|
|
| |
Presented By
|
| |
|
Independent Critical Minerals Intelligence
Independent pricing, supply chain analytics and strategic forecasts across 67 minerals and 93 markets. Built in Perth for mining companies, fund managers and government agencies.
Start Free Trial
|
|
| |
|
| |
| BHP Secures Initial US$1.3 Billion for Expansion of World's Largest Copper Mine |
| |
| Chile's Antofagasta environmental commission cleared the first Escondida construction package, sulphide leaching modifications and electrical upgrades, unlocking US$1.3 billion of a program that could reach US$14.7 billion across BHP's Chilean assets. A replacement concentrator for Los Colorados awaits separate approval. |
| |
| MiningFeeds |
|
|
|
| US Investor Group Taps Glencore in Bid for Sherritt |
| |
| A consortium of Glencore, Kyma Capital and Brevan Howard co-founder Trifon Natsis has offered to recapitalise Sherritt at C$0.12 a share for at least 55% fully diluted, competing with a Gillon Capital warrant structure. Sherritt jumped 24% to C$0.15. |
| |
| Mining.com |
|
| Zimbabwe Lithium Producers Commit US$1.45B to Local Processing, Seek Export Ban Flexibility |
| |
| Producers have committed about US$1.45 billion to local beneficiation, according to Lithium Producers Association chairman Innocent Rukweza, while seeking flexibility on the pending export restriction on unbeneficiated spodumene concentrate. Of seven major producers only the Huayou-linked Arcadia plant has commissioned sulphate capacity, with Sinomine's US$500 million Bikita plant still under construction. |
| |
| Shanghai Metals Market |
|
| Rio Tinto Aluminium Smelter Receives A$1.8 Billion Bailout |
| |
| Anthony Albanese and NSW Premier Chris Minns confirmed the Tomago rescue, NSW funding almost half, with the smelter facing closure in 2028 as its AGL power contract expires and the energy regulator forecasting contract prices to double by 2029. Tomago produces up to 590,000 tonnes of aluminium a year and draws about 10% of NSW electricity. |
| |
| Financial Post |
|
| Northern Star Snubs US Activist Fund With New Board Appointment |
| |
| Northern Star appointed Jetstar's former finance chief Terry Bowen to the board hours after Elliott named six candidates with large-scale gold operating experience across Australia, Africa and the Americas. Elliott has lifted its economic interest to 5.6% and has pressed for a strategic review since early June, with chairman Michael Chaney running the defence. |
| |
| Australian Financial Review |
|
| Antofagasta Posts US$2B Profit, Cuts Copper Outlook |
| |
| Antofagasta reported higher first-half profit on stronger copper and gold prices but cut annual production guidance to 625,000 to 655,000 tonnes from 650,000 to 700,000 tonnes after a shutdown at Los Pelambres, roughly 5% lower at the midpoint. |
| |
| The Northern Miner |
|
| |
| |
|
|
| |
|
THEME: PAYING TO KEEP WHAT ALREADY EXISTS
The Week's Capital Bought Proximity, Not Discovery
Tomago drew A$1.8 billion to keep running, New South Wales funding almost half of a rescue that builds nothing new. Codelco keeps all US$2.422 billion of its 2025 profits for the first time, aimed at containing debt and restoring capacity rather than adding it. Antofagasta banked a US$2 billion half and still cut guidance by roughly 5% at the midpoint after Los Pelambres went down. BHP needed an environmental clearance before it could spend the first US$1.3 billion of a program that could reach US$14.7 billion, at a mine that has been the world's largest for decades.
The deal flow reads the same. Fortuna paid US$200.0 million for ground adjacent to Diamba Sud, PLS US$37.5 million for a deposit adjacent to Colina, and Blue Moon roughly US$20.5 million for 33 tungsten and antimony projects near its Springer plant, in a month where antimony fell 10.38% and tungsten 5.68%, the two weakest rows in our table. Austral and Hammer merged all-scrip at A$80.7 million around Austral's existing Queensland processing hubs. Four transactions, and every one of them bought proximity to a processing route someone already owns.
What is left goes into the middle of the chain. Washington committed US$400 million to Sunrise for scandium at Syerston and took a right of first offer on the output, for a metal with no primary mine supply anywhere and no price line to quote. Ucore closed C$69.0 million for separation capacity in Louisiana, and Zimbabwe's producers pledged US$1.45 billion to local sulphate plants where one of seven majors has commissioned. Wia Gold is the outlier and the clearest test, taking A$125.0 million of equity alongside a proposed US$360 million Sprott facility to build Kokoseb outright. The premium now sits with tonnes that already have somewhere to go.
