Break it Down: Norfolk Metals
In this episode, host Tylah Tully looks at the latest from Norfolk Metals (ASX:NFL), who have raised $3.5 million to drill the Carmen copper project in Chile.
Watch the video to learn more.
While Norfolk Metals is a Stockhead advertiser, it did not sponsor this content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
2 hours ago
- News.com.au
ASX explorers watch closely as Brazil scrambles to defuse US trade tensions
Brazil seeks relief measures as 50% import tariff looms If it happens, the move signifies a near-term blow to Brazil's mining sector amid its rise as an alternative to China for critical minerals Here's what some ASX explorers operating in the country have to say Brazil's Lula administration is planning relief measures for companies impacted by a 50% import tariff imposed by the US, as the country's Finance Minister Fernando Haddad warns the measure could harm more than 10,000 local businesses. Set to take effect on August 1, Trump's latest move on the South American nation - a significant trading partner for the US and Latin America's largest economy - was reportedly made in response to trade deals classified by the White House as 'unfair' and 'far from reciprocal', with the new rate reflecting a massive jump to the 10% figure initially proposed. The Trump administration has also expressed anger toward the trial of former Brazilian president Jair Bolsonaro, who has been charged with trying to overturn his 2022 election loss. While it's unclear if the tariff will have a direct impact on ore produced by companies in the mining sector, it will no doubt play a part in discouraging foreign investment, adding upward inflation pressure and potentially weakening the real. It also represents a material short-term headwind for Brazil's resources and mining sector, which is currently viewed by countries around the world as a safe alternative supply hub to China's stranglehold on critical minerals. The Middle Kingdom controls ~70% of rare earth mining and ~90% of rare earth processing while Brazil holds the world's third largest reserves of rare earths at 21Mt. But although China is the only country with a fully vertical integrated rare earth supply chain, Brazil is starting to show promise in this area too. Mining companies are forming partnerships with domestic and international groups to build magnet capabilities, just like St George Mining (ASX:SGQ) has done with MagBras. St George targets REE magnet production MagBras is a public-private initiative focused on developing rare earth magnet production in Brazil. It is backed by the National Service for Industrial Training (SENAI), funded by the Minas Gerais Research Development Foundation (Fundep) and managed by the Federation of the Industries of Minas Gerais (FIEMG). St George is collaborating with MagBras on research, development and production of rare earth magnets with the potential to supply high-grade material from its 40.6Mt at 4.13% total rare earth oxide (TREO) Araxa project. Along with rare earths, the Araxa project holds substantial niobium exposure, with historical drilling outlining high-grade zones grading up to 8% (80,000ppm) niobium pentoxide. The versatile metal is used primarily in steel making, superconductivity and high-performance alloys, which enhances the strength and corrosion resistance of steel, making it crucial for infrastructure like pipelines and construction. Niobium-based superconductors are vital for MRI machines, maglev trains and can be found in rocket engine nozzles as well as other aerospace components. SGQ managing director John Prineas told Stockhead the company was the only ASX-listed junior explorer in Brazil to have defined JORC resources for rare earths and niobium, with these unprecedented market developments underpinning its potential to deliver sustained value from Araxa. Brazil gains ground as critical minerals hub Even if the US has yet to decide on pursuing a trade agreement with Brazil, such a move could open the door to negotiations and jumpstart talks to reduce current tariff disputes. The US currently accounts for 4% of Brazil's mineral purchases and ranks as the 12 th largest importer of minerals from the country by volume. Mining projects require substantial investment and long development timelines, leaving them especially vulnerable to sudden shifts in trade policy or market conditions. A significant tariff could prompt companies to reassess the financial feasibility of current projects or delay new ventures in favour of markets with more predictable regulatory environments. Verity Resources (ASX:VRL), owners of the Pimenta and Caldera rare earth assets in northern Minas Gerais, Brazil, believes the country is rapidly emerging as a critical frontier in the global race for critical minerals as Western nations seek to diversify away from China. 