BARRICK Mining has reached a 244bn CFA francs ($430m) settlement with Mali to resolve a two-year dispute that forced closure of the Loulo-Gounkoto gold complex, said Bloomberg News citing people familiar with the matter.
The Canadian miner will pay 144bn CFA francs within six days of signing, with another 50bn coming through VAT-credit offsets. A further 50bn was paid last year, said the newswire citing sources.
As reported on Monday, Barrick will regain operational control and withdraw arbitration proceedings against the West African nation. Mali will drop charges and release four employees detained during the dispute, including steps to lift an arrest warrant issued for former CEO Mark Bristow.
The company has accepted Mali’s 2023 mining code whilst securing a 10-year renewal of the Loulo permit, which was due to expire in February, said Bloomberg News. Mali relinquished state control, enabling operations to resume.
If restarted quickly, the mine could produce approximately 670,000 ounces next year, generating $1.5bn in operating cash flow, according to BMO Capital Markets analysts.
Barrick shares surged 8.5% to a 13-year high following Monday’s announcement. The dispute erupted when Barrick resisted Mali’s revised mining code, which increased royalties and state participation. Mali responded by demanding back taxes and seizing the operations, said Bloomberg.
Citing the miner’s interim CEO Mark Hill, Reuters reported that Barrick remained committed to its Reko Diq copper mine in Pakistan, one of the world’s largest undeveloped deposits of the metal, and to the country as well.
The $7bn project, in the remote, insurgency-hit western province of Balochistan, is held in an equal partnership between the company and the Pakistani authorities and is expected to start production by the end of 2028.
https://www.miningmx.com/top-story/63271-barrick-to-pay-mali-430m-in-bow-to-new-mining-code/
Belgian shipping giant more than doubles revenue in third quarter
Alexander Saverys is CEO of CMB.Tech.Photo: Per Thrana/DN
Gary Dixon -TradeWinds correspondent - London
Updated 26 November 2025, 08:05
Major Belgian shipowner CMB.Tech is expecting a big boost to earnings as wet and dry freight markets “roar back”.
The US and Brussels-listed owner of about 250 tankers, bulkers, boxships and wind vessels posted net earnings of $17.3m in the third quarter, down from $98m a year ago as operating costs and depreciation increased.
At present, India’s demand for REPMs is met primarily through imports
Published - November 26, 2025 04:22 pm IST
The Hindu Bureau
The Union Cabinet on Wednesday (November 26, 2025) approved the ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets’ with a financial outlay of ₹7,280 crore. At present, India’s demand for REPMs is met primarily through imports. “This first-of-its-kind initiative aims to establish 6,000 Metric Tons per Annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturing in India, thereby enhancing self-reliance and positioning India as a key player in the global REPM market,” a press release read.
“REPMs are one of the strongest types of permanent magnets and are vital for electric vehicles, renewable energy, electronics, aerospace, and defence applications. The Scheme will support the creation of integrated REPM manufacturing facilities, involving conversion of rare earth oxides to metals, metals to alloys, and alloys to finished REPMs,” it added.
The press release further said that with rapidly growing demand from electric vehicles, renewable energy, industrial applications, and consumer electronics, India’s consumption of REPMs is expected to double by 2030 from 2025.
“With this initiative, India will establish its first-ever integrated REPM manufacturing facilities, generating employment, strengthening self-reliance and advancing the nation’s commitment to achieve Net Zero by 2070.”
The total financial outlay of the scheme is ₹7,280 crore, comprising a sales-linked incentives of ₹6,450 crore on REPM sales for five years and capital subsidy of ₹750 crore for setting up an aggregate of 6,000 MTPA of REPM manufacturing facilities.
“The scheme envisions allocating the total capacity to five beneficiaries through a global competitive bidding process. Each beneficiary will be allotted up to 1,200 MTPA of capacity,” the press release read, and detailed that the total duration of the scheme will be seven years from the date of award. This will include a 2-year gestation period for setting up an integrated REPM manufacturing facility, and five years for incentive disbursement on the sale of REPM.
Serbia is among the few European countries not to impose sanctions on Moscow over the war in Ukraine (Andrej ISAKOVIC)
Serbia's only oil refinery prepared to shut down on Tuesday, as the country's president set a deadline for the firm's Russian majority-owners to sell out and end US sanctions.
President Aleksandar Vucic, speaking to the press in Belgrade, said the Pancevo refinery had scaled back operations, with a "complete halt" just four days away.
"It has not been shut down yet, but it is already running at a reduced level compared to normal," Vucic said, weeks after sanctions cut off the refinery's supply of crude oil.
The Petroleum Industry of Serbia (NIS) confirmed in a statement that the refinery had been reduced to a "warm circulation" as it prepared for shutdown if no new crude was received.
Since October 9, Belgrade has been scrambling to solve a looming winter energy crisis after the long-delayed measures came into effect as part of Washington's crackdown on Russian energy over the 2022 invasion of Ukraine.
Vucic said NIS had stockpiled enough fuel to last until the end of the year, with further reserves held by the government.
But he set a 50-day deadline for a deal to be reached between the Russians and a potential buyer, which includes bidders from Hungary and the United Arab Emirates.
If that failed, his government would be forced to buy the company, he said.
"We will have no choice. We will bring in our own management and offer the highest possible price."
- Negotiations -
With Russians holding a controlling stake in NIS, Serbian officials have had to hope their counterparts in Moscow were willing to sell.
Last week, NIS filed a new request with the US for a temporary exemption from the sanctions while negotiations were underway -- but there has been no movement from Washington yet.
Vucic warned that if sanctions remained, Serbia may face secondary measures, which could target the country's central bank if it continued to deal with NIS.
