The mining sector experienced a boost on Wednesday with two notable developments involving Regis Resources and Glencore, occurring amid an overall 0.9 percent decline in major mining stocks.

The Federal Court overturned a 2024 decision by then-Environment Minister Tanya Plibersek that had blocked Regis Resources’ $3.1 billion McPhillamys Gold Project in central New South Wales. The project, initially approved in 2023, was halted under a Section 10 declaration of the Aboriginal and Torres Strait Islander Heritage Protection Act. This declaration, prompted by claims from an Aboriginal group that the land held a significant dreaming story, had prevented Regis from proceeding, particularly with plans to build a tailings dam on the site.

Justice James Stellios ruled the minister’s block invalid, citing “a material deficiency in the process for making the declaration,” but emphasized that the court’s decision did not address the substantive merits of the cultural claims. The case now returns to current Environment Minister Murray Watt, who must conduct a redetermination. Minister Watt stated that the government respects the court’s ruling.

Regis Resources welcomed the judgment, noting it as a pivotal step forward. Managing Director Tim Beer said the decision vindicated the company's stance since the declaration was made, while expressing hopes for a timely resolution to the redetermination process. Shares of Regis edged up 0.6 percent to close at $7.07. Analysts at RBC Capital Markets valued the McPhillamys project at $2 per share, representing about 25 percent of Regis’s unrisked net asset value of $8.10 per share.

The other significant event was the successful Australian Securities Exchange (ASX) listing of Glencore, the multinational commodities trading and mining company headquartered in Switzerland. Already listed on the London Stock Exchange, Glencore’s CHESS Depositary Interests (CDIs) began trading under the ticker GLC, opening at $11.44 and closing slightly lower at $11.23.

Glencore Chief Executive Gary Nagle highlighted the company’s long-standing investment in Australia and expressed confidence in the local investment community’s understanding of global resource markets. The listing is expected to facilitate Glencore’s swift inclusion in top ASX indices and attract investment from Australian superannuation funds, which are already registered shareholders.

Together, these developments reflect ongoing shifts in the mining landscape, signaling both regulatory challenges and opportunities within Australia’s resource sector.