'The current US-Brazil trade talks only underscore the urgency to develop transparent, geopolitically aligned non-China supply chains,' VRL non-executive director Patrick Volpe said. 'Verity's Pimenta REE-gallium-titanium and Caldera REE projects are well-positioned within this strategic context to support long-term, secure sourcing of these essential metals.' The company is planning a maiden auger drill program at its Pimenta project, focusing on a 20km high-grade rare earths-gallium-titanium zone. Drilling will follow recent reconnaissance work, which delivered up to 25,817ppm total rare earth oxide (TREO), with an average of 25% high value magnet rare earths (MREO) over 147 samples. ASX explorers double down on critical minerals Axel REE (ASX:AXL) operates the Caladão project, also in the prolific mining province of Minas Gerais, where mineralisation is found within a thick regolith profile, rich in clay minerals such as REEs and gallium. Existing exploration at Caladão covers just 20% of the total 430km2 project area, offering plenty of potential for further discoveries. Auger drilling results have reinforced the asset's status as a key non-Chinese gallium project with Area B standing out as a high-potential target for a large, high-grade resource. Axel REE non-executive director Paul Dickson said Brazil's strategic importance in the global critical minerals landscape was growing and its Caladão project was uniquely positioned to contribute to this shift. 'With a mineral resource estimate for gallium on the horizon, Caladão could play a key role in reshaping the non-China gallium supply chain at a time when alternative sources are urgently needed,' he said. Another early-stage explorer in the area is Australian Mines (ASX:AUZ) with its Jequie rare earths-niobium project. Recent auger drilling has revealed REE mineralisation across near-surface areas, indicating the potential for ionic-clay hosted deposits. A total of 16 holes for 157.1m were drilled over the Jequie South target, while another 45 were collected for assaying. About 69% of the samples returned total rare earth oxide (TREO) assays greater than 400ppm. Over at the Jequie North target, 56 holes were drilled for 343.5m, intersecting anomalous intervals of REE mineralisation over a wide area – resulting in the best intersection to date of 9m at 1028ppm TREO. About 55% of the assays returned TREO values greater than 400ppm. Going forward, Australian Mines intends to complete additional exploration programs at Jequie (North and South) which may comprise geological mapping, geochemical sampling and auger drilling. Potential risks Brazilian Critical Minerals (ASX:BCM) is in the midst of advancing multiple work streams at its Ema project in the state of Amazonas, aimed at designing, permitting and financing the asset. The explorer has appointed lead consultants ANSTO and WSP to advance the project through detailed feasibility studies. Ema is the only rare earths in-situ recovery development of its kind in the Western World with a capital cost of just US$55m, positioning it as potentially the lowest-cost, near-term source of rare earth feedstock under current market conditions. BCM managing director Andrew Reid said whilst unclear if the 50% tariff coversed rare earth products, the implications – if true – would be far reaching given the geopolitical uncertainty. 'Brazil is poised to accelerate its development of projects, which could rapidly aid in the establishment of an ex-China supply network,' he said. 'These tariffs would force US buyers to pivot to other suppliers or domestic sources, inflating global cost curves. 'Brazilian projects with US financial backing could face financing and market-access risks, possibly slowing execution timelines,' Reid added. 'All of this could case global rare earth price volatility to rise, increasing costs for all sectors heavily dependent on rare earths.'
