23 Feb, 2022
Rio Tinto's FY'21 profit surges YOY; B2Gold's Q4'21, FY'21 income down YOY
TOP NEWS IN METALS & MINING
* Rio Tinto Group made a net profit of US$21.09 billion in full year 2021, surging from US$9.77 billion in 2020. The miner said it would nearly double its full-year payout to shareholders, Dow Jones Newswires reported.
* B2Gold Corp.'s attributable net income to shareholders dropped to US$136.9 million in the fourth quarter of 2021 from US$168.5 million in the prior-year quarter. Full-year income for 2021 was US$420.1 million, decreasing from US$628.1 million in 2020.
➤ White House announces new steps to bolster US critical minerals supply chain
The efforts are aimed at curbing U.S. dependence on foreign sources of rare earth elements, lithium, cobalt and other minerals used in computers, household appliances and clean energy technologies.
➤ Miners fear Biden administration's revamp of US law could slow development
The U.S. Department of the Interior launched an interagency working group to oversee potential revisions to the country's Mining Law of 1872, saying it plans to offer recommendations to Congress by November.
➤ Uncertainties cloud St Barbara's cash flow projections amid aspirational vision
St Barbara Ltd. launched an aspirational vision to become a 600,000-ounce-per-year gold producer by fiscal 2025, but COVID-19 cases spiking in Papua New Guinea and permitting issues in Canada are clouding cash flow projections.
EARNINGS SPOTLIGHT
* The Mosaic Co. posted an attributable fourth-quarter 2021 net profit of US$664.8 million, down year over year from US$827.9 million, despite an increase in net sales to US$3.84 billion from US$2.46 billion.
* Hochschild Mining PLC made a net profit of US$71.1 million in full year 2021, up from US$20.4 million in the prior year, Dow Jones Newswires reported.
* St Barbara's net profit in the first half of its fiscal 2022 fell 63% yearly to A$13.9 million from A$37.5 million as it dealt with operational challenges at its Simberi mine in Papua New Guinea, Dow Jones Newswires reported.
* Warrior Met Coal Inc. booked a net income of US$138.5 million in the fourth quarter of 2021, swinging year over year from a net loss of US$33.7 million, as total revenue nearly doubled to US$396.8 million from US$206.3 million.
* SSR Mining Inc.'s attributable net income for the fourth quarter of 2021 jumped to US$127.4 million from US$83.2 million in the prior-year quarter. Full-year attributable income in 2021 was US$368.1 million, increasing from US$151.5 million in 2020.
* Hecla Mining Co.'s net profit in the fourth quarter of 2021 improved year over year to US$11.7 million from US$3 million, partly due to higher metal prices and a full year of production at the Lucky Friday silver mine in Idaho, Dow Jones Newswires reported.
* Pilbara Minerals Ltd. booked its first half-year profit with A$114.0 million for the first half of its fiscal 2022, reversing from a loss of A$21.2 million in the same period of the prior fiscal year.
* Ramelius Resources Ltd.'s net profit after tax in the first half of fiscal 2022 fell 10% year over year to A$73.4 million from A$81.3 million as sales revenue declined 9% to A$310.1 million from A$342.2 million.
* Coronado Global Resources Inc. posted a full-year 2021 net profit of US$189.4 million, swinging from a loss of US$226.5 million in 2020, with a 46.9% jump in revenue to US$2.15 billion from US$1.46 billion.
* Taseko Mines Ltd.'s net income in the fourth quarter of 2021 increased to C$11.8 million from C$5.7 million in the same period of 2020. Full-year income in 2021 was C$36.5 million, swinging from a C$23.5 million loss in 2020.
* In the first half of its fiscal 2022, Petra Diamonds Ltd.'s net profit slipped year over year to US$49.1 million from US$67.6 million due to negative currency movements, Dow Jones Newswires reported.
* Triple Flag Precious Metals Corp.'s net earnings in the fourth quarter of 2021 declined 75% yearly to US$13.4 million from US$54.0 million as revenue fell 12% to US$37.0 million from US$42.0 million.
* New Gold Inc. booked US$151 million in net earnings during the fourth quarter of 2021, swinging from a US$21 million loss in the prior-year quarter. Full-year earnings in 2021 swung to US$141 million from a loss of US$79 million in 2020.
BASE METALS
* Glencore PLC, Electra Battery Materials Corp., Talon Metals Corp. and the provincial government of Ontario launched a study that aims to facilitate the construction of North America's first battery-grade nickel sulfate facility as well as a battery precursor cathode active materials plant.
* Operations at Vale SA's Totten nickel mine in Ontario have resumed and production is ramping up following the removal of a scoop bucket lodged in the main shaft as well as shaft repairs.
* Ivanhoe Mines Ltd. said Kamoa Copper SA approved a debottlenecking plan for its Kamoa-Kakula copper project in Democratic Republic of Congo, increasing the combined designed capacity of its two concentrator plants by 21% to 9.2 million tonnes of ore per year once steady-state production is achieved.
* South32 Ltd. completed the acquisition of a 45% stake in KGHM Polska Miedz SA's Sierra Gorda copper mine in Chile.
BULK COMMODITIES
* Global crude steel production in January dropped 6.1% year over year to 155.0 million tonnes as output from top producer China fell 11.2% to an estimated 81.7 Mt, according to the World Steel Association.
* An LNG-fuelled Newcastlemax bulk carrier chartered by BHP Group Ltd. has arrived at Port Hedland, Australia. The vessel is touted as the world's first LNG-powered ore carrier.
INDUSTRY NEWS
* Develop Global Ltd.'s acquisition of Heron Resources Ltd. and its Woodlawn zinc-copper project in New South Wales, Australia, topped the five largest metals and mining transactions for the week ended Feb. 18, according to a screener on S&P Capital IQ Pro.