"There could be a complete halt in payment transactions and services to the population, cessation of card functionality, cessation of credit insurance, and everything else," he said.
Since sanctions were imposed, global Mastercard and Visa payment cards have been blocked at NIS petrol stations, while cash and payments with the domestic Dina card -- backed by the central bank -- have continued.
Following Vucic's comments, the National Bank of Serbia said it would cease working with NIS if a deal wasn't reached within the 50-day deadline.
In 2008, Serbia sold a controlling stake in NIS to Russia's Gazprom and Gazprom Neft for 400 million euros ($462 million).
https://uk.finance.yahoo.com/news/serbias-sole-refinery-faces-shutdown-155243002.html
Oil prices extended losses early on Tuesday after news broke that Ukraine has mostly agreed to a peace deal, with “minor details” to discuss and settle.
As of 8:35a.m. ET on Tuesday, the U.S. benchmark crude futures, WTI Crude, dropped by 1.29% to further slip below $60 per barrel, at $58.08.
The international benchmark, Brent Crude, was trading down by 1.23% at $62.59.
Prices reacted to reports early on Tuesday that the U.S. plan for peace in Ukraine has received support from Ukrainians. The development added to persistent concerns about an already oversupplied oil market.
“The Ukrainians have agreed to the peace deal,” a U.S. official told CBS News today.
“There are some minor details to be sorted out but they have agreed to a peace deal,” the U.S. official added.
Rustem Umerov, Secretary of the National Security and Defense Council of Ukraine, posted on X early on Tuesday “We appreciate the productive and constructive meetings held in Geneva between the Ukrainian and U.S. delegations, as well as President Trump’s steadfast efforts to end the war.”
“Our delegations reached a common understanding on the core terms of the agreement discussed in Geneva,” Umerov added.
“We now count on the support of our European partners in our further steps. We look forward to organizing a visit of Ukraine’s President to the US at the earliest suitable date in November to complete final steps and make a deal with President Trump.”
A peace deal that President Trump and Ukraine’s President Volodymyr Zelenskyy could agree on as early this week is weighing on oil prices as traders expect that some sanctions on Russia’s energy industry and exports could be eased.
While Ukraine and the U.S. were negotiating in Geneva, U.S. Army Secretary Dan Driscoll was in Abu Dhabi for discussions with Russian officials, sources told CBS News.
As of early Tuesday, there was no reaction or comment from Russia on a peace deal.
https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Sink-as-Ukraine-Agrees-to-Peace-Deal.html
Crude oil prices dropped on Tuesday, erasing the gains made on Monday amid reports of advancements in Ukraine peace negotiations. A peace agreement between Russia and Ukraine could lead to greater supplies, which offset a positive sentiment in the broader markets.
Oil prices have dropped this year, with futures on track for a fourth consecutive monthly decline in November, marking the longest stretch of losses since 2023.
On Tuesday, crude oil prices traded flat on Multi Commodity Exchange (MCX). MCX crude oil price was trading at ₹5,236 per barrel. It hit an intraday high of ₹5,254 level, and an intraday low of ₹5,229. In the global markets, Brent crude oil price rose 0.50% to $63.06 a barrel, while US West Texas Intermediate (WTI) futures climbed 0.46% to $58.57.
The decline in crude prices occurred even as Asian stocks mirrored gains seen on Wall Street, fueled by expectations of additional interest rate reductions from the Federal Reserve.
Both crude benchmarks gained 1.3% on Monday. Analysts suggested that crude oil prices bounced back from one-month lows on Monday, fueled by a widespread risk-on sentiment due to increasing hopes for a Federal Reserve rate cut in December.
Further, experts believed that oil prices rebounded even in light of the agreement between the US and Ukraine to revise the draft of the Russia-Ukraine peace deal. Additionally, the Chinese stimulus initiative aimed at boosting its housing market is providing support for oil prices at lower levels.
Factors behind falling crude oil prices
Concerns about oversupply: Increased non-OPEC production, particularly from US shale, along with indications of sufficient inventories, have limited price increases and pushed prices downwards.
Ukraine–Russia peace talks: Fluctuating optimism regarding a potential agreement has sometimes lowered the geopolitical risk premium, contributing to downward pressure when progress in talks appears to occur.
The peace agreement between Russia and Ukraine could lead to a reduction in sanctions against Russia, potentially limiting the upward movement of crude oil prices.
Weak demand: Worries about slower global economic growth and weak demand for refined products, especially in Europe and certain parts of Asia, have made bullish investors more cautious.
Crude Oil Price Outlook
Rahul Kalantri, VP Commodities, Mehta Equities Ltd expects crude oil prices to remain volatile.
“Crude oil is having support at $57.90-57.40 and resistance is at $59.10-59.60 in today’s session. In INR crude oil has support at Rs5,175,-5,120 while resistance at ₹5,300-5,375,” Kalantri said.
Nayara Energy has spent the past four months navigating one of the most complicated sanction environments in its history, yet instead of retreating, the Rosneft-backed refiner is quietly re-wiring its entire crude-sourcing and fuel-export strategy. After EU sanctions in July forced its 400,000 b/d Vadinar refinery to slash throughput, and October’s US sanctions on Rosneft added further pressure, Nayara’s crude imports briefly collapsed to just 240,000 b/d, sourced from exclusively Russian suppliers. But by October and November, the company had staged a dramatic rebound, pushing intake back up to 390,000 b/d and then 420,000 b/d – exceeding even the refinery’s nominal nameplate capacity. By simultaneously deepening domestic sales and cultivating new buyers from Brazil to Sudan, Nayara appears to have found a way to turn sanctions risk into a trading opportunity, even as the official US sanctions wind-down deadline passed on 21 November and tankers from Russia’s Baltic Sea ports continued to dock at Vadinar undeterred.
