Ora Banda Mining (ASX:OBM) has received the second payment of $11.71 million in its $26 million sale of non-gold mineral rights at the Davyhurst Project in Western Australia. The sale is part of a farm-in agreement with Davyston Exploration Pty Ltd (DEPL), a subsidiary of Wesfarmers (ASX: WES). Ora Banda will also receive a 2% royalty on all other minerals from DEPL and an additional $4 million from Hawkes Point for effectively on-selling 1.5% of that royalty.
The Australian Securities Exchange (ASX) is expected to open higher on Tuesday as investors anticipate earnings reports from tech giants Tesla, Meta Platforms, and Microsoft. Copper prices continue their upward trend, reaching a new two-year high, while gold experienced its most significant drop since February, falling over 2%. West Texas Intermediate crude rebounded, trading above $83 a barrel. The rally in the US dollar may hinder the Australian dollar’s recovery. Globally, key data releases include PMI reports from the Eurozone, UK, and US, as well as US new home sales for March.
