BHP may appeal £5B Samarco claim; Tenaris in US$460M steel pipe deal

TOP NEWS IN METALS & MINING

* BHP Group Ltd. is considering seeking permission to appeal a judgment by the U.K. Court of Appeal that allows a £5 billion claim by an action group over the dam failure at its Samarco iron ore joint venture with Vale SA in November 2015, Dow Jones Newswires reported.

* Tenaris SA will pay US$460 million to acquire Benteler North America Corp.'s Benteler Steel & Tube Corp. unit, which produces up to 400,000 tonnes of seamless steel pipes per year at its plant in Shreveport, La.

➤ Data Dispatch: US graphite imports triple since August 2021 as EV demand set to jump

Monthly graphite imports to the U.S. since August 2021 have leapt compared to the same period last year, the first multimonth increase since the pandemic started.

➤ Experts wary of carbon capture at coal plants following US Supreme Court ruling

The U.S. Supreme Court's ruling restricting the Environmental Protection Agency's climate authority over existing power plants could also spell trouble for far-reaching regulatory efforts targeting the transportation sector, legal experts said.

➤ US dollar surges to 20-year high as Fed rate hikes signal further strength

Stubbornly high inflation, strong domestic growth and the looming global slowdown are fueling the dollar's rally, with no end in sight.

DIVERSIFIED

* Zijin Mining Group Co. Ltd. expects its first-half net profit to nearly double year over year to 12.6 billion Chinese yuan from 6.6 billion yuan on the back of higher gold and copper production, Dow Jones Newswires reported.

BASE METALS

* Codelco will start the construction of the long-stalled $1 billion desalination plant this year to supply water to its mines in northern Chile. Operations are expected to begin in three years, Reuters reported.

* Taseko Mines Ltd. acquired copper price collars for the first half of 2023, ensuring a minimum copper price of US$3.75 per pound and a ceiling price of US$4.72/lb. The price collar was purchased in mid-June, when the copper price was about US$4.20/lb.

PRECIOUS METALS

* Yamana Gold Inc.'s preliminary production in the second quarter totaled 260,960 ounces of gold equivalent, increasing from 241,341 ounces of gold equivalent a year ago.

* St. Barbara Ltd. produced 86,403 ounces of gold in the fourth quarter of its fiscal 2022, rising year over year from 82,698 ounces.

* Endeavour Silver Corp.'s silver equivalent production climbed 7% year over year to 2.1 million ounces in the second quarter, driven by higher grades at the Guanacevi mine in Mexico.

BULK COMMODITIES

* Kaiser Aluminum Corp. declared force majeure at its Warrick rolling mill in Indiana due to the limited availability of magnesium, which is used in the production of some aluminum beverage and food packaging, Dow Jones Newswires reported.

* ArcelorMittal SA has restarted steel exports to Russia from the JSC ArcelorMittal Temirtau operation in Kazakhstan, Reuters reported.

* Teck Resources Ltd. expects to record provisional steelmaking coal pricing adjustments of negative C$73 million in the second quarter, citing the decline in coal prices. Steelmaking coal sales for the period totaled 6.3 million tonnes, at the lower end of guidance of 6.3 Mt to 6.7 Mt.

* Norsk Hydro ASA began construction of an expansion at its aluminum recycling plant in Rackwitz, Germany, that will add 25,000 tonnes per year of capacity dedicated to the production of a specialty billet made from a greater mix of post-consumer scrap, S&P Global Platts reported.

* Hallador Energy Co. raised its 2023 EBITDA guidance to US$160 million, on the back of additional coal contracts that increased pricing and volume for the fourth quarter of 2022 through full-year 2023.

SPECIALTY

* Brazil loosened restrictions on lithium exports in a bid to attract foreign investment, Reuters reported, citing Mines and Energy Minister Adolfo Sachsida.

* ICL Group Ltd. signed a memorandum of understanding to secure a license from Taiwan-based Aleees for proprietary technology for the production of lithium iron phosphate battery cathode materials. ICL aims to accelerate the development of cathode material production in the U.S.

* Vulcan Energy Resources Ltd. will collaborate with Enel SpA subsidiary Enel Green Power to explore and develop geothermal lithium in Italy.

INDUSTRY NEWS

* Shares of fertilizer producers including The Mosaic Co. have dropped in recent weeks due to declining prices for corn, wheat and other crops, The Wall Street Journal reported.

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