[SMM Flash News] Devon Energy Weighs Sale of US Shale Assets Worth Over US$4 Billion

Indonesia's Forum Industri Nikel Indonesia (FINI) said exports of processed mineral products, including nickel and bauxite, have been allowed to resume following a government coordination meeting on July 27 addressing rare earth element (REE) and radioactive element testing requirements. FINI said previous shipment delays were caused by regulatory uncertainties and limited testing capacity. However, as of July 29, around 120 Surveyor Reports (LS) across multiple mining commodities remained pending at several surveyors. FINI urged the government to adopt a phased and proportionate approach to REE-related policies, arguing that the presence of associated REEs in nickel products should not automatically change their export classification, while emphasizing the need to protect the sustainability of Indonesia's downstream nickel industry.

South Africa's Valterra Platinum expects artificial intelligence and the rapid expansion of data centres to become a new growth driver for platinum group metals (PGMs), as the company reported a 17-fold increase in first-half profit. CEO Craig Miller said AI-related applications currently account for an estimated 200,000–400,000 oz of annual PGM demand, which could increase up to fivefold by 2030. Valterra also sees long-term demand growth from industrial applications, hydrogen technologies and jewellery, while global platinum demand is expected to exceed supply for a fourth consecutive year.

Zijin Gold's planned US$4 billion acquisition of Allied Gold has been terminated after the companies agreed to let the July 29 deadline expire, citing the lack of timely regulatory approval in China. Although the transaction had received approvals in Canada and other jurisdictions, several closing conditions remained outstanding. Instead of proceeding with the acquisition, Zijin will subscribe for approximately 12.8 million newly issued Allied Gold shares through a private placement worth about US$295 million, resulting in a 9.2% equity stake upon completion.