Brazil's SC denies plea vs. Vale; Australia's ex-PM Turnbull joins Fortescue

TOP NEWS IN METALS & MINING

* The Supreme Federal Court of Brazil denied the appeal of the Corrego do Feijao dam burst victims who are seeking to amend Vale SA's 37.69 Brazilian billion reais reparation agreement with the Minas Gerais government, Mining.com reported. Court minister Marco Aurelio Mello ruled that the petitioners should have referred the matter to a lower court as the arguments presented do not require action by the Supreme Court.

* Two former Australian government officials, including former Prime Minister Malcolm Turnbull, joined iron ore miner Fortescue Metals Group Ltd. Turnbull will be the chairman of its renewables-focused subsidiary, Australian Fortescue Future Industries.

➤ China's US coal imports jump 748% in Q4'20 amid Australian trade dispute

The Asian country imported 1.0 million tonnes of coal from the U.S. during the last quarter of 2020, a 251.8% increase year over year and a 748.2% jump quarter over quarter.

➤ Mined zinc output increases YOY in Q4'20

The combined output by the 20 top producers of zinc in concentrate to have reported their fourth-quarter 2020 results by Feb. 18 totaled 1.29 million tonnes, up 8.2% year over year, according to S&P Global Market Intelligence's Metals and Mining Research team.

➤ Biden's Interior nominee runs into GOP opposition over energy, climate policies

At a hearing of the U.S. Senate Energy and Natural Resources Committee, U.S. Rep. Deb Haaland, D-N.M., said she would support President Joe Biden's climate and energy goals rather than her own, which some Republicans considered "radical."

EARNINGS SPOTLIGHT

* Harmony Gold Mining Co. Ltd.'s attributable net income in the first half of fiscal 2021 jumped to US$354 million from a prior-year net income of US$91 million.

* Steel producer Cia. Siderúrgica Nacional posted a net income of 3.90 billion Brazilian reais in the fourth quarter of 2020, surging from a year-ago net income of 1.13 billion reais.

* Ternium SA booked a net income of US$670.6 million in the fourth quarter of 2020, surging from US$89.9 million in the same period of the prior year.

* Silver Lake Resources Ltd.'s net profit after tax during the first six months of fiscal 2021 soared 48% year over year to A$65.8 million from A$44.6 million.

* Mount Gibson Iron Ltd. booked a net profit after tax of A$74.5 million in the half-year ended Dec. 31, 2020, higher than the year-ago period's A$44.6 million.

* Perseus Mining Ltd.'s attributable net profit after tax in the half-year ended Dec. 31, 2020, amounted to A$49.1 million, exceeding the net profit of A$30.4 million, in the same period of 2019.

BASE METALS

* Chile's Codelco sees the recent rise in copper prices as a good opportunity to raise cash for investments and control its debt, Reuters reported, citing vice president of sales Carlos Alvarado.

PRECIOUS METALS

* With the steady rise of gold prices in 2019 and 2020, mining companies are reevaluating their gold reserves and resources using higher gold price assumptions, according to S&P Global Market Intelligence's Metals and Mining Research team.

* Alamos Gold Inc. said that its proven and probable gold mineral reserves increased to 9.9 million ounces within 204.1 million tonnes grading 1.50 grams of gold per tonne, while its inferred mineral resources increased to 7 Moz within 131.6 Mt of ore grading 1.65 g/t gold, by end-2020. Measured and indicated mineral resource decreased to 6.9 Moz within 196.3 Mt of ore grading 1.09 g/t gold.

* A pre-feasibility study on Endeavour Mining Corp.'s Fetekro gold project in Cote d'Ivoire outlined a posttax net present value of US$479 million, discounted at 5%, with an internal rate of return of 33%. The study also outlined a posttax NPV of US$331 million, discounted at 5%, and an IRR of 49% for the Kalana gold project in Mali.

* Firefly Resources Ltd. has started the first phase of its 30,000-meter drilling program at the Yalgoo gold project in Western Australia.

* Fresnillo PLC has been recognized by Ethisphere as one of the world's most ethical companies in 2021.

BULK COMMODITIES

* BHP Group reported a rockfall at a sacred rock shelter within its Area C iron ore operation in Western Australia, The Sydney Morning Herald reported, citing Edgar Basto, president of BHP's Minerals Australia segment.

* Brit Ltd., a major Lloyd's of London insurer, said that it will not insure Adani Enterprises Ltd.'s Carmichael coal project in Queensland, Australia, Reuters reported.

* Anglo American PLC unit Kumba Iron Ore Ltd. agreed to spend 3.6 billion South African rand to extend the life of its Sishen iron ore mine in South Africa by four years to 2039.

SPECIALTY

* De Beers SA increased diamond prices by about 4% at its second sale this year, marking the third straight price hike by the Anglo American unit amid an improving market, Bloomberg Quint reported, citing sources familiar with the situation.

* Renascor Resources Ltd. has been accepted into the European Battery Alliance, strengthening the position of its Siviour battery anode material project in South Australia as a potential future supplier of purified spherical graphite to the European market.

* Lucapa Diamond Co. Ltd. recovered a 215-carat diamond from the Mothae kimberlite mine, the company’s joint venture with the government of Lesotho.

* Lotus Resources Ltd. received binding commitments to raise A$12.5 million via placement of 100 million shares priced at 12.5 Australian cents apiece, proceeds of which will be used to accelerate project development studies and fund the care and maintenance of the Kayelekera uranium project in Malawi and expand exploration efforts, among others.

* Pensana PLC will be delisted from the ASX Feb. 24 but will maintain its primary listing on the London Stock Exchange.

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