The Australian government’s decision to allow the US mining giant Alcoa to continue clearing swathes of Western Australian jarrah forest despite past illegal clearing practices was made in part due to a critical minerals deal reached between Australia and the Trump administration last year, a new document shows. The document also reveals Alcoa was unlawfully clearing land for its bauxite mining practices in the area south of Perth for 15 years, despite warnings from the federal environment department. Conse ...

Key TakeawaysAlcoa (AA) has been fined A$55 million by the Australian government for failing to adequately remediate historic land clearing.The NZD/USD pair plummeted toward the 0.6000 psychological level after RBNZ Governor Anna Breman downplayed the likelihood of near-term interest rate hikes.YouTube, owned by Alphabet (GOOGL), resolved a massive technical outage that affected over 300,000 users globally.The Reserve Bank of New Zealand (RBNZ) maintained its Official Cash Rate at 2.25%, defying hawkish mar ...

Guinea, the world’s top bauxite exporter, plans to host the first edition of a major mining conference next year, the country’s presidency said in a statement. https://t.co/KtRfhO96JK ...

Core Viewpoint - Brazilian Rare Earths Limited (BRE) has announced a Maiden Mineral Resource Estimate at the Amargosa Bauxite-Gallium Project, highlighting a significant bauxite resource with premium alumina grades and substantial contained gallium [1][6]. Bauxite Mineral Resource Estimate - The total mineral resource is estimated at 568 million tonnes (Mt) with a Total Available Alumina (TAA) of 29.8% [2]. - The resource includes 98 Mt of Direct-Ship Bauxite with a TAA of 41.9% and 470 Mt of Beneficiable Bauxite with a TAA of 27.3% [4]. Gallium Mineral Resource Estimate - The project contains 27,098,000 kg of gallium, with an average concentration of 47.7 parts per million (ppm) [2][3]. - Direct-Ship Bauxite has a gallium concentration of 51.6 ppm, while Beneficiable Bauxite has 46.9 ppm [3]. Strategic Importance - The contained gallium positions Amargosa as a key player in emerging supply chains for semiconductors, high-performance permanent magnets, and defense applications [3]. - The low reactive silica index (RSI) of the bauxite enhances alumina recovery and aligns with tightening refinery feed specifications [4]. Logistics and Infrastructure - The project benefits from direct highway access to bulk-export logistics in a Tier-1 jurisdiction, facilitating a capital-efficient direct-ship bauxite operation [7][8]. - A Memorandum of Understanding (MoU) has been signed with the Port of Enseada for mine-to-port export logistics [8]. Growth and Development Pathways - A near-term Scoping Study is planned to explore development pathways and long-term value creation options for Amargosa [7]. - The project has significant exploration upside, supported by historical drilling data, providing potential for further resource expansion [8]. Next Steps - Upcoming initiatives include a Scoping Study by the end of 2025, bauxite upgrade test-work, and resource drilling to assess growth and optimization [8].

Core Viewpoint - Canyon Resources has secured a funding package of A$215 million ($140 million) to accelerate the development of its Minim Martap bauxite project in Cameroon, demonstrating strong institutional support and confidence in the project [1][4]. Funding Details - The funding consists of a two-tranche placement to raise A$205 million, along with an options exercise by major shareholder Eagle Eye Asset Holdings (EEA) to generate up to A$10 million [1]. - The first tranche aims to raise A$36 million from institutional, sophisticated, and professional investors [1]. - The second tranche includes a commitment from EEA to subscribe for A$100 million, pending shareholder approval, and Afriland Bourse & Investissement has pledged to invest up to A$70 million, subject to approvals [2]. Shareholding Structure - After the completion of the second tranche, EEA will hold a 56.5% shareholding in Canyon, while Afriland will have a 10.1% stake [2]. Share Offer Pricing - The offer price for the new shares is set at A$0.26, reflecting a 5.5% discount to the last closing price and a 9.6% discount to the five-day volume-weighted average price [3]. Project Development Plans - Canyon plans to allocate A$206 million for the development of the Minim Martap project, A$46 million for increased investment in Camrail, and A$14 million for general administration and corporate costs [3]. - Operations at the Minim Martap project are expected to commence in early 2026, with the first bauxite shipment anticipated in the first half of 2026 [4]. Project Significance - The Minim Martap project is expected to yield high-grade bauxite with low reactive silica, making it suitable for various alumina refinery technologies [5]. - The project is strategically located adjacent to the rail line connecting to the Atlantic port of Douala, enhancing its logistical advantages [4].

