Tungsten Mining (ASX:TGN) started reverse circulation drilling at the Mt Mulgine project in Western Australia to test the Mulgine Trench exploration target, according to a Friday filing with the Australian bourse.
Initial assay results are expected after about six weeks, the filing said.
Additionally, a planned diamond drilling will collect material for metallurgical test work and secure geotechnical data for pit designs, per the filing.
Cygnus Metals' (ASX:CY5) AU$232 million acquisition by Central Asia Metals is overall positive for shareholders, providing exposure to a more liquid and cashflow-positive London-listed metals producer, Euroz Hartelys said in a note on Thursday.Under the deal, existing Central Asia Metals shareholders will own about 70% of the company's enlarged fully diluted issued share capital, while Cygnus shareholders will own the remaining 30%, according to a late Tuesday filing with the Australian bourse.The investment firm said there is a possibility another bidder could emerge due to recent merger and acquisition activity in the region, which could boost the current takeover price of AU$0.176.Euroz Hartleys maintained its speculative buy rating and lowered its price target to AU$0.17 from AU$0.53, levelling it with the bid price.
Monadelphous Group (ASX:MND) secured a major engineering and construction contract valued at around AU$380 million from CS Energy to deliver works on the Brigalow Peaking Power Plant near Chinchilla in Queensland, according to a Friday filing with the Australian bourse.The scope covers balance-of-plant construction and installation of 12 aeroderivative gas turbine generator units totaling 400 megawatts, plus engineering and design of minor packages, per the filing.Work is set to begin in the second half of the year and is expected to be completed by early 2029, the filing said.The facility will provide peak power for over 150,000 homes, strengthen grid reliability alongside renewables, and support up to 300 construction jobs while supporting local employment and supply chains, the filing added.
Rio Tinto Group (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG) are urging the Albanese government to consider policy responses to China's increasing consolidation of iron ore purchasing power, warning that the shift is reshaping pricing dynamics in Australia's most valuable export market, the Australian Financial Review reported on Friday.The push targets the China Mineral Resources Group (CMRG), a state-backed buyer set up in 2022 that now handles about 70% of China's iron ore imports, boosting Beijing's bargaining power, pressuring contract prices, and tightening negotiations with major suppliers amid concerns of a structural shift in market power, per the report.CMRG said it wants to close the profit gap between Chinese steelmakers and iron ore producers, but Australian miners attribute weak margins to China's steel overcapacity, reviving debate over whether greater miner coordination should be permitted despite competition law limits.The federal government has avoided intervening in pricing, with Resources Minister Madeleine King saying iron ore prices are set by producers and buyers, and that critical minerals policies are not intended to influence bulk commodity prices.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)