Daily Brief Energy/Materials: Origin Energy, New Century Resources, Agnico Eagle Mines and more

• Origin Energy (ORG AU) has disclosed a revised non-binding proposal from Brookfield/EIG. The headline price has been lowered by -1.1% from A$9.00 to A$8.90 per share.
• Under the revised proposal, shareholders’ first 100,000 shares get A$8.90. Beyond that ownership, the offer is A$4.334 plus US$3.194 per share (currently worth A$8.99 per share). 
• While the recut introduces FX rate risk, the average implied value is A$9.01 since 10 November. Both the offeror and the Board seem keen to get a binding offer.

• Sibanye-Stillwater (SGL SJ), the holder of 19.9% of shares, has made an off-market takeover for Queensland zinc miner New Century Resources (NCZ AU) at $1.10/share, a 42.9% premium to last close.
• Sibanye-Stillwater said it was concerned about the change in the strategic direction of NCZ under the current management.
• Concurrently, Sibanye-Stillwater has made an on-market buy order for 10.92% (14.4mn shares) of shares out to take its stake to ~30%. Shares closed at $1.095. ~32mn shares changed hands.

FY22 marked a record-breaking year for Agnico Eagle Mines (AEM) after its Kirkland Lake acquisition, achieving annual gold production of 3,281koz at a US$780/oz total cash cost and a US$1,090/oz all-in sustaining cost (AISC). In Q422, AEM delivered strong gold production of 799koz at a US$863/oz cash cost, despite inflationary pressure and reduced production at LaRonde, Kittila and Pinos Altos. AEM’s quarterly dividend was maintained at US$0.40/share and it expects its recently announced acquisition of Yamana’s Canadian assets to close in March.