Capita Beijing Investment Fund Management Co., Ltd. — Uncertainty Surrounding Australian Mining Companies’ Investment Trends in 2025

According to a report by MiningNews.net, BDO International’s latest Explorer Quarterly Funding Report indicates that exploration expenditure appeared to plateau by the end of 2024, facing uncertainty heading into 2025. BDO’s survey of 770 ASX-listed resource companies found that these firms raised A$2.88 billion in the fourth quarter of 2024—a 48% increase quarter-on-quarter—but invested only A$792 million, essentially flat compared to the prior quarter. The average quarterly investment across all four quarters of 2023 stood at US$933 million. Falling commodity prices have dampened investor confidence, leading to continued declines in lithium and nickel exploration activity, while gold and energy metals remain robust. Uranium and fossil fuel exploration companies performed strongly in fundraising; however, gold remains by far the largest investment target, accounting for US$2.69 billion in exploration investment in 2024—including US$845 million in Q4 alone. BDO data shows that among the 57 companies raising over A$10 million, 75% were gold-focused: Spartan Resources raised A$220 million, and Capricorn Metals raised A$200 million. Sherif Andrawes, Global Head of Natural Resources & Energy at BDO, stated: “Rising gold prices are a key driver behind increased fundraising in the sector. Gold exploration companies have benefited from global deflationary fiscal policies and geopolitical uncertainty.” Australian copper–gold explorers collectively raised A$221 million—an observation worth noting. In Q4 2024, four of the top five exploration spenders were oil & gas or uranium companies—highlighting how geopolitical tensions and the global energy transition are reshaping energy investment patterns.

Karma has arrived! A major U.S. energy company’s stock price plunged 60% in one year—solely because of its betrayal of an ally four years ago

Once upon a time, General Electric (GE)—not General Dynamics—was virtually synonymous with power, electricity, and energy. Yet, by the end of 2018, GE’s stock had plummeted nearly 60% within a single year; since 2001, it had lost hundreds of billions of dollars in market capitalization, reducing the former industrial titan to less than one-tenth of its former size. To rescue itself, GE recently announced plans to divest its largest and most profitable subsidiary—GE Capital Aviation Services (GECAS)—to raise tens of billions of dollars to sustain the parent company. Shown here is GECAS’s vast aircraft leasing fleet; the company remains a global leader in aircraft leasing and component services. Indeed, such ‘cutting off limbs to save the body’ maneuvers are not uncommon among mega-corporations—but what remains little known is that GE’s current predicament stems largely from its improper acquisition four years earlier of Alstom’s power and gas turbine business—the French industrial giant. The story begins at the end of 2014. At that time, Alstom was besieged on all fronts—in rail, power generation, and gas turbines—with its cash flow nearing collapse. Desperate, it approached GE, hoping the American firm would acquire its crown jewel: its industrial gas turbine and power systems business. Shown here are turbine blades from Alstom’s GT13E2 gas turbine. Once standing shoulder-to-shoulder with Mitsubishi, GE, and Siemens, Alstom’s glory is now but a memory. Yet why did Alstom—dominant across developing markets at the time—suddenly find itself cornered, forced to sell its lucrative industrial gas turbine and power business at a discount to Americans? The answer lies squarely with U.S. ‘long-arm jurisdiction.’ At the time, Alstom controlled not only coal-fired power plants across developed regions of Europe and Asia, but also held substantial orders—and existing operations—for natural-gas power plants (centered on industrial gas turbines) across emerging markets in Southeast Asia, Africa, and the Middle East. These contracts and markets were precisely what GE coveted—but consistently lost out on in competitive tenders. Shown here is the evolution of GE’s financial services ecosystem. Its heavy reliance on financial services revenue planted a massive hidden risk.

Genel Energy agrees $436 million deal for Capricorn Energy, topping DNO bid

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Genel Energy agrees $436 million deal for Capricorn Energy, topping DNO bid

Genel Energy agrees $436 million deal for Capricorn Energy, topping DNO bid

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