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In This List

British PM says saving Tata Steel UK not guaranteed; Samsung sues Alcoa over Saudi smelter; Report says K+S board wants to replace CEO

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020

Report Outlooks of Lithium and Cobalt

Essential Metals & Mining Insights July 2020


British PM says saving Tata Steel UK not guaranteed; Samsung sues Alcoa over Saudi smelter; Report says K+S board wants to replace CEO

TOP NEWS

BritishPM: No guarantees that Tata Steel U.K. would be saved

Reuters reported that the plan by to put its steelmakingbusiness in the U.K. up for sale has raisedexpectations of a long-awaited consolidation in the steel sector in Europe.The newswire also said British Prime Minister David Cameron is set to lead an emergencymeeting to deal with the ongoing crisis in the country's steel industry,which put thousands of jobs at risk. According to Cameron, there are noguarantees that Tata Steel's business in Britain would be saved and that hedoes not see nationalization as the solution to the crisis. Following themeeting, the prime minister also said the government is "not rulinganything out" and that they also want to secure a long-term future forPort Talbot and for other steelmaking plants in the U.K.

SamsungEngineering sues Alcoa over Saudi smelter

Samsung Engineering Co. is seeking at least US$202million in damages, alleging that AlcoaInc. engaged in "egregious corporate misconduct" inrelation to the construction of a US$10.8 billion facility to mine and producealuminum in Saudi Arabia. According to Bloomberg News, the lawsuit complaintfiled in New York's state Supreme Court said Alcoa's alleged misconductincluded intimidation, racist insults and threats of assault.

Report says K+Sboard wants to replace CEO

K+S AGsupervisory board Chairman Ralf Bethke said the company's board is "very satisfied"with the work of current CEO Norbert Steiner, Reuters wrote. The statement wasmade in response to a report from German magazine Bilanz, which said the "influential supervisory board members"of the company were pressing for CFO Burkhard Lohr to be made CEO before theupcoming May 11 annual general meeting due to their dissatisfaction with thebusiness.

DIVERSIFIED

* According to Bloomberg News, Britain's shares rallied themost in more than two weeks on March 30, from their lowest levels since March10, ledby gains of over 5.5% in AngloAmerican Plc, RioTinto and BHPBilliton Group.

* Despite the recent rally, several investors are bettingthat mining stocks will go down, with short positions in Rio Tinto, BHPBilliton, Glencore Plcand Anglo American during the first quarter surging to their highest level inseveral years, The Australian FinancialReview wrote.

BASE METALS

* WesternAreas Ltd. is looking to raise A$70 million, by placing 30.8million shares at A$1.95 each to raise A$60 million and raising A$10 millionfrom a share purchase plan, to replenish working capital, repay lender ANZBanking Group and provide funds for growth.

* XinjiangXinxin Mining Industry Co. Ltd. posted a 741 million Chinese yuannet loss attributable to equity holders in 2015, reversingfrom a profit of 77.8 million yuan in 2014. The company attributed itsfinancial results to the sluggish market for nickel and copper, which pushedits Xinjiang Wuxin Copper MiningCo. Ltd. unit to post a 593.1 million net loss in the same period.

* ChinalcoMining Corp. International's Toromocho project in Peru 763,500 tonnes of copperconcentrates, while contained copper and silver output reached 182,288 tonnesand 5.3 million ounces, respectively.

* LatinResources Ltd. said it is cancelinga joint venture agreement with Minera Activa on the Filipina copper project inChile.

* A scoping study on PNX Metals Ltd.'s Hayes Creek zinc-gold-silver project inAustralia's Northern Territory identifieda pretax net present value at a 10% discount rate of A$109.4 million, aninternal rate of return of 58.0% and a payback period of 1.8 years.

PRECIOUS METALS

* In a bid to stimulate platinum demand, developed a hydrogen-powered forklift truck and refueling station, an importantstep toward the establishment of a commercially viable hydrogen fuel-cellindustry, which uses platinum to generate power with only heat and water aswaste products, Bloomberg News wrote.

* SilverWheaton Corp. entered into an agreement with a syndicate ofunderwriters led by RBC Capital Markets, BMO Capital Markets, CIBC CapitalMarkets and Scotiabank whereby they will purchase, on a bought deal basis, 30,125,000 commonshares of the company at US$16.60 apiece for aggregate gross proceeds of US$500million.