After the EU imposed sanctions on Nayara Energy’s Vadinar refinery in July (citing its association with Russian crude supplied via Rosneft, which holds a 49% stake), the company struggled to keep the refinery running at normal rates. The measures triggered logistical disruptions, pushed away most vessel owners, and forced Nayara to scale back utilisation rates sharply. As Iraqi and Saudi suppliers refused to supply contracted volumes to Nayara, crude imports into Vadinar in August sank to 240,000 b/d, the lowest level in months, marking the first time the refinery was entirely reliant on Russian grades.
On the face of it, the pressure on Nayara was supposed to deepen when Washington sanctioned Rosneft in October. However, by late October, it became clear that Vadinar is bouncing back to strength rather than faltering. With its 400,000 b/d nameplate capacity as a benchmark, Nayara ramped up intake of Russian crude to 390,000 b/d that month, and then lifted imports further to 420,000 b/d in November to date – effectively running the plant at 105% capacity.
The official US sanctions wind-down period expired on 21 November, before which all buyers of Rosneft and Lukoil crude or products were required to conclude transactions. Yet Vadinar’s behavior suggested no intention of slowing down. Two Aframax tankers, both loaded at Russia’s Ust-Luga terminal for Rosneft, arrived at Vadinar on 22 and 24 November, indicating that sanctions alone were insufficient to interrupt flows.
In August, the core question facing Nayara was no longer how to buy Russian crude, but where to sell its refined products. The company’s sharp decline in throughput and exports that month was partly the result of blocked outlets, as sanctions sealed off the Europen market altogether. The first, most reliable fallback was India itself: Nayara’s network of 6,500 retail stations (with another 400 outlets planned) offered an available channel to absorb its gasoline and diesel.
Then came an unexpected lifeline. In October, state-run Hindustan Petroleum Corporation (HPCL) reported operational problems at its Mumbai refinery after processing domestic crude with unusually high salt and organic chloride content, which led to corrosion in downstream units. Nayara stepped into the gap. Shipments of gasoline and gasoil to HPCL surged, helping lift domestic deliveries to around 90,000 b/d in October, according to Kpler.
With domestic channels strengthened, Nayara moved to diversify export outlets beyond India. Roughly a third of its November clean-products cargoes were directed to ship-to-ship hubs such as Fujairah (UAE) and Sohar (Oman) – a strategy commonly used to obscure final destinations in sensitive trades.
But the most striking change came from the emergence of new customers, notably Brazil and Turkey – countries that did not appear in Nayara’s client list over the past three years. In November so far, Nayara exported 21,000 b/d of clean products to Brazil and another 21,000 b/d to Turkey. These flows almost certainly reflect disruptions in Russian diesel exports after intensified Ukrainian drone strikes on Russian refineries, coupled with rising compliance risks for traders buying directly from Russia. Because Vadinar has processed exclusively Russian crude since August, its products offer these markets a politically safer, operationally simpler way to access the same molecules.
Yet the most consequential addition to Nayara’s portfolio may be Sudan. Since October, the Vadinar terminal has dispatched four cargoes totalling 1.3 million barrels of clean products to Sudanese ports. With Sudan engulfed in civil war and its only major refinery – the 100,000 b/d Khartoum (Al-Jaili) facility – destroyed in the summer of 2023, the country is entirely dependent on imports. Potential discounts on products refined from Russian oil make Vadinar an obvious supplier. Sudan, and other fragile markets across East Africa, have little incentive to observe Western sanctions, making them ideal long-term buyers for Nayara’s output.
Still, securing crude supplies might become increasingly challenging under full US sanctions. Nayara may attempt to insulate itself through smaller, opaque trading houses, using them as intermediaries to avoid purchasing directly from Rosneft.
Whether this workaround can be scaled is uncertain. But for now, Nayara Energy is demonstrating that a combination of discounted Russian crude, flexible logistics, opportunistic trading, and an expanding footprint in both domestic and sanctions-agnostic markets can keep one of India’s largest refineries running near full tilt – even as Western sanctions close in from both sides. Paradoxically, the pressure may be accelerating a broader shift: Western restrictions are pushing companies linked to Russian oil producers into new geographies, opening fresh trade routes, and supplying developing economies with cheaper fuel at a moment when they need it most. These developing markets gain more incentive to boost imports of discounted flows and give themselves a commercial edge, while many of the former Western buyers now find themselves managing the opposite outcome: higher prices, fewer sanction-free suppliers, and a tightening pool of accessible energy.
Atomic Eagle (ASX:AEU)
After a subdued first day of its new life on the ASX, merged entity and uranium-focused Atomic Eagle (ASX:AEU) achieved lift-off on day two, increasing 48% today to 32.5c before closing at 31c.
After raising $10m in a re-compliance raise at 28c per unit, the company, which is led by a who’s who of uranium executives after the merger of ASX-listed Tombador Iron (ASX:TI1) and TSX-V-listed GoviEx Uranium, opened at 24c on Tuesday and closed at 22c.
The company is well armed to advance its uranium strategy in Africa with the $10m raise added to existing cash reserves for a cash balance of ~$20m.
Initial focus will be on the Muntanga uranium project in the Siavonga and Chirundu districts of southeast Zambia.
Previous work defined a 50.4Mt JORC mineral resource at an average grade of 344ppm comprising 40.0Mlb in the measured and indicated categories and a further 7.4Mlb in the inferred category, mainly from the Muntanga and Dibbwi East deposits in the centre of the licence package.
The company also holds two exploration licences for Nabbanda and Chirundu Extension, and a recently granted mining licence for Kariba Valley.