Core Insights - Canyon Resources Limited has released an updated Definitive Feasibility Study (DFS) for the Minim Martap Bauxite Project, confirming strong economics and a phased development pathway for a major new bauxite producer [14][15]. - The Ore Reserve estimate has increased by 33% to 144 million tonnes (Mt) of Direct Shipping Ore (DSO) at 51.2% Al2O3 and 1.7% SiO2, which supports the long-term future of the project [8][15]. - The project is expected to have a pre-tax Net Present Value (NPV) of US$835 million and an Internal Rate of Return (IRR) of 29%, indicating a compelling investment opportunity [5][21]. Project Economics - The project has low capital expenditure (CAPEX) requirements, with Stage 1 CAPEX estimated at US$96 million and total project CAPEX projected at US$446 million [6][21]. - C1 operating costs are estimated at US$34.71 per wet metric tonne (wmt), with a long-term average cash cost forecasted at US$35/wmt [3][21]. - The project aims to produce approximately 10 million tonnes per annum (Mtpa) of bauxite, with a production target of 1.2 million tonnes in Year 1, ramping up to 10 million tonnes by Year 6 [8][24]. Production and Development Timeline - First ore production is planned for Q1 2026, with the first bauxite shipment expected in H1 2026 [15][48]. - The project will utilize a staged development approach, with production targets scheduled around the upgrade of the rail infrastructure [8][9]. - Existing rail capacity will allow for low CAPEX and fast-tracked development, with the World Bank committing US$818 million to upgrade the rail corridor by 2030 [3][8]. Community and Economic Impact - The local community supports the project, recognizing its potential for significant long-term economic benefits, including job creation with a workforce expected to be 97% local [36][37]. - The project is anticipated to contribute to the development of new economic infrastructure and improvements to existing facilities, including roads and rail links [37][45]. Resource and Reserve Details - The Ore Reserve classification includes 133.3 million tonnes of Proved reserves and 10.7 million tonnes of Probable reserves, with a total Mineral Resource estimate of approximately 1.1 billion tonnes [19][62]. - The project will target high-grade bauxite with a minimum of 51% Al2O3 and a maximum of 2% SiO2, ensuring a premium pricing position in the market [5][62]. Funding and Financial Strategy - The project is supported by a US$140 million debt facility from AFG Bank Cameroon and existing cash reserves exceeding Stage 1 capital development costs [17][40]. - Canyon Resources has a strategic partnership with Eagle Eye Asset Holdings, which has invested significantly in the company and continues to support its funding needs [40].

Core Viewpoint - Canyon Resources Limited is advancing the Minim Martap Bauxite Project in Cameroon, showcasing strong economic metrics with a pre-tax NPV of US$835 million and an IRR of 29%, supported by a 33% increase in ore reserves to 144 million dry metric tonnes (DMT) at a high grade of 51.2% Al2O3 [1][5][17]. Ore Reserves Estimate Upgrade - The updated ore reserve estimate for Minim Martap has increased by 33% to 144 million DMT, with an alumina grade of 51.2% and silica content of 1.7% [6][17][22]. - The project is expected to maintain a long-term price premium of up to US$11 per tonne over Guinea standard bauxite due to its high alumina grade and low silica content [6][17]. Production and Development Plans - The project will adopt a staged development approach, with initial capital expenditure (CAPEX) of US$96 million and a target of 1.2 million wet metric tonnes (WMt) in the first year, ramping up to 10 million WMt per annum by Year 6 [6][17][23]. - First ore production is planned for Q1 2026, with the first bauxite shipment expected in H1 2026 [6][17][19]. Economic Metrics - The project has a low average operating cost of US$34.71 per wet metric tonne (wmt) and a total project CAPEX of US$446 million [2][23][38]. - The project is projected to generate 20-year undiscounted free cash flows of US$1.989 billion, with a post-tax project payback period of 8 years [23][26]. Infrastructure and Financing - Canyon has secured a US$140 million debt facility from AFG Bank Cameroon and has existing cash reserves to cover initial development costs [19][46]. - The project benefits from existing rail capacity and port infrastructure, which supports a low capital cost development strategy [6][7][19]. Community and Economic Impact - The local community supports the project, recognizing its potential for significant long-term economic benefits, with an expected workforce comprising 97% local people [40][41]. - The project is anticipated to contribute to the development of new economic infrastructure and improvements to existing facilities in Cameroon [41][50].