* ShandongGold Mining Co. Ltd.'s net profit attributable to shareholdersdropped 29.43% yearover year to 587.0 million Chinese yuan, or 41 fen per share. Operatingrevenues were 38.57 billion yuan, down 15.77% from a year ago, as both salesvolume and the price of gold dropped in the reporting period. The company plansto produce 27 tonnes of gold this year, with a net profit target of 1 billionyuan and revenue target of 45 billion yuan.

* Kinross GoldCorp. said it is proceedingwith the phase-one expansion of its Tasiast gold mine in Mauritania, which will increasemill throughput capacity to 12,000 tonnes per day from the current 8,000 tonnesper day. The expansion has an estimated post-tax and unlevered net presentvalue of US$635 million and an internal rate of return of 20%.

* Under an option to joint venture deal, is a 70% interest inMillrock Resources Inc.'sLos Chinos andLos Cuarentasgold projects in Sonora, Mexico. Centerra must spend US$5.0 million onexploration at Los Chinos and US$2.0 million at Los Cuarentas over five yearsto earn a 70% interest.

* Avnel GoldMining Ltd. said that a definitive feasibility study for its KalanaMain gold project in southwestern Mali indicatedan after tax net present value of US$196 million, using an 8% discount rate,and an internal rate of return of 38%. The initial CapEx to achieve commercialproduction, slated 25 months after the start of construction, is estimated tobe US$196.3 million.

* A pre-feasibility study for the Urucum North undergroundproject, part of BeadellResources Ltd.'s Tucanogold mine in northeastern Brazil, pegsa pretax net present value of US$49 million, at a 5% discount rate, and aninternal rate of return of 30%. The initial pre-feasibility study resultsindicate that underground development at Urucum North is feasible, CEO andManaging Director Simon Jackson said.

* AmericasSilver Corp. said that a pre-feasibility study for its zinc-silver-lead property in Mexico indicatedthat the project is expected to produce approximately 5.5 million ounces ofsilver, 254 million pounds of zinc and 97 million pounds of lead over aninitial 5.5-year mine life at all-in sustaining costs of negative 19 cents perpound of silver produced. Pre-tax net present value was at US$24.7 million, ata 5% discount rate, and an internal rate of return of 27%.

* Junior explorer ArtemisResources Ltd. will be investingUS$8 million in an independently produced action movie, Tango Down, to provideshareholder value amid difficulty in the resource sector, The West Australian reported. Artemis would need to raise A$10.9million from investors to finance the deal.

* Shares in LodestarMinerals Ltd. fellafter drill results from its CamelHills project in Western Australia, which returned only up to 0.85g/t of gold, disappointed investors, TheWest Australian wrote.

* China GoldInternational Resources Corp. Ltd. booked a of US$6.8 million for the yearended Dec. 31, 2015, reversing the net income of US$41.9 million a year ago.The company's revenues for the 12-month period, however, increased 22% yearover year to US$339.9 million.

* ClaudeResources Inc.'s net earnings for the year ended Dec. 31, 2015,surged 610% yearover year to C$32.3 million, due largely to increased gold production and salesvolume, higher ore grades and improved operating efficiencies.

* SandstormGold Ltd.'s 2015 fourth-quarter net loss to US$25.0 million, compared tonet income of US$2.6 million booked a year ago.

* ChinaHanking Holdings Ltd. said it is considering the possibility ofspinning off some ofits gold mining businesses in a separate company to be listed on the ASX.

* SEMAFO Inc.executed a US$120 million credit facility with Macquarie Bank Ltd., which willbe put toward the development of the Natougou gold project in Burkina Faso.

* KidmanResources Ltd. signed a binding heads of agreement to its Gunga West goldproject at its BirthdayGift operation in Western Australia to for up to A$2.5 million.

* GascoyneResources Ltd. said a pre-feasibility study on its gold operation inWestern Australia confirmed that it is one of the highest margin undevelopedgold projects in Australia. Assuming a base case gold price of US$1,200 perounce, the study peggednet present value at an 8% discount rate of A$193 million and an internal rateof return of 90%.

* AmericanCreek Resources Ltd. acquiredthe Silvershot silver property located in the Golden Triangle near Stewart,British Columbia, through staking.

