The Drill Down
Tuesday 13 October 2026
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Presented By
ASX: TM1
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Building a world leading PGM asset - MST Access $1.05 valuation
Terra Metals' Dante Project hosts large-scale Bushveld-style copper-PGE sulfide reefs just 15km from BHP's $1.7Bn Nebo-Babel development. With world-class polymetallic mineralisation from surface and strong metallurgical outcomes, Dante is rapidly emerging as Australia's next major PGM system.
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Lead Insight
China Coal Prices at Three-Year High With Little Relief in Sight
China's benchmark power-station coal price hit 1,004 yuan a tonne on Monday, according to the China Coal Transportation and Distribution Association. That is its first four-figure level in two years and a gain of a quarter since mid-July. Domestic output is down more than 3% in the year through August after safety curbs that followed a deadly Shanxi mine collapse in May, while Indonesian shipments have fallen on Jakarta's output cuts and El Niño drought limiting barge loads.
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Commodity Prices: 13 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,172 -0.54% |
| Silver (USD/toz) | $60 -0.84% |
| Platinum (USD/toz) | $1,692 +0.28% |
| Palladium (USD/toz) | $1,139 -0.76% |
| Copper (USD/t) | $15,023.08 +0.76% |
| Nickel (USD/t) | $15,595.50 -0.42% |
| Zinc (USD/t) | $3,725.89 -1.95% |
| Lead (USD/t) | $1,873.10 -0.20% |
| WTI Crude (USD/bbl) | $93.16 +1.43% |
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Market Movers: Winners & Losers, Canadian Markets
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Market Closed
Canadian markets were closed for Thanksgiving Day, so there are no winners and losers in today's edition. The section returns with the next session.
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Presented By
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Sierra Nevada Gold
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ASX: SNX
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Emerging Saudi Arabian Developer & Explorer
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Sierra Nevada Gold is advancing As Safra, a large copper-gold system extending over more than 5.5km of strike in the Arabian Shield. Initial drilling has confirmed broad, continuous zones of mineralisation including high-grade intervals, with a major follow-up program now in preparation.
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Find Out More
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In-Country Operating Subsidiary
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Today's Stories
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Economic Times
Blackouts Hit Indian Factories as Coal Crunch Feeds Into Economy
Indian factories, smelters and households face blackouts and rising energy costs as coal stocks plunge. As of 10 October, almost half of India's coal-fired plants held less than a quarter of required feedstock, according to the power ministry. The grid ran an average shortfall of nearly 4 GW a day in the first 10 days of October, and Coal India spot auction premiums jumped to 94% over base price in September from 59% in August.
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Trafigura
Trafigura Signs 10-Year Lithium Offtake Agreement With EnergyX
Trafigura has signed a binding 10-year offtake with EnergyX for 100,000 tonnes of battery-grade lithium products. It takes 66% of Phase 1 lithium carbonate from Project Black Giant in Antofagasta, Chile, and 30% of Phase 1 lithium hydroxide from Project Lonestar in Texas. EnergyX, which uses proprietary direct lithium extraction, targets commercial production at Black Giant in 2028 and Lonestar in 2029, and the offtake is a key requirement for its US EXIM financing.
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Miningmx
Congo Plans Franc Payments to Boost Currency, Investment
The DRC plans to require more domestic payments in Congolese francs, including to mining subcontractors. Central bank governor Andre Wameso said miners would also be asked to sell up to 30% of repatriated export dollars to the central bank for francs. Between 2023 and 2025, miners exported $93 billion of minerals and repatriated $54 billion, yet only $3.8 billion stayed in Congolese banks.
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Miningmx
In Ghana "The Landscape Has Changed", Says Newmont Boss
Newmont CEO Natascha Viljoen said Ghana's landscape has definitely changed after new royalty rules that include a 12% levy on gross revenue when gold reaches $4,500/oz, up from the previous 5% flat royalty. Ahafo's stability agreement was not renewed when it expired last year, leaving Newmont awaiting an overhaul of the 2006 Minerals and Mining Act. Ahafo South is guided to 440koz at an AISC of $2,160/oz this year, against 664koz last year.
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Business Recorder
Aluminium Rebounds From 8-Month Low, Copper Hits Two-Week Peak
LME three-month aluminium rose 0.3% to $3,058 a tonne after touching $3,023, its lowest since 13 February, and is down 19% from its June four-year high. Citi sees the market swinging to a 1.8 million tonne surplus in 2027 from a 941,000 tonne deficit this year. Copper rose 0.8% to $14,657 after hitting $14,688, its highest since 25 September, on a partial suspension at Codelco's El Teniente after a landslide killed two workers and the continuing strike at Antofagasta's Centinela.
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Miningmx
Power Holds Key to Vedanta's $1.5bn Gamsberg Smelter
Vedanta Zinc International has yet to take a final investment decision on a $1.5 billion zinc smelter at Gamsberg in the Northern Cape, with CEO Vijay Kumar saying it hinges on a viable electricity price. Vedanta has indicated it needs around 60c/kWh, against a figure of around 63c/kWh that Kumar called a bridgeable gap. Gamsberg's second phase, which cost roughly R10 billion against earlier estimates of around R7 billion, has lifted concentrator capacity to 500,000 tonnes a year.
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Mining.com.au
Chinese Lithium Prices Tumble on EU Demand Concerns
The most active lithium carbonate contract on the Guangzhou Futures Exchange touched ¥104,680 a tonne, its weakest since 17 December 2025, and ended daytime trade down 11.8% at ¥104,740, its steepest daily fall since March. The slide followed a China-EU deal that could cut Chinese hybrid car exports to the bloc by more than half. Prices have halved from a 33-month high of ¥209,880 hit on 13 May.
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Mining Weekly
Silver Market Deficit Expected to Widen Again This Year
The Silver Institute and Metals Focus forecast a sixth consecutive annual silver deficit, widening to 46.3 million ounces this year from 40.3 million ounces in 2025. Mine production is expected to be flat and total supply to slip about 2% in 2026. Silver traded at about $60/oz on 7 October, down from about $66 a month earlier.
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Mining Weekly
EU Eyes COP31 Climate Deal to Accelerate Emissions Cuts, Document Shows
The EU will push for a mitigation package at COP31 in Turkey in November, according to an internal document drafted by Ireland and seen by Reuters. Its key demand is extending the UN mitigation work programme, due to expire this year, until 2040. The document says there is no scope for new climate funding commitments, a stance likely to put European nations at odds with poorer countries.
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AREEA
More Projects, Fewer Jobs: Resources Pipeline Swells as Workforce Growth Slows
AREEA's Resources and Energy Workforce Forecast 2026-2031 lists 112 major projects, 16 more than last year, carrying at least $143.1 billion in published capital investment. Those projects need just 19,549 additional operating employees, down 12% in a year and more than 30% below the 28,260 forecast in 2023. The 69 new projects account for about 15,900 of the roles, while 24 continuity developments add no net new workforce.
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Mining Weekly
S Africa Remains Premier Mining Jurisdiction, Says Anglo Which Is Investing R11bn
Anglo American CEO Duncan Wanblad told the Joburg Indaba that South Africa remains one of the world's premier mining jurisdictions, as Anglo invests R11.2 billion in the ultra-high dense media separation iron ore project at Sishen. He named three areas to accelerate: administrative complexity including a modern cadastral system, rail and logistics reform, and energy security. Anglo's Envusa partnership with EDF Power Solutions has connected 520 MW of renewable energy.
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Kamoa Capital
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This newsletter is for general information, education & entertainment. Kamoa Capital is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice. Seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur.
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