Canyon Resources Limited Investor Webinar Summary Company Overview - **Company**: Canyon Resources Limited - **Project**: Minim Martap Bauxite Project - **Location**: Cameroon - **CEO**: Peter Secca, appointed July 1, 2023 Key Points and Arguments Project Development - The Minim Martap Bauxite Project has over **1.1 billion tons** of resource with a grade of over **51% bauxite** and less than **2% silica**, positioning it as a world-class project [5][6] - The project is set to commence mining operations in **Q1 2026**, with the first shipment of bauxite expected in **Q2 2026** [6][9] - The feasibility study indicates a **net present value (NPV)** of over **$830 million** and an **internal rate of return (IRR)** of **29%** [6][14] Financials - The capital expenditure (CapEx) required is less than **$100 million**, with a debt facility already secured for **$140 million** [7][11] - The average life of mine cost is projected to be just under **$35 per ton** [14][24] - The company anticipates selling bauxite at approximately **$85 per ton**, factoring in a premium over Guinea bauxite prices [8][23] Infrastructure and Logistics - The project benefits from an **800-kilometer rail line** connecting to the port of Douala, which is crucial for logistics [4][6] - The company has secured access to the port and is upgrading stockpile capacity to over **150 million tons** [22] - Orders have been placed for **locomotives and wagons** from China to facilitate transportation [21][12] Market Dynamics - The bauxite market has seen significant growth, with prices previously exceeding **$100 per ton** due to unrest in Guinea [7][8] - The company is in discussions with **six off-takers** across Asia, the Middle East, and North America, aiming to secure long-term contracts [31] Future Projections - Initial production is planned at **1 to 2 million tons per year**, with potential to scale up to **10 million tons** and possibly **14 to 15 million tons** in the future [10][19] - The project has a **20-year mine life**, but there is potential for significant extensions based on resource conversion rates [33] Community and Environmental Considerations - The project does not require community relocations, and the workforce will primarily be sourced from local communities [20][19] - The company plans to rehabilitate mining areas as operations progress [18] Regulatory and Government Support - The Cameroonian government has been supportive, facilitating permits and licensing, which is crucial for the project's success [39] Additional Important Information - The company has a **joint venture** with the Cameroonian government, holding **90%** of the project [26] - The feasibility study for an alumina plant is also underway, expected to be completed by the end of **2026** [14][26] - The company has a current market cap of just over **$470 million AUD** and **$51 million AUD** in the bank [25][26] This summary encapsulates the critical aspects of Canyon Resources Limited's investor webinar, highlighting the project's potential, financial outlook, and strategic plans moving forward.

Financial Data and Key Metrics Changes - The company reported a significant turnaround in underlying performance year on year, with record first half shipments of 1,900,000 tonnes and an underlying EBITDA of $23 million [2][9] - The results included several one-off items, indicating a change in the risk profile of the company, with a reversal of impairment and recognition of tax losses [3][4][6] Business Line Data and Key Metrics Changes - The company has focused on improving operational consistency and addressing interface issues in its production processes, particularly in the barge loading facility [13][14] - The production levels have shown improvement, with consistent operations reaching around 30,000 tonnes per day, which is necessary for achieving the target capacity of 7,000,000 tonnes [16][17] Market Data and Key Metrics Changes - The company has benefited from a strong pricing environment that has supported its financial performance in the first half of the year [9] - The operational performance has been strong despite external challenges, such as weather impacts that constrained production [15] Company Strategy and Development Direction - The company aims to achieve increased output and operational improvements, targeting a capacity of 8,000,000 tonnes in the medium term [20][21] - There is a focus on both organic growth through operational enhancements and potential inorganic growth by exploring bauxite opportunities and leveraging core competencies in logistics and marketing [22][23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future sustainability of strong performance, indicating that the current results reflect a paradigm shift in the company's risk profile [6][10] - The second half of the year is traditionally the most productive period, and the company is optimistic about carrying momentum into this period [10] Other Important Information - The company has set targets for 2026, including achieving specific output and cost reduction goals, while maintaining a cautious approach to any potential acquisitions [22][24] Q&A Session Summary Question: Progress on ramping up to 7,000,000 tonnes annual capacity - Management confirmed satisfaction with operational growth and noted improvements in production consistency despite some external challenges [13][16] Question: Outlook for Metro in 2026 and growth strategy - Management discussed medium-term growth aspirations, emphasizing the importance of achieving current capacity targets and exploring both organic and inorganic growth opportunities [18][20][22]

Core Viewpoint - Canyon Resources Limited has made significant progress in the development of its Minim Martap Bauxite Project in Cameroon, having completed the first drawdown from a US$140 million Credit Facility, which will facilitate the procurement of essential infrastructure and rolling stock for the project [2][3][8]. Financial Update - The initial drawdown amounted to XAF 15 billion (approximately US$26 million) before fees, which will be utilized for purchasing rolling stock and advancing key infrastructure works [3][8]. - The Credit Facility was secured on favorable terms, reflecting confidence in the Minim Martap Project as a tier-one asset [8]. Project Development - Canyon has placed orders for locomotives from CRRC Ziyang Co. Ltd and wagons from Texmaco Rail & Engineering Limited, with first deliveries expected in Q1 2026, aligning with the scheduled first bauxite shipment in the first half of 2026 [4][5]. - The company is on track to complete an updated Definitive Feasibility Study (DFS) in August 2025, which is a critical milestone for the project [5][8]. Strategic Objectives - The company aims to establish itself as a key and reliable supplier of high-quality bauxite ore to the international market, with production expected to commence in early 2026 [5][6]. - The drawdown of funds marks a transition from planning to execution, indicating a pivotal moment for the project [6][8].