Robowash

A self-commissioned assessment of Newcrest Mining’s disclosure and investor relations practices has cleared the company of selectively briefing analysts in June. Former ASX chairman Dr Maurice Newman AC – who was appointed by Newcrest to conduct the independent review – reached his conclusions despite an ongoing ASIC investigation limiting access to key analysts or critical emails. Newcrest’s share price plummeted days before its 7 June market update, leading to allegations of selective analyst briefings and triggering an ASIC investigation and two potential class actions. In his report, Dr Newman concluded that the volatility in Newcrest stock between 5 and 6 June appeared to follow a ‘sell’ recommendation by UBS on 4 June. “Five other brokers also published broker reports on...

AUSTRALIAN-LISTED gold company Resolute Mining has confirmed media reports that it is in exclusive talks with a potential buyer for its Ravenswood gold mine in Queensland. Responding to Australian media reports, Resolute Mining said in a statement to the ASX that it had entered into exclusive negotiations with private equity firm EMR Capital Management for the sale of the mine. Negotiations between Resolute and EMR Capital on the sale are ‘significantly advanced’ and could net the gold miner up to $300m, comprising $100m upfront and a deferred payment of $200m. The deferred payment of $200m could vary as it is subject to a number of factors, including future gold prices, production rates and investment outcomes for Ravenswood. The talks between...

Next chapter begins at Mt Marion Mineral Resources (ASX: MIN) has begun preliminary development works to support future underground mining at the Mt Marion lithium operation in WA. A contract has been awarded to specialist underground development contractor Develop Global (ASX: DVP) for the establishment of an exploration decline at Mt Marion. Work includes the establishment of surface facilities supporting underground mining activities, installation of underground mine infrastructure, excavating underground capital development and exploration drill platforms, and obtaining geological and operational data for future mining work. Located around 40km southwest of Kalgoorlie, Mt Marion is jointly owned by Mineral Resources and one of the world’s largest lithium hydroxide producers,...

THE Qld Department of Environment and Science has granted Pembroke Resources environmental authority (EA) for its 100pc owned Olive Downs coal project in Central Queensland. The EA authorises the activities for Olive Downs’ 79-year mine life, and provides the conditions for the operation of the mine. The 813mt open cut JORC resource holds a 2bt underground target, with 514mt open cut JORC reserves, and is a similar size to Adani’s Carmichael mine. Pembroke said that 90pc of the coal would be used for steelmaking. Pembroke chief executive, Barry Tudor, said the company was “looking forward to Federal Government approval under the Environment Protection and Biodiversity Conservation Act, and the granting of a mining lease so that it can begin construction”....