Resolute Mining switches its focus from Mali to Cote d'Ivoire with $US150m purchase from AngloGold Ashanti
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
West Australian
25-07-2025
- West Australian
‘Hand it back': Albanese Government tells Fortescue to repay hydrogen grant for dumped Gladstone project
The Albanese Government is sticking out its hand to take back taxpayer funds poured into Fortescue's fading clean energy ambitions. The Andrew Forrest-controlled miner on Thursday revealed it would dump green hydrogen projects in Australia and the US as it struggles to find a commercial pathway to full-scale production of the clean fuel, which is produced by the electrolysis of water via renewable energy sources. In its quarterly update, Fortescue said its Arizona hydrogen project in the US and the PEM50 project in Queensland's Gladstone had been canned and an assessment was under way to re-purpose the assets and the land. The news has raised eyebrows in Canberra, and the Labor Government has signalled its intention to reclaim any taxpayer money that went towards development of the Queensland project. A spokeswoman for Industry and Innovation Minister Tim Ayres told The Australian that the Government believed it would be appropriate for Fortescue to hand back funds it received under the Modern Manufacturing Initiative. 'The decision not to proceed the PEM50 Hydrogen plant in Gladstone is a commercial matter for Fortescue,' the spokeswoman told the newspaper. 'However, if Fortescue does not proceed with the delivery of the MMI-funded Gladstone Electrolyser facility project it would be reasonable for the government to seek reimbursement for where the grant agreement hasn't been fulfilled.' Fortescue said it was in talks with the Federal and Queensland governments over the future use of the land. 'As these are confidential discussions, it would be inappropriate to disclose details,' a spokesman told The Australian. Fortescue expects to book a $US150m ($227m) writedown after binning the two projects. The West Australian in May revealed the $US150m Gladstone electrolyser manufacturing plant was in serious doubt after 90 workers were laid off across the site and Fortescue's Perth headquarters. Mark Hutchinson quit as Fortescue's green energy boss less than two weeks later. These job cuts were the latest leg of a huge cull across the company's sprawling green hydrogen team that started in July last year. Fortescue in February said the re-election of Donald Trump jeopardised its $US550 million green hydrogen project in the western US state of Arizona. It was earmarked for generous grants under the Biden administration but President Trump's team appear to have poured cold water on those taxpayer funding hopes.
West Australian
23-07-2025
- West Australian
Fortescue delivers iron ore record but will book $227m impairment after scraping two hydrogen projects
Iron ore is flowing from Fortescue's Pilbara mines at record rates but the green hydrogen side of the global business continues its rout. Fortescue shipped 55.2 million tonnes of iron ore from Port Hedland in the June quarter to finish the 2025 financial year with 198.4mt of exports. The results, predicted by The West Australian , were both a quarterly and yearly record for Fortescue. But the company's ailing green hydrogen hopes have taken another blow. 'Following a detailed review, Fortescue has determined that the Arizona hydrogen project in the United States and PEM50 Project in Gladstone, Australia will not proceed,' it stated on Thursday. 'An assessment is under way to repurpose the assets and the land.' Fortescue expects to book a $US150m ($227m) write-down after scrapping the two projects. More to come . . .
News.com.au
06-05-2025
- News.com.au
Closing Bell: Gold shines bright despite minor market dip
ASX Gold Index leads gains, up more than 4pc Energy sector in the green despite 2pc oil price fall Tech index bucks Nasdaq's trend to rise 0.8pc It's been a rollercoaster of a day on the ASX, with the bourse swinging wildly up and down throughout the day before settling marginally down, dipping 0.08%. Despite falls in oil and iron ore prices overnight, a 2.5% uptick in the gold price made waves. Perhaps our market had already priced-in the current oil outlook, because Energy stocks are up today, gaining almost a full percentage point alongside the Materials sector. The indices are certainly telling a story – the ASX All Ords Gold index has climbed more than 4.3%, the Small Ords (which is very resources heavy) more than 1% and the ASX200 Resources index tipped up 0.69%. That's given plenty of fuel for gold stocks to rise. Leaving small caps aside for now, Pantoro Gold (ASX:PNR) gained 11.83%, Resolute Mining (ASX:RSG) 10.4%, Larvotto Resources (ASX:LRV) 10.19%, Ora Banda Mining (ASX:OBM) 6.47%, Black Cat Syndicate (ASX:BC8) 7.14% and Ramelius Resources (ASX:RMS) 6.87%. In fact, the gold miners were so dominant today they didn't leave a lot of room for other stocks to take the spotlight. Notable exceptions are immunotherapy biotech Immutep (ASX:IMM) which gained 9%, automotive stock Autosports Group (ASX:ASG) up 9.76%, gambling giant Tabcorp Holdings (ASX:TAH) which lifted 9.2% alongside the Star Group's (ASX:SGR) 9.52% gain, and technology large cap NextDC (ASX:NXT) up 8.14%. Overall, the market has taken a minor loss, with seven sectors in the green and four in the red. The Healthcare sector weighed heavily on the bourse, down 1.86%. