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BULL’S EYE
What Matters This Month — Mining Operations & Services Intelligence
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Issue 01 · August 2026 · Covering July 2026
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🎯 The Bull’s Eye — what matters this month
■ Finning's 51-unit Cat fleet order confirms Alumbrera's US$250m+ copper restart is past the point of no return.
■ Caserones dark since 18 July after storm-damaged transmission towers; Lundin guides a two-to-three-week recovery.
■ Gold Fields lodged Tarkwa's renewal application in November 2025; Ghana's decision remains pending as the mine banks ~427,000oz annually.
■ Three concurrent restarts — Alumbrera, Caserones recovery, Never Never ramp-up — against 148 WA tenement surrenders signals capital is concentrating, not spreading.
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Restarts, Turnarounds & Transitions |
| WAGold |
| Capricorn Metals Mt Gibson PFS adds underground, targets 260koz steady state |
| Capricorn Metals (ASX: CMM) has released an updated prefeasibility study for its Mt Gibson Gold Project in Western Australia, incorporating underground mining for the first time. According to the company's 27 July 2026 release, concurrent open pit and underground operations deliver steady-state output of approximately 260,000 oz/y across four full years, with an average of around 190,000 oz/y over an 18-year production profile within a 19.25-year mine life. All-in sustaining cost is estimated at A$1,870/oz. Development is described as fully funded, with construction targeted for the December quarter 2026 following receipt of federal approvals in June. The study was released alongside a 33% lift in group ore reserves to 5.24 Moz and a 29% increase in group resources to 8.66 Moz, with the MGGP resource standing at 5.67 Moz. Capricorn has flagged a longer-term aspiration of 500,000 oz/y under its "Range 500" concept. |
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Why it matters — Wounded Bull view
A December 2026 construction start on a fully funded, federally approved project is as near to certain demand as the WA mining services market gets. Underground scope alongside an active open pit means dual contractor streams — shaft and development crews alongside bulk earthworks — mobilising concurrently. The reserve and resource upgrades also signal further study work and potential mine-plan expansions, which sustains services demand well past first pour.
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| Primary source · Capricorn Metals (ASX: CMM) "Compelling Mt Gibson PFS Update", 27 July 2026 |
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| WAGold |
| Auric Scoping Study Backs Burbanks Restart, Munda Open-Pit Mining |
| Auric Mining's (ASX: AWJ) integrated scoping study, released 27 July 2026, supports re-establishing the Burbanks processing facility — idle since 2019 and acquired in September 2025 for A$4.4 million — alongside a restart of open-pit mining at the Munda deposit, roughly 87 kilometres away in the WA Goldfields. The study prices the base case at A$5,750 per ounce gold. Auric Mining reports life-of-mine revenue of A$812 million, EBITDA of A$437 million, and an AISC of A$2,843 per ounce across 141,254 recovered ounces over 56 months of processing. The Munda pit resource stands at 2.77Mt at 1.75g/t. Peak funding requirement is estimated at A$145 million, with a 2.3-year payback. Burbanks capacity would lift from roughly 180ktpa to 600ktpa. Mining is scheduled to recommence late 2027. |
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Why it matters — Wounded Bull view
A sub-A$150m peak funding requirement and a 2.3-year payback at current gold prices make this a realistic PFS conversion candidate, not a shelf document. Contract miners, processing contractors and reagent suppliers should be tracking a late-2027 mobilisation window. The Burbanks reactivation — toll-milling potential included — also signals broader plant availability in a region where processing capacity remains tight.
