What You Missed This Week in the News

BHP has offered Oz Minerals a takeover offer of $28.25/share, including $9.6B, three months after their initial unsolicited offer.

BHP offered a$25/share, $8.4m takeover offer in August, which Oz Minerals rejected, saying it failed to properly value the company’s portfolio.

The offer comes after the two renewed talks on Thursday, and Oz Minerals board have accepted the offer, OZ Minerals Managing Director and Chief Executive Officer, Andrew Cole said: “BHP’s Revised Proposal is a clear reflection of OZ Minerals’ unique set of highly strategic, quality assets in quality jurisdictions. We look forward to working with BHP in a collaborative way to progress the Revised Proposal in the best interests of OZ Minerals’ and its stakeholders.”


MetalsGrove Mining has announced that drilling contractor Topdrill has mobilised its drill rig in preparation to commence the inaugural drilling at their Upper Coondina Lithium Project.

The project is located 100km south of Marble Bar, near Port Hedland.


Town of Port Hedland

BHP, Curtin University and Greening Australia have partnered to trial vegetation barriers to improve air quality and capture dust in the West End scheme in Port Hedland as part of BHP’s Pilbara Air Quality Program.

Phase 1 which involved planting 80,000 seedlings, has been completed and another 80,000 is scheduled to be planted in the next few months.


The ”What’s Down the Track” Forum was held in Kalgoorlie Boulder on Thursday. The event, run by the Kalgoorlie-Boulder Chamber of Commerce, provides a 12-month forecast into the drivers that support the growth and opportunities that exist within the region.

The event included speakers and exhibitions from BHP, Kai Rho Contracting, Deep Yellow Limited, St Ives, Northern Star, Lynas Rare Earths, Evolution Mining and Epiroc.


Kalgoorlie-Boulder Chamber of Commerce

The S&P/ASX200 markets stumbled at the beginning of the week, starting off on the month’s high of 7,196 points before falling to 7,106 points on Wednesday. The markets made a comeback to finish the week at 7,152 points. Oz Minerals was the top performing stock, up 3.92% after their takeover offer from BHP.

The All Ordinaries us up too, finishing the week on 7,355 points.


Gold is trading at $1,765.52USD after a stable week, and silver at $21.35USD, after peaking early on Tuesday at $22.28USD.

Gold jumps almost $100 in wake of Crypto Crash

Gold has skyrocketed almost $100 from $2547.07oz at the start of the month to $2642.91oz just after the ASX opened today. 

The Price peaked at $2670.84oz on Friday, after a sharp upturn. 

Northern Star Resources saw a share price increase of 8.5% to $10.24 as a result of the gold price increase. 

Evolution Mining also saw an increase on the ASX, increasing from $2.16 to $2.62. 

De Grey Mining increased from $1.12 to $1.29. 


The sudden increase coincides with the cryptocurrency crash when the crypto price fell from $20,846.07 on Tuesday to just $15,854.15 on Wednesday.  


Though cryptocurrency and gold haven’t historically been linked, the biggest fall since November 2021 might see a shift from cryptocurrency back to gold investments.  


It seems the jump in gold correlates with the uncertainty of the US midterm elections, held on Tuesday, which is currently tied at 48 seats each after almost a week. 


At the same time, New York’s Dow Jones (which sits 15 hours behind the AEDT gold price), reacted to the gold price, falling from 33,160.83 points to 32,513.9 points, before recovering again by the end of the week. The S&P/ASX 200 followed the lead of the Dow Jones, falling on Wednesday from 6,999.30 points to 6,964.00 before also rising again to finish on the monthly high of 7,158.00 points 

What You Missed This Week in the News


Andrew “Twiggy” Forrest


Mining magnate Twiggy Forrest at the Egypt COP27 climate summit this week, is pushing to restrict seabed mining until it has the same protections as land mining.

In sentiments echoed by conservationist groups, Forrest voiced concerns about the environmental impact of seabed mining – which could begin as early as mid 2023.

“The deepest seabed supports some of the least understood ecosystems on the planet.” He said and argues that seabed mining should not commence “until we can match existing regulations placed on mining on land.”


QX Resources is scheduled to commence drilling at their Turner River hard rock lithium project by the end of the month. The project is located in the Pilbara Region, Southeast of Port Hedland.


OD6 Metal’s share price skyrocketed on Wednesday by 97.84% to $0.459 after announcing outstanding results from their recently completed drilling campaign at their Splinter Rock project northeast of Esperance.


BHP have announced record shipments from their iron ore in WA for the third year running. In their AGM this week, BHP released their income figures, including $33.9B EBITDA from iron ore.



