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1) As we wrote about it before, Newmont Corp. is looking to buy Newcrest Mining Ltd. and after Newcrest rejected the initial purchase price of $17 billion, Newmont has gained partial access to Newcrest's corporate books, according to people familiar with the matter. Barrick Gold Corp, which is the 2nd largest gold miner (behind Newmont), said that it will not plan to make a rival offer, while Agnico Eagle Mines Ltd., 3rd largest gold miner, is in the process of wrapping up its second big gold acquisition in 13 months. According to people familiar with the matter, the US-based Newmont has been interested in acquiring Newcrest for a long time, but it could be even longer as the deal gets discussed. “I think a deal is inevitable, but I wouldn’t be surprised for Newcrest if they’re still dealing with this in August,” said Douglas Groh, whose firm (Sprott Asset Management USA) holds Newmont shares.
2) Sprott Asset Management LP has announced that it launched the Sprott Nickel Miners ETF, which is the only US-listed ETF that is focused on nickel mining companies that provide the critical metal used in green technologies. This ETF is now part of 7 other ETFs that are offered by Sprott including Sprott Lithium Miners ETF, Sprott Energy Transition Materials ETF and a Sprott Junior Copper Miners ETF. "Nickel is a vital component in the rechargeable batteries used for hybrid and electric vehicles [EVs] and clean energy storage," said John Ciampaglia, CEO of Sprott Asset Management. "Automakers have begun adding more nickel to EV batteries to increase their drivable range.
3) Barrick Gold will hear next week whether or not it can proceed with its $7 billion Reko Diq copper-gold project in Pakistan, located close to the borders of Iran and Afghanistan. Pakistan's Supreme Court is in charge of making sure the project is in line with the country's constitution and laws and finished its due diligence on Wednesday. The Reko Diq project is one of the world's largest undeveloped copper-gold deposits and has been on hold since 2011 due to the legality of its licensing process. The project would be one of the largest foreign investments in Pakistan and one of Barrick's key projects this decade. The mine calls to process about 40 million tons of ore per year and have a mine life of more than 40 years. Pakistan is a 50% partner in the Reko Diq project, with 25% held by the Balochistan Provincial Government and 25% held by Pakistani state-owned enterprises.