In today’s briefing:
- Essential Metals In Limbo As MinRes Lurks
- Alkane Resources – Guidance increased again
- Eni S.p.A.: Pipeline Expansion & New Supply Chain Finance Program
Essential Metals In Limbo As MinRes Lurks
- On the 9th Jan, lithium player Essential Metals (ESS AU) entered into a Scheme with Tianqi Lithium JV, comprising Tianqi Lithium (9696 HK) (51%) and IGO Ltd (IGO AU) (49%).
- Shortly before the 20 April Scheme Meeting, Mineral Resources (MIN AU) announced a 19.55% stake.
- A Scheme failure was expected. And 68.47% voted against the transaction. The question is – now what?
Alkane Resources – Guidance increased again
Alkane continues to increase its production guidance, indicating confidence in a strong close to FY23, from 62,000–70,000oz to 65,000-73,000oz. It also lowered its expected unit costs to an AISC of A$1,550–1,700/oz, from previous guidance of A$1,550–1,800/oz. These updates follow confirmation of Q323 gold production of 16,641oz and a total for the year to date of 54,431oz, at an AISC of A$1,446/oz.
Eni S.p.A.: Pipeline Expansion & New Supply Chain Finance Program
- delivered a mixed set of results in the quarter.
- Despite the lower price of crude oil and the lower refining margins, net income increased by almost 160% year over year.
- Refining & Marketing also delivered strong results.
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