Fortescue Prices US$1.5bn Notes; CNH Swaps Cut Effective Rate

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Listcorp

Many Peaks lifted the Ouarigue interim resource at Ferké by 57%, or 754,000 ounces, to 34.6Mt at 1.87g/t gold for 2,077,000 ounces, constrained at US$3,500/oz gold. Growth is mainly Inferred underground material of 970,000 ounces at 2.93g/t, while the open pit portion fell 16% to 1,108,000 ounces and is 97% Measured and Indicated. A scoping study is due later in Q4 2026, ahead of a feasibility study in 2027.

Listcorp

Viridis signed a binding offtake with Solvay unit Rhodia Operations for mixed rare earth carbonate from Colossus in Brazil, running from targeted 2028 first production to 31 December 2034. Take-or-pay starts on the earlier of commercial operations or 1 January 2029, and minimum volumes of Nd, Pr, Dy and Tb are about 64% of forecast output, underpinning approximately US$915 million of minimum revenue at contractual price floors, subject to Viridis delivering the contracted volumes. Solvay holds a right of first offer over remaining volumes with no obligation to buy beyond its minimums, and a separate technology licensing agreement is still only contemplated.

Fortuna Mining

Fortuna’s board authorised management to enter contractual commitments totalling US$250 million over the life of Diamba Sud, allowing critical contracts, equipment and construction to proceed before the exploitation permit is granted. The permit is expected in Q4 2026, after Senegal’s Notice of Admissibility announced on 2 November, alongside a new Mining Convention still under negotiation. The decision came with third-quarter results of 69,665 gold equivalent ounces and US$90.8 million in free cash flow from ongoing operations.

Reuters

India’s markets regulator approved the IPO of Coal India subsidiary Mahanadi Coalfields, expected to be one of the country’s biggest offerings this year. September draft papers show Coal India selling up to 661.8 million shares, a 10% stake, in a unit that supplied 21% of India’s domestic coal and 28.4% of Coal India’s output in fiscal 2026. Bloomberg reported on 2 November that the listing could launch this month, raising as much as US$1 billion and valuing the unit at up to US$10 billion.

Mining Weekly

Appian Capital Advisory has deployed about 70% of the International Finance Corporation’s initial US$100 million commitment to their emerging markets mining fund, launched in 2025. The capital went into three investments: Asante Gold’s mines in Ghana, the Omico Copper project in Namibia and Atlantic Nickel’s nickel-copper-cobalt operation in Brazil. Appian expects to deploy the balance by year end and is in talks with the EBRD and other development finance institutions to replicate the partnership.

6ix

Sherritt will temporarily lay off about 280 employees, 47% of its Canadian workforce, for roughly 90 days to preserve liquidity while refining at Fort Saskatchewan stays halted, with ammonia fertiliser and sulphuric acid production continuing. Refining stopped on 22 June when feed inventory ran out, and Sherritt suspended direct participation in its Cuba joint venture on 7 May after US Executive Order 14404 expanded sanctions. It received the first of a series of anticipated OFAC emergency licences on 19 October, with more needed to restart Cuban mining and processing and Canadian refining.

The Market Online

Northstone Resources secured firm commitments for an oversubscribed $2.37 million placement backed by existing shareholders and new institutional, sophisticated and professional investors, including $240,000 from directors and management. Proceeds fund the maiden JORC resource and scoping study at the Tlamino gold-silver project in Serbia, step-out and greenfield drilling, and field exploration at the Timok East copper project. The company is targeting the maiden resource in the December quarter of 2026, with scoping study work to follow.

Mysteel

China’s refined copper spot premiums hit a new year-to-date high on 4 November as spot trading rose slightly while spot copper prices fell. Mysteel says the rise reflects supply contraction with limited demand-side acceptance, and that high premiums plus a steep backwardation futures spread held back downstream buying. Scrap supply is tightening, with compliant invoiced scrap both expensive and scarce, and refined copper rod orders fell on elevated processing fees.