The Drill Down
Tuesday 8 September 2026
|
| |
Presented By
ASX: TM1
|
| |
|
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.
Download Full Report
|
|
| |
Lead Insight
Copper Prices Scale Fresh Record High as Focus Turns to Tight Supplies Outside US
Benchmark three-month copper on the London Metal Exchange touched US$14,533 a tonne on Monday, clearing the January record of US$14,527.50, before easing to US$14,518 for a gain of 0.7%. The bid came from scarcity outside the United States, with Comex stocks at a record 695,624 tonnes while Shanghai Futures Exchange warehouse inventories sat at their lowest since January 2024. A softer dollar added support and volumes were thin, with US exchanges shut for the Labor Day holiday.
|
Our Take
Chile's shipments sank to their weakest in more than a year in August while the price was setting records, so mine supply now has to confirm what warehouse geography has already priced. A 17% advance over the year says the bid was building long before a holiday-thinned session put the print on the board.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,406
-0.54%
|
|
Silver
|
$66
-0.05%
|
|
Platinum
|
$1,828
+0.45%
|
|
Palladium
|
$1,384
+0.13%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$14803.90
+0.57%
|
|
Nickel USD/t
|
$16662.50
-0.83%
|
|
Zinc USD/t
|
$3953.04
+0.61%
|
|
Lead USD/t
|
$1894.80
-0.07%
|
|
WTI Crude USD/bbl
|
$92.61
+1.24%
|
|
Prices updated as of 8 Sept 2026, 8:03 am AEST
|
| |
Market Movers
Winners & Losers - Canadian Markets
|
Market Closed
Canadian markets were closed for Labour Day, so there are no winners and losers in today's edition. The section returns with the next session.
|
|
| |
| |
|
Presented By
|
| |
|
| |
|
Sierra Nevada Gold
|
| |
|
ASX: SNX
|
| |
|
| |
|
Emerging Saudi Arabian Developer & Explorer
|
| |
|
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.
|
| |
|
Find Out More
|
| |
|
| |
|
In-Country Operating Subsidiary
|
| |
|
| |
|
|
| |
|
Today's Stories
|
Financial Times
Russian Gold Floods Through Hong Kong in Wake of Western Sanctions
Hong Kong imported close to 100 tonnes of Russian gold in the first seven months of 2026, a record for the period and roughly triple the year-earlier volume, with most of it moving on into mainland China. The territory took 92.1 tonnes worth about US$10.5 billion across all of 2025, against 3.3 tonnes in 2021 before the invasion of Ukraine, and cumulative purchases since 2022 run to around US$35 billion. Hong Kong never joined the US, UK and EU ban on Russian bullion, and the US Treasury sanctioned several Hong Kong entities in 2024 over gold linked to Russia.
|
Our Take
Treasury already holds the lever, having designated Hong Kong intermediaries in 2024, so the open question is whether it will use secondary sanctions against a route Beijing wants kept open. Until it does, Western banks and refiners carry the exposure through transaction chains they cannot fully see.
|
|
|
Mining Weekly
BHP Tasks Worley for Study, EPCM Work at Copper Projects in South Australia
Worley will deliver study, engineering, procurement and construction management services concurrently across multiple phases for a potential block cave development and associated infrastructure at Olympic Dam, and for a possible expansion of Carrapateena's underground operations and processing infrastructure. Initial EPCM services have started on early-phase activities, with both projects still subject to final investment decisions. Delivery runs through Worley's Australian team, supported by specialist engineering providers and its global integrated delivery group, with support from China and Chile.
|
Company Release
ACG to Acquire Keşkek Licence to Extend Gold Production
ACG has agreed to buy 100% of mining licence 60926 and the Keşkek gold project in Türkiye from Meta Nikel Kobalt for US$7.85 million, split between US$4 million on transfer approval and US$3.85 million tied to environmental permitting by mid-2027, plus a 1% gross revenue royalty and US$60 an ounce on gold converted to reserves outside the defined pit. The 666 hectare licence sits about 70km from Gediktepe and is expected to extend heap leach utilisation by several years, with the initial pit holding roughly 300kt at 0.90g/t Au at a 1:1 strip ratio. Column leach testwork returned recoveries of 75% to 80%, rising to about 85% through Gediktepe's patented process, with mining and gold production targeted to start in mid-2027.
|
Our Take
At US$7.85 million the licence costs less than a drilling season and it defends a circuit that would otherwise wind down once Gediktepe's own oxide is spent. The 1.5Mt at 0.65g/t Au is ACG's own internal estimate, so the 5Mt to 10Mt exploration case has to be drilled out before Keşkek reads as more than a feed extension.
|
|
The Edge Singapore
China Central Bank Adds Most Gold Since 2023 Even as Prices Jump
The People's Bank of China added 650,000 ounces of gold in August, its largest monthly purchase since October 2023 and a 22nd consecutive month of buying. Holdings rose to 76.73 million fine troy ounces, about 2,387 tonnes, from 76.08 million at the end of July, lifting the reported value to US$350.08 billion from US$306.35 billion. The pace has accelerated every month since March, when the bank added 160,000 ounces, running through 480,000 in June and 640,000 in July.
|
Our Take
Adding 20 tonnes into a month when bullion rallied says the mandate here is reserve composition, and a bid set that way does not step back when the price runs. Twenty-two straight months of it puts a floor under the market that trades on a different clock to the managers rebuilding positions against a year-end target.
|
|
Mining.com
Brazil Targets Bigger Role in Critical Minerals Rush
Brazil's Senate approved legislation creating a National Policy for Critical and Strategic Minerals, now with President Lula for final approval, setting up a council under the presidency able to scrutinise changes in corporate control, significant foreign influence and international supply agreements touching minerals deemed critical or strategic. The bill pairs that oversight with a R$2 billion mineral guarantee fund, about US$383 million, and up to R$5 billion in tax credits over five years, roughly US$958 million, directed at processing and transformation projects. It also allows export rules tied to value-addition commitments and disclosure of destination, final beneficiary and degree of processing.
|
Our Take
USA Rare Earth's US$2.8 billion move on Serra Verde was agreed before the screening mechanism existed, so the council's first real test will be a transaction it can actually reach. For the ASX names developing Brazilian rare earths, Viridis, Meteoric and St George, the regulations defining that reach will matter more than the tax credits.
|
|
Fastmarkets
EU Shifts Aluminium Scrap Export Policy Away From Planned Trade Measures
The European Commission has withdrawn a planned trade instrument on aluminium scrap, reported as a 15% export duty, after internal discussions found it would cover only around half of EU scrap exports. Executive Vice-President Stéphane Séjourné's cabinet told Reuters the Commission is instead working on a delegated act under the Waste Shipments Regulation that would ban waste exports, aluminium scrap included, to non-OECD countries, with an exception for some EU candidate countries. Public consultation comes first and adoption is expected by the end of 2026, with no legal text yet published and the treatment of individual CN 7602 grades, destinations and exemptions still unresolved.
|
Our Take
Swapping a duty for a destination ban changes who the policy binds, because a price lever applies everywhere while a country list can be walked around through OECD ports. If the delegated act closes that path, more secondary units stay inside Europe and compete with primary metal, which is the retained-scrap outcome ingot producers wanted, reached by a route they have already called open to circumvention.
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
|
