Strong Anglo American Q4, but some Guidance Cuts

Another truck accident at MinRes' Onslow, while Barrick's Reko Diq grows

February 07, 2025

The Pre-Start

  • Anglo American reported Q4 results, with a 9% increase in copper production QoQ driven by a strong result at Quellaveco, Minas-Rio iron ore ops producing record 25Mt for the year, but big guidance cuts for diamonds and downward revision of 2026 Kumba guidance. Group 2027 guidance also provided (AAL.LSE)

  • Barrick grew reserves by 23%, with Reko Diq being converted from resource to reserves. They now sit at 89Moz at 0.99g/t (GOLD.NYSE)

  • New World Resources advised the federal permit application for its Antler copper project received determination of NEPA adequacy (NWC)

  • Agrimin commenced a strategic review on options for its Mackay potash project in light of current capital markets environment for Aussie SOP projects (AMN)

  • Medallion Metals advised it had progressed to the next key stage with environmental approvals for its Ravensthorpe gold project (MM8) If a favourable decision is made, they expect EPBC approval to be granted in Q3 2025

  • Kalgoorlie Gold Mining hit 17m at 4.8g/t gold at their Pinjin prospect, which is 22km NW of Ramelius’ Rebecca project (KAL)

  • Titan Minerals reported assay results from drilling at the Cerro Verde prospect, including 20m at 2.8g/t Au & 14.7g/t Ag from 296m (TTM)

  • Norges Bank is now no longer a substantial holder of MinRes (MIN)

  • Yandal Investments increased their stake in Peregrine Gold to ~18.2% (PGD)

  • Domino’s is going under in Japan, with 172 loss-making stores being closed (DMP)

High Grade It

  • Commodities on verge of “breakout” after two-year sump as a rally in precious metals & agriculture prices drives the sector to a 26-month high (AFR)

  • NexGen nears deals to sell uranium to US utilities despite trade tensions (Bloomberg)

  • Another truck rolls over at MinRes’ Onslow Iron haul road, days after the CFO said issues had been fixed (West, Australian)

  • UK to ease rules for nuclear plants in bid to boost growth (Bloomberg)

  • Australia close to passing 'biggest support ever for the resources sector', with Critical Minerals Production tax incentive potentially being passed next week (MNN)

  • Canada's Alberta eyes Japan for new LNG deals amid US tariff threat, minister says (Reuters)

  • Ex-FMG employees claimed there were differences between their startup’s green iron tech and Twiggy’s FMG’s, in an ongoing dispute over copyright (BN)

  • Beach Energy underwhelms market with dividend payout despite surge in earnings (Australian)

  • South32-backed AusQuest on fire after Cerro de Fierro copper confirmation (MNN)

  • Collapsed gold producer Wiluna Mining strikes gold after dusting off old drilling data (West)

  • US retreat sparks new push to save $45bn climate deals (Bloomberg)

  • Five workers killed at Harmony's Doornkop and Joel mines in South Africa (MNN)

  • UK’s largest lithium extraction facility gets go-ahead (Mining.com)

Wheelin’ n Dealin’

  • Astral increased its stake in Maximus to ~21.8% as part of its off-market takeover (MXR)

  • Tempest Minerals sign MOU with GreenSteel to explore potential development opportunities for the Remorse iron prospect (TEM) Recent hit of 39% Fe hosted in Magnetite

Rattlin’ the Tin

  • Polymetals is in trading halt pending a capital raising (POL) Entered halt during the middle of trade yesterday, soon after this Street Talk article was released

  • European Lithium advised Critical Metals Corp (which it owns 74.3% of), raised US$22.5m to accelerate development plans for the Tanbreez rare earth and Wolfsberg lithium projects (EUR)

  • Evion Group raised $2m via a rights issue & shortfall placement to support the expansion of their Panthera graphite JV (EVG)

In the Weeds

  • Chris Stark: the man behind the world’s most ambitious green agenda (Bloomberg)

  • Tantalum supply chain threatened by DRC unrest (MNN)

  • What’s going on with the uranium market? (Livewire)

  • Mali's new mines law needs review to win back investors, gold mine CEOs say (Reuters)

  • Troubled waters: America's next big resource grab (MNN)

  • Mining Indaba: Industry demands sweeping overhaul to revive South African mining (Mining.com)

  • Russians’ hunt to shield savings pushes gold purchases to record (Bloomberg)

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