US delays, removes tariffs on major Chinese imports
The imposition of tariffs on major imports from China such as cellphones, laptops and video game consoles will be delayed by two and a half months, while other products will be removed entirely from the Trump administration's planned 10% tariff on US$300 billion of Chinese goods, the U.S. Trade Representative's Office said.
South African union rejects Implats, Sibanye's initial wage offers
South Africa's Association of Mineworkers and Construction Union voted to reject Impala Platinum Holdings Ltd. and Sibanye Gold Ltd.'s initial wage proposals and accused Sibanye of trying to provoke a strike with its "insulting" offer, Bloomberg News reported, citing union President Joseph Mathunjwa. Union members have not yet met to decide on Anglo American Platinum Ltd.'s offer.
Mexican president vows no new mining concessions, but explorers 'not panicking'
Mexican President Andrés Manuel López Obrador stated earlier this week that Mexico will not issue new mining concessions, but certain veterans of the country's mineral exploration sector said it remains to be seen if his vow will translate into action. Two sources involved in Mexico's exploration sector with connections to Canada's capital markets told S&P Global Market Intelligence that López Obrador's statements do not always lead to new policy or procedural outcomes.
* The High Court in Australia allowed the Australian Taxation Office to use the leaked Paradise Papers in its probe of Glencore PLC unit Glencore International AG, rejecting the company's claim that the documents are covered by legal professional privilege, The Australian reported. The court noted that the documents, which showed that Glencore forwarded nearly US$1 billion in loans to Dan Gertler, are already in the public domain.
* Orion Minerals Ltd. is confident of securing up to 65% of the funding for its A$400 million Prieska copper project via debt from South African government-sponsored finance agencies that focus heavily on environmental, social and governance issues championed by the junior's new investor, The Anglo American sefa Mining Fund.
* Cape Lambert Resources Ltd.'s joint venture on the Kipushi Tailings cobalt-copper tailings project in the Democratic Republic of Congo with Paragon Mining SARL was terminated after the company failed to secure funding for project development. The company said it has been unable to secure funding mainly due to the failing economics of the project as cobalt prices fell from US$95,000 per tonne when the project was introduced to US$40,000/t currently.
* Copper exports from the Matarani Port in Peru resumed following a nearly three-week stoppage caused by anti-mining protests in the country's southern copper belt, Reuters reported, citing Julia Davila, communications director for port operator Tisur. The protests have eased after Peru recently suspended Southern Copper Corp.'s license for the Tia Maria project.
* Dreadnought Resources Ltd. agreed to acquire the nickel-prospective Wombarella project in the Kimberley region of Western Australia from Beau Resources Pty. Ltd.
* Shandong Gold Mining Co. Ltd. plans to launch a short-term debt offering of up to 10 billion Chinese yuan to repay loans and for working capital.
* Saracen Mineral Holdings Ltd.'s takeover bid to acquire all of the shares of Bligh Resources Ltd. closed Aug. 12 with a relevant interest of 95.72%. The company will complete the compulsory acquisition process in due course, it said.
* Conroy Gold & Natural Resources PLC said assay results from two scout drillholes identified a new gold zone on Target Area 1 of its Slieve Glah exploration property at its license area in Ireland.
* Capricorn Metals Ltd. hedged 200,000 ounces of gold with a Dec. 31 maturity and a price of A$2,249 per ounce. The hedging represents coverage of about two years of anticipated gold production out of a mine life of 8.5 years on the current ore reserve of 892,000 ounces of gold at Karlawinda, the company noted.
* Hochschild Mining PLC's profit attributable to shareholders for the first half increased to US$13.9 million from US$12.9 million a year ago. Revenue in the half dropped to US$354.5 million from US$372.3 million as silver sales declined to 10.2 million tonnes from 11.1 Mt on a yearly basis while average realized prices fell. The results include exceptional items of US$11.9 million related to restructuring the Arcata mine unit in Peru.
* Roxgold Inc. posted a second-quarter net loss of US$3 million, compared to year-ago earnings of US$10.8 million, due to lower gold sales, unfavorable valuation of financial derivatives, higher depreciation and increased exploration expenditures.
* Macmahon Holdings Ltd. met with commercial litigation funders IMF Bentham and Harbour about Macmahon's dispute with Newcrest Mining Ltd. over mining rates at the Telfer gold project in Western Australia, The Australian Financial Review wrote.
* ECR Minerals PLC kicked off exploration at Henry's Hill within its Avoca gold project in Victoria, Australia. The company will conduct soil geochemistry and field mapping to examine the potential for mineralization to extend under cover to the east and continue to the west.
* Castle Minerals Ltd. executed a binding term sheet granting Iguana Resources Ltd. an option to acquire up to an 80% interest in the Degbiwu and Gbiniyiri gold prospecting licenses in Ghana by spending US$11.7 million in three stages over five years.
* Impact Minerals Ltd. signed a binding agreement to sell a subblock of noncore exploration license 8505 within Impact's Commonwealth gold project in New South Wales, Australia, to Alkane Resources Ltd.
* Patagonia Gold Corp. entered into a preliminary agreement with Latin Metals Inc. for an option to acquire the past-producing Mina Angela property near Patagonia's Calcatreu gold project in Argentina.
* Atlantic Gold Corp. is facing a lawsuit from an environmental group member who was arrested at a public information session over the Cochrane Hill gold project in Nova Scotia, The Canadian Press reported.