Atomic Eagle recently completed its maiden drill program, comprising 100 shallow holes for about 7,700m into high-priority targets including Muntanga East and Chisebuka. The company is assessing gamma logs with assay results to be released in early 2026.
It is planning an aggressive exploration program at the broader Muntanga project in 2026, aimed at growing the resource and establishing a JORC exploration target.
Matador Capital, which established Lotus Resources and Boss Energy, played a critical role in the merger and is helping roll out AEU’s strategy through its investment and technical expertise.
A major plus for the merged entity is the strength of its executive team with seasoned industry professionals from the previous Tombador and GoviEx boards.
Former Lotus Resources managing director Keith Bowes, Stephen Quantrill and Eric Krafft are non-executive directors while Govind Friedland, son of mining entrepreneur Robert Friedland, is non-executive chairman, and Matador Capital’s Grant Davey a strategic advisor.
“Combining Tombador and GoviEx to create Atomic Eagle provides a new chapter to lead development of the Muntanga Uranium Project in Zambia,” Govind Friedland said.
“The project has already secured mining permits and also offers a vast exploration upside over the broader project area which we are keen to pursue.”
Zacks Equity Research November 25, 2025
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about AngloGold Ashanti.
AngloGold Ashanti currently has an average brokerage recommendation (ABR) of 1.50, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by eight brokerage firms. An ABR of 1.50 approximates between Strong Buy and Buy.
Of the eight recommendations that derive the current ABR, six are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 75% and 12.5% of all recommendations.
Brokerage Recommendation Trends for AU
The ABR suggests buying AngloGold Ashanti, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
ABR Should Not Be Confused With Zacks Rank
Although both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.
The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.
On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.
Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.
Should You Invest in AU?
Looking at the earnings estimate revisions for AngloGold Ashanti, the Zacks Consensus Estimate for the current year has increased 2.1% over the past month to $5.71.
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for AngloGold Ashanti.
Therefore, the Buy-equivalent ABR for AngloGold Ashanti may serve as a useful guide for investors.
Indian tycoon Gautam Adani ’s $1.2 billion copper smelter in Gujarat is receiving only a fraction of the ore required to operate the 500,000-ton-a-year plant at full capacity, as a global supply squeeze tightens.
Kutch Copper Ltd. , which began processing metal in June after multiple delays, has brought in less than a 10th of the raw material required, according to customs data. In the 10 months to October, it imported about 147,000 tons of copper concentrate. Competitor Hindalco Industries Ltd . bought a little over 1 million tons during the same period, according to the data compiled by Bloomberg.
The smelter requires about 1.6 million tons of concentrate to function at full strength, Bloomberg reported earlier.
Questions sent to the Adani group did not elicit a response.
Supply for copper smelters everywhere has been hit by a wave of mine disruptions this year, including at major producers like Freeport-McMoRan Inc., Hudbay Minerals Inc., Ivanhoe Mines Ltd., and Chile’s state-owned giant Codelco. Adding to that squeeze, China’s relentless expansion of its own smelting capacity has battered profit margins and pushed some producers outside the country to cut output or shut down.
As a result, treatment and refining charges — the fees miners pay for processing — have hit a record low this year, indicating smelters are willing to accept ever-tighter margins to secure material.
For new entrants such as Kutch Copper, which plans to double annual capacity to 1 million tons in four years, tight supply means higher expenses to maintain the facility, plus an even longer ramp-up process.
“Adani’s smelter is new and so should be more efficient than many competitors, so in the short term the smelter could ramp up at a loss,” Bloomberg Intelligence analyst Grant Sporre said, adding India could also introduce higher tariffs to protect its industries. That would mean accepting “short-term pain for a longer term gain,” he said.
BHP Group has supplied 4,700 tons to the smelter, while other shipments came from Glencore Plc and Hudbay, customs data show.
Kutch Copper’s slow start is a reminder of the hurdles facing India’s efforts to increase its metals self-reliance. Surging demand from infrastructure, power and construction sectors far outpaces constrained processing capacity and limited domestic ore reserves.
November 26, 2025
As global supply chains face increasing concentration risk, Lifezone Metals (NYSE:LZM) is positioning its flagship Kabanga nickel project in Tanzania as a Western-aligned alternative to Indonesian dominance. Chief Financial Officer Ingo Hofmaier detailed the company's progress following BHP's strategic exit, the project's compelling economics, and the pathway to a final investment decision (FID) by late 2026. With decades of exploration investment, newly released feasibility studies, and infrastructure improvements in Tanzania, Kabanga represents what many consider the world's best undeveloped nickel asset.
BHP's Strategic Exit & Transaction Economics
BHP's involvement with Kabanga began in 2021, when the mining major made two investments totaling $90 million for a 17% stake in the project. However, as Ingo explained, the company's strategic priorities shifted dramatically:
"BHP decided to declare nickel as non-core. They wrote their nickel west operations completely off last year and then mothballed the operations and publicly selling what's probably valuable of it."
The exit, announced July 18, 2025, came with favorable terms for Lifezone. The company acquired BHP's entire stake with no immediate cash outlay. Instead, payment is structured as deferred consideration: $10 million due 12 months after FID, plus $28 million indexed to Lifezone's share price after declaring commercial production. This structure significantly de-risks the transaction from a cash flow perspective.
Despite losing a major partner, Ingo emphasised the relationship's value:
"BHP was a great partner to have. There was lots of interaction not just from a financial investments perspective but connected to our team, steering committee and exchange of ideas."
The exit reflects broader industry trends rather than project-specific concerns - BHP had multiple engineering teams and steering committees engaged with Kabanga before their wholesale retreat from nickel.
