News Wrap

IN THIS morning’s News Wrap: Mine closures set to accelerate; Solar on path to beat diesel, LNG to power remote mines; and ASIC targets backdoor listings.

Lou Caruana

Mine closures set to accelerate

The manager of the world’s biggest mining funds says mine closures will accelerate in oversupplied commodity sectors in coming months, according to the Sydney Morning Herald.

In a gloomy preview of the September quarter, BlackRock chief investment officer for natural resources Evy Hambro said miners were facing “tough decisions” amid modest demand and weak commodity prices.

Solar on path to beat diesel, LNG to power remote mines

A green conscience is no longer needed for solar to be the fuel of choice for remote mine sites, with diesel and gas set to lose out, according to the Australian Financial Review.

The increased competitiveness of solar power means Sandfire Resources' commitment this month to a combined solar and battery storage project to power its DeGrussa copper mine 900km northeast of Perth, should signal a trend among miners.

ASIC targets backdoor listings

ASIC commissioner John Price has concerns about resources companies suddenly re-inventing themselves as technology companies without adequate market disclosure, according to the Australian Financial Review.

The warning, delivered on Wednesday in Perth, comes amid upheaval in the resources sector as subdued commodity prices hamper the sector's ability to raise money, explore, and mine.

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