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| Primary source · Auric Mining (ASX: AWJ) integrated scoping study, 27 July 2026 |
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| WAGold |
| Ramelius Posts Record Margin as Never Never Hits Stride |
| Ramelius Resources (ASX: RMS) reported 53,466 oz of gold production for the June 2026 quarter at an all-in sustaining cost of A$1,973/oz, generating a 68% operating margin — the highest in the company's history, according to its 29 July 2026 quarterly report. The Never Never underground mine at Dalgaranga accounted for 40% of that output, with first ore hauled to the Mt Magnet processing facility within 202 days of the Spartan combination becoming effective. Full-year FY26 production reached 192,182 oz, meeting guidance for the sixth consecutive year. Ramelius has flagged A$90–110 million in exploration expenditure for FY27 and is targeting a Mt Magnet plant throughput upgrade to 4.3 Mtpa by FY28. |
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Why it matters — Wounded Bull view
A 202-day portal-to-production timeline on a new underground will set a benchmark other WA operators will be measured against. The A$90–110m FY27 exploration spend signals sustained drilling contractor demand across the Murchison. The 4.3Mtpa plant upgrade puts processing infrastructure work in play well ahead of FY28 — early conversations with civils and electrical contractors are warranted now.
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| Primary source · Ramelius Resources (ASX: RMS) June 2026 quarterly report, 29 July 2026 |
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| WASignal |
| WA Sees 148 Tenement Surrenders in July 2026 |
| WA DEMIRS mining notices for July 2026 recorded 323 total actions: 92 withdrawals, 148 outright surrenders, and 83 other notices, according to the WA DEMIRS mining notices aggregate for July 2026. The 148 outright surrenders of granted tenements in a single month sits above routine monthly churn. Surrenders of this volume can reflect distressed holdings where owners cannot meet expenditure commitments, portfolio rationalisation by larger groups trimming non-core ground, or precursor activity ahead of consolidation moves. The notices are on the public record at the DEMIRS portal. Operators and prospectors should review the specific tenement numbers and locations to assess whether released ground intersects areas of active or planned programs. |
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Why it matters — Wounded Bull view
One hundred and forty-eight surrenders in a month is worth a systematic look at the DEMIRS portal before anyone else moves. Released ground can sit open only briefly before pegging queues form. For contractors, elevated churn is a lagging indicator of project suspensions upstream. For deal-makers, distressed surrenders sometimes precede motivated vendor conversations on retained tenure nearby.
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| Primary source · WA DEMIRS mining notices, July 2026 (aggregate) |
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| ChileCopper |
| Caserones Power Outage Pushes Copper Recovery to Mid-August |
| Caserones copper mine in Chile's Atacama region has been without grid power since 18 July after a severe winter storm damaged two powerline towers. As of Lundin Mining's 27 July news release, crews had mobilised to repair the damage, with full power restoration and a gradual operational restart expected to take approximately two to three weeks from that date. Backup generators have kept critical site infrastructure running throughout the outage, and site crews have been safely rotated as access roads progressively reopened. Lundin Mining also confirmed that its nearby Candelaria operation, which sustained storm-related impacts, has already returned to full capacity. |
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Why it matters — Wounded Bull view
A two-to-three-week forced outage at a producing copper mine signals near-term concentrate volume risk for offtake counterparties and logistics chains. For contractors and service suppliers, power restoration and ramp-back work represent short-cycle mobilisation opportunities. The tower damage also puts a spotlight on high-altitude grid exposure across Atacama operations heading into the back half of the southern winter.
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| Primary source · Lundin Mining news release, 27 July 2026 |
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Contracts & Work Winning |
| QLDCopper-Gold |
| Evolution Bids A$213m for Carnaby to Feed Ernest Henry Spare Capacity |
| Evolution Mining has moved to acquire Carnaby Resources via an all-scrip scheme of arrangement, valuing Carnaby at approximately A$213 million, according to the ASX scheme announcement dated 27 July 2026. The terms are 0.0682 Evolution shares per Carnaby share, implying a price of around A$0.77 per share and a premium of approximately 60 percent. Evolution's stated rationale centres on Carnaby's Greater Duchess copper-gold project in the Cloncurry district of Queensland, located within kilometres of Evolution's operating Ernest Henry mine. Evolution says Greater Duchess ore could be processed through Ernest Henry's existing plant using available spare capacity, with the potential to add roughly 10,000 tonnes per year of copper output. Evolution's published FY26 guidance sits at 715,000 ounces of gold and 66,000 tonnes of copper at an all-in sustaining cost of A$1,717 per ounce. |
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Why it matters — Wounded Bull view
This deal signals that underutilised processing capacity at established operations is now a live acquisition driver in Queensland copper country. Contractors and services businesses near Cloncurry should expect pre-feasibility and haulage scoping work to accelerate. For tenure holders in the Ernest Henry corridor, comparable projects just moved up the valuation curve. Watch for competing interest in remaining Cloncurry-district copper-gold ground.
