Australian shares were lower with the S&P/ASX 200 down to 8,819.6 at 12:20pm AEST, as weakness across mining and energy stocks offset gains in defensive sectors. Sentiment was weighed down by a hawkish US Federal Reserve, which raised expectations of higher interest rates, while commodity prices softened. Brent crude slipped to US$79.31 a barrel as shipping resumed through the Strait of Hormuz following a US-Iran peace agreement, while gold fell towards US$4,184 an ounce.
Materials led the declines, with BHP tumbling 3.7% after revealing a further increase in costs at its Canadian potash project. Gold miners also came under pressure, with Newmont down 4.8% and Northern Star losing 2.5%, while Alcoa extended its recent slide. Energy stocks weakened as oil prices eased, with Woodside and Santos both lower, while Deep Yellow plunged 10.6%. Investors instead sought shelter in defensive sectors, lifting healthcare stocks including CSL and 4DMedical, while Coles and Woolworths also traded higher.
In company news:
Chilwa advances Malawi project with resource boost
Chilwa Minerals (ASX: CHW) has more than doubled the Mineral Resource Estimate for its Mpyupyu heavy mineral sands deposit in Malawi to 109.6 million tonnes, with approximately 89% now classified in the higher-confidence Measured and Indicated categories. Contained heavy minerals increased 62% to 3.61 million tonnes following infill sonic drilling and updated resource modelling. The upgraded resource positions Mpyupyu as the company’s largest deposit and a potential starting point for future development studies. Chilwa highlighted a high-grade core of 50.6 million tonnes at 4.65% total heavy minerals and noted the presence of rare-earth-bearing monazite, which could provide additional by-product opportunities alongside ilmenite, zircon and rutile production. To read full announcement click here.
Green360 expands cement platform with new metakaolin product
Green360 Technologies (ASX: GT3) has expanded its low-carbon cement materials platform with the development of MKX Ultra Fine, a new commercial metakaolin product designed as a direct replacement for silica fume in high-strength concrete applications. Independent testing by the University of Melbourne found the product delivered comparable concrete strength to industry-standard silica fume on a one-for-one replacement basis. The company said MKX Ultra Fine has already been produced at commercial scale and is being trialled by major concrete suppliers. The launch broadens Green360’s MKX product suite, which now targets replacements for fly ash, slag and silica fume—three supplementary cementitious materials facing growing supply constraints. The development follows Green360’s recently announced supply agreement pathway with Holcim for up to 4,800 tonnes per annum of MKX Calcined Clay.
Mandrake prepares to drill Pine Creek gold-copper targets
Mandrake Resources (ASX: MAN) has signed a drilling contract for a 3,200-metre reverse circulation program at its Berinka Gold-Copper Project in the Northern Territory’s Pine Creek Orogen. The campaign is scheduled to commence in August, subject to permitting, and will target both known mineralised zones and several untested geophysical and geochemical anomalies. The project sits within one of Australia’s most prolific gold regions, which hosts more than 20 million ounces of gold and is experiencing renewed exploration and development activity. Previous drilling at Berinka returned encouraging gold and copper intersections, including 6 metres at 2.3g/t gold and 0.34% copper, supporting Mandrake’s plans to advance exploration across the project.
Charger sells Bynoe lithium project to Core Lithium
Charger Metals (ASX: CHR) has agreed to sell its 100%-owned Bynoe Lithium Project in the Northern Territory to a subsidiary of Core Lithium for consideration of up to $14.75 million. The deal includes $3.75 million in cash at completion, a further $1 million contingent on a future resource milestone, and a 1% gross revenue royalty capped at $10 million. Management said the transaction allows Charger to monetise an asset located within Core’s Finniss lithium district while retaining exposure to future development through milestone and royalty payments. The company intends to use the sale to focus on advancing its Lake Johnston Lithium Project in Western Australia.
