The Drill Down
Tuesday 14 April 2026 · Part 2
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Lead Insight
ACCC Clears Yancoal's Acquisition of Kestrel Coal Group
The ACCC has granted Yancoal Australia a notification waiver for its proposed acquisition of 100% of Kestrel Coal Group, which holds an 80% interest in the Kestrel Coal Mine in Queensland's Bowen Basin. The regulator determined on 13 April 2026 that the deal is unlikely to give rise to any material lessening of competition, noting minimal production overlap given Yancoal primarily produces thermal coal while Kestrel is predominantly a metallurgical coal operation.
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Our Take
ACCC clearance removes the last regulatory hurdle. Yancoal picks up an 80% stake in one of Australia's most significant met coal operations without a formal merger review. The Mitsui 20% interest is the only structural complexity left on the table.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,761
+0.42%
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Silver
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$77
+1.44%
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Platinum
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$2,077
+0.61%
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Palladium
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$1,568
-0.35%
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Base Metals & Commodities
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Copper USD/lb
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$6.06
+0.14%
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Nickel USD/lb
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$8.03
+2.52%
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Zinc USD/lb
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$1.51
+0.90%
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Lead USD/lb
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$0.88
+0.72%
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WTI Crude USD/bbl
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$97.29
-1.81%
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Prices updated as of 14 Apr 2026, 3:47 pm AEST
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Market Movers
Winners & Losers: ASX Markets
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Blackstone Minerals
Cease and Desist Order at the Mankayan Copper-Gold Project in the Philippines has been lifted, allowing exploration to resume. Pre-Feasibility Study drilling is expected to commence in the near future at a project hosting a JORC resource of 793Mt at 0.65% CuEq containing 2.8Mt Cu, 9.7Moz Au and 20.4Moz Ag.
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Tarrina Resources
ASX issued a price query today; Tarrina confirmed soil samples and drill core assays are pending laboratory results, expected by 28 April 2026. The market is running on anticipation of upcoming exploration results from its gold project.
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Fulcrum Lithium
Phase 3 drilling at Alkali Flats, Nevada confirmed thick continuous lithium mineralisation above 300ppm in 16 of 19 holes, with best results of 9.1m at 898ppm Li. Six holes returned more than 70m of continuous mineralisation as the company advances toward a maiden mineral resource estimate.
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Ragusa Minerals
Yesterday's company update covering a new board appointment, next phase exploration planning at the Purple Pansy Manganese-Gold Project in Arizona, and a PTEL transaction nearing completion did not sustain buying interest. Pullback appears to reflect thin liquidity rather than any negative operational development.
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Emperor Energy
No specific catalyst identified. As an ASX-listed oil and gas explorer, Emperor is sensitive to energy price volatility linked to the Iran war and Hormuz situation. Profit-taking following recent gains the most likely driver on no news.
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Cokal Limited
No specific catalyst identified. Cokal is a coking coal developer with projects in Central Kalimantan, Indonesia. Broad coal sector weakness and thin trading volume the most likely driver of today's pullback.
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Market data as of 14 Apr 2026, 3:47 PM AEST
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This Week's Poll
What's the biggest barrier to funding junior explorers right now?
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This Week's Research
China's Sulfuric Acid Export Ban: A Compound Commodity Crisis With No Modern Precedent
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China's sulfuric acid export ban creates a cascade most copper market models haven't priced in. Our 17-page memo traces the full transmission chain: supply-demand modelling, exposure analysis across eight major producers, substitution timelines, and scenario frameworks, with clear investment implications on both sides of the structural divide.
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Today's Stories
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Reuters
Congo Copper and Cobalt Miners Cut Chemical Use as Iran War Disrupts Supplies
Congo's leading copper and cobalt producers have had key leaching chemical orders cancelled or withdrawn this month, with a 2,000-tonne SMBS order cancelled outright and a further 1,800-tonne shipment withdrawn after contracts were signed. Miners are cutting chemical consumption to stretch available stocks and considering cobalt output reductions as Hormuz-linked supply disruptions tighten sulphuric acid and sodium metabisulfite availability across the Central African Copperbelt.
