the open pits and infrastructure at Rise and Shine, SREX, SREX East and Come-in-Time deposits (SMI) plus extinguish 1.25% NSR
FireFly’s latest round of drilling has extended known mineralisation at Green Bay by 650m, with a hit of 49m at 6.1% CuEq (39m ETW) from 820m (FFM)
Toubani received environmental and social impact assessment approval for Kobada (TRE)
Metro shipped 2.25Mwmt bauxite over Q1, with site margins of $16.1/wmt. Guidance was revised down to 6.2-6.6Mwmt on the back of barge loading disruptions (MMI) Down 12%
Strickland published assays from Shanac, where it intercepted results such as 58m at 1.2g/t AuEq from 166m (STK)
Meeka hit 22m at 3.25g/t gold from 125m as it shared a batch of drill results from the northeastern flank of Turnberry (MEK)
Boss reported new uranium mineralisation being discovered adjacent to Alta Mesa, referencing enCore’s announcement (BOE)
Assore International is now an 18.9% shareholder in Marimaca (MC2)
Aurelia shared a Nymagee exploration update, reporting intercepts that resulted in the discovery of two new lenses (AMI)
Cannindah reported a 61m at 1.08% CuEq trenching result from Mt Cannindah (CAE)
Kingsgate advised that non-exec Nucharee Sailasuta has resigned (KCN)
High Grade It
Geraldine Slattery, the BHP boss in Australia, said the impact of QLD’s sky-high coal royalties is testing the faith of customers and investors in Japan & India (Australian), while adding that the China-BHP relationship is “strong” (West)
Taxpayers have bought shares in 2 pre-revenue explorers in the latest sign that governments are embracing higher-risk methods of bolstering a local critical minerals industry (AFR)
Copper rebounded after Fed Chair Jerome Powell flagged another US rate cut this month and traders said a price of $12k/t is within reach (Bloomberg)
Kenya plans to buy gold to diversify its reserves and has held talks with the Bank of England on topics including bullion storage (Bloomberg)
BHP is considering reopening four long-closed copper mines in Arizona, the centre of the copper industry in the United States (Mining.com)
Wheelin’ n Dealin’
Chinese suitors of mines run by MinRes face a fresh warning from the Federal Government that regulatory scrutiny of foreign investment into lithium has become “tougher” (West)
A week after Hadrian’s $688m block trade in Capstone shareholder of the copper miner, Orion, launched a circa $600 million block trade themselves (AFR) also a few days after Orion’s project-level investment in Capstone’s Santo-Domingo
Carnaby completed the buyout of its Lattitude 66’s 17.5% interest in the Greater Dutchess project for $6m (CNB)
Rattlin’ the Tin
Paladin’s SPP, which originally sought $20m, received $138m in applications. On the back of this, it upsized acceptances to $100m (PDN). Wow…
American Tungsten upsized its private placement to C$20m (TUNG.CSE)
Southern Palladium is raising $15m at $1.10 (SPD)
NexGold announced a C$110m bought deal (NEXG.V)
New Pacific Metals launched a C$35m bought deal financing (NUAG.TO)
Jaguar Mining raised C$28m via bought deal offerring (JAG.TO)
Vanadium producer Largo has received binding commitments for US$23m private placement (LGO.NASDAQ)
Jindalee is in a trading halt pending a capital raising announcement (JLL)
Word on the Decline
Apparently, there’s a fair amount of chatter at LME week suggesting Rio is running the ruler over Teck pretty closely…
It’d be a very bold move for Rio, especially with a new CEO, to outbid “synergies”
But should BHP kick into gear and come for Anglo once again, the task for Rio is easier: Teck’s QB needs the capital
Huge obstacles to overcome if true. Keevil. Canadian government.
Mega mining deals inevitably come with enormous complexity.
The great leaders of the industry see the opportunity while it’s there and navigate that complexity, however difficult it may be.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Funny buggers about BHP’s China iron ore may have serious consequences (AFR Chanticleer) yes, this is about the 30% RMB spot settlement rumour and BHP’s straight bat response
Commodities trading houses braced for ‘smaller rewards’ (FT) Scaring off competition?
China’s rare earths gambit exposes Trump’s weak spots (AFR oped)
The global gold boom’s US$150B final frontier: Pakistan (Economist) A write up on Reko Diq, financing, & the US-Pakistan relationship
How long will gold mania last? (FT Big Read)
What’s behind gold’s historic rally? (Bloomberg Big Take)
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Today’s Top Tweet
Devil’s in the Detail
We laughed reading this from the Chanticleer column this morning…
We are huge fans of the Chanticleer column. In fact, we played a clip from their podcast in our very first episode of Money of Mine 2.5yrs ago.
It’s been a one-sided love affair since. One day they’ll finally say “Money of Mine”. One day…
It’s fine…
Catch up on our latest episode
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