It is a tale of two worlds in mining as the smaller players cut costs while large miners like BHP eye more acquisitions to grow copper stocks.
Already a subscriber?Junior miners are going into “survival mode”, leaving little appetite for mergers or acquisitions as they focus on cutting costs while new projects stall.have dried up, forcing chief executives to run the ruler over expenses and ride out a challenging period for Australia’s smaller miners.
Nicole Duncan, former NickelSearch MD, said smaller miners needed to ride out a rough period with cost cuts.“Those companies have just gone into survival mode. It is all about cutting costs. They have done that … NickelSearch did that,” she said. “You are just trying to get the minimalist amount that you can to survive as an ASX-listed company, and just try to ride it out”.
“Deal flow is exceptionally strong and almost overwhelming. I think the simple answer is: Everyone raised a lot of money in 2021 and 2022 and that is running out,” Mr Beatty said. Rio Tinto chief executive Jakob Stausholm has also said he is not scared to join a flurry of big deals in the resources sector, although he was wary of “derailing” plans to overhaul the mining giant’s performance and culture.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mining Summit 2024: Major lithium miners are pushing for a more reliable spot priceMinRes and Pilbara Minerals say a trading exchange would reduce volatility and make the battery commodity more attractive to commercial bank financing.
Read more »
Mining Summit 2024: Critical minerals miners chase China’s tailThe sector has welcomed the 10 per cent production tax credits but the big question is where the additional investment to fund growth will come from.
Read more »
Mining Summit 2024: King says BHP prioritised shareholder returns over nickel jobsThe miner has said it will decide whether to shutter its nickel business by August. The Resources Minister says there has been a decade of underinvestment.
Read more »
iPad Pro review 2024: Will 2024 be the year the iPad Pro finally becomes useful?Apple’s latest tablet is undoubtedly one the greatest feats of computer hardware engineering ever. But what about its software?
Read more »
Budget 2024: The costs of the future still start adding up todayJim Chalmers is betting he can get the balance right between curbing inflation in the short term while promoting growth in the longer term.
Read more »
Mining Summit 2024: Top Hancock executive Sanjiv Manchanda says Cook’s California dream out of WA’s reachMagnetite projects fit perfectly into Australia’s green future but they are hamstrung by insufficient power, water and regulatory fatigue, Sanjiv Manchanda said.
Read more »