Vale restarts Totten nickel mine; Antofagasta's FY'21 profit more than doubles

TOP NEWS IN METALS & MINING

* Operations at Vale SA's Totten nickel mine in Ontario have resumed and production is ramping up, following the removal of a scoop bucket and shaft repairs. The Totten mine was suspended in September 2021 after 39 workers were trapped but safely rescued after a scoop bucket that was being slung underground detached from the conveyance and was hung up in the shaft.

* Antofagasta PLC's full-year 2021 attributable profit more than doubled to US$1.29 billion from US$506.4 million, as revenue rose to US$7.47 billion from US$5.13 billion due to a 47% increase in realized copper prices.

➤ Belarus struggling to find path to market for potash amid US sanctions

Belarus, a major potash producer, can no longer ship potash through its usual supply lines after Lithuania cut off its access to the port of Klaipeda as of Feb. 1. Potash prices are skyrocketing, and analysts fear rising food costs.

➤ 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.

➤ Australian zinc-copper deal tops metals, mining M&A in week ended Feb. 18

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.

EARNINGS SPOTLIGHT

* Norsk Hydro ASA's net income in the fourth quarter of 2021 increased year over year to 8.53 billion Norwegian kroner from 7.23 billion kroner. Full-year 2021 net income was 13.93 billion kroner, improving from 3.89 billion kroner in 2020.

* AngloGold Ashanti Ltd.'s full-year 2021 net profit dropped to US$622 million from US$946 million in 2020, as gold production fell and operating costs rose, Dow Jones Newswires reported.

* 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.

* St Barbara Ltd.'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.

* 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.

* 29Metals Ltd. posted a full-year 2021 net profit after tax of A$121.0 million, from nil in 2020, as revenue increased to A$600.8 million from A$434.5 million due to higher commodity prices and the inclusion of the Capricorn copper project in Queensland, Australia, in the second half of 2021.

* 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 mine in Idaho, Dow Jones Newswires reported.

* 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.

* 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.

* 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.

* 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.

DIVERSIFIED

* Eramet SA agreed to sell its Aubert & Duval SA unit — a supplier of critical parts for several sectors such as aerospace, defense and nuclear — to the consortium of Airbus SE, Safran SA and Tikehau Ace Capital, Dow Jones Newswires reported.

BASE METALS

* Ivanhoe Mines Ltd. said Kamoa Copper SA approved a debottlenecking plan for its Kamoa-Kakula copper project in the 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.

PRECIOUS METALS

* An employee at Caledonia Mining Corp. PLC's Blanket gold mine in Zimbabwe died due to an accident involving a loader.

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.

* Zimbabwe selected state-owned Kuvimba Mining House Ltd. to revive the Zimbabwe Iron and Steel Co., which has been shut for 14 years, Bloomberg News reported.

SPECIALTY

* BlueRock Diamonds PLC discovered an 11.95-carat stone at the Kareevlei diamond mine in South Africa.

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