South32 Announce Long-Anticipated New CEO

Lithium continues its steady decline, Pantoro clears the last of its debt

The Pre-Start

  • South32 announced that Matthew Daley, previously of Anglo & Glencore, will join as Deputy CEO from Feb 2nd 2026, and will assume the CEO role later that year (S32)

  • Minerals 260 shared a gold exploration strategy with plans to drill 80km, targeting resource extension targets at depth & along strike (MI6)

  • Pantoro repaid its convertible loan facility with Nebari, making it debt-free (PNR)

  • Core Lithium settled its legacy offtake agreement with Yahua with a US$2m payment, terminating the arrangement (CXO)

  • Firebird performed calcining & leaching trials, testing low-grade manganese ore for HPMSM production, showing reduced energy requirements (FRB)

  • Euro Manganese announced a new CEO in Martina Blahova (EMN)

  • New presentations were released by Antipa, Lunnon, Ora Banda, Minerals 260, Adriatic & Pantoro

High Grade It

  • Officials from the U.S. & China wrapped up their high-stakes trade talks, with Beijing saying the two sides agreed to start a formal negotiation process (WSJ)

  • What is Gina Rinehart’s plan for lithium miner Liontown? Analysts’ views differ whilst Hancock remains quiet & the commodity continues declining (AFR)

  • CATL is planning to limit the types of US investors that can participate in its Hong Kong listing, an indication that trade tensions may be spilling into the IPO market (Bloomberg)

  • AMEC lashed Lynas’ chief Amanda Lacaze’s brusque comments about Australian manufacturing ambitions and plans to stockpile critical minerals as “negativity” and “insulting” (West)

  • The soaring price of gold is creating a boom for security box providers and traders, with local demand driven by younger buyers (AFR)

  • Peruvian gold output is expected to be significantly dented in the coming month due to a mining ban in a northern region, forgoing US$200m (Bloomberg)

  • BHP’s push into Argentinian copper has been boosted after new estimates revealed Filo del Sol contains at least 5x more than previously thought (AFR, LUN.TO)

  • First Quantum remains cautiously optimistic about its prospects in Panama as the government weighs how & when to reopen the shuttered mine (Mining.com)

  • BYD & Tsingshan reiterated their interest in building lithium plants in Chile, appearing to contradict comments by local authorities that the projects had been scrapped (Bloomberg)

  • Twangiza Mining, a gold miner operating in the rebel-controlled South Kivu, DRC said it has been ordered to suspend operations by the rebel administration, according to a company-wide letter (Reuters)

  • Energy producers have warned of Australia’s last chance to fix East Coast gas as the market teeters on the brink of crisis (Australian)

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Wheelin’ n Dealin’

  • Seven gold producers attracted to Magnetic Resources’ Lady Julie project near Laverton (West) All active producers, most local plus 2 from overseas

  • Sabre completed the sale of tenements to Capricorn, netting $1.5m in CMM shares in addition to the $100k deposit & a 1% NSR on most blocks (SBR)

Rattlin’ the Tin

  • VHM completed a $8.25m placement at 25c (VHM)

  • Fireweed Metals upsized its financing to raise up to C$60m (FWZ.TO)

  • Peak Rare Earths is in a trading halt to raise capital (PEK)

  • Vertex launched an $11m capital raising to accelerate mining at Hill End (VTX)

Word on the Decline

  • So Liontown closed the day 18% higher on Friday meanwhile lithium SC6 grinds down to US$680/t… Huh?

  • No wonder Pete Ker has asked: What is Gina’s plan for Liontown?

  • If there’s one certainty when it comes to M&A and Australia’s richest woman: it’s that no one has a god damn clue

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In the Weeds

  • BHP miner sacked for work fight wins job back (Australian)

  • A gallium lens on China's minerals dominance and how to break it (Reuters op-ed)

  • US-China trade deal is fake news, but markets won’t care (AFR’s Chanticleer)

  • World turns in favour of Forrest-owned mining company Wyloo after nickel nightmare (Australian) “so far made a profit of about $450m on paper in backing Greatland over the past three years”

  • Meet the scrappy Queenslander who convinced Trump to mine the sea (AFR)

  • Canada looks for bright spots as diamond mines wind down (FT)

  • Coal lobby spins electoral defeat to its advantage (AFR’s Rear Window)

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Devil’s in the Detail

If capex is going up, opex is going up and NPV is also going up, I think we need a column for coal price assumption too...

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