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Our Take
This is the Hormuz story hitting the real economy. Cobalt output cuts in the DRC mean EV battery supply chains feel the Iran war before the ceasefire question is even resolved. Producers without integrated acid supply are the most exposed.
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Bloomberg
Indonesia Hikes Nickel Ore Benchmark Price in Hit to Processors
Indonesia's new nickel ore benchmark pricing formula, effective April 15, raises price floors across all ore grades and adds cobalt byproduct value to the calculation. The move compounds cost pressures on local processors, particularly HPAL plants supplying EV battery makers, which are already facing sharply higher sulphur costs from Hormuz-related supply disruptions. Nickel futures rose as much as 2.6% to a one-month high on the LME following the announcement.
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Our Take
Indonesia is squeezing processors from both ends: higher ore floors and war-driven reagent costs. HPAL economics are deteriorating fast and the pain will flow through to battery supply chains.
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Reuters
Two Chinese Firms Granted Lithium Export Quotas From Zimbabwe
Zimbabwe has granted lithium concentrate export quotas to Chengxin Lithium and Sinomine Resource, two months after the country suspended all raw mineral and lithium concentrate exports citing malpractices. Zimbabwe exported 1.128 million metric tonnes of lithium-bearing spodumene concentrate to China in 2025, accounting for roughly 15% of China's lithium concentrate imports for the year.
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Our Take
Quotas only for Chinese operators signals Harare is using access as leverage, not opening the spigot broadly. Non-Chinese lithium developers in Zimbabwe are still watching from the sidelines.
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Mining.com
Copper Traders Get Deja Vu as Comex Arbitrage Reopens
COMEX copper prices have once again risen above London Metal Exchange levels, reopening the arbitrage that incentivises physical shipments to the US for the first time in months. The move echoes the 2025 tariff-driven dislocation and is already prompting traders to redirect copper flows toward US warehouses.
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Our Take
The arbitrage reopening tightens ex-US supply just as Hormuz disruptions are already squeezing copper oxide operations. Two separate pressures converging on the same metal at the same time.
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Mexico Business News
Venezuela Opens Mining to Private Firms Under New Reform
Venezuela's National Assembly unanimously approved a new Organic Mining Law opening the sector to domestic, foreign, state-owned and private companies, with 30-year concessions and international arbitration provisions. The law repeals 1999 and 2015 mining regulations and sets royalties of up to 13%, covering gold and strategic minerals including largely unexplored rare earth deposits across the Orinoco Mining Arc.
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Our Take
The arbitration clause is the key line for foreign capital. Without it, no serious miner moves. Governance and armed group presence in the Orinoco Arc remain the real barrier regardless of what the law says.
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Reuters
South Africa Agrees New Climate Loan, Critical Minerals Cooperation on Germany Visit
Germany has agreed to provide South Africa a 200 million euro concessional climate loan to support investment in the country's power grid and renewable energy capacity, with the two nations also committing to deepen critical minerals cooperation. Foreign Minister Ronald Lamola announced the deal following talks with German counterpart Johann Wadephul in Berlin.
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Our Take
Germany is buying access to South African critical minerals supply through energy infrastructure. It's the same playbook as the US-DRC deal, just written in euros.
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Upcoming Events
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Annual Geoscience Exploration Seminar (AGES) 2026
14-15 Apr 2026 · Alice Springs Convention Centre
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Resourcing Tomorrow Hong Kong
16-17 Apr 2026 · Four Seasons Hotel, Hong Kong
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Sydney Resources Round-up
5-7 May 2026 · Hyatt Regency, Sydney
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Sydney Mining Club
6 May 2026 · Leading Edge · Hinchcliff House, Sydney
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121 Mining Investment
11-12 May 2026 · London
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Gold Coast Investment Showcase
11-12 Jun 2026 · Gold Coast
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RIU Resources Investor Roadshow
25 Aug 2026 · Melbourne
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Kamoa Capital
kamoacap.com
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