Author: Samantha Bawden

Larvotto rejects ‘undervalued’ US takeover bid Larvotto Resources (ASX: LRV) has rejected US Antimony Corporation’s (USAC) takeover bid after the board unanimously agreed the offer materially undervalued the company.  USAC lodged the offer, valued at $723m, on October 20 seeking to exchange six shares in USAC for every 100 shares in Larvotto. This would make the value of the deal dependant on daily market performance of USAC shares at the time.  Larvotto Resources non-executive chair Mark Tomlinson says the board is confident that the company’s value and long-term growth potential significantly exceeds the indicative value of the offer.  “With Hillgrove set to become...

Rio launches corruption probe at Oyu Tolgoi Oyu Tolgoi LLC, 66% owned by Rio Tinto (ASX: RIO), has sought support from law enforcement for an internal investigation into allegations of corruption and unethical conduct at the copper operations in Mongolia.   Olyu Tolgoi LLC confirmed an investigation is underway, reaffirming the company’s strict zero-tolerance policy toward corruption and unethical conduct.   Rio Tinto declined to comment.  “We are aware of allegations involving procurement-related activities and conducting a comprehensive internal investigation and have sought cooperation of law enforcement authorities,” Oyu Tolgoi...

Australia leading global energy resources in AECR report The latest Australia’s Energy Commodity Resources (AECR) publication shows the status of Australia’s energy resources against a backdrop of accelerating global decarbonisation, technological innovation and shifting patterns of energy demand and trade. In 2023, global energy demand continued its long-term growth, with primary energy consumption increasing by 2% with fossil fuel consumption accounting for 60% of that increase and experiencing a 4% increase overall, according to the AECR. The AECR, published by Geoscience Australia, shows that in 2023 Australia’s energy exports were more than seven times its imports, with...

RBA uncertain on Australia’s critical minerals future The Reserve Bank of Australia (RBA) has outlined an uncertain outlook for Australia’s critical minerals industry that depends on policy environments and investment levels amidst the global energy transition. The RBA research paper, The global energy transition and critical minerals, reports the magnitude of both long-term global demand projections and Australian production remains subject to considerable uncertainty with global price declines halting production and delaying investment plans such that growth is likely to remain subdued. However, the report found that critical minerals production in...

Rio Tinto seeks to cut Chinalco’s 11% stake Rio Tinto (ASX: RIO) is considering an asset-for-equity swap with state-owned Aluminum Corp of China (Chinalco) that would reduce the miner's stake in Rio, Reuters reported, citing three people familiar with the matter. Sources told Reuters that Chinalco would exchange a portion of its holdings for stakes in some of Rio Tinto’s mining assets in a move to free up...

Donald wins major project status and $80m financing Astron’s (ASX: ATR) Donald rare earth and mineral sands project, located in the Murray Basin, Victoria, has been recognised by the Federal Government for its national importance.  The project is one of the world’s most significant rare earth resources and is expected to be the fourth-largest rare earth mine outside of China once operational.   Astron is developing the project as a joint venture with US-based critical minerals company Energy Fuels.  The companies...

Companies fined for truck driver death Three mining and construction services companies have been fined a total of $770,000 for an incident that led to the death of a truck driver in 2022 on the Great Northern Highway.  At about 9.27pm on July 25, 2022, the ratchet strap securing the intake boom of a pump being transported to Perth failed and the boom became unrestrained before striking and killing the driver of a truck travelling in the opposite direction just north of Meekatharra.  On October 14, the Perth Magistrates Court fined Resource Operations and Maintenance Services, Diverse Management...

Trump and Albanese sign $13b critical minerals deal Prime Minister Anthony Albanese and US President Donald Trump have today signed a landmark bilateral framework agreement to secure critical minerals and rare earths mining and processing outside of China. The framework will be established under the leadership of the Federal Resources Minister and the US Energy Secretary to identify priority minerals and supply vulnerabilities to develop a coordinated plan to accelerate delivery of processed minerals. President Trump says the agreement has been in negotiations for the last five months. “In about a year from now, we’ll have so much critical minerals and...

Boom to bust and back again: mining’s impact on housing Housing prices across Australia’s mining regions are some of the most volatile in the country, with some areas, over the last two decades, crashing more than 65% at the end of a mining boom.  An analysis featured in the upcoming 2025 Ray White Regional Report investigates housing price dynamics across nine of Australia’s major mining regions over the last decade — from coal districts in Queensland and NSW, the iron ore centres of the Pilbara, gold rich regions of WA to emerging lithium hotspots.  The period from 2012 to 2017...

$2b green aluminium scheme open for consultation The Federal Government has opened consultation for the design of its green aluminium production credit scheme to advance product decarbonisation.  Part of the Federal Government’s Future Made in Australia agenda, the credit scheme is designed to help Australia secure a competitive edge in the global clean energy economy by providing local smelters the confidence to invest in the transition to renewable energy use.  Facilities will be eligible for support for every tonne of clean, reliable, Australian-made aluminium they make over a period of up to 10 years or to 2044, whichever comes...

US company makes $723m bid for NSW critical minerals Larvotto Resources (ASX: LRV) received an unsolicited takeover bid from the US Antimony Corporation (USAC), equivalent to $1.40 per share, after the close of trading on Friday.  The offer was made following USAC’s lodgement of a substantial shareholder notice aftermarket, notifying Larvotto that it had acquired 51,685,160 ordinary shares, representing 10.0% of the company's shares on issue.  Larvotto  is actively advancing its portfolio of critical minerals projects including the Hillgrove antimony-gold project in NSW, the large Mt Isa copper, gold and cobalt project adjacent to Mt Isa townsite in Queensland and the Eyre...