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Security Description Last % Volume MktCap DTR Dateline Resources 0.035 59% 2.1E+08 $60,842,510 BP8 Bph Global Ltd 0.003 50% 190000 $2,101,969 AZL Arizona Lithium Ltd 0.01 43% 51496080 $31,932,702 AN1 Anagenics Limited 0.008 33% 1449899 $2,977,922 VEN Vintage Energy 0.004 33% 1062981 $5,697,666 AEV Avenira Limited 0.009 29% 7383898 $22,243,508 BGE Bridgesaaslimited 0.019 27% 32000 $2,997,888 WTM Waratah Minerals Ltd 0.295 26% 5747597 $47,717,729 GCM Green Critical Min 0.015 25% 27338485 $23,540,140 NPM Newpeak Metals 0.015 25% 260838 $3,864,861 GES Genesis Resources 0.01 25% 42000 $6,262,730 IPB IPB Petroleum Ltd 0.005 25% 1042715 $2,825,612 RML Resolution Minerals 0.01 25% 2877525 $4,206,295 WCN White Cliff Min Ltd 0.0285 24% 2.79E+08 $43,595,827 PHO Phosco Ltd 0.07 23% 20527 $16,301,552 GRV Greenvale Energy Ltd 0.054 23% 254320 $23,952,427 PRS Prospech Limited 0.027 23% 59377 $7,234,170 EQX Equatorial Res Ltd 0.14 22% 533211 $15,116,216 LKY Locksleyresources 0.028 22% 5761797 $3,373,333 S66 Star Combo 0.14 22% 1500 $15,534,543 REC Rechargemetals 0.017 21% 262117 $3,597,860 SMM Somerset Minerals 0.017 21% 21798832 $5,918,271 YRL Yandal Resources 0.17 21% 410253 $43,292,897 HIQ Hitiq Limited 0.03 20% 1907479 $9,189,061 1AI Algorae Pharma 0.006 20% 727214 $8,436,974 Making news… White Cliff Minerals (ASX:WCN) has hit a very promising copper intercept at its Danvers project in Canada, drilling 175m at 2.5% copper from just 7.6m down. The hole ended in even higher grades, still open at depth. The company says it's one of the best copper hits globally in decades, and is planning more drilling to chase it further. More assays are on the way, with a maiden JORC resource in the works. Waratah Minerals (ASX:WTM) fronted the RIU Resources Conference with a cracking pitch on its gold-copper hunt in NSW's Lachlan Fold Belt, one of Australia's hottest mineral districts. It's sitting on a big district-scale land position at its Spur project, 100% owned, right near majors like Newmont and Gold Fields, with solid hits already in the bag including 11m at 10.8g/t gold and nearly 200m at 0.54% copper equivalent. Waratah reckons it's only just getting started in what's shaping up to be a prime gold-copper postcode. Somerset Minerals (ASX:SMM) has just wrapped up the acquisition of the high-grade Coppermine Project in Nunavut, right next door to White Cliff's monster copper hit at Danvers. It now controls a massive 1,200km² landholding packed with historical copper finds, including grades up to 45.4% copper, and is gearing up to launch its maiden drill campaign in just a couple of weeks. Early targets at Coronation are looking juicy, the company said, with reprocessed geophysics lighting up multiple anomalies, and old drill holes that ended in mineralisation. Green Critical Minerals (ASX:GCM) is enjoying increased offtake attention around its very high density graphite technology, including formal requests for product samples from a leading European and UK based thermal management solutions provider. The company says the uptick in attention is a validation of their product's commercial potential, aligning with market needs in electronics, defence, and high-efficiency manufacturing sectors. ASX SMALL CAP LAGGARDS Today's worse performing small cap stocks: Code Name Price % Change Volume Market Cap DTR Dateline Resources 0.035 59% 2.1E+08 $60,842,510 BP8 Bph Global Ltd 0.003 50% 190000 $2,101,969 AZL Arizona Lithium Ltd 0.01 43% 51496080 $31,932,702 AN1 Anagenics Limited 0.008 33% 1449899 $2,977,922 VEN Vintage Energy 0.004 33% 1062981 $5,697,666 AEV Avenira Limited 0.009 29% 7383898 $22,243,508 BGE Bridgesaaslimited 0.019 27% 32000 $2,997,888 WTM Waratah Minerals Ltd 0.295 26% 5747597 $47,717,729 GCM Green Critical Min 0.015 25% 27338485 $23,540,140 NPM Newpeak Metals 0.015 25% 260838 $3,864,861 GES Genesis Resources 0.01 25% 42000 $6,262,730 IPB IPB Petroleum Ltd 0.005 25% 1042715 $2,825,612 RML Resolution Minerals 0.01 25% 2877525 $4,206,295 WCN White Cliff Min Ltd 0.0285 24% 2.79E+08 $43,595,827 PHO Phosco Ltd 0.07 23% 20527 $16,301,552 GRV Greenvale Energy Ltd 0.054 23% 254320 $23,952,427 PRS Prospech Limited 0.027 23% 59377 $7,234,170 EQX Equatorial Res Ltd 0.14 22% 533211 $15,116,216 LKY Locksleyresources 0.028 22% 5761797 $3,373,333 S66 Star Combo 0.14 22% 1500 $15,534,543 REC Rechargemetals 0.017 21% 262117 $3,597,860 SMM Somerset Minerals 0.017 21% 21798832 $5,918,271 YRL Yandal Resources 0.17 21% 410253 $43,292,897 HIQ Hitiq Limited 0.03 20% 1907479 $9,189,061 1AI Algorae Pharma 0.006 20% 727214 $8,436,974 IN CASE YOU MISSED IT EZZ Life Sciences Holdings (ASX:EZZ) will pay a fully franked share dividend, amounting to $0.020 per share. The ex-dividend date is May 16, 2025 and the payment date June 17, 2025. The genomic life science company says it is investing in the future of consumer health through the development of e-commerce and distribution of high-quality products. TRADING HALTS Adelong Gold (ASX:ADG) – cap raise Echo IQ (ASX:EIQ) – cap raise At Stockhead, we tell it like it is. While EZZ Life Sciences, Ora Banda Mining, Green Critical Minerals and White Cliff Minerals are Stockhead advertisers, they did not sponsor this article.