Project Economics: Tier-One Asset Quality
The July 2025 feasibility study marked a watershed moment for Lifezone, providing the first public financial analysis in the project's 50-year history. The numbers demonstrate why Kabanga has attracted consistent industry attention despite decades without commercial development.
The deposit contains approximately 50 million tons of reserves at 1.9-2% nickel grades, with valuable copper and cobalt byproducts. At conservative long-term nickel prices, the project generates a $1.6 billion after-tax NPV with a 23.3% IRR and 4.5-year payback period. All-in sustaining costs of $3.36 per pound (net of byproduct credits) position Kabanga well below current nickel prices and in the lower quartile of the global cost curve.
Capital requirements total $950 million to $1.2 billion when including capitalised operating and financing costs during construction. The 18-year initial mine life is conservative - step-out drilling has confirmed mineralization continues both along strike and at depth, with the Safari Link area returning grades above 2% nickel up to 1.5 years ago.
Financing Strategy: Project Finance and Strategic Partnerships
With BHP's exit, Lifezone has restructured its financing approach around project finance principles. The high-grade nature of the deposit supports substantial debt capacity, with the company currently targeting a 60/40 debt-to-equity split based on multiple rounds of lender discussions.
In August 2025, Lifezone closed a $60 million bridge facility with Taurus Mining, drawing down $20 million to date. This facility funds execution readiness activities, final engineering and design work, and the project financing process itself. Drawdowns occur on a rolling three-month forward spending basis, with certain conditions including finalization of the framework agreement with the Tanzanian government.
"We are in regular touch with European capitals, Washington and Tokyo through the MSP, the Mineral Security Partnership. We are very well advanced in due diligence exercises with several of them."
Public disclosure confirms active engagement with the US Development Finance Corporation (DFC) and JOGMEC, with the DFC process having progressed through public consultation.
The company is also pursuing equity partnerships to cover its portion of construction capital. Retaining 100% of offtake rights post-BHP provides flexibility in structuring partnerships with battery manufacturers, stainless steel producers, or strategic metals offtakers in Canada and Northern Europe.
Technology Differentiation: Hydrometallurgical Processing
Lifezone's competitive advantage extends beyond the deposit's grade to its proprietary hydrometallurgical processing technology, developed at the company's Perth laboratory. The approach offers significant improvements over conventional pyrometallurgical smelting.
Traditional smelting requires extreme temperatures (1,000+ degrees Celsius), consumes massive amounts of primary energy, and historically generated substantial sulfur dioxide emissions.
By contrast, Lifezone's pressure oxidation process operates as a closed system at elevated temperature and pressure. The concentrate (upgraded from 2% to 17-18% nickel) feeds into pressure oxidation vessels with reagents. Critically, Kabanga's ore contains 30% sulfur, eliminating the need to purchase and transport sulfuric acid - a significant cost advantage over Indonesian laterite operations that must import sulfur at current high prices.
The hydromet process produces no atmospheric emissions and achieves high recovery rates through subsequent solvent extraction and electrowinning steps. The Perth facility, staffed by over 20 qualified engineers, has tested materials from numerous third parties including established producers, junior companies, and even seabed mining operations, positioning the technology for potential licensing opportunities beyond Kabanga.
Infrastructure: The Game-Changing Improvements in Tanzania
Historical skepticism about Kabanga centered less on geology than on Tanzania's infrastructure constraints. Two major developments have fundamentally altered this calculus.
First, Tanzania has upgraded its railway network from the port of Dar es Salaam to Lake Victoria with a new standard-gauge track capable of higher axle loads. The upgrade is being built in stages by international consortia, with initial sections already operational. "By the time we need that railway, that will definitely be in place," Ingo confirmed.
More critically, Tanzania's power situation has transformed. The country commissioned three new hydropower stations - one ultra-large facility and two smaller ones near Kabanga - creating electricity surplus where shortages previously existed. The project site now connects to the national grid with 95-98% availability, replacing diesel generators that previously powered the camp.
"Tanzania is expected to become an exporter of electricity in the next couple of years once they have gone through a maintenance cycle of the older ones now that the newer ones are coming on."
While high-voltage upgrades will be required for full-scale operations, these follow established patterns as the country builds out industrial capacity.
Geopolitical Positioning: Western Supply Chain Security
Lifezone's strategic value derives partly from nickel market concentration. Indonesian production, primarily Chinese-controlled, now represents 70-80% of global supply - a concentration exceeding OPEC's dominance in oil markets. For Western governments, particularly the United States, this creates unacceptable supply chain vulnerability.
Nickel's criticality spans both defense applications (high-temperature and corrosion-resistant alloys for aerospace and naval systems) and the energy transition (battery cathodes). The US has designated Indonesian nickel operations as involving forced labor concerns, while repeated tailings dam failures have created environmental disasters.
"Environmental concerns are one element but the key thing is that traceability of nickel sulfates that ultimately go through western smelters and end up in the defense industries or the stainless steel industry."
This strategic imperative drives engagement from the Mineral Security Partnership, which held meetings in Brussels recently. The MSP framework coordinates Western capital and offtake to support non-Chinese critical mineral supply chains. For Kabanga, this translates to concrete support from development finance institutions, export credit agencies, and downstream processors seeking traceable, responsibly sourced nickel.
Execution Roadmap: From Feasibility to First Production
Lifezone's near-term priorities center on execution readiness rather than additional geological validation. The deposit has absorbed $435 million in exploration and study work over five decades, with almost 600,000 meters of drilling. The July 2025 feasibility study - the first publicly released despite multiple predecessor efforts provides the foundation for final engineering and construction planning.
Current activities include tendering for major equipment and construction contracts, finalising project financing terms, and securing strategic partnerships. The Tanzanian government holds a 16% non-funding stake and has proven to be an "enabler" through the permitting process, with the mining license and most operational permits already secured.
