WA gold rock star extends buying spree with $250m mine
Gold mining rock star Raleigh Finlayson has consolidated his dominance over Western Australia's Leonora district by inking a $250 million buyout of a China-backed mine.
The all-cash buyout of Focus Minerals' Laverton Gold project is Genesis Minerals boss Finlayson's latest deal in the region as the precious metal's record price spurs takeovers across the sector.
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The Advertiser
12 hours ago
- The Advertiser
Australian shares retreat from highs for second time
The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states. The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9. The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open. With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said. "With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP. "But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment." Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher. Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies. Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks. CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday. Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February. Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week. The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday. Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce. Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said. "The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said. Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion. Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine. The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7 * The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.97 US cents, from 64.96 US cents on Thursday at 5pm * 93.56 Japanese yen, from 93.03 Japanese yen * 56.81 Euro cents, from 56.93 Euro cents * 47.95 British pence, from 47.95 pence * 107.58 NZ cents, from 107.70 NZ cents
West Australian
15 hours ago
- West Australian
Australia in driver's seat but US trade deal some time away, says CBA
The chief economist at the nation's biggest bank has warned an Australian trade deal with the US could be some time away given the complexity involved and America's push for increased market access. Commonwealth Bank's Luke Yeaman also said there was a risk that if Donald Trump does not strike deals with key trading partners before the July 9 deadline — when the pause on the US President's reciprocal tariffs is due to resume — he may 'lose patience and reinstate unilateral tariffs . . . sparking another round of volatility in global markets'. It comes as the Australian sharemarket swung on Friday following turmoil in the US, following an ugly exchange between Mr Trump and Elon Musk that wiped more than $US150 billion ($231b) off the value of Tesla. Prime Minister Anthony Albanese also signalled he was prepared to make concessions allowing American beef into the country as deliberations ramp up. Mr Yeaman said Australia remained in a 'relatively strong negotiating position' as the country's tariffs are equal to Mr Trump's global minimum level of 10 per cent. He said the recent move to double steel and aluminium taxes to 50 per cent would be a concern, but the Federal Government won't feel pressured to conclude an agreement quickly. 'Using the UK deal as a template, an Australian trade deal could still be some time away,' Mr Yeaman said. 'There are obvious areas for co-operation (critical minerals), but addressing key US asks around market access for US beef exports, the Pharmaceutical Benefits Scheme, regulation of US tech companies and defence spending won't be easy.' Last month, the UK became the first country to agree to a trade deal with the US since Mr Trump imposed the sweeping tariffs in April. Prime Minister Keir Starmer this week said Britain was hoping to ink a pact with the US in the next two weeks to avoid the new tariffs on steel. Mr Yeaman said those talks — alongside America's negotiations with China and the European Union — provided important insights into the Trump administration's thinking. He said last month's US-China trade war pause showed both countries have an economic 'pain threshold' they are unwilling to cross — albeit a high one. 'This takes some severe downside scenarios off the table, but tensions will remain high and further bouts of escalation are likely,' Mr Yeaman said. 'Whenever two superpowers 'play chicken' there is always a risk of a head on crash. With US-China tariffs escalating to over 125 per cent, it appeared that could be the outcome (and a severe global recession). 'Both countries have now shown that they do not want to go down that road — the economic costs are simply too high.' But despite the de-escalation, Mr Yeaman remained doubtful a comprehensive US-China trade agreement would be settled by August 14. AMP deputy chief economist Diana Mousina said financial markets appeared to remain confident Mr Trump would pull back from the brink. 'US sharemarkets have had a massive rally in recent weeks, and are up by 19 per cent since the post-Liberation day lows,' she said. 'It is hard to see this positive momentum continuing when Trump's tariffs are still up in the air.' There were plenty of risks weighing on shares including the trade battles, American debt and tensions in Iran, Ms Mousina said. The Aussie dollar could remain weak in the near-term, she said.