* The Mineworkers Unions of Zambia called on the government to favor Zambians over foreign companies in granting gold mining licenses, local news outlet News Diggers reported.
* Terraco Gold Corp. shareholders approved a planned takeover by Sailfish Royalty Corp. Closing is expected by Aug. 19.
* In July, Northern Vertex Mining Corp. achieved record monthly production of 3,001 ounces of gold and 22,383 ounces of silver from its Moss gold mine in Arizona.
* Chaarat Gold Holdings Ltd. is talking with the lender to extend the company's US$10.0 million loan into 2020 and increase the principal amount.
* Coal India Ltd.'s attributable net profit for the first fiscal quarter jumped to 46.30 billion rupees from 37.86 billion rupees in the year-ago period. Total income rose to 260.89 billion rupees, from 253.59 billion rupees a year ago. The company's coal production and off-take remained broadly stable on a yearly basis at 136.9 million tonnes and 153.5 Mt, respectively.
* India's state-owned National Mineral Development Corp. Ltd. recorded a consolidated profit of 11.78 billion Indian rupees in the first quarter of its fiscal 2020, compared to 9.74 billion rupees in the prior-year quarter. Revenue from operations surged 35% to 32.64 billion rupees on the back of higher iron ore sales.
* Jindal Steel & Power Ltd. sold its Botswana coal mine to Maatla Energy for about US$150 million and plans to use proceeds to cut debt, India's Business Standard reported. Jindal Steel swung to a consolidated net loss of 874 million Indian rupees for its first fiscal quarter from a year-ago net profit of 1.10 billion rupees as an increase in total income was more than offset by higher expenses.
* China's coal mine safety regulator said a new phase of safety inspections for coal mines all over the country will last from late August to the end of September, and inspectors are planning to crack down on illegal production, Reuters reported. The inspections were prompted after concerns over safety conditions arose due to multiple fatal accidents at coal mines.
* Crude steel production in China slid to 85.2 million tonnes in July, compared to 87.5 Mt in June and 81.2 Mt in July 2018, due to government-imposed curbs amid environmental concerns coupled with record-high prices for raw materials, Reuters reported.
* A ship allegedly carrying coal was photographed by a satellite of U.S. Earth-imaging company Planet Labs at North Korea's western port of Nampo, raising concerns of a breach of global sanctions against the country, The Korea Herald reported, citing Voice of America.
* Stelco Holdings Inc. swung to a second-quarter net profit of C$1 million from a year-ago loss of C$11 million thanks to a higher finance income, lower finance and restructuring costs, and lower general and administrative expenses.
* Metallurgical coal producer Ramaco Resources Inc. reported second-quarter net income of $10.6 million, or 26 U.S. cents per fully diluted share, increasing year over year from $10.2 million, or 25 cents per share.
* Israeli billionaire Beny Steinmetz will fight the Swiss corruption charges filed against him over the Simandou iron ore project in Guinea, Reuters reported, citing Steinmetz's lawyer, Marc Bonnant.
* Key global metallurgical coal price indicators are still "flashing caution" despite reasons for optimism in the U.S., Seaport Global Securities LLC analyst Mark Levin warned.
* Argosy Minerals Ltd. agreed to acquire the tenements comprising the Tonopah lithium project in Nevada from Lithium Consolidated Ltd. unit LCME Holdings Inc., Big Smokey Exploration LLC, ProspectOre LLC and ProspectOre Inc.
* Kommersant reported that Rostec Corp. moved out of a joint venture with Alexander Nesis' IST for extracting and processing rare earth metals at the Tomtor deposit in Yakutia, Russia. Rostec's share was transferred to Cyprus-registered Zaltama Holding Ltd., associated with the chairman of Eastern Mining Co. and former president of SUEK, Oleg Misevra. Misevra is guided by favorable forecasts for the niobium market, which is classified as an important mineral for the U.S. economy.
* Northern Minerals Ltd. started a scoping study to investigate the downstream processing of mixed rare earths into separated rare earth oxides at the Browns Range project in Western Australia.
* Lomiko Metals Inc. will add an option for spherical-graphite production to the preliminary economic assessment for its La Loutre graphite project in Quebec.
* Trustco Group Holdings Ltd. unit Meya Mining Ltd. secured approval for a large-scale diamond mining license in Sierra Leone for an initial 25-year term, Namibia Economist reported.
* Ethiopia is eyeing US$1 billion in revenue from mining exports during its 2019/2020 financial year that started July 8 as it cracks down on illegal mining activities that hurt the country's mining earnings a year ago, Xinhua News Agency reported.
* Indonesian President Joko Widodo will make the final decision on whether to speed up the implementation of an export ban on mineral ore that is due to come into force in 2022, Reuters reported, citing Luhut Pandjaitan, coordinating minister for maritime affairs and responsible for the mining ministry.
*The total amount raised in all metals and mining financings fell 34% in July, but the number of financings improved over June, according to the Metals and Mining Research team at S&P Global Market Intelligence.
* New York led a coalition of 22 states and seven municipalities in launching a legal challenge to the U.S. Environmental Protection Agency's replacement for the Obama-era Clean Power Plan. Called the Affordable Clean Energy rule, the replacement regulation establishes a narrow legal interpretation of the EPA's authority to regulate planet-warming carbon dioxide emissions from existing coal-fired power plants under the Clean Air Act.
* Earnings guidance has become a key indicator for investors and analysts, but the forecasts that S&P 500 companies present to the market are getting less accurate, according to an S&P Global Market Intelligence analysis.
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