News.com.au
3 hours ago
- News.com.au
Trump punishes Brazil with tariffs, sanctions over trial of ally Bolsonaro
President Donald Trump ordered massive tariffs on Brazil Wednesday and sanctions against the judge overseeing a trial of his far-right ally Jair Bolsonaro, who is accused of attempting a coup in Latin America's biggest economy. The announcement saw Trump make good on a threat to wield American economic might to punish Brazil -- and Supreme Court Justice Alexandre de Moraes in particular -- for what he has termed a "witch hunt" against former president Bolsonaro. Unlike the tariffs Trump is slapping on economies around the world, the measures against Brazil have been framed in openly political terms, sweeping aside centuries-old trade ties and a surplus that Brasilia put at $284 million last year. The moves dramatically increased the pressure on Moraes, who has emerged as one of the most powerful and polarizing people in Brazil -- and a consistent thorn in the far-right's side, after clashing repeatedly with Bolsonaro and others over disinformation. The Brazilian government's "politically motivated persecution, intimidation, harassment, censorship, and prosecution of (Bolsonaro) and thousands of his supporters are serious human rights abuses that have undermined the rule of law in Brazil," the White House said in a fact sheet announcing the tariffs. It also cited Brazil's "unusual and extraordinary policies and actions harming U.S. companies, the free speech rights of U.S. persons, U.S. foreign policy, and the U.S. economy," and singled out Moraes by name. It did not state what date the tariffs would come into effect, but Trump had previously cited August 1. The new duties were announced shortly after the US Treasury slapped sanctions on Moraes, which followed a similar move by the State Department earlier this month. The sanctions provoked a swift and furious response from Brasilia, where Attorney General Jorge Messias slammed them as "arbitrary," "unjustifiable" and "a serious attack on the sovereignty of our country." There was no immediate reaction from Brasilia to the tariffs announcement, but President Luiz Inacio Lula da Silva had earlier denounced Trump's threats as "unacceptable blackmail." Bolsonaro is on trial for allegedly plotting a coup to stay in power after losing the 2022 election to leftist Lula. He risks up to 40 years in prison if convicted. Prosecutors say the plot included a plan to arrest and even assassinate Lula, his vice president Geraldo Alckmin, and Moraes. Brazil has insisted it will proceed in its prosecution of Bolsonaro, and Trump's intervention in the case has so far improved Lula's popularity, as the Brazilian leader appeals for national unity in the face of US "interference." - 'Witch hunt' - Both Marco Rubio, America's top diplomat, and US Treasury Secretary Scott Bessent issued statements Wednesday announcing the new sanctions against Moraes. "Moraes has taken it upon himself to be judge and jury in an unlawful witch hunt against US and Brazilian citizens and companies," Bessent said. Rubio, the secretary of state, accused Moraes of "serious human rights abuses, including arbitrary detention involving flagrant denials of fair trial guarantees and infringing on the freedom of expression." Moraes, 56, has played a controversial role in fighting disinformation. He was an omnipresent figure during the polarizing 2022 election campaign, aggressively using his rulings to fight election disinformation on social media. That included blocking the accounts of some prominent conservative figures. Last year, he ordered the shutdown of tech titan Elon Musk's X network in Brazil for 40 days for failing to tackle the spread of disinformation shared mainly by Bolsonaro backers. Bolsonaro has called Moraes a dictator, while his son Eduardo, an MP, had lobbied for US sanctions against the "totalitarian" judge. On Wednesday Eduardo Bolsonaro said the US action was "not about revenge, it's about justice." "Abuses of authority now have global consequences," he wrote on X. Trump's private media company has also sued Moraes over his social media-related orders. The US Treasury cited the Magnitsky Act for the sanctions. It freezes US-based assets and bars travel to the country for foreign officials accused of human rights abuses or corruption.