"The FID readiness gets the organization from the exploration evaluation study phase to the execution phase; that's the most important thing."
The company is scaling its team from approximately 80 people to meet construction requirements, drawing on personnel who previously worked on the project under predecessors Falconbridge and Glencore.
Underground mining methods are well-established for the deposit's geotechnical characteristics. Open stoping will extract ore from multiple deposits extending over 7.5 kilometers of strike. Despite being underground, the operation's scale is modest relative to production due to the exceptional grade - mining 3.4 million tons of ore produces over 300,000 tons of concentrate annually.
The timeline targets FID by late 2026, with first production following a construction period. The 4.5-year payback from first production reflects the project's robust economics even accounting for ramp-up periods.
The Investment Thesis for Lifezone Metals
The Kabanga opportunity represents a rare combination of world-class asset quality, geopolitical timing, and development readiness in the nickel sector. The project's after-tax NPV of $2.37 billion and IRR of 22.9% based on current metal price assumptions, with low AISC averaging $2.71 per pound for refined nickel products, demonstrates robust economics supporting debt capacity and equity returns even in subdued pricing environments.
BHP's exit strengthens Lifezone's strategic position by providing full control over offtake allocation at a moment when Western governments actively seek to diversify nickel supply chains. The deferred payment structure preserves cash during the critical pre-FID period while the Taurus bridge facility funds execution readiness activities.
Tanzania's transformation in power infrastructure and transportation connectivity removes historical barriers preventing Kabanga's development. The combination of reliable hydroelectric power, advancing railways, and established port facilities means the project no longer requires investor funding for adjacent infrastructure—dramatic de-risking compared to typical African scenarios.
The hydrometallurgical processing pathway, leveraging renewable energy and producing zero atmospheric emissions, positions Kabanga favorably as environmental regulations tighten and supply chain traceability requirements expand. While current conditions don't support green nickel premiums, regulatory trajectory increasingly mandates sustainable sourcing, potentially creating future pricing advantages.
For investors, the thesis centers on acquiring exposure to a development-stage nickel asset of exceptional quality, advancing toward production during strategic supply chain realignment, with economics generating returns across price scenarios. The 2025-2026 timeline to financial close provides near-term catalysts for valuation re-rating as financing agreements materialize and the project transitions to execution phase
Lifezone Metals acquired BHP's 17% Kabanga stake for deferred consideration, gaining 100% control of a tier-one nickel asset with $1.6B NPV, 23.3% IRR, and $3.36/lb costs. Tanzania's new infrastructure (grid connection, standard-gauge railway) has de-risked historical development concerns, while Western financing partners including US DFC view the project as strategically critical given 70-80% Indonesian supply concentration. With feasibility complete, $60M bridge financing secured, and FID targeted late 2026, the company transitions from decades of exploration to execution phase with proprietary hydromet technology offering potential licensing upside beyond the 18-year initial mine life.
26 November, 2025
WRITTEN BY Adam Orlando
Renegade Exploration (ASX:RNX) is building momentum across two continents. From its copper‐gold strongholds in Queensland to a growing US footprint, the junior explorer is piecing together a diversified portfolio that balances near-term discovery potential with strategic optionality.
As part one of this special feature uncovers, the company finds itself at a crossroads. But from its origins in North West Queensland to its emerging US presence, the company is laying the foundations for what could be a transformational growth phase.
Putting together the strategy, Renegade stands for three interlocking pillars. Firstly, quality over quantity. This means focusing on fewer, higher‐potential targets rather than spreading thin over many low‐probability ones.
Geological leverage is another anchor. This entails chasing district‐scale systems, for example Cloncurry and Walker Lane, with strong precedent, modern exploration tools, and potential for large copper/gold and critical minerals systems.
Strategic flexibility is the third pillar. This encompasses a capability to move globally, pick up acquisitions at attractive price points, walk away from unattractive terms, and pivot when better ground becomes available.
As Chairman Rob Kirtlan explains to Mining.com.au if everything goes well, in the next 12-18 months a plausible “best‐case” narrative for Renegade includes potentially delivering multiple high‐grade gold intervals in Nevada, and possibly discovering at least one gold‐silver deposit with strong continuity.
In Queensland, should Renegade yield deeper copper‐gold intersections, this possibly puts the company on the radar of larger copper developers or partners.
A deal or joint venture rationalisation in Queensland (either with Glencore (LSE:GLEN) or other players) could see Renegade take control of high‐potential ground or de-risk obligations.
With these potential successes, the scope for further financing (equity or partner funding) becomes more accessible, perhaps leading to the kind of momentum needed to scale, Kirtlan tells Mining.com.au.
A juxtaposition of patience and momentum
Renegade’s story is one of catching up – turning early “legacy burden” into active exploration, across two continents, with an eye on discovering meaningful copper, gold or critical mineral systems.
While there’s frustration with slow JV partners, with hanging ownership issues, there is also recognition that sometimes the best path is to walk away from underproductive ground and redeploy capital where the upside seems clearer.
For investors and followers, Kirtlan tells Mining.com.au the coming six to 12 months will likely be the defining stretch.
Do the drill rigs turn promises into deliverables? Do the US projects validate the early high‐grade surface work? Does Cloncurry’s Mongoose area evolve into a core copper asset?
If these prove to be ‘yes’, Renegade could emerge from junior explorer status toward being one of the more interesting copper-gold and critical mineral stories on the ASX.
‘You must own gold’
Renegade Exploration’s Chairman Rob Kirtlan doesn’t mince his words. He believes the gold cycle has been building for years, and that the geopolitical and policy environment today validates the bold pivot his company has made into US and critical minerals terrain.