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| Primary source · ASX scheme announcement, 27 July 2026 (EVN/CNB) |
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| ArgentinaCopper |
| Finning Lands 51-Unit Cat Fleet Order for Alumbrera Restart |
| Finning has been awarded a contract to supply 51 Caterpillar machines to Glencore's Alumbrera copper mine in Catamarca, Argentina, as part of an investment exceeding US$250 million, according to Finning Q1 2026 results and Finning Argentina release. The fleet comprises 22 Cat 793 haul trucks, three Cat 6060 FS hydraulic shovels, a D11 dozer, ancillary equipment, maintenance services, and MineStar Fleet digital technology. Deliveries run from Q4 2026 through 2028. Glencore confirmed the restart decision at its December 2025 Capital Markets Day, targeting production of approximately 75,000 tonnes of copper per year across an initial four-year campaign. Glencore has framed the restart explicitly as a de-risking mechanism for the adjacent US$3.5–4.5 billion MARA project, keeping infrastructure operational and the workforce trained ahead of a potential development decision. |
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Why it matters — Wounded Bull view
A four-year, 51-unit fleet order signals genuine restart conviction, not a study-phase placeholder. For contractors and services businesses in the Andean corridor, Alumbrera's reactivation creates near-term demand ahead of any MARA sanction. The MARA framing is the tell: Glencore is spending US$250 million to keep optionality alive on a multi-billion-dollar project. Watch tenure and infrastructure decisions in Catamarca closely.
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| Primary source · Finning Q1 2026 results and Finning Argentina release; Glencore Capital Markets Day materials |
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Operations, Maintenance & Reliability |
| GhanaGold |
| Gold Fields Pushes Tarkwa Renewal as Ghana Rewrites the Rules |
| Gold Fields presented its lease-renewal proposal for the Tarkwa gold mine to Ghana's government in July 2026, according to a Gold Fields company statement dated 27 July 2026 (via Reuters). The formal application had been lodged in November 2025, with a decision still pending. Tarkwa produced approximately 427,000 ounces in 2025, and its current lease expires in 2027. The proposal commits to greater local procurement, expanded community benefits and increased Ghanaian participation in the operation. The renewal bid arrives against a deteriorating tenure backdrop: in April 2026, Ghana declined to renew Gold Fields' Damang lease — ending a long practice of routine extension — and awarded it to local contractor Engineers & Planners, which is now producing. The Apinto traditional council has publicly opposed the Tarkwa renewal, and a proposed overhaul of Ghana's mining legislation would abolish automatic lease renewals entirely. |
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Why it matters — Wounded Bull view
Damang proved Ghana will hand producing assets to local operators rather than roll over foreign leases. Tarkwa is materially larger — 427,000 oz is real production, not optionality. If renewal stalls or is restructured, contract terms, offtake arrangements and services agreements all get repriced or unwound. Operators and contractors with Ghana exposure should treat 2027 as a hard planning horizon, not an assumed rollover.
