Rio Tinto to expand $1.1b Dampier desalination plant

Newmont Corporation (ASX: NEM) has reported record quarterly free cash flow of US$3.1b and net income of US$3.3b for Q1 2026.  Attributable gold production decreased 10% from the prior quarter, driven by lower production at Boddington and Tanami.  The company produced 1.3moz of attributable gold, as well as 9moz of silver and 30,000t of copper during the quarter. Newmont says it is on track to meet full-year production guidance of 5.3moz gold.  Gold by-product all-in sustaining costs were US$1029/oz with Newmont citing favourable silver and copper by-product credits, ongoing cost and productivity initiatives and lower sustaining capital spend. Operating cash flow reached US$3.8b, while the company ended the quarter with $US8.8b in cash and US$12.8b in total liquidity. Newmont also expanded shareholder returns, declaring a quarterly dividend of US$.26/share and announcing an additional US$6b to double its share repurchase authorisation, following full execution of the previous program.  Newmont President and chief executive office Natascha Vilijoen said the result kept the company well positioned to deliver 2026 guidance while continuing to return capital and invest in long-life assets.  During the quarter, Newmont reported increased production at Cadia in New South Wales, with improved grades and throughput also supporting higher copper output. The company also flagged ongoing investment in Cadia and Boddington to support long-term production capacity.  Newmont said earnings from divestments further strengthened earnings, with the program generating over $4.6b in total after-tax proceeds to date.  

Liontown goes fully underground as lithium prices rally Liontown (ASX: LTR) has completed mining at the Kathleen’s Corner open pit, positioning Kathleen Valley as a fully underground mining operation.The annualised underground run-rate of 1mtpa was achieved on schedule, with Liontown now targeting 1.5mtpa by the end of Q3 FY26 and 2.8mtpa steady-state by the end of FY27.Liontown managing director and chief executive Tony Ottaviano comments on the company’s Q2 performance.“The December quarter represented a major operational and financial inflection point for Liontown, with open pit mining completed on schedule and the operation now 100% underground,” he said.“Underground ore production increased by 37% during the quarter, supported by strong development progress and improving operational leverage, resulting in cashflow-neutral operations.“Our US$900/dmt realised price for the quarter, on an SC6 equivalent basis, reflects the timing of offtake pricing, which was largely set prior to the strong rally in spodumene prices late in the quarter.“Pricing strength has continued into 2026, with market conditions now the most favourable experienced since the commencement of production.“With underground production continuing to scale, costs trending lower and higher pricing expected to flow through in coming quarters, Liontown is well positioned to deliver a strong financial performance in the second half of FY26.”Q2 unit operating costs and AISC decreased by 17% and 22% respectively from Q1. Liontown says it remains on track to meet FY26 guidance.Spodumene prices rallied late in the quarter and have remained firm into 2026, improving sentiment across the lithium sector. Now, LG Energy Solution has elected to convert its entire US$250m convertible note holding into an estimated 239 million fully paid ordinary shares in Liontown.“LG Energy Solution's decision to convert their entire holding to equity is a strong endorsement of Kathleen Valley's tier-one quality and our operational execution,” Mr Ottaviano said.“This conversion delivers immediate benefits to shareholders. It simplifies our capital structure, eliminates future interest obligations on the notes, and strengthens our balance sheet — giving us real financial firepower as we scale production, while remaining focused on shareholder returns and disciplined capital allocation.“Importantly, it deepens an already important strategic partnership with LG Energy Solution. LG Energy Solution was instrumental in supporting our transition to producer, and their decision to become a significant equity holder further aligns our interests.“We now have one of the world's leading battery manufacturers as both a cornerstone shareholder and a long-term offtake customer — a powerful combination as we execute on Liontown’s full potential.”Upon completion, LG Energy Solution will hold about 8% of Liontown’s issued share capital, with the shares to be issued within five business days.

Onslow Iron transitions to gasOperations at the Port of Ashburton, a critical link in Mineral Resources’ (ASX: MIN) Onslow Iron supply chain, are now running entirely on natural gas.The complete transition from diesel to natural gas for port operations will reduce greenhouse gas emissions whilst streamlining operations through the removal of extensive diesel logistics and handling, according to the miner.The change will result in displacing about 60 million litres of diesel every year for power generation at the port.Site infrastructure includes a 14MW gas-fired power station which is now connected to the Wheatstone Ashburton West Gas Pipeline.MinRes power station operations manager Gary Stevens comments on the milestone.“The introduction of a gas-fired power station at the port represents a major step towards delivering cleaner and more sustainable mining and export infrastructure,” he said.“Bringing something of this scale together and operational is a huge piece of work and couldn’t be done without the team’s dedication, diligence and expertise.”The Port of Ashburton, located about 150km from Ken’s Bore mine site in West Pilbara, plays a critical role at Onslow as it is where iron ore is loaded onto purpose-built 20,000t transhippers for transfer to bulk carriers offshore.MinRes general operations and development manager Rowan Hill commented on the company’s commitment to investing into greener technologies.“We consider clean energy critical to the sustainability of our industry and the communities where we operate,” he said.“We’re continually exploring ways to reduce emissions across our operations and by connecting the port to the gas lateral, we’re reducing our diesel consumption and taking another positive step towards more cost-effective and cleaner operations.”

Lynas Rare Earths (ASX: LYC) has signed a binding letter of intent with the US Department of War to finalise a four-year rare earth oxide offtake agreement. Under the agreement, Lynas will allocate $137m worth of rare earth oxides to support US supply chain resilience objectives with an established floor price for supply of US$110/kg for neodymium and praseodymium. This offtake agreement follows the mutual decision to modify the original agreement between Lynas and the DoW based on significant uncertainty as to whether the construction of the heavy rare earth (HRE) processing facility at Seadrift, Texas would proceed. Lynas chief executive and managing director Amanda Lacaze says, through the agreement, the US Defense Industrial Base will continue to have access to rare earth oxides essential for modern manufacturing. “We thank the US Government for working with Lynas to reach this mutually beneficial arrangement and look forward to finalising the definitive agreement in due course and continuing our productive engagement," she said. Lynas and the DoW continue to discuss further supply arrangement for HRE oxides.  Last week, Lynas extended its rare earths supply deal with Japan Australia Rare Earths (JARE) through to 2038 and established a floor of US$110/kg for neodymium and praseodymium — identical to that set in the DoW agreement.  As the world’s only significant producer of separated rare earth materials outside of China, Lynas is strategically important to diversifying the global supply of rare earths. This significance has been bolstered by the company’s H1 FY26 results in which the company reported a 63% rise in revenue for $413.7m — Lynas’ best first-half profit in three years.  Lynas saw the average price of all its rare earth products rose to $96/kg during the half, a trend that continued in 2026 with neodymium and praseodymium reaching a domestic price of $157 /kg in China.