Kinross sells Russia mines at half price; BHP to mine Mt. Arthur coal until 2030

TOP NEWS IN METALS & MINING

* Kinross Gold Corp. completed the sale of its Russian assets to Highland Gold Mining Ltd. for US$340 million, just half of the US$680 million consideration agreed on when the deal was announced in April.

* BHP Group Ltd. aims to keep mining coal at its Mt. Arthur operation in Australia's New South Wales state until 2030 after failing to secure what it called a viable offer for the business, Dow Jones Newswires reported.

➤ Chile at risk of missing lithium boom amid political, policy instability

Chile has been struggling to grant companies rights to extract its vast lithium reserves for years. Now the country has backslid even further as it rewrites its constitution, and its window may be closing.

➤ 'Easier to do nothing' in copper sector than build high-capex mines

Copper prices and mining company valuations must rise to entice new supply, according to an industry expert and analysts.

➤ Path to net-zero: Banks weather storm, win buy-in on climate plans

Investors showed a willingness to back banks' climate plans by rejecting shareholder proposals that would have required the companies to go further. The fight is not over as activists keep pushing.

BASE METALS

* Anglo American PLC plans to stop drawing fresh water for its US$3.3 billion Los Bronces copper mine in Chile by 2030 as the company is working on a project that will allow the operation to use desalinated and recycled water instead, Reuters reported.

* Alphamin Resources Corp.'s Bisie tin operations in the Democratic Republic of Congo remain unaffected by the closure of the Bunagana border post with Uganda amid clashes between rebels and DRC forces in the area.

PRECIOUS METALS

* Shanta Gold Ltd. secured a maiden mining license for the Porcupine South resource area of the Lupa Gold Fields in Tanzania, Dow Jones Newswires reported.

BULK COMMODITIES

* A union launched a strike at ArcelorMittal México SA de CV's steel plant in the Michoacán state following failed talks over profit-sharing, Reuters reported.

* The Raspadskaya coal mine in Russia, owned by PJSC Raspadskaya, released as much as 87 tonnes of methane per hour during a stretch in January. The amount was labeled by GHGSat Inc., a company that uses satellites to monitor greenhouse gas emissions, as "the biggest emission from an individual facility" ever seen.

* Nucor Corp. expects second-quarter earnings of between US$8.75 per diluted share and US$8.85 per diluted share, increasing from US$5.04 per diluted share last year and surpassing its previous record of US$7.97 per diluted share.

* Alcoa Corp. is investing US$51 million to boost the production capacity of its Mosjøen aluminum smelter in Norway to 214,000 tonnes per year by the end of 2026 from 200,000 t/y currently.

* Metinvest BV appealed for Ukraine to impose personal sanctions on Russian individuals who illegally seized and resold Ukrainian metal from its ZAO Ilyich Steel facility.

SPECIALTY

* Russia and four other countries blocked a proposal by the U.S. and its allies to discuss amending the definition of conflict diamonds under the Kimberley Process certification scheme to include the use of gems by state actors to fund war, Reuters reported, citing letters from Kimberley participants.

* Angola increased its stake in the Catoca diamond operation to 59% from 41% after the government transferred the 18% interest held by China-backed LLI International to state-owned IGAPE, the Financial Times (London) reported. Angolan state diamond miner Endiama EP already owns a 41% stake in Catoca.

INDUSTRY NEWS

* The rate-setting Federal Open Market Committee approved a 75-basis-point hike after inflation data came in higher than expected.

* The U.S. is making progress in talks with Mexico to resolve disputes worth over US$30 billion that involve American companies in the Mexican energy sector, U.S. Ambassador to Mexico Ken Salazar told Reuters.

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our Issue in Focus.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.

The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.