With Renegade now active in Nevada, Yukon, and Queensland, the question remains: Is the company well positioned for the next leg up?
“I think when Donald Trump got elected the first time … that was our first massive flag that said, ‘You must own gold’,” the Chairman tells Mining.com.au.
This view underpins Renegade’s evolving strategy. Kirtlan sees the current US administration as a catalyst for mining and critical mineral plays.
He points not only to rhetoric but also actions, such as the subsidisation of rare earths and more aggressive intervention in supply chains as signs that the ground is shifting beneath the feet of global juniors.
“I think when Donald Trump got elected the first time … that was our first massive flag that said, ‘You must own gold’ ”
“There’ve been a number of deals, like the Mountain Pass deal, that was the moment when I went, ‘Holy crap, that’s a major intervention in the rare earths market’,” Kirtlan adds.
As part one of this special feature explains, in July 2025 the US Department of War made a US$400 million investment in MP Materials. It also provided a US$150 million loan, and has underwritten pricing for certain rare earth minerals for 10 years to expand the Mountain Pass facility’s heavy rare earth separation capabilities as America seeks to build a domestic supply chain for rare-earth magnets.
In political terms, Kirtlan views the alignment between US and Australian policy in 2025 as reinforcing.
He highlights that Australia, under Prime Minister Anthony Albanese, quickly mirrored Trump’s approach by discussing floor prices for rare earths, signalling that Western nations are now actively pushing “onshore everything” rather than outsourcing strategic supply chains.
“It’s an easy one for Albo because that’s a central interventional strategy, if it underwrites the industries, then that’s what’s needed,” Kirtlan continues.
Gold momentum building
Global sentiment may provide tailwinds. Influential investors such as Rick Rule argue that a gold bull market is already underway, with capital first flowing to majors before filtering down to juniors, as reported by Mining.com.au.
Rule firmly believes bull markets follow predictable patterns and this means the rest of the mining sector will soon follow. The globally renowned investor details how the market will see a bull market reminiscent of the one enjoyed in the early part of the 1990s.
If correct, explorers like Renegade could benefit from renewed interest, higher valuations, and stronger access to capital.
As Kirtlan explains, Snowline Gold’s trajectory is instructive in this sense. Its Valley discovery catapulted the company’s market capitalisation from tens of millions to more than US$1.5 billion.
For juniors in the Tintina belt, including Renegade, that precedent underscores the potential for re-rating if drilling delivers. As such, the coming year for Renegade is poised to deliver multiple catalysts.
Assay results from Yukon may confirm whether Myschka and surrounding anomalies justify drilling campaigns. Kirtlan tells this news service drilling Myschka is currently being planned for the spring season in 2026 and will likely be about 2,000m of diamond drilling to do the initial testing. Timing is driven by the winter season to a certain extent and could be as early as April.
Renegade will be looking for large intersections containing gold, silver, and antimony. Some intersections in the Yukon Reduced Intrusive Related Gold Systems can run for hundreds of metres as evidenced by its neighbour at Snowline and the other deposits to the north of Myschka.
Geophysical interpretations to define large-scale targets in the Tintina belt are also on the horizon, as is drilling in Nevada at Caisson and Broken Hills to test high-grade surface results.
Kirtlan flags potential acquisitions in Arizona and Wyoming, diversifying the portfolio into rare earths and heavy minerals. Another catalyst to monitor, says the Chairman, is capital market shifts, as renewed investor appetite for both gold and copper could lift sentiment for explorers.
Copper strongholds, emerging targets
Renegade’s ‘Greater Mongoose’ (Cloncurry) project is already drawing attention. The company has reported some of its best copper intervals yet. For example, a 107m intersection at 0.62% copper and other wide intercepts beginning near surface.
These numbers are not trivial in a district already rich with mining history and infrastructure.
Moreover, Kirtlan tells this news service that Renegade is using modern geophysical techniques – drone magnetic surveys, gravity modelling, 3D magnetic inversions – to refine the target zones, especially at Mongoose Deeps and adjacent anomalies.
These are aimed at finding deeper, possibly blind deposits, that may not be evident from surface mapping.
It’s also part of what underpins the company’s strategy. Being a nimble, opportunity‐driven exploration company capitalising on the strengths of its team and of emerging technology to drive growth.
Risks and realities
Kirtlan, while optimistic, is a realist about the pitfalls explorers face. Exploration is inherently risky. Assays may disappoint, JV structures may constrain optionality, and US acquisitions still require negotiation and funding.
Commodity prices, especially copper and gold, remain volatile, and investor patience is finite and at times, wears thin.
Yet Renegade’s diversified pipeline – copper in Queensland, gold in Yukon, and polymetallic growth in the US – offers more than one shot at discovery. If even one of these projects delivers, the Chairman tells Mining.com.au the company could quickly transition from junior obscurity to serious contender.
Renegade Exploration is not betting on a single asset. Instead, it’s building a portfolio designed to capture value across jurisdictions and commodities, guided by a finance-first approach to deals and a pragmatic commitment to geology.
The Yukon, once a dormant holding, is now emerging as a potential value driver. The US portfolio offers near-term excitement. And Queensland continues to anchor the company with copper potential in a tier-one district.
For shareholders, the next 12 to 18 months may prove pivotal. If assays and drilling deliver, Renegade could find itself not just riding the wave of renewed gold or copper sentiment but helping to define it.
Mapping milestones for 2026
If one were to sit down with Kirtlan in 12 months’ time, he has a clear idea as to what success would likely look like. Significant drill results from Nevada being one, particularly for Caisson or Broken Hills, should they confirm high-grade gold-silver systems.
