Two MinRes Directors Walk, Effective Immediately

Bad weather its both Rio & Vale's iron ore output, Barrick plays hardball with Mali

April 16, 2025

The Pre-Start

  • Rio shared that Pilbara shipments are expected to be at the low end of guidance, while it achieved record copper output at OT. Production & cost guidance remained unchanged across the board (RIO)

  • Jacqueline McGill and Susie Corlett have resigned as MinRes NEDs, effective immediate, having served 1 and 4 years respectively (MIN)

  • Barrick said it’s continued to negotiate in good faith with Mali to finalise an agreement that was fully negotiated & accepted by the finance ministry in Feb (GOLD.NY)

  • Genesis increased its cash holding by $111m (to $348m) on 60koz of production at an AISC of $2,323/oz. The Laverton mill has been running above 3Mtpa (GMD)

  • Iluka produced 131kt of zircon/rutile/synthetic rutile, with revenue down 10%. Construction at Balranald & Eneabba remain on track (ILU)

  • Black Cat’s Myhree received underground mining approval, which’ll commence following open pit operations complete in October (BC8)

  • Mount Gibson sold 0.7Mwmt for $106m in revenue & $22m in cashflow. Cash & investments sit at $460m (MGX)

  • AIC Mines updated its ore reserves, with Jericho standing at 6.1Mt @ 1.8% Cu + 0.4g/t Au and Eloise at 2.8Mt @ 2.3% Cu + 0.6g/t Au (A1M)

  • Peel Mining updated its pit-constrained mineral resource at its Wagga Tank deposit of 3.56Mt at 1.82% CuEq, while PFS work is underway (PEX)

  • Manuka Resources has lodged its application for fast-track consent for its project to harvest 50Mtpa of iron sands off the coast of Taranaki (MKR)

  • F3 Uranium intersected radioactivity over a total of 33m, with a peak of 37.7k cps from 398m (FUU.TSV)

  • Silver Mines has submitted an application it hopes to pave the way for redetermination of development approval for the Bowdens silver project (SVL)

  • Aurum intercepted 89m @ 2.42g/t from 213m at Boundiali in Côte d'Ivoire (AUE)

  • Stellar saw its application for new exploration licences accepted (SRZ)

  • Larvotto ordered long lead time items as it completed DFS technical components (LRV)

  • Talga’s Luleå battery anode refinery has been designated Net-Zero strategic project status, giving it priority status, ensuring expedited permitting (TLG)

  • WIN Metals released a revised Butchers Creek resource of 5.23Mt @ 1.91g/t for 321koz (WIN)

  • Aussie Super increased its stake in Lynas Rare Earths to ~9.5% (LYC)

High Grade It

  • Treasury Secretary Bessent wants trading partners to limit China’s involvement in their economies in exchange for concessions on reciprocal tariffs (WSJ)

  • Two MinRes board members who also sat on the corporate governance committee set up to investigate the conduct of Chris Ellison have quit the company (AFR)

  • Evolution Mining pocketed a gold windfall, with quarterly group cash flow of $207m, as Cowal’s mine life was extended to 2042 (AFR)

  • A JV-structure between First Quantum & the Panamanian gov’t has been floated as the swiftest path to reopen Cobre Panama (Mining.com)

  • Rio Tinto flagged a $150m hit amid decade low in iron ore exports (AFR)

  • Forrest-backed Greatland built up a cash balance of ~$400m, off better than expected output from Telfer as it gears up for a mid-year listing on ASX (BN)

  • MinRes’ Lamb Creek iron ore mine in the Pilbara has been given the all clear by the EPA (West)

  • Fortescue will fork out $350m for 50 electric drill rigs at its iron ore operations where it has started work on one its planned giant solar farms (Australian)

  • Enami is in talks with potential financiers of a US$1.4b smelting project as Chile looks to arrest a drop in processing capacity (Bloomberg)

  • The Malian gov’t has escalated a dispute with Barrick by closing the Canadian company’s office in Bamako & threatening to seize control of its assets (FT)

  • Rio’s first-quarter iron ore shipments fell 9% from the year before to a six-year low (Bloomberg), while Vale also saw output fall on heavy rainfall and licensing restrictions (Bloomberg)

Rattlin’ the Tin

  • Strickland is in a trading halt, pending news of a “strategic placement” (STK)

  • Ardea secured $4.6m from Sumitomo at a 7.5% premium (ARL)

  • Galan Lithium has raised A$13m via a placement and launched a $4m SPP, while also raising US$6m via an offtake agreement with Authium for 45 kt LCE over 6-12 years (as lithium chloride concentrate)

  • Ivanhoe Electric said the US export credit agency was interested in a US$825M financing for its Santa Cruz copper project, sending the stock up 28% (IE.NY)

Word on the Decline

  • We reckon Strickland’s “strategic placement” will be from the most active miner in Serbia, Zijin.

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In the Weeds

  • Governments must act to safeguard our future, column from Evolution’s Jake Klein (Australian)

  • Strictly Boardroom: Not biased? Yes, you are (MNN)

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Devil’s in the Detail

How’s the timing of this article from Capital Brief! Released just hours before the news of the resignation of Susie Colett (and Jacqueline McGill AO) from the MinRes board this morning.

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