3 May, 2022
Anglo American's Los Bronces permit rejected; BHP completes coal JV stake sale
TOP NEWS IN METALS & MINING
* Chilean regulators rejected the environmental permit for Anglo American PLC's expansion project at its Los Bronces copper operation, Dow Jones Newswires reported. The project aims to expand the current open pit by accessing a new underground section of the copper mine.
* BHP Group Ltd. completed the divestment of its 80% stake in BHP Mitsui Coal Pty. Ltd., a joint venture with Mitsui & Co. Ltd. that operates the South Walker Creek and Poitrel coal mines in Queensland, Australia, to Stanmore Resources Ltd. subsidiary Stanmore SMC Holdings Pty. Ltd. for up to US$1.35 billion.
Norsk Hydro ASA reported increased first-quarter demand for its differentiated aluminum projects, which include a recycled metal offering and an aluminum product made with renewable energy.
➤ High prices lure uranium explorers to the US – Thor Mining CEO
The U.K.-headquartered exploration and development company aims to capitalize on rising interest in U.S.-sourced uranium by advancing development at its Wedding Bell uranium-vanadium project in Colorado.
➤ Gold in initial resources hits record high in 2021
Gold in initial resources more than doubled year over year to a record annual high in 2021, on gold's strong price performance and resilient exploration in 2020, according to S&P Global Commodity Insights' Metals and Mining Research team.
EARNINGS SPOTLIGHT
* B2Gold Corp.'s first-quarter revenue improved year over year to US$365.6 million from US$362.3 million, but its net income declined to US$90.8 million from US$98.8 million, as gold production fell to 209,365 ounces from 220,644 ounces.
* SSR Mining Inc.'s attributable net income in the first quarter slumped to US$67.6 million, or 31 cents per diluted share, from a year-ago net income of US$108.9 million, or 48 cents per diluted share, as revenue fell to US$355.4 million from US$366.5 million.
* Consol Energy Inc. swung to a first-quarter loss of US$4.5 million from a year-ago profit of US$26.4 million, after it booked a loss of US$86.3 million linked to the settlement of commodity derivative instruments, compared to nil last year.
* Livent Corp. swung to a net income of US$53.2 million in the first quarter from a net loss of US$800,000 in the same period a year ago, as revenue improved to US$143.5 million from US$91.7 million.
* Calibre Mining Corp.'s first-quarter net income declined year over year to US$11.7 million from US$16.6 million, despite revenue growing to US$99.6 million from US$82.0 million.
* Mountain Province Diamonds Inc.'s first-quarter net income surged year over year to C$24.2 million, or 11 cents per share, from C$7.3 million, or 3 cents per share, as sales grew to C$84.7 million from C$54.2 million.
DIVERSIFIED
* Mineral Resources Ltd. completed its previously announced offerings of US$625 million in 8.000% senior unsecured notes due 2027 and US$625 million in 8.500% senior unsecured notes due 2030. The proceeds are intended to be used for general corporate purposes, including capital expenditures.
* The Democratic Republic of Congo's Minister of Mines issued a decree to award a mining license for AVZ Minerals Ltd.'s flagship Manono lithium-tin project.
* Sierra Nevada Gold Inc., which owns drill-ready gold and copper assets in Nevada, started trading on the Australian Securities Exchange. The company plans to complete about 12,000 meters of drilling in the next 12 months.
BASE METALS
* Indigenous communities occupying MMG Ltd.'s Las Bambas copper mine in Peru refused to negotiate with officials and company representatives unless the government lifts its emergency order for the region, Reuters reported, citing leaders of the groups.
* Nickel Mines Ltd. increased its interest in the Oracle nickel project in Indonesia to 30% after completing the acquisition of a further 20% stake.
PRECIOUS METALS
* Labor unions are set to intensify their strike against South African miner Sibanye Stillwater Ltd. as their wage concerns remain unresolved, The Northern Miner reported, quoting Association of Mineworkers and Construction Union General Secretary Jeff Mphahlele.
* Bellevue Gold Ltd. estimated an increase in the indicated resource of its Bellevue gold project in Western Australia to 4.6 million tonnes grading 11.2 g/t gold for 1.7 million ounces of gold from 1.4 Moz at 11.0 g/t gold.
BULK COMMODITIES
* The successful implementation of targeted trade enforcement on common alloy aluminum sheet since 2021 reduced unfairly traded imports in the U.S. and has encouraged the domestic aluminum industry to invest in capacity expansion, the Aluminum Association said, S&P Global Platts reported.
* Russia's alumina imports from China rose sharply in March as the country sought to replace its two major suppliers Australia and Ukraine, which made up over two-thirds of its alumina inflows a year ago, Platts reported.
* Some mining companies in South Africa, including Glencore PLC, resorted to trucking coal to ports to bypass deteriorating rail services, to meet a surge in European demand amid the Russia-Ukraine conflict, Reuters reported.
* Champion Iron Ltd. completed the first rail shipment of 24,304 wet tonnes of 66.2% iron ore concentrate from the phase two expansion project at the Bloom Lake mine in Quebec.
SPECIALTY
* Mexico is collaborating with the governments of Argentina, Bolivia and Chile to establish an association where these countries may share their expertise in exploiting lithium, Reuters reported, citing Mexican President Andres Manuel Lopez Obrador.
* Eastern Resources Ltd. and Yongxing Special Materials Technology Co. Ltd. executed a strategic partnership agreement for the potential acquisition and development of lepidolite projects in Australia.
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