Yukon assays and geophysics tie-ups are another. This means validating Myschka and producing drill targets on the Tintina trend (if Renegade still plays in the Yukon) also denotes success.
Advanced targeting or early drill plans at Mongoose Deeps and possibly intersecting deeper copper systems, aided by gravity / magnetics signals triumph too.
Funding or JV structuring to ensure Renegade has capital to continue across both Australian and US programs will be key to realising these objectives.
Apart from rationalisation and potential monetisation of the two existing deposits Myschka presents as an immediate must drill project with significant upside if successful. Kirtlan says new plays in Nevada also offer some very good potential for gold and silver come drilling in the spring season and we are working on other transactions to add value.
Market revaluation in which ideally, the company’s share price trades at a premium to peers, will reflect leveraged exposure to both copper and critical minerals.
“If we can deliver on one of them, that’s success, because this is a tough game”
Kirtlan candidly sums it up: “If we can deliver on one of them, that’s success, because this is a tough game.”
His conviction in precious and critical metals is not merely ideological, it’s foundational to Renegade’s strategic pivot.
The alignment of US policy, Chinese supply chain disruption, and Australia’s emerging interventionism provides fertile ground for explorers – and Renegade in particular.
Renegade’s differentiator is its hybrid portfolio. One rooted in copper in Queensland, alive in high-grade gold in the US, and watching lightly explored rare earths and graphite zones.
And there are already signs that things are beginning to shift upwards. Coming fresh off a speeding ticket from the ASX, Renegade’s share price has risen from $0.0030 in mid-September to $0.0095 by 30 September.
If it captures even one winning project in this cycle, the company narrative could shift from junior explorer to “discovery engine”.In an environment where “you must own gold” is again becoming market doctrine, Renegade Exploration appears ready to play on all fronts.
https://mining.com.au/renegade-three-pillars-underpinning-growth-across-two-continents/
The new offer for the current week is $915 per short ton
American steel company Nucor has announced a new price increase for steel products, including thick plate and hot-rolled coil (HRC).
In a letter to customers, the company specified that the price of thick plate will increase by $30 per short ton for all new orders not confirmed by the end of the business day on November 24. This increase is related to the opening of the order book for January and continues the upward price trend that Nucor has been demonstrating in the fall.
The previous increase in September was $60/t, after which other producers also announced similar steps. According to SMU, the average market price for thick plate is now $1,015/t, which is $55 more than the low at the end of September.
The company also raised its weekly spot price (CSP) for hot-rolled coil by $5/t, for the fifth consecutive week. The spot price is now $915/t, up from $910/t a week earlier. At the same time, Nucor’s West Coast joint venture, California Steel Industries (CSI), also increased its HRC quotes to $965/t, up $15/t from last week.
The average price of HRC in the US as of November 18 was $860 per short ton FOB, showing an increase of $30/t per week. Analysts note that the market supports price growth due to stable demand and controlled supply.
Delivery times for HRC remain within 3-5 weeks, indicating steady plant utilization and positive sentiment in the US domestic market.
It should be recalled that at the end of September and in October, the global hot-rolled coil market showed opposite trends in the main regions.
European prices rose under the influence of expected trade protection measures. The US saw prolonged stability amid weak demand, while China again lowered its prices due to excess inventories and uncertainty about the recovery of the industry.
https://gmk.center/en/news/nucor-raises-prices-for-hot-rolled-coil-for-the-fifth-week-in-a-row/
“We estimate that coal shipments to advanced economies will fall 2% y/y in 2025, reaching a 23-year low. This will be the third consecutive annual drop although the pace of decline has slowed compared to previous years. The contraction is primarily driven by weaker coking coal demand due to reduced steel production,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO.
Between January and October, global steel production fell 2.1% y/y according to the World Steel Association. Advanced economies which rely on coking coal imports showed a pronounced weakening with production falling 3.4% y/y in the EU, 4.1% y/y in Japan and 3.6% y/y in South Korea. Consequently, coking coal shipments to advanced economies fell 10% y/y.
Between 2022 and 2024, thermal coal shipments to these economies fell 30% but surprisingly, they have risen 1% y/y so far in 2025, driven by stronger shipments to the EU during the start of the year. Electricity demand rose in Germany and the Netherlands, while electricity generation from wind and hydro power fell. Shipments to Japan and Korea remained stable as higher electricity demand from AI data centres and semiconductors manufacturing offset growing electricity generation from renewable sources.
“Advanced economies are expected to be the destination of 29% of coal shipments in 2025, a sharp decline from 77% 23 years ago. Despite this, they will still represent about 7% of global dry bulk cargoes. Consequently, this year’s drop in shipments is expected to have negatively impacted the market, especially the panamax and capesize segments,” says Gouveia.
So far in 2025, 57% of these cargoes have been transported by panamax ships and another 30% by capesize ships. Price competition from the panamax segment appears to have increased, raising their share of cargoes by three percentage points compared to 2024.
Next year, advanced economies’ coking coal import demand could recover, especially in Europe. The World Steel Association expects Europe’s steel demand to rise 3% due to an increase in infrastructure and defence spending. This could support steel production in Europe, especially if the EU raises tariffs on steel and cuts tariff free import quotas. However, in the medium term we expect coking coal demand to grow slower than steel production. Recycled steel production is expected to gradually increase, and this process doesn’t require coking coal.
“Thermal coal import demand is projected to continue decreasing over the coming years, negatively impacting ship demand. Between 2025 and 2030, renewable energy capacity is forecast to grow by 64% in Europe, 30% in Japan and 49% in South Korea, according to the International Energy Agency,” says Gouveia.
https://www.marinelink.com/news/coal-shipments-plummet-year-low-532858
