Rio Tinto in $825M lithium play; Vale to sell coal assets to Vulcan

TOP NEWS IN METALS & MINING

* Rio Tinto Group agreed to buy the Rincon lithium project in Argentina from Rincon Ltd. for US$825 million, strengthening its global energy transition portfolio, Dow Jones Newswires reported.

* Vale SA inked a binding agreement to sell the Moatize coal mine and the Nacala Logistics Corridor in Mozambique to Vulcan Minerals for US$270 million.

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Transparency demands for new energy metals may be evolving faster than what some Australian miners can grasp, according to the London-headquartered blockchain company Everledger Ltd.

➤ Chile's mining industry unfazed by leftist Gabriel Boric's victory

Miners have taken Chile's apparent shift to the left in stride, citing the outsized role of mining in Chile's economy and checks in presidential power as reasons for calm.

➤ New renewables 'mega-buyers' emerge in European heavy industry

Heavy industry is increasingly driving demand for renewable power as emissions-intensive companies respond to decarbonization pressures and the need for long-term electricity supplies.

DIVERSIFIED

* BHP Group subsidiary BHP Billiton Lonsdale Investments Pty Ltd will not increase or extend its takeover offer for Noront Resources Ltd. Noront's board recommended Wyloo Metals Pty. Ltd.'s improved takeover bid of C$1.10 per share.

* Philex Mining Corp. plans to start commercial operations at its long-delayed Silangan copper-gold mine in the Philippines in 2025, Reuters reported, citing company officials.

BASE METALS

* The Chumbivilcas community blocking a road in protest MMG Ltd.'s Las Bambas copper mine in Peru will not lift the blockade to allow for a visit from Prime Minister Mirtha Vásquez, Reuters reported, quoting Wilber Fuentes, the head of the protest organizers. Fuentes said the request needs to be discussed with the residents.

* France-based mining and metallurgical group Eramet SA flagged a €45 million financial fraud within its treasury management.

* Centerra Gold Inc. does not expect railroad and logistics disruptions to affect its fourth-quarter production or sales from the Mount Milligan copper mine in British Columbia.

PRECIOUS METALS

* Kyrgyzstan is seeking an out-of-court settlement with Centerra over the seized Kumtor gold mine, Reuters reported, citing a source privy to the matter.

* Argentina's Chubut province repealed a law that would have allowed open-pit mining in two areas, including where Pan American Silver Corp.'s Navidad silver project is located.

BULK COMMODITIES

* Ternium SA offered to acquire from its subsidiary Ternium Argentina SA a 28.73% participation in Ternium Mexico SA de CV that the parent company does not own directly, for US1.0 billion.

* Coal miners in the U.S. are urging Sen. Joe Manchin, D-W.Va., to reverse his decision not to support the Build Back Better Act, CNN reported.

* Mount Gibson Iron Ltd. successfully completed the crushing plant upgrade at its Koolan Island iron ore project in Western Australia, with commissioning now underway.

* BCI Minerals Ltd. awarded Mcconnell Dowell Constructors (Aust) Pty Ltd. a A$190 million marine structures contract for the Mardie salt and potash project in Western Australia, with jetty construction set to start in the fourth quarter of 2022.

SPECIALTY

* Pilbara Minerals Ltd. has lowered its production guidance for spodumene concentrate at its flagship Pilgangoora operation for the October-December quarter and fiscal 2022 because of plant issues, which have been complicated by tough border restrictions in Western Australia, S&P Global Platts reported.

* A feasibility study on Allkem Ltd.'s James Bay lithium project in Quebec outlined a maiden ore reserve of 37.2 Mt at 1.3% lithium oxide for 483,700 tonnes of contained lithium oxide.

* European Lithium Ltd. signed a nonbinding memorandum of agreement with Traxys Europe SA to support the development and commercialization of the Wolfsberg lithium project in Austria.

* Lithium Australia NL's 90%-owned subsidiary Envirostream Australia Pty. Ltd. secured a permit to expand its Victorian operations to include a second, larger site in Laverton.

INDUSTRY NEWS

* PJSC MMC Norilsk Nickel will contribute 81.3 billion rubles to a government-approved development plan for the city of Norilsk in Russia.

S&P Global Platts and S&P Global Market Intelligence are owned by S&P Global Inc.

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