|
| |
| |
|
| |
| Sunrise Energy Metals (SRL) secures a conditional commitment from the US Department of War's Office of Strategic Capital for up to US$400.0M in long-term debt financing for the Syerston Scandium Project. |
| |
| The Office of Strategic Capital has conditionally committed up to US$400 million, stated by the company as ~A$570 million at an assumed rate of US$0.70, under a proposed 25-year facility for the 100% owned Syerston project in New South Wales. The commitment is not an offer or a binding agreement and remains subject to due diligence, definitive documents and other conditions precedent. Sunrise has also begun preparing a US exchange listing, which requires shareholder, court and regulatory approvals. |
| |
|
| Wia Gold (WIA) receives firm commitments for a A$125.0M (~US$88.1M) placement at A$0.425 a share to fund the Kokoseb Gold Project through construction to first gold production. |
| |
| The price is a nil discount to the A$0.425 last trade on 7 August 2026 and a 2% discount to the five-day volume weighted average price. The placement is conditional on shareholder approval at a general meeting expected in late September or early October 2026. With a proposed US$360 million senior secured facility from Sprott Resource Lending and existing cash, it fully funds the project to first production, targeted for the fourth quarter of 2028. |
| |
|
| Ucore Rare Metals (UCU) closes a bought deal public offering for aggregate gross proceeds of C$69.0M (~US$49.5M). |
| |
| The offering covered 24,644,500 common shares at C$2.80 each, including 3,214,500 shares on full exercise of the over-allotment option for C$9,900,600 of the total. Net proceeds fund the Louisiana Strategic Metals Complex plus working capital and general corporate purposes, subject to final TSX Venture Exchange approval. |
| |
|
| Errington Metals (EM) closes a best efforts brokered private placement for aggregate gross proceeds of C$34.5M (~US$24.7M). |
| |
| The financing comprised 1,927,000 flow-through shares at C$5.19 for C$10,001,130 and 7,004,157 common shares at C$3.50 for C$24,514,549.50, including partial exercise of the agents' option. Common share proceeds fund continued exploration at the Sudbury Basin Project and working capital, with flow-through proceeds directed to qualifying Canadian exploration expenditures to be incurred by 31 December 2027. |
| |
|
| |
|
| |
| Fortuna Mining (FVI) acquires the 190km2 Bambadji advanced gold exploration project in Senegal from Barrick (ABX) and IAMGOLD (IMG) for consideration of US$200.0M. |
| |
| The deal is structured as a purchase of Senegalese subsidiaries held by Barrick Mining and IAMGOLD, with IAMGOLD selling an indirect 35% interest in the Bambadji joint venture. Bambadji adjoins Fortuna's feasibility-stage Diamba Sud Gold Project and consolidates approximately 60 kilometres of prospective strike along the Senegal-Mali Shear Zone, a Tier 1 gold corridor. |
| |
|
| Austral Resources (AR1) acquires 100% of Hammer Metals (HMX) under a binding Scheme Implementation Deed valuing Hammer at approximately A$80.7M (~US$56.9M), or A$0.087 per Hammer share. |
| |
| Hammer shareholders receive 1.2903 Austral shares per Hammer share, valued at A$0.080, plus A$0.007 of implied value through the concurrent demerger of Hammer's Western Australian gold assets into SpinCo, covering Bronzewing South, Orelia North and Mt Sefton held in Carnegie Exploration. That is a 29.4% premium to the A$0.067 implied under the previously announced Larvotto Resources scheme, leaving Hammer holders with approximately 31.1% of the enlarged Queensland copper producer. Austral has separately entered a binding unsecured loan facility of up to A$6.0M to support Hammer through scheme implementation. |
| |
|
| PLS Group (PLS) acquires the Salinas group of lithium properties in Brazil from Lithium Ionic (LTH) for an aggregate purchase price of US$37.5M in cash. |
| |
| PLS Brasil Mineração, a wholly owned subsidiary, entered a definitive agreement on 12 August for the Minas Gerais properties, which include the Baixa Grande lithium resource, with US$30.0M payable at closing and US$7.5M on the earlier of a positive final investment decision at PLS' adjacent Colina project and 31 December 2029. Lithium Ionic retains a 2.0% royalty. |
| |
|
| |
|
| |
|
|
|
AIC Mines (A1M : ASX)
|
| |
| 46.4m at 3.6% Cu from 146.5m |
| |
| Brumby, Cannington (Queensland, Australia) |
| |
|
|
Nine Mile Metals (NINE : CSE)
|
| |
| 24.6m at 3.49% CuEq from 96.8m |
| |
| Wedge (New Brunswick, Canada) |
| |
|
|
|
|
Volta Metals (VLTA : CSE)
|
| |
| 422.6m at 0.44% TREO and 41.5 g/t Ga2O3 from 3.4m |
| |
| Springer (Ontario, Canada) |
| |
|
| |
|
| |
| Week-on-Week |
Price |
% |
| Gold |
US$4,376/oz |
+0.78% |
| Silver |
US$65.00/oz |
+1.56% |
| Platinum |
US$1,742/oz |
+0.35% |
| Palladium |
US$1,316/oz |
-4.57% |
| Copper |
US$14,743/t |
+0.51% |
| Nickel |
US$16,755/t |
-1.07% |
| Zinc |
US$3,756/t |
+1.68% |
| Lead |
US$1,885/t |
+0.49% |
| WTI Crude |
US$82.40/bbl |
+4.61% |
| |
| Month-on-Month |
Price |
% |
| Tin (LME)* |
US$52,878.00/t |
+1.15% |
| Lithium Carbonate (China)* |
US$17,342.47/t |
-0.23% |
| NdPr Oxide (FOB China)* |
US$92.67/kg |
+2.91% |
| Fluorspar (90%)* |
US$458.17/t |
+4.97% |
| Antimony* |
US$14.88/kg |
-10.38% |
| Niobium* |
US$32.64/kg |
-0.20% |
| Tungsten* |
US$153.41/kg |
-5.68% |
| Gallium* |
US$239.05/kg |
-1.44% |
| Germanium* |
US$3,173.46/kg |
+1.69% |
| Uranium (U3O8)* |
US$188.61/kg |
-0.29% |
*Sourced from Critical Minerals Platform (CMP). These prices are APAC volume-weighted averages from producers rather than traders, meaning they are heavily weighted towards Chinese prices for minerals where China dominates production. All other commodities show week-on-week change.
|
| |
| |
|
LinkedIn |
Instagram
This newsletter is for general information, education and 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.
|
|
