Glencore's Q4'21 copper output down; Rio unit's mine rehab may cost up to A$2.2B

TOP NEWS IN METALS & MINING

* Glencore PLC's copper production from its own sources dropped 7% year over year to 300,200 tonnes in the fourth quarter of 2021, while cobalt production surged 36% to 7,900 tonnes. Production of nickel, ferrochrome and coal increased, while output for zinc, lead, gold and silver fell.

* Rio Tinto Group's Energy Resources of Australia Ltd. flagged higher rehabilitation costs of up to A$2.2 billion for the Ranger uranium mine in Australia's Northern Territory based on preliminary findings, increasing from A$973 million estimated under a 2019 feasibility study.

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The large-cap index fell 5.3% in January as volatility spiked. Analysts expect more of this in 2022.

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In its 2021 progress report, Climate Action 100+ said its 615 member investors pushed and achieved faster climate action from clients — highlighting, among those of other companies, Xcel Energy Inc.'s decision to set a net-zero emissions goal for its natural gas business.

BASE METALS

* Sandfire Resources Ltd. completed the $1.87 billion acquisition of the MATSA copper mining complex in Spain.

* A fatality occurred at Cerro de Pasco Resources Inc.'s Santander zinc-lead mine in Peru.

PRECIOUS METALS

* Impala Platinum Holdings Ltd.'s platinum group metals refined production declined 5% year over year to 1.6 million ounces in the first half ended Dec. 31, 2021, as operations were hurt by severe operational challenges, Dow Jones Newswires reported.

* Newmont Corp. agreed to surrender mining claims in Canada's Yukon territory to support the government and First Nations' efforts to maintain environmentally sensitive areas under the Peel Watershed Regional Land Use Plan.

* Australia's Foreign Investment Review Board approved the proposed merger of equals between Agnico Eagle Mines Ltd. and Kirkland Lake Gold Ltd., the final key regulatory approval needed for the transaction to proceed.

* Institutional Shareholder Services Inc. recommended that Taiga Gold Corp. shareholders vote for SSR Mining Inc.'s proposed takeover, valued at about C$29 million.

* B2Gold Corp. expects by Feb. 15 to begin exploration work on the Menankoto area near its Fekola gold mine in Mali after the company's local subsidiary received a new exploration permit.

BULK COMMODITIES

* Vale SA subsidiary Vale Canada Ltd. completed the sale and transfer of a 50% interest in California Steel Industries Inc. to Nucor Corp. for $400 million.

* Nucor's board of directors approved a $290 million investment to modernize its sheet mill in Crawfordsville, Ind., S&P Global Platts reported.

* European steel producers, distributors and traders were found to be bullish on pricing over February, despite a constraint from reduced purchasing activity. A lack of import competition and rising costs are expected to keep prices high in the near term, data from the Platts monthly steel sentiment survey showed.

* Ukraine-focused Metinvest BV's crude steel production grew to 2.6 million tonnes in the fourth quarter of 2021 from 2.1 Mt a year ago.

* Meanwhile, Metinvest flagged "unlawful" searches by law enforcement agencies on some of the group's enterprises as part of a tax probe, Reuters reported, citing a company statement.

* Ongoing volatility in the global magnesium market, characterized by uncertain supply and high prices in 2021, could encourage U.S. consumers and market participants to build up their inventories and increase scrap recovery initiatives, Platts reported, citing executives at Magretech LLC and Twin City Die Castings Inc.

* German steel producer Salzgitter AG will proceed with an efficiency program with refreshed revenue, profitability and emissions targets, as it pivots to a more environmentally focused strategy, Dow Jones Newswires reported.

* India plans to buy 1 million tonnes of potash from Belarus in rupees after sanctions by the U.S. and the EU barred Minsk from trading in dollars and euro, Reuters reported, citing two unnamed Indian officials involved in the discussions.

SPECIALTY

* Rough diamond sales by Anglo American PLC's majority-owned De Beers SA slipped 0.5% in 2022's first sales cycle to $660 million, Dow Jones Newswires reported.

* PJSC Alrosa freed up $320 million from its 2018-2021 working capital, thanks to a new system that helped decrease diamonds in the work-in-progress inventory by 4.3 million carats by 2021-end.

* Allegheny Technologies Inc.'s board authorized the repurchase of up to $150 million of its outstanding common stock.

* The Australian government conditionally approved loans of up to A$239 million for Renascor Resources Ltd. and EcoGraf Ltd. under the country's A$2 billion Critical Minerals Facility.

* Hastings Technology Metals Ltd. secured a A$140 million loan facility from the Northern Australia Infrastructure Facility for the development of the Yangibana rare earths project in Western Australia.

* Rock Tech Lithium Inc. signed a letter of intent to select Bilfinger SE as the engineering, procurement and construction manager of what is touted as Europe's first lithium hydroxide converter, which will be located in Germany.

INDUSTRY NEWS

* U.S. Sens. John Barrasso, R-Wyo., and Mike Lee, R-Utah, wrote a letter to Interior Secretary Deb Haaland opposing the U.S. Geological Survey's proposal to remove helium and uranium from the list of critical minerals.

* An environmental committee, which is part of the drafting of a new Chilean constitution, approved in a 13-6 vote a proposed nationalization of mines that will seize them from private companies and end concession deals, Bloomberg News reported.

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

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