Evolution surges on gold rally

Full steam ahead for Pilbara rail projects The WA Government is on track to drive advanced manufacturing in the Pilbara with its multimillion-dollar investment into two major rail projects. Almost $8m is to be invested under the Government’s Local Manufacturing Investment Fund (LMIF) with funding to establish an iron ore railcar manufacturing production line and a centre of excellence in Karratha. Today, WA State and Industry Development Assistant Minister Stephen Dawson officially opened CORE Innovation Hub’s Rail Collaboration Centre (RCC) which will provide a platform to undertake testing, research and development in the manufacture...

Orexplore’s gold detection technology begins commercial validation testing Orexplore Technologies (ASX: OXT) is conducting commercial validation tests on its new gold detection technology with multiple tier-1 gold mining companies. Orexplore’s technology detects nuggety gold on-site within 20 minutes, optimising the volumes of processed and transported core samples to laboratories which can take weeks or months to provide results. It quickly identifies nuggets larger than 100 micrometres in size through the full 3D volume of the core. It aims to reduce the required drill sample volumes and can potentially accelerate the utilisation of gold grades for operational grade control and improved nuggety deposit characterisation. Nuggety gold mines are...

BHP agrees to sell Queensland mines for $6.49b BHP (ASX:BHP) and Mitsubishi Development (MDP) have agreed to sell the Blackwater and Daunia mines for up to $6.49b (US$4.1b). Two wholly owned subsidiaries of Whitehaven Coal (ASX:WHC) have agreed to acquire both mines. The purchase price comprises of $3.32b (US$2.1b) cash on completion, $1.74b (US$1.1b) in cash over three years completion and the potential for up to $1.42b (US$900m) in a price-linked earnout payable over three years. BHP president of minerals Australia Geraldine Slattery commented on the transaction. “Whitehaven Coal has a strong track record as a responsible and reliable operator, and we will work closely with them to achieve a smooth change...

Newmont receives clearance in Australia and Japan for Newcrest acquisition Newmont has received further clearance for its acquisition of Newcrest Minerals (ASX:NCM). Following a review by Australia’s Foreign Investment Review Board (FIRB), the Treasurer has cleared Newmont to proceed with the acquisition, issuing a No Objection Notification (NON). The NON is conditional upon compliance with standard tax conditions associated with the Commonwealth taxation laws. In early September, Japan’s Fair Trade Commission issued a clearance letter allowing closing of the proposed transaction to proceed any time after September 30, 2023. Furthermore, in August the Australian Competition and Consumer Commission cleared the proposed acquisition and conveyed its recommendation to the FIRB. Remaining regulatory approvals...