News.com.au
17 hours ago
- News.com.au
Lunch Wrap: ASX wobbles; Trump-Xi phone call lifts iron ore but sinks lithium
ASX wobbles at lunch but miners rallied early on Trump-Xi call Critical minerals sink while Tesla crashes 14pc Worley wins job in Alaska, Ora Banda dips The ASX edged higher in early trade on Friday as the index brushed right up against record territory. But… it hasn't sustained, wobbling back down again to -0.15% intraday so far. Miners and energy names did the heavy lifting early, though, after Donald Trump and Xi Jinping finally picked up the phone and agreed to resume trade talks. Trump called it a 'very good call", and markets took that as a sign that China might keep buying iron ore and crude by the boatload. Iron ore jumped to nearly US$96.50 a tonne, and Brent oil climbed, too. But here's the twist. The Trump–Xi thaw, while good for iron ore, actually walloped lithium and rare earths stocks. If China-US trade cools down, then maybe pressure on critical mineral supply eases, too. And that means less panic buying. Local stocks like Pilbara Minerals (ASX:PLS) and IGO (ASX:IGO) got hammered by 5-6% this morning on the news. Meanwhile, Tesla plunged by 14%, the biggest single-day hit to its market cap, ever. Investors scrambled for the exits after Trump threatened to rip up Elon's government contracts, claiming the world's richest man had 'gone crazy' since finishing his post at the so-called Department of Government Efficiency. Musk didn't exactly go quiet into the night. He lit up X with claims he was the one who got Trump elected, suggested Trump's name appears in the Epstein files, and all but challenged him to a cage fight. Even Bitcoin felt the fallout, sliding 3% to just above US$100k as traders cringed at the chaos. Back on home soil, Utilities and Energy were the two best sectors this morning: In the large caps space, Worley (ASX:WOR) booked itself a big job, landing a contract with Glenfarne to support engineering works on Alaska's LNG pipeline. WOR's shares were flat. Ora Banda (ASX:OBM) got whacked 9% after admitting its full-year gold output is going to fall short due to extended downtime at the Davyhurst project. SkyCity Entertainment Group (ASX:SKC) jumped 1% after launching a $330 million lawsuit against Fletcher Building (ASX:FBU) over what it claims was 'gross negligence' during construction of a New Zealand convention centre. Fletcher slid 3%, presumably with a team of lawyers now sleeping in the office. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 6 : Security Description Last % Volume MktCap BMO Bastion Minerals 0.003 100% 124,237,975 $1,355,441 CZN Corazon Ltd 0.003 100% 21,386,226 $1,776,858 WC1 West Cobar Metals 0.024 60% 39,757,383 $3,110,692 AXI Axiom Properties 0.028 56% 30,000 $7,788,846 EM2 Eagle Mountain 0.006 50% 1,927,601 $4,540,149 MGU Magnum Mining & Exp 0.005 43% 498,430 $3,925,778 GMN Gold Mountain Ltd 0.002 33% 926,889 $8,429,639 QXR Qx Resources Limited 0.004 33% 1,583,144 $3,930,987 SRN Surefire Rescs NL 0.002 33% 1,042,535 $3,729,668 MEM Memphasys Ltd 0.006 33% 778,755 $8,926,191 IS3 I Synergy Group Ltd 0.004 33% 154,270 $1,502,290 LOC Locatetechnologies 0.145 32% 1,351,777 $24,886,036 NWM Norwest Minerals 0.013 30% 6,600,901 $9,683,586 ASM Ausstratmaterials 0.640 26% 1,276,645 $92,030,396 EDE Eden Inv Ltd 0.003 25% 610,676 $8,219,762 EVR Ev Resources Ltd 0.005 25% 58,315 $7,943,347 PIL Peppermint Inv Ltd 0.003 25% 