A landmark copper joint operations agreement between Anglo American and Codelco dominated mining news, while rare earth drilling results from Cobra Resources defined a substantial high-grade zone in South Australia. Elsewhere, a broker maintained its conviction on Kodal Minerals' lithium ramp-up, Essentra closed a bolt-on Italian acquisition, and Kenmare Resources shored up its balance sheet with an upsized credit facility amid persistent commodity market weakness.
Anglo American and Codelco close Chilean copper operations pact
Anglo American (LSE:AAL) and state-owned Chilean miner Codelco have completed a definitive agreement to run coordinated operations across their neighbouring Los Bronces and Andina copper mines. The deal targets 2.7 million additional tonnes of copper production through integrated planning across the two adjacent assets, representing one of the more significant copper supply development agreements in recent years. Anglo American shares traded at 3,602p, down 2.9% on the session.
Cobra Resources defines 5km high-grade rare earth zone at Head Prospect
Cobra Resources (AIM:COBR) released new drilling assays from its South Australian project that outline a scalable rare earth system extending across a 5-kilometre zone at the Head Prospect. The results carry acid-generating characteristics that the company believes could materially reduce extraction costs, adding an economic dimension to what is shaping up as a sizeable mineralised system. The shares eased 1.9% to 4.365p.
SP Angel cuts Kodal Minerals target but holds 'buy' on Bougouni ramp
Kodal Minerals (AIM:KOD) received a trimmed price target from SP Angel, though the broker retained its 'buy' recommendation, pointing to stronger spodumene pricing and rising shipment volumes from the Bougouni lithium project in Mali as the primary re-rating catalysts. The broker's continued conviction helped lift the stock 3.2% to 0.32p on the day.
Essentra closes bolt-on acquisition of Italian components specialist Boteco
Essentra (LSE:ESNT) completed its acquisition of Boteco, an Italian mechanical components manufacturer, in a deal struck at 6.5x EBITDA. The company expects the transaction to be earnings per share accretive in the first full year of ownership, extending Essentra's components portfolio into the Italian market. The shares edged 0.6% lower to 81.9p.
Kenmare upsizes credit facility to $230 million and secures covenant waivers
Kenmare Resources (LSE:KMR) expanded its revolving credit facility by $30 million to $230 million and secured covenant waivers covering 2026, providing the titanium minerals producer with additional financial headroom during a period of depressed commodity markets. The balance sheet action came as the stock fell sharply, dropping 8.7% to 181.6p, reflecting broader market concern over the weak pricing environment for its core products.
