Abu Dhabi's IRH Approaches Kenmare, Perseus Says Few Gold Deals Close, and Belarusian Potash Heads for New Orleans

Kenmare Resources confirmed a non-binding cash approach from Abu Dhabi's International Resources Holdings, with a November 17 deadline. Perseus Mining's chief executive says gold dealmaking is busy but few deals close. UBS expects higher BHP and Rio Tinto iron ore shipments as prices sit near US$91 a tonne. The first Belarusian potash cargo in four years is due in New Orleans October 14. Gold slipped about 1% ahead of the Federal Reserve minutes.

Show Notes

Abu Dhabi's IRH Makes a Cash Approach for Kenmare Resources: First, a takeover approach in mineral sands. Kenmare Resources, the Dublin-based miner of titanium minerals, confirmed on Tuesday that it has received a non-binding proposal from International Resources Holdings, known as IRH, for a possible cash offer for all of its issued and to be issued shares. In its statement the board said it "notes recent press speculation and confirms that it has received a non-binding proposal." Perseus Says Gold Dealmaking Is Busy, but Few Deals Close: Next, gold dealmaking, where talk is running ahead of completions. Perseus Mining chief executive Craig Jones told Reuters late Tuesday that sector deal activity is strong but that closing is another matter. In his words, "There's a lot of activity, but not necessarily a lot of completion." UBS Expects BHP and Rio Tinto Volumes Up as Iron Ore Sits Near US$91: Meanwhile, in iron ore, shipments are rising into a weak price. UBS analysts, including Myles Allsop and Lachlan Shaw, say iron ore has fallen to about 91 U.S. dollars a tonne, with free-on-board prices at more than ten-year lows, according to Proactive Investors. First Belarusian Potash Cargo in Four Years Heads for New Orleans: Next, potash, where a single ship is carrying a lot of politics. Investing News reports that a 30,000-tonne cargo of Belarusian potash, the first to the United States in four years, is due at New Orleans on October 14. It left Russia's Bronka port, near St. Petersburg, on September 15. Gold Slips About 1% Ahead of Fed Minutes as the Dollar Firms: Finally, gold, which is lower this morning with the Federal Reserve's September minutes due later today. Reuters, via Asharq Al-Awsat, reports spot gold fell 0.98 percent to 4,122 dollars and 73 cents an ounce by 0905 GMT. December U.S. futures fell 0.91 percent to 4,149 dollars. The dollar index rose 0.4 percent. Silver fell 2.2 percent to 60 dollars and 36 cents, platinum fell 3 percent to 1,650 dollars, and palladium fell 2.7 percent to 1,141 dollars. Sources: - Kenmare Resources plc (Rule 2.4 announcement) — Abu Dhabi's IRH Makes a Cash Approach for Kenmare Resources: https://www.kenmareresources.com/rns/2026-oct-statement-regarding-possible-offer/ - The Irish Times — Abu Dhabi's IRH Makes a Cash Approach for Kenmare Resources: https://www.irishtimes.com/business/2026/10/06/abu-dhabi-mining-firm-runs-rule-over-kenmare-resources/ - Reuters — Perseus Says Gold Dealmaking Is Busy, but Few Deals Close: https://www.reuters.com/world/africa/perseus-says-gold-ma-activity-high-deals-hard-close-over-price-uncertainty-2026-10-07/ - Discovery Alert — Perseus Says Gold Dealmaking Is Busy, but Few Deals Close: https://discoveryalert.com/news/gold-ma-northern-star-gold-fields-bid-october-2026/ - Proactive Investors (UBS research) — UBS Expects BHP and Rio Tinto Volumes Up as Iron Ore Sits Near US$91: https://www.proactiveinvestors.com/companies/news/1099662/ubs-sees-bhp-and-rio-tinto-leading-iron-ore-quarter-as-prices-hit-more-than-10-year-lows-1099662.html - IG — UBS Expects BHP and Rio Tinto Volumes Up as Iron Ore Sits Near US$91: https://www.ig.com/uk/news-and-trade-ideas/uk-miners-trading-update--rio-tinto--antofagasta-and-peers-navig-261006 - Reuters (Glencore ASX listing date) — UBS Expects BHP and Rio Tinto Volumes Up as Iron Ore Sits Near US$91: https://www.reuters.com/company/rio-tinto-plc/ - Shanghai Metals Market — UBS Expects BHP and Rio Tinto Volumes Up as Iron Ore Sits Near US$91: https://news.metal.com/en/newscontent/104144101-bhp-seeks-formal-mediation-at-escondida-temporarily-delaying-strike-at-worlds-largest-copper-mine - Investing News Network — First Belarusian Potash Cargo in Four Years Heads for New Orleans: https://investingnews.com/us-recieves-potash-from-belarus/ - Reuters via Asharq Al-Awsat — Gold Slips About 1% Ahead of Fed Minutes as the Dollar Firms: https://english.aawsat.com/business/5326933-gold-down-1-dollar-gains-fed-minutes-focus - Mining.com via GhanaWeb — Gold Slips About 1% Ahead of Fed Minutes as the Dollar Firms: https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Top-50-miners-lose-264-billion-as-gold-rally-fades-2055373

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