Fortescue lifts profit on record first-half shipments

BHP backs Chinese $1.69b SolGold takeover bid Major SolGold shareholders — including BHP (ASX: BHP) and Newmont (ASX: NEM) — have vowed to support a takeover from China-based Jiangxi Copper (JCC) for the right price. If JCC, SolGold’s largest shareholder, can formalise an offer of 56c (£0.28) per London stock exchange-listed share, the other major shareholders have agreed to hand over the keys to SolGold’s crown jewel — the Cascabel copper-gold project in Ecuador. Hosting the high-grade Alpala deposit, the Cascabel project is positioned to emerge as a significant global copper and gold mine. Both BHP and Newmont, who each hold a 10.3% stake, have provided a letter of intent to JCC indicating their support of the revises possible offer. Max Capital and Nichola Mather, who hold 5.1% and 2.8% respectively, have also issued letters of intent. JCC has been a significant shareholder in SolGold since December 2022 and owns 12.2% of the issued share capital of SolGold which, combined with the letters of intent, represents 40.7% of the issued share capital of SolGold. SolGold’s board of directors have indicated to JCC that if an offer that meets the terms is made, they would be minded to recommend the offer to shareholders. 

Alcoa doubles no-mining zoneAlcoa Australia (ASX: AAI) will expand its Mining Avoidance Zone (MAZ) around Dwellingup to 26,000ha, equivalent to the size of about 860 Optus stadiums.The expanded MAZ is adjacent to several designated conservation areas, including sections of old growth forest which will never be mined.The expanded area now includes part of Lane Poole Reserve, Recreational tracks and trails including sections of the Munda Biddi Trail, Bibbulmun Track and Nyingarn Bidi Loop and a new zone around the Inglehope community east of Dwellingup.Alcoa Australia regulatory approvals director Kane Moyle says the move shows Alcoa is listening and responding to community feedback.“The decision follows environmental studies and extensive community consultation,” he said.“We are committed to engaging with the community to find ways to minimise impacts and protect the cultural values and sense of place that makes Dwellingup special.“We know these areas are treasured by the local community and visitors alike. We respect the community’s expectation that these forest areas and trails remain part of our natural heritage for generations to come.“We are really pleased we can offer increased certainty around their protection as part of our broader commitment to balance critical resources needs with environmental and social values.”This expansion follows Alcoa’s November withdrawal of around 47,000ha from its proposed exploration footprint in the Perth Hills.Alcoa says that while the new MAZ includes areas of mineral prospectivity, there is no immediate financial impact from the Dwellingup no mining commitment.

Bellevue Gold (ASX: BGL) has delivered a record underlying free cash flow of $158m for Q3 FY26 after reporting increased mined and processed ore grades.The company mined 293kt of ore at 4.6g/t for 44koz gold and processed 283kt at 4.7g/t for 41koz of gold during the quarter, reporting that metallurgical recovery averaged 94.6% and continues to outperform recoveries set in its FY26 guidance.Bellevue has now established several production levels at its higher-grade Deacon Main mining area, which contributed consistently throughout the quarter, and has scheduled first development in ore at its higher-grade Deacon North mining area for Q4 FY26.With mined and processed tonnes forecast to increase for the next quarter, Bellevue remains on track to meet its FY26 production guidance of 130–150koz.Bellevue continued pre-delivering gold and reducing near-term hedge book commitments, which it expects to increase future spot gold price exposure, reporting that it is free of contractual hedge book deliveries until the end of December 2026.The company expects to continue accelerating pre-deliveries into forward gold sale commitments, further de-risking its balance sheet whilst maintaining flexibility to build cash, support investment in exploration and other opportunities as they arise.Bellevue said diesel purchases represented about 1.3% of total project costs during the financial year to February 28, 2026, with the company describing its direct diesel cost exposure as among the lowest in the sector.The company reports that it is not currently impacted by any diesel supply issues and continues to operate its power station with industry leading renewable energy rates of about 90% during March 2026.

The Rhodes Ridge Joint Venture has approved a $294m (US$191m) feasibility study to progress the first stage of the Rhodes Ridge project.