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| Primary source · Gold Fields company statement, 27 July 2026 (via Reuters) |
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Market Pulse |
| Gold spent July consolidating rather than running. Spot gold sat around US$4,080/oz at month-end — up a modest 1.2% for the month and 24% year-on-year — after rebounding from a mid-month, nine-month low of US$3,975 once the US Federal Reserve held rates steady. A far cry from January's record run above US$5,500, but a price at which producers can model 19-year mine lives at sub-A$1,900 AISC and juniors can bank restart studies. The takeaway isn't the headline price — it's that even the year's “pullback” leaves margins that make marginal ounces, restarts and care-and-maintenance assets worth another look. |
| Copper told a supply story. COMEX copper finished the month around US$6.27/lb — up 1.2% for July and a striking 36% year-on-year — with LME cash around US$13,400/t. Support came partly from near-term tightness in China, and partly from the severe storms in Chile that raised the risk of disruptions to copper output. That's not an abstraction: those are the same Atacama storms that took out Caserones' powerlines (see this issue's lead stories). When weather in one Chilean valley moves the global price, the premium on operational resilience — backup power, access management, restart capability — is being repriced too. Market data: TradingEconomics/COMEX/LME, 29–30 July 2026. |
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In Brief |
| ■ Northern Star Resources has taken delivery of its first Liebherr R 9600 ultra-class 600-tonne excavator at the Super Pit in Western Australia, with a second unit already on order. (International Mining) Read more |
| ■ RCT – Powered by Epiroc has equipped the final Caterpillar R2900G ever manufactured with its AutoNav automation system at a Queensland silver and lead mine where it has supplied machine control technology for nearly 30 years. (International Mining) Read more |
| ■ KGHM International is advancing its Victoria project in the Sudbury Basin with plans for a fully battery-electric underground fleet, positioning the development as a next-generation mine design benchmark. (International Mining) Read more |
| ■ Cadence Minerals reports the Azteca processing plant refurbishment at its Amapá iron-ore project in Brazil has reached 77% completion, with 43 of 64 identified work packages now finished. (Mining Weekly) Read more |
| ■ The Québec government has selected Troilus Mining Corp's Troilus copper-gold project and Dumont Nickel's nickel-cobalt project among the first to receive dedicated development support under the province's new Filon service. (Mining Weekly) Read more |
| ■ West Wits Mining completed the 1 West Decline breakthrough at its Qala Shallows project in Gauteng during the June quarter, unlocking access to pre-developed higher-grade stoping areas on 2 Level. (Mining Weekly) Read more |
| ■ BHP and unions representing workers at its Port Hedland iron ore operations in Western Australia have concluded negotiations without a new wage agreement, leaving the dispute unresolved and further talks pending. (The Northern Miner) Read more |
| ■ Impala Platinum has suspended all mining at its Rustenburg complex in South Africa for four days following six worker fatalities, triggering a company-wide safety reset at the country's largest platinum operation. (The Northern Miner) Read more |
| ■ Brixton Metals has intersected 20 metres averaging 5,015 grams silver per tonne at its brownfield Langis project near the Town of Cobalt in Ontario, opening a new high-grade silver target on the property. (The Northern Miner) Read more |
| ■ Rio Tinto's copper, aluminium and lithium divisions collectively delivered more than half of the company's underlying EBITDA in the first half, with copper's strong price performance the primary earnings driver. (Australian Mining) Read more |
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The Last Word
July was a restart month, whichever way you cut it. Glencore put US$250 million of iron on order for Alumbrera. Auric put numbers around bringing a mill back after seven years idle. Ramelius took an underground from first ore through the portal to 40% of group production in just 202 days. Even Caserones' story is a restart — just one nobody planned.
Underneath it all, 148 Western Australian tenements hit the surrender pile in a single month.
Read together, the message is clear: capital is concentrating on ground it believes in and walking away from ground it doesn't. That's usually when the interesting deals happen. Good assets change hands not because they're bad, but because they're unloved.
The operators doing the site visits, reading the surrender notices and keeping restart crews warm will be the ones who catch them.
That's where we'd be looking.
— Wounded Bull Partners
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