534,955 $4,552,180 MRR Minrex Resources Ltd 0.011 22% 2,001,273 $9,763,808 ATG Articore Group Ltd 0.225 22% 234,067 $52,676,230 OLI Oliver'S Real Food 0.006 20% 100,000 $2,703,660 BDM Burgundy D Mines Ltd 0.025 19% 974,970 $29,847,978 HPR High Peak Royalties 0.059 18% 4,763 $10,402,986 West Cobar Metals (ASX:WC1) has completed the 100% acquisition of the Mystique Gold Project from IGO in WA's Fraser Range. The project sits just south of Rumble's Themis prospect, where standout gold hits include 4m at 22.2g/t. Drilling is now being planned at two key targets – Themis South and Torquata – to test for saprolite and basement gold. Australian Strategic Materials (ASX:ASM) is gaining momentum at its Korean Metals Plant, locking in new sales of rare earth metals and alloys as global buyers look for supply outside China. ASM has confirmed orders for NdFeB alloy to Noveon Magnetics in the US (15 tonnes) and Germany's Vacuumschmelze (7.2 tonnes), with first shipments kicking off in June. A SX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 6 : Code Name Price % Change Volume Market Cap JAY Jayride Group 0.001 -50% 907,361 $2,855,778 LNR Lanthanein Resources 0.001 -50% 2,934,969 $4,887,272 CCO The Calmer Co Int 0.002 -33% 656,778 $9,034,060 JAV Javelin Minerals Ltd 0.002 -33% 868,000 $18,378,447 OB1 Orbminco Limited 0.001 -33% 100,000 $4,796,352 SKN Skin Elements Ltd 0.002 -33% 158,639 $3,225,642 LU7 Lithium Universe Ltd 0.005 -29% 3,039,537 $5,501,857 KNB Koonenberrygold 0.045 -27% 49,922,090 $63,530,934 HLX Helix Resources 0.002 -25% 594,904 $6,728,387 VML Vital Metals Limited 0.002 -25% 4,399,659 $11,790,134 HMD Heramed Limited 0.009 -25% 5,851,655 $10,507,233 ENT Enterprise Metals 0.002 -20% 1 $2,945,793 OVT Ovanti Limited 0.002 -20% 1,809,635 $6,983,788 VRC Volt Resources Ltd 0.004 -20% 456,393 $23,423,890 RMI Resource Mining Corp 0.017 -19% 3,783,064 $15,423,520 SNX Sierra Nevada Gold 0.025 -17% 80,974 $4,939,774 FBR FBR Ltd 0.005 -17% 1,613,165 $34,136,713 TON Triton Min Ltd 0.005 -17% 182,233 $9,410,332 ZEU Zeus Resources Ltd 0.010 -17% 1,048,831 $7,688,078 EMT Emetals Limited 0.003 -14% 750,000 $2,975,000 HHR Hartshead Resources 0.006 -14% 947,158 $19,660,775 LSR Lodestar Minerals 0.006 -14% 50,000 $2,228,967 TMS Tennant Minerals Ltd 0.006 -14% 2,359,434 $6,691,233 IN CASE YOU MISSED IT Vertex Minerals (ASX:VTX) is on track to mine the first gold from the Reward underground gold mine this quarter. Internationally renowned engineering firm Ausenco has been engaged by RareX (ASX:REE) to conduct initial infrastructure and development studies at the Mrima Hill project. LAST ORDERS Locksley Resources (ASX:LKY) will soon list to the OTCQB Venture Markets in the US, after engaging advisory group Viriathus Capital LLC to assist in securing quotation. The company reckons the over-the-counter market listing will increase its visibility, liquidity and access for North American investors, while also supporting the company's US-based critical mineral strategy. Neurotech (ASX:NTI) will present its lead product NTI164 at the upcoming International Rett Syndrome Foundation (IRSF) Scientific Meeting. The company will present on its novel full-spectrum medicinal cannabis pharmaceutical, designed to improve symptoms of Rett syndrome, a rare genetic neurodevelopmental disorder. At Stockhead, we tell it like it is. While Locksley Resources is a Stockhead advertiser, it did not sponsor this article.
