Copper economics dominated the mining news cycle, with Rio Tinto trimming cost guidance on a strong first-half production beat even as its shares slipped, while Antofagasta's costs moved the opposite way and dragged its stock lower. Elsewhere, smaller explorers delivered a run of operational milestones, from Beowulf's Kallak drilling restart to Savannah's maiden lithium reserve and Iofina's record iodine output, while Ferrexpo flagged a tightening cash runway and Tamar Minerals refreshed its leadership.
Rio Tinto cuts copper cost guidance on strong H1 output
Rio Tinto (RIO) lifted copper equivalent production 3% year-on-year in the first half and sharply reduced its copper unit cost guidance, helped by higher gold prices and productivity gains across its operations. The update came even as shares eased to 6857.0p, down 1.409% on the day under Simon Trott's leadership.
Vast Resources pushes Gulf Minerals RTO toward July deadline
Vast Resources (VAST) is advancing its reverse takeover of Gulf Minerals ahead of a looming July deadline, with the board saying it remains confident further loan facility extensions can be agreed to support completion of the transaction. Shares rose 4.35% to 0.12p as investors weighed the progress toward closing the deal.
Beowulf starts infill drilling at Kallak iron project
Beowulf Mining (BEM) has begun a 1,000-metre infill drilling campaign at its Kallak iron ore project in northern Sweden, aiming to upgrade near-surface resource classifications ahead of a future feasibility study. The news, delivered under the stewardship of Ed Bowie and Dmytro Siergieiev, drove shares up 12.5% to 6.75p.
Kendrick flags high-grade channel samples at Teufelskuppe
Kendrick Resources (KEN) reported further high-grade channel sampling results from its Teufelskuppe project, with chairman Colin Bird saying "the more results we receive the more I become impressed with the continuity and consistency of both grade and mineralisation which in this case are quite remarkable." Shares traded at 6.0p.
Ferrexpo warns cash runway extends only to early Q4
Ferrexpo (FXPO) warned its cash position will only stretch into early in the fourth quarter, intensifying pressure on a planned capital raise. Interim executive chair Lucio Genovese said the company "continues to progress with the capital raise which is the most viable solution to mitigate the working capital shortfall," as shares fell 6.84% to 28.58p.
Iofina posts record H1 iodine output, up 29%
Iofina (IOF) delivered record crystalline iodine production in the first half, up 29% year-on-year and ahead of its own revised upgrade. CEO Dr Tom Becker called it "an outstanding first half," and shares responded with a 4.505% gain to 58.0p.
Savannah declares maiden Reserve for Barroso Lithium Project
Savannah Resources (SAV) declared its maiden JORC Reserve statement for the Barroso Lithium Project in Portugal, a milestone chief executive Emanuel Proença described as important, adding he expects it to be "the first of many." Shares edged up 1.6% to 6.35p.
Technology Minerals revises debt settlement terms with Swann and Atlas
Technology Minerals (TM1) restructured amounts owed to Jonathan Swann and Atlas Special Opportunities II, shifting more of both settlements into loan form ahead of an anticipated share placing. The critical minerals company's shares gained 2.11% to 0.0485p on the announcement.
Anglo Asian's copper output climbs as Demirli nears full production
Anglo Asian Mining (AAZ) lifted quarterly copper output 38% as its Demirli mine ramps toward steady-state production, while keeping full-year guidance intact. The Azerbaijan-focused miner's shares climbed 4.5% to 428.45p on the update.
Antofagasta shares fall after Q2 cost jump
Antofagasta (ANTO) saw shares fall 2.654% to 3741.0p after second-quarter costs rose, even as chief executive Iván Arriagada pointed to record copper prices during the period reflecting "robust demand and an increasingly constrained supply outlook." The cost pressure overshadowed the strong pricing backdrop for the Chilean copper miner.
Tamar Minerals names Dominic Claridge as CEO
Tamar Minerals, the Cornwall-focused tin and copper explorer, has appointed 35-year mining veteran Dominic Claridge as chief executive. The appointment is backed by a related-party services deal with a company owned by outgoing executive chairman Mark Thompson, alongside board involvement from Sam Bolton.