* OreCorp Ltd.announced a maiden JORC 2012-compliant mineral on the project in Tanzania of21.3 million tonnes at 4.1 g/t of gold for 2.78 million ounces of gold.

BULK COMMODITIES

* According to TataSteel Ltd., the book value of its lossmaking steel operations inthe U.K., recently put up for sale, was "almostzero," London's Financial Timesreported, citing Koushik Chatterjee, the company's finance director. "Wehave taken about £2 billion of impairment. It is not a valuation exercise, itis a question of reducing an exposure," Chatterjee added. The company hasprojected that it would take another £2 billion of investment to transform thePort Talbot steel plant in the U.K. into a high-quality steel producer foradvanced industries. The FTseparately reported that potentialbuyers of Port Talbot are few and far between, with Germany's being one of thefew candidates.

* Reuters reported that the plan by Tata Steel to put itssteelmaking business in the U.K. up for sale has raisedexpectations of a long-awaited consolidation in the steel sector in Europe.The newswire also said British Prime Minister David Cameron is set to lead an emergencymeeting to deal with the ongoing crisis in the country's steel industry,which put thousands of jobs at risk. According to Cameron, there are noguarantees that Tata Steel's business in Britain would be saved and that hedoes not see nationalization as the solution to the crisis. Following themeeting, the prime minister also said the government is "not rulinganything out" and that they also want to secure a long term future forPort Talbot and for other steelmaking plants in the U.K.

* Samsung Engineering Co. is seeking at least US$202million in damages, alleging that Alcoa engaged in "egregiouscorporate misconduct" in relation to the construction of a US$10.8 billionfacility to mine and produce aluminum in Saudi Arabia. According to BloombergNews, the lawsuit complaint filed in New York's state Supreme Court said Alcoa'salleged misconduct included intimidation, racist insults and threats of assault.

* K+S AGsupervisory board Chairman Ralf Bethke said the company's board is "very satisfied"with the work of current CEO Norbert Steiner, Reuters wrote. The statement wasmade in response to a report from German magazine Bilanz, which said the "influential supervisory board members"of the company were pressing for CFO Burkhard Lohr to be made CEO before theupcoming May 11 annual general meeting due to their dissatisfaction with thebusiness.

* According to Reuters,  confirmed that itwill layoff about 235 workers at a mine in the Powder River basin, which willaffect approximately 15% of the workforce at its  coalmine in Wyoming.

* Baoshan Iron& Steel Co. Ltd.'s net profit attributable to shareholdersdropped 82.51% yearover year to 1.01 billion Chinese yuan, or 6 fen per share, in 2015, which isslightly higher than the previously announced net profit of 961 million yuan inits preliminary results. The company attributed the decline to weak demand forsteel products, falling steel prices and the exchange rate reform in China.

* Alcoa will sellits 20% stake in the Dampier-Bunbury pipeline to energy infrastructureowner Duet Group for A$205 million, Reuters wrote.The sale is expected to close in April and Duet has launched a A$200 millioncapital raising to finance the purchase.

* AluminumCorp. of China Ltd. or Chalco said a number of its subsidiarieshave signed agreements for the disposalof certain assets with subsidiaries of Aluminum Corp. of China or Chinalco, which is asubstantial shareholder of Chalco. According to Chalco, the deals are expectedto generate gains for the company given the assets' valuation results and willhelp Chalco improve operating efficiency.

* HEC Securities Ltd. filed a windingup petition against Up EnergyDevelopment Group Ltd. for the outstanding balance of principal,with accrued interest, of the matured HK$230 million convertible notes. Thehearing would take place July 6. Up Energy Development's controllingshareholders Up Energy Group Ltd. and Up Energy Capital Ltd. were alsodemanding repayment of the principal amount of the 2018 convertible notes ofHK$2.29 billion and HK$237.5 million.

* Mexico's economy ministry imposeda provisional compensation duty of 43.17% on imports of ferromanganese fromIndia, as part of an ongoing investigation into antidumping practices followinga request from local producer CompañíaMinera Autlán S.A.B. de CV, ElFinanciero reported.

* Russia's domestic steel demand may fall by 10% to 37 milliontonnes of rolled steel this year, Kommersantreported, citing PAO Severstal owner Alexey Mordashov. Meanwhile, PresidentOleg Deripaska said that the government will soon be presented with a programto increase the production of aluminum to 2.1 million tonnes by 2021 and 2.5million tonnes by 2024.

