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- South32 Dips of Mozal Woes
South32 Dips of Mozal Woes
Aussie miners & gov't in China for crunch talks, Rio keen on more US copper
The Pre-Start
South32 flagged increased uncertainty over future electricity supply to its Mozal Aluminium smelter in Mozambique beyond March 2026 and will recognise an undefined impairment expense in FY25 results (S32)
Kingsgate produced 20koz in the June quarter, totalling 75koz over FY25, with cash and bullion closing at $69m, up ~$10m (KCN)
Lotus reported first feed from Kayelekera is in the processing plant, while refurbishment work finishes up this quarter (LOT)
Minerals 260 shared an update on Bullabulling, with all PFS workstreams underway for delivery in mid-2026 (MI6)
Bowen Coking released an update as it restarts trading, with it engaged in active commercial negotiations with creditors, seeking to recapitalise the business (BCB)
Black Cat released an updated timeline for Belvedere development, with approvals expected within 6 months (BC8)
Beacon produced 7koz over the June quarter, with a strategy to build and retain gold in its account at the Perth mint (BCN)
Stellar signed an MoU extension for a further 6 months over Comstock, which is being considered as one of several infrastructure options in its PFS (SRZ)
Sky Metals published metallurgical results from Doradilla, claiming a new approach delivered 78% recoveries, producing a saleable concentrate (SKY)
Matsa reported the commencement of mining at Devon, with a second excavator now delivered (MAT)
Wildcat has appointed Jairo Bernal as CFO (WC8)
High Grade It
An unexpected revival in iron ore is helping cushion the Australian sharemarket from Trump’s latest tariff shocks, propelling a rotation into resources (AFR)
China's economy likely expanded just above the government's full-year growth target in the second quarter, easing stimulus pressure (Bloomberg)
Anthony Albanese and the nation’s biggest miners have made a joint effort to defend the nation’s $100B iron ore trade with China (Australian)
The Trump administration’s rare earth call has added $319m to Gina Rinehart’s fortune as the stock price of Lynas and MP soared (AFR)
Resources Minister Madeleine King said the gov’t is taking a ‘wait and see’ approach to adding copper to the critical minerals list, despite nickel being added after local mines started failing (Australian)
Rio Tinto said it has a “strong desire” to invest in US copper mining following President Trump’s plans to levy imports of the critical metal (Bloomberg)
Global manufacturing execs are begging for clarity on Trump’s tariff policy before a 50% levy is imposed on copper imports, as their stockpiles diminish (AFR)
Coal Australia boss Stuart Bocking has said the LNP is making the ‘right noises’ over rolling back the Queensland royalty scheme (Australian)
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Wheelin’ n Dealin’
Rattlin’ the Tin
Polymetals completed a $15m raising at 80c (POL)
Word on the Decline
We’ve heard that a little while ago, Genesis tried its luck at shaking Sunrise Dam free from AngloGold
As always, it’s hard to gauge how firm their intentions were, or how competitive the bid might’ve been
If AngloGold were to show interest in selling assets — something we’ve seen mixed signals on — you’d have to imagine Regis would be pretty keen
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In the Weeds
How mining companies are adapting to newly assertive African states (FT)
How Silver Made Chinese Empires (Uncharted Territories)
Silver this year has seen funds flowing into exchange-traded products backed by the metal already surpass all of last year (Mining.com)
Little-known critical minerals stocks fuelling Terra Capital’s 42% return (AFR)
Today’s Top Tweet
No coffee today as I spat it out reading Goldman Sachs' lithium supply table which popped up in my twitter feed.
What i find most intriguing about this table is that it states the majority of lithium supply will come from China itself, in particular internal lepidolite and
— Dwayne Sparkes (@sparkes_dwayne)
2:03 AM • Jan 3, 2024
Devil’s in the Detail
Reading last week’s article in The West - “Liontown hungry for lithium M&A despite low prices squeezing liquidity” - a few thoughts came to mind.
While it might be the “right time” for M&A in the lithium space, Liontown’s balance sheet is in no state to fund a deal, unless it came bundled with (substantial) financing that deleverages the business.
But if we assume they’re on the hunt, Tony O’s comments about “underground being a competitive advantage” are interesting. Surely they wouldn’t be eyeing Core…?
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