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Mining facilities. Credit: CatwalkPhotos via Shutterstock

US-based mining firm Newmont has revised its takeover bid for Australian gold miner Newcrest Mining to $19.5bn, calling the bid its “best and final price”. 

In February 2023, Newcrest rebuffed Newmont’s offer of $16.9bn, stating that it undervalued the business. The improved non-binding offer entitles Newcrest shareholders to 0.4 Newmont shares for each share held, up from the previous offer of 0.38 Newmont shares.  

This implies a price of $21.9 for each Newcrest share, which is a 16% increase on the initial bid. It also enables Newcrest to pay a franked special dividend of up to $1.10 a share and will see Newcrest shareholders collectively own 31.1% of the business. 

The revised offer is subject to unanimous recommendation to shareholders from the Newcrest board in favour of the proposal, and completion of confirmatory due diligence. It is also subject to signing of a binding scheme implementation agreement, which subsequently awaits clearance from shareholders and regulators. 

Newcrest added: “Shareholders do not need to take any action at this stage. Newcrest will continue to keep the market informed of any material developments in accordance with its continuous disclosure obligations.”

Energy Resources of Australia (ERA) has announced an interim entitlement offer (IEO) of around $242m to finance the rehabilitation of the former Ranger uranium project in Australia’s Northern Territory. 

Global mining giant Rio Tinto currently owns an 86.3% stake in the company, and ERA will undertake a five-for-one non-underwritten pro-rata renounceable entitlement offer, priced at around $0.013 a share. 

This represents a 90.2% discount to the company’s five-day volume weighted average price around $0.13 on 3 April. Rio Tinto has pre-committed to acquiring $214.7m worth of shares in ERA via the IEO while two minor shareholders, Packer & Co and Zentree Investments, have committed an additional $36m. 

ERA will use the proceeds from the IEO to fund the rehabilitation of the Ranger mine until the end of Q2 2024 and repay the $66.7m it owes Rio Tinto, as part of an earlier loan agreement signed between the two firms.

Australia and the UK will strengthen cooperation on critical minerals after signing a statement of intent, Australia’s government announced in a press release. 

Madeleine King, Australia’s minister for resources and Northern Australia, signed a statement with UK minister for the Indo-Pacific Anne-Marie Trevelyan in Perth, during her visit to Australia. 

Under the terms of the agreement, Australia and the UK will work to increase investment links for critical minerals projects, seek new value chains including through recycling and enhance research collaboration. It also plans to encourage the exchange of skills and expertise between Australian and UK firms, as well as with other international partners. 

“The Statement of Intent with the UK further strengthens Australia’s resolve to develop our critical minerals sector to be a global supplier of the resources needed for clean-energy technology, such as batteries, electric vehicles, solar panels and wind turbines,” King said.

Indonesia’s president Joko Widodo has announced that Indonesia will improve monitoring of environmental standards for nickel mining, Reuters reports. 

The announcement comes amid concerns over the impacts of producing the metal, which is used increasingly in electric vehicle (EV) batteries. Indonesia has the largest nickel reserves in the world. Widodo has said that the country will step up scrutiny of its mining operations by ordering companies to manage plant nurseries to aid reforestation efforts. 

He also said that he would only permit new smelter permits if they are powered by renewable energy sources. He added that existing facilities currently using coal power will receive deadlines to switch to their energy sources to renewables. 

“The most important thing is monitoring. The management control system must be strengthened. Routine evaluations must be conducted,” Widodo said during an interview with Reuters at the nickel mining town of Sorowako on Sulawesi Island.  He added that he would ensure all miners follow international best practice.

Māori activists for environmental group Greenpeace have swum in front of a deep-sea mining research ship to protest deep-sea mining in the East Pacific. 

The ship, RSS James Cook, is operated by the UK’s Natural Environment Research Council. It was returning from a seven week-long expedition of the Pacific Ocean targeting deep-sea mining research. 

Activists from Greenpeace ship Arctic Sunrise intercepted the RSS James Cook off the coast of Costa Rica. Protestors floated in front of the vessel waving banners reading “don’t mine the Moana”, the Māori word for ocean. 

One activist, Quack Pirihi, told the New Zealand Herald: “I’m proud that I was able to bring my tūpuna [ancestors] with me and bring rangatahi [younger] Māori with me, through the flying of the Tino Rangatiratanga flag.” Tino rangatiratanga is a Māori term rooted in the peoples’ worldviews, which can mean self-determination, sovereignty, independence and autonomy.