* MaanshanIron & Steel Co. Ltd.'s 2015 full-year net loss attributable toshareholders of the parent totaled 4.80 billion Chinese yuan, from a profit of 220.6million yuan booked in 2014. Group revenue also fell to 45.11 billion yuan,from 59.82 billion yuan in 2014, mainly attributed to the price decline ofsteel products during the year.

* IRC Ltd.'sloss attributable to company owners for the year ended Dec. 31, 2015, increased60.2% year over year to about US$509.0 million.

* Yanzhou CoalMining Co. Ltd. CFO Zhao Qingchun said the company expects annualcoal sales to riseover the next five years to more than 100 million tonnes by 2020. Chairman LiXiyong noted that the company does not plan to export coal products, with its2020 sales objective aimed at the domestic market.

* The District Court of Limassol in Cyprus leveledagainst OJSC PhosAgro,certain board members and company shareholders by a former employee, AlexanderGorbachev. Gorbachev had requested the court to declare that he was unlawfullydeprived of the right to ownership of shares in the Russian company.

* Peru's phosphate production in 2015 rose2.6% year over year to 11.15 million tonnes while coal output grew 10% to251,789 tonnes, Business News Americas reported, citing the energy and minesministry.

SPECIALTY

* According to MiningWeekly, the Indian government is looking to reviseits rare earth mining policy to allow the auction of at least one rare earthdeposit to boost production in the short term. A senior official in the country'smines ministry said the government is looking to put one deposit up for auctionon an experimental basis.

* The largest fancy vivid blue diamond everauctioned will be on sale on May 18 in Geneva, amid a sluggish globalmarket for jewelry, Bloomberg News said in a news brief. The 14.62-carat stonecalled the "Oppenheimer Blue" is named after is previous owner,Philip Oppenheimer, whose family controlled De Beers SA for 80 years before selling its 40% stake toAnglo American. The stone is expected to fetch between US$38 million to US$45million.

* Olivier Fric, an energy consultant married to formerAREVA SA boss AnneLauvergeon, is under investigation for alleged insidertrading by French prosecutors as part of the probe into the acquisition ofUraMin Inc. shares in2007, Financial Times reported.

* SierraRutile Ltd. set a rutile productionguidance ranging from 120,000 tonnes to 135,000 tonnes this year, in linewith its 2015 output of 126,021 tonnes of rutile. The output of the mineral isexpected to be seasonally lower, at around 26,000 tonnes, in the first quarter.

* SegueResources Ltd. entered into an option and purchase agreement toacquire Next AdvancementsPty. Ltd., which owns three exploration license applications that areprospective for tantalum-lithium minerals, covering around 220 squarekilometers at Morrissey Hill in Western Australia's Gascoyne region.

* BelmontResources Inc. said it is acquiringthe Kibby Basin property in Clayton Valley, Nev. The property is highlyprospective to host lithium, and consists of 13 place claims, totaling about1,036 hectares in Esmeralda County.

* MagnisResources Ltd.'s bankable feasibility study for its wholly ownedNachu graphiteproject in Tanzania peggeda post-tax net present value at a 10% discount rate at US$1.69 billion with aninternal rate of return at 98%.

* VimyResources Ltd. announced its maiden ore comprising 15.2 milliontonnes at 660 parts per million of U3O8 for a total of 22.1 million pounds ofU3O8 at its Mulga Rockproject in Western Australia.

INDUSTRY NEWS

* Government data showed that 18 producers of copper, ironand coal operating in Chile have filedfor bankruptcy since 2014, when commodity prices began to decline, Diario Financiero reported.

* In 2015, exploration budgets were again by Canadian and Australianminers, followed by companies from the Rest of the World (Asia, FSU and MiddleEast), Latin America, Europe, Africa, the U.S. and Pacific/Southeast Asia,according to an exclusive report by SNL Metals & Mining Research.

* The Thoracic Society of Australia and New Zealand hascalled for the formationof a national body to monitor the spread of the black lung disease, which iscaused by breathing in excessive levels of coal dust, ABC reported.

The Daily Dose isupdated as of 7 a.m. New York time, and scans news sources published inChinese, English, Indonesian, Malay, Portuguese, Russian, Spanish, Thai andUkrainian. Some external links may require a subscription.