Winners and Losers: SA companies riding the critical minerals surge
A multibillion-dollar agreement between the US President and the Australian Prime Minister struck last week is prompting a surge in activity for SA companies in the critical minerals sector.
South Australian critical minerals companies are reaping the rewards of a major US and Australian deal between the two countries’ leaders.
The agreement involves the processing of minerals, and includes joint investments between the US and Australia, projects in Australia and other joint projects involving Japan.
Under the deal, Australia and the US States would invest about $US3 billion ($A4.6 billion) in critical mineral projects within six months, the White House said.
SA companies like Iondrive landed in the Winners list this week as a result.
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The company made two announcements, the first related to extracting cobalt (a critical mineral) from ore mined in Finland, while on Friday it said it landed a German government funded program to investigate the recycling of batteries to extract rare earths and other critical minerals.
Iondrive shares rose by 35.42 per cent, just behind Whitebark Energy which detailed its plans to explore for naturally occurring hydrogen, helium and gas in the Officer Basin region just west of Coober Pedy.
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Australian Rare Earths announced it received a $600,000 ATO R&D tax refund – rare for those in the mining sector – which gave it a boost.
Beach Energy had a good week too and made its way onto the Winners List. The old school energy producer said its West Australian natural gas project was mostly complete, and it should start producing gas for sale “imminently”.
Santos did not land in the Winners list but still rose 3.24 per cent. It lagged behind major peers like Woodside which was up 10.41 per cent in the same period, with a hangover from its CFO departing and a failed takeover seemingly continuing for Santos.
The announcement of an SA food icon joining Maggie Beer Holdings shot that business up into the Winners. Maurice Crotti – the boss of San Remo – bought a $3 million stake in the fine foods producer.
There was little news from the Losers, but Spacetalk fell 22.22 per cent, Iron Road by 20 per cent and Investigator Resources by 18.46 per cent.
The full list of Winners and Losers for the week ended October 24:
Data via Baker Young Limited analysts.