The Australian
12 hours ago
- The Australian
Rio Tinto names Simon Trott as new CEO amid $11.5bn half-year profit
The Australian Business Network However, Stausholm, who hands over the business to his iron ore boss Simon Trott in coming weeks, says it's something bigger than that. 'We've been getting back the mojo,' Stausholm tells The Australian. When he steps down on August 24, the Rio boss wants to be remembered for the impact he had on cultural change and especially for rebuilding bridges after the external shock of the Juukan Gorge cave scandal. The lead up to the Juukan destruction represented a period where the miner had lost its way. 'We were on our knees,' he says. Then, the miner was increasingly run out of London, and the core of Rio's once-powerful operational managers were being sidelined. The structure of the business was a mess that hadn't been tackled, leading to complex shareholdings across some of its most important operations, like the giant copper mine in Mongolia. There's still a way to go, but Stausholm confronted some of Rio's darker cultural demons and spent much of his tenure presenting a miner who was serious about working with rather than against its partners. Stausholm, who has had top executive roles with Shell and Maersk before Rio, says the lesson is that once you get the right culture in place, this becomes the foundation to build out an entire business. 'You actually then start seeing better operational performance, better execution of projects, and for the financial community, suddenly you have a business that actually grows – consistently profitable growth,' he says. His comments came as Rio delivered first half underlying earnings of $US11.5bn ($17.7bn), this was down 5 per cent on softer iron ore prices, but slightly ahead of market expectations. However, the dividend of $US1.48 a share fell short of expectations. This weighed on the miners shares in London. Rebalancing Significantly, increased production and higher earnings from the in-demand copper and bauxite helped offset a 13 per cent drop in iron ore prices. Rio's cashflow was mostly flat at $US6.9bn. While the contributions move around on commodities prices, Rio's copper and aluminium businesses are now star performers, representing around 20 per cent of the company's cashflow each. Previously it was closer to 10 per cent. Iron ore still dominates at 55 per cent of cashflows. Earnings from aluminium jumped 50 per cent thanks to higher volumes and prices. Rio also disclosed it was hit with a $US321m tariff cost, thanks to Donald Trump, but tariffs are starting to become a net positive for the miner, given the jump in copper prices. 'When you look at other miners, basically none of them are growing, and we are growing (production). We've said long term, the next 10 years, we can grow 3 per cent a year, but the reality is, we grew 6 per cent in the first half, 13 per cent in this in the second quarter'. We're really unlocking growth here, right now, and that's just comes from these underlying things – you get it right with the people, and we are already blessed with amazing assets'. 'You have not seen the best yet'. Still, Stausholm's tenure was cut short by his board. Just weeks after the annual meeting in May, the miner announced Stausholm's sudden retirement and launched a search for his successor. Two weeks ago, Trott, an Australian, was named his successor. Stausholm's high cost growth agenda, including near $10bn bet on lithium and expanding aluminium, is thought to have sat uncomfortably with the board. Since May, Stausholm has declined to discuss his looming exit except to say he is 'very happy' the board has backed an internal successor. However, he defended broader criticism around costs. 'There were a lot of things that needed to be rebuilt,' particularly around relations with traditional landowners, he said. Rio's productivity improvement program, the Safe Operating System, has been a major investment underway for four years and this is now behind the rising volumes coming out of existing mines and downstream operations like aluminium. But the trick in any company is to balance the rising costs that come with growth, he concedes. Under Trott, the challenge for Rio will be around the execution of the slate of development projects it has in front of it. Like rival BHP, it's now moving into a period of increased capital spending of between $US10-11bn over the medium term on projects like Simandou iron ore in Guinea; expanding the Pilbara; building out aluminium capacity; and the battery minerals bets that include the acquisition of lithium major Arcadium and the development of the Rincon project in Argentina. In recent years Rio has been spending around $US6-7bn a year on capex. There was nothing in the recent results to suggest that Rio would be on a different track. Stausholm has a high conviction in the projects ahead of Rio, with the company now in a place where it is executing well. Nor is he phased on the current malaise in lithium prices, 'It doesn't really matter, to be quite frank, for us, because what matters for us is what is the lithium prize five years from now. What we're trying to be is countercyclical and think long term'. This is now all on Trott to deliver. Read related topics: Rio Tinto Eric Johnston Associate Editor Eric Johnston is an associate editor of The Australian. He has more than 25 years experience as a finance journalist, including a former business editor of The Australian. He has been business editor of The Sydney Morning Herald and The Age and financial services editor with The Australian Financial Review. His work has also appeared in The Wall Street Journal.
