BHP's fiscal H1'21 profit down 20% YOY; Rio Tinto withdraws case vs. utility

TOP NEWS IN METALS & MINING

* BHP Group's attributable net profit for the first half of fiscal 2021 plunged 20% year over year to US$3.88 billion from US$4.87 billion due to an exceptional loss of US$2.2 billion. Revenue for the six months increased 15% to US$25.64 billion from US$22.29 billion, while the interim dividend per share jumped 55% to US$1.01 from 65 U.S. cents.

* Rio Tinto has withdrawn its complaint against Iceland's state-owned utility Landsvirkjun after agreeing to amend a power contract for the ISAL aluminum smelter in Iceland.

➤ Exploration, energy top metals, mining transactions for week ended Feb. 12

Top metals and mining mergers and acquisitions for the week ended Feb. 12 saw activity across diverse industries, including deals in base metals, recycling, energy and battery metals.

➤ Copper, platinum ride global growth optimism to multi-year highs

Copper and platinum soared to multi-year highs during the week ending Feb. 12 as optimism for global growth continued despite some concerns over recovery from COVID-19.

DIVERSIFIED

* The fortune of PJSC Norilsk Nickel Co. co-owner Vladimir Potanin has reached US$30 billion, according to Forbes Real Time data, Kommersant reported.

BASE METALS

* Navarre Minerals Ltd. inked a binding agreement to sell its Black Range base metal exploration tenement in Western Victoria, Australia, to Resource Base Ltd. to focus on gold exploration, particularly on its flagship Stawell Corridor gold project.

* An independent report on the acquisition of an additional 10% stake in the Angel nickel project in Indonesia by Shanghai Decent Investment (Group) Co. Ltd. and its partner Nickel Mines Ltd. for US$70 million determined that the transaction is fair and reasonable to Nickel Mines' shareholders.

PRECIOUS METALS

* Platinum prices soared to a six-year high amid stronger forecasts by investors that an economic recovery will raise demand for the metal and result in a supply shortage, Reuters reported. The LBMA platinum price closed at US$1,288/oz.

* Gold Road Resources Ltd. forecast the 2021 attributable gold production for Gruyere JV, the company's joint venture with Gold Fields Ltd., at between 130,000 and 150,000 ounces. The total mineral resource for Gruyere JV as of December 2020 stood at 6.7 million ounces of gold within 155.8 million tonnes of ore grading 1.34 g/t gold.

BULK COMMODITIES

* Anglo American PLC executives may be let off the hook for the May 2020 Grosvenor coal mine explosion in Queensland, Australia, after the state government failed to agree to amend the law to require witnesses to testify, The Australian reported.

* ArcelorMittal launched a share repurchase program of up to US$650 million to meet its debt obligations and reduce share capital.

* PAO Severstal is completing the commissioning of a new continuous pickling unit at CherMK's flat-rolled steel production facility.

* John Barilaro, deputy premier for New South Wales, Australia, said his office will seek all legal options for the expansion of South32 Ltd.'s Illawarra coal mine, after the state's Independent Planning Commission recommended against the approval of the project on environmental concerns, the Australian Associated Press reported.

* Fortescue Metals Group Ltd. successfully deployed autonomous light vehicles at its Chichester Hub iron ore operations in Western Australia.

* The Gulf Cooperation Council technical secretariat recommended safeguard duties on a range of steel products imports to protect the bloc's steel industry, Kallanish Commodities reported.

* Up to 75 Indian coal mines containing about 38 billion tonnes of reserves will be auctioned for commercial mining without end-use restrictions, Financial Express reported.

* Sims Ltd. declared a dividend of 12 Australian cents per share for the six months ended Dec. 31, 2020.

SPECIALTY

* ioneer Ltd. and Caterpillar Inc. completed a joint automation study on the adoption of an autonomous haul system at the Rhyolite Ridge lithium project in Nevada. The two companies signed a memorandum of understanding to move the initiative forward. Implementation of the automated haul system is targeted to begin in 2023.

* Northern Minerals Ltd. raised A$20 million in an oversubscribed private placement, proceeds of which will be used for exploration expenses, a feasibility study for a full-scale beneficiation plant, and testing of the company’s ore sorter, pilot plant and separation options.

* PJSC Alrosa generated revenue of US$10 million from the sale of 104 rough diamonds weighing 1,500 carats at the Russian producer's first auction this year.

* Image Resources NL produced 306,000 tonnes of heavy mineral concentrate in 2020 while sales totaled 311,000 tonnes. For 2021, the company forecasts production of between 290,000 tonnes and 320,000 tonnes and sales of between 300,000 tonnes and 320,000 tonnes.

INDUSTRY NEWS

* Ford Motor Co. has joined the Initiative for Responsible Mining Assurance as the company commits to responsibly source all raw materials it uses for automotive manufacturing and to safeguard human rights, communities where the mining is done and the broader environment.

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