In the AGM, BHP CEO Mike Henry and Chairman Ken MacKenzie also announced their commitment to a total elimination of sexual harassment, racism and bullying in BHP workplaces.

“That is why I want to apologise to all those who have experienced or continue to experience, any form of sexual harassment, racism or bullying anywhere at BHP,” MacKenzie said.

“We are determined to eliminate these harmful behaviours. At BHP, we are committed to providing a safe, inclusive, and supportive workplace culture where everyone can bring the best of themselves to work.”


The S&P/ASX200 jumped sharply today to 7,143.10 points, jumping 2.79% (194.0 points). The markets rounded out the week by following the upward trend that started on the 11th of this month.




All Ordinaries followed suit, gaining 204.40 points (2.86%) to 7,350.10

Gold had a good week, ending on a high compared to the start of the week. The spot price rose 2.45% from $2591.72oz t to $2655.23oz t.

Silver rose from $32.36oz t to $33.37oz t this week.

What you missed in the news this week 4 Nov 2022

Rox Resources announced a 110% increase of production to 187koz Au since 2018.

The increase is at their Mt Fisher and Mt Eureka gold projects in the Eastern Goldfields.

Rox Resources


Rio Tinto and BHP have joined forces to for research into technology to increase water recovery from mine tailings.

They are currently trialling a large-volume filter unit to remove up to 80% of water in the trailing stream before it is deposited in a storage facility.

Removing more water would reduce risks associated with moisture in storage facilities, reduce the foot print of these facilities and allow them to productively reuse tailings are raw material.


After unsuccessfully suing the Western Australian Government, Clive Palmer is trying again, planning to sue the Commonwealth for billions in damages over his stalled iron ore mine in the Pilbara.

Palmer plans to bring the claim under the international courts through his Singapore-based company Zeph International.

If Palmer is successful, tax payers can expect to foot the bill of upwards of $32B.


Classic Minerals has commenced construction on their new Kat Gap gold mine, south of Southern Cross.

Classic Minerals has begun building internal roads and clearing space for the camp but has yet to receive processing approval.

They are hoping to have stage 1 open-pit mining before the end of the year.


Swedish company, Epiroc, has agreed to acquire Kalgoorlie Boulder company, Remote Control Technologies Pty Ltd.

RCT was founded 50 years ago and provides automation solutions to mining companies.

RCT is the second Kalgoorlie Boulder company acquired by Epiroc this year, after their acquisition of JTMEC earlier in the year.

The acquisition is expected to be completed by the end of the year.

Courtesy of Epiroc

MLG celebrates 20 years this week. The Kalgoorlie Boulder based company started with founder and managing director Murray Leahy and his truck to a business that services 29 sites across Western Australia and the Northern Territory.


S&P/ASX 200 peaked this week on Wednesday at 7,009.00 points, before taking a sharp fall to 2,849 points on Thursday. The markets rounded out the week at 6,893 points.




All Ordinaries followed suit this week, peaking on Wednesday at 7,194 points before plummeting to 7,015 points. The All Ords finished the week at 7,089 points.


Gold is sitting at $2,600.28oz t today, making a solid comeback from Tuesday’s fall. Gold is sitting at a similar position to how October started the month, with $2,567.36oz t on 3rd October.

Silver finished off at $31.48oz t, finishing a little lower than yesterday’s $31.05oz t.

Epiroc acquires another Kalgoorlie Boulder company

Swedish company, Epiroc, has agreed to acquire Kalgoorlie Boulder company, Remote Control Technologies Pty Ltd.

RCT provides automation and remote-control solutions for single machine and entire mixed fleets, and provides data and information systems, fleet and machine management systems.

RCT began in 1972 when Kalgoorlie Boulder based founder Bob Muirhead saw numerous fatalities and serious incidents accepted as a “side effect” of the mining industry, so he designed a fail-safe engine protection system. Today, RCT has spread to over 70 countries.


Courtesy of Epiroc

Epiroc provides safe equipment such as drill rigs, rock evacuation and construction equipment, and tools for surface and underground applications.

Epiroc’s president and CEO, Helena Hedblom said “Automaton is increasingly important for the mining industry to strengthen safety and productivity” and believes that Remote Control Technologies’ advanced solutions “complement Epiroc’s existing automation offering well.”

RCT is the second Kalgoorlie Boulder company Epiroc has acquired this year. In April this year Epiroc announced their acquisition of JTMEC, an electrification infrastructure solutions provider founded in 2005.

The acquisition